The IMD Executive MBA Questions and answers

Transcription

1 The IMD Executive MBA Questions and answers REAL WORLD. REAL LEARNING DEGREE PROGRAM

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3 Table of contents About Executive MBA programs 4 How does an Executive MBA differ from a traditional MBA? 4 How does a weekend Executive MBA differ from a modular Executive MBA? 4 How does an Executive MBA differ from a part-time MBA? 4 How should I decide whether to apply for IMD s Executive MBA or full-time MBA? 4 The content 5 What is the emphasis of the IMD Executive MBA program? 5 What is the curriculum of the IMD Executive MBA program? 5 How will performance be evaluated in the program? 6 The structure 7 How much time will I spend away from the office? 7 Will there be work between modules? 8 What style of teaching will the program use? 8 Will there be interaction with other groups at IMD? 8 The class 8 How large is the class? 8 Who attends the Executive MBA program? 8 Admissions 9 What are the admission criteria? 9 What is meant by international outlook, global experience and responsibility career-wise? 9 Is it possible to be admitted without a university degree? 9 Is it possible to obtain advanced standing in the Executive MBA program? 9 Are interviews part of the admission process? 9 When is the deadline for applying to the program? 9 Why is company sponsorship mandatory? 10 I work for a small start-up. Is my company suitable as a sponsor? 10 Is company financial sponsorship required? 10 EMBA Never stop learning General information 11 What degree is granted for the IMD Executive MBA? 11 How much is the tuition fee and what does it cover? 11 Do I need a computer? 11 Does IMD offer any financial aid or scholarships? 11 What career services/placement activities take place? 11 What type of visa/permit do I need to study at IMD? 11 About IMD 12 How international is IMD? 12 What else does IMD do? 12 Quotes from participants 13 3

4 EMBA Questions and answers About Executive MBA programs How does an Executive MBA differ from a traditional MBA? In an Executive MBA program, participants are usually older and have more extensive business experience than students in a traditional, full-time MBA program. The program presumes a certain depth of business knowledge. That is why Executive MBA students are able to complete their degrees with less classroom time than those in full-time programs. Executive MBA students will already have learned by experience some of the basics that would normally be covered in a full-time MBA program. Another key difference is that Executive MBA students continue their careers while they study. Students pursuing a full-time MBA are often looking to make career or job changes, and interrupt their careers for one or two years to obtain the degree. Executive MBA and full-time MBA students are usually at different stages in their careers and working lives. How does a weekend Executive MBA differ from a modular Executive MBA? Most Executive MBA programs run weekend programs, where classes are held on Fridays, Saturdays and Sundays. Some programs run every Friday/ Saturday, some run every other weekend. The main point is that weekend Executive MBAs demand frequent attendance. The modular approach offers an alternative. In modular format, the program is delivered in blocks of time. For example, the IMD Executive MBA brings students together for periods between one and five weeks over the course of the program. Weekend programs tend to attract those who live near the institution offering the program, since they are most able to meet the obligation of attending classes every week. It is difficult to attract an international class, because travel time and costs can be prohibitive. IMD s modular Executive MBA program, on the other hand, can bring together a worldwide group of experienced managers. It limits travel costs and time by concentrating class sessions into blocks of time. How does an Executive MBA differ from a part-time MBA? The key difference is in the word Executive. IMD s Executive MBA program really is targeted at executives: proven managers with substantial work experience. Part-time programs may have a profile closer to that of the full-time MBA student younger and with less work experience. How should I decide whether to apply for IMD s Executive MBA or full-time MBA program? Where you are in your career is the key to whether the Executive MBA or the full time MBA better suits your needs. The Executive MBA is for more experienced professionals with company support and at least 10 years of solid business experience. If you are looking to combine study with your career, and you have substantial business experience, the Executive MBA is for you. If you are interested in a career change, and see an MBA as a step towards that, the full-time program is likely to be more appropriate. 4

5 The content What is the emphasis of the IMD Executive MBA program? The five major topics of the IMD Executive MBA program are: business fundamentals, globalization, leadership, strategy and execution. The practice oriented program is not structured around traditional courses, but instead around specific themes that are important for business and management now and in the coming years. It aims to broaden your perspective in three ways:»to» give you a more integrated view of the overall business system»to» give you a view across countries and cultures»to» enable you to keep learning The IMD Executive MBA program takes a general management perspective and prepares you to take on broader and more challenging leadership positions. The program also focuses on the process of learning itself. The ability to continually access, develop and renew your own knowledge and hence your company s, is more important than ever. The ability to investigate, discover and evaluate new ideas and trends will differentiate the best from the rest in a world where borders are blurring and change is accelerating. The IMD Executive MBA focuses on developing those skills. The program seeks to create value for you and your company from day one. The practice orientation means what you learn will be useable right away. And company-related assignments ensure immediate payback from the program for you and your sponsoring company. As a past participant explained: At other schools you get five good books to read, but at IMD you get five great ideas to use Monday morning. What is the curriculum of the IMD Executive MBA program? Because business problems almost never fit into neat categories, the IMD Executive MBA program is structured around key themes rather than individual functions. The overarching aim is to address problems and develop approaches in the context in which you will find them in your workplace. Your skills and knowledge will be expanded through classes with IMD s world class Faculty; case studies; guest presentations featuring real-life challenges; exercises and role-play in negotiation, problem solving and conflict resolution; management simulation; collaborative work; and personal coaching. You will be challenged by the work, by the professors and by your peers a dynamic group of highly motivated, experienced managers from around the world. The IMD Executive MBA is a modular program consisting of two stages: the Foundation stage and the Mastery stage. The curriculum of the different modules is outlined in more detail below. The Foundation stage: building business fundamentals The Foundation stage is comprised of Module 1 of IMD s Program for Executive Development (PED) followed by a month long distance learning module (5 weeks) called Strategy and Advanced Concepts. Together, these two rigorous modules provide the necessary knowledge base to launch your EMBA work. PED Module 1 focuses on refining your skills and solidifying your understanding to prepare you for the broad responsibilities of general management, while Advanced Strategy and Concepts ensures that your understanding of business fundamentals has reached the level required for the Mastery stage. There is an exam at the end of this second module. Successful completion is a requirement for entry into the Mastery stage. Foundation stage themes:»leadership»»driving» innovation»managing» complex organizations»leveraging» globalization»inspiring effective change» Business fundamentals covered:»finance»»economics»»marketing»»organizational» behavior»strategy»»operations» EMBA Never stop learning 5

6 EMBA Questions and answers The Mastery Stage: EMBA Modules 1 to 4 The next four modules address a series of themes and ideas that will be important for business and management in the coming years:»nurturing» and managing innovation»managing» in knowledge economies»managing» high-risk ventures»managing» flexible enterprises»managing» in transitional economies»managing» creative people and processes»nurturing» and managing entrepreneurship»integrating» cultural, business and personal styles One way we will explore these themes is through Discovery Expeditions to centers of action around the world. In 2012, these will be Mumbai, Shanghai and Silicon Valley. By visiting companies, executives and experts in these locations, we will investigate their approaches to key business issues and learn from them. Mastering the future: EMBA Module 5 The program culminates in a module focused on mastering the future. What does it mean to achieve and maintain mastery over the course of your career? Mastery is not a stationary target but calls for you to never stop learning. The closing days are also an opportunity to reflect on your learning and how you will leverage it to help you execute; to help you create value for yourself and your firm in the future. Distance learning The work you carry out during the onsite modules is supplemented by five distance learning e-modules, where you will carry out company based assignments, discussions and research during your time back at the office. The assignments are applied within your own company, allowing you and your company to learn and benefit at the same time. How will performance be evaluated in the program? Your participation in the classroom and in group work will be subject to continuous evaluation throughout the program. If the Faculty feels you are not keeping pace, they will let you know. You will also be evaluated through a series of assignments and projects throughout the program, as well as a final thesis. Some assignments and projects will be group efforts while others will be individual. Executive MBA Foundation stage Building Business Fundamentals At IMD (1 week) PED Module 1 (At IMD, 4 weeks) Strategy and Advanced Concepts (Distance Learning, 5 weeks) November January e-module 1 Distance Learning Introduction January February Module 1 PED Module 2* (At IMD, 4 weeks) Corporate strategy and learning to listen to your customers Globalization, strategy and leadership. Working on company consulting project in India 6 * PED graduates can apply to the EMBA through advanced standing by joining the program at the mastery stage level.

7 The structure How much time will I spend away from the office? The IMD Executive MBA can be completed in as little as 15 months or spread over a few years. The Foundation stage of the program offers significant flexibility in terms of scheduling PED Module 1 and the Advanced Strategy and Concepts distance learning module. Foundation stage: building business fundamentals Program for Executive Development 4 weeks; offered 4 times per year (PED) Module 1 Advanced Strategy and Concepts 5 weeks of distance learning; offered twice per year (May and September) Mastery stage: high-level, intensive business leadership training EMBA Module 1 Globalization, strategy 2 1 /2 weeks, January/February and leadership EMBA Module 2 Finding opportunities: 1 week, April globalization continued EMBA Module 3 Strategy, organization 1 week, June and leadership EMBA Module 4 Innovation and entrepreneurship 1 week, September EMBA Module 5 Mastering the future 1 week, November EMBA Modules 1 to 5 must be taken in the same calendar year. Five distance learning e modules run between the EMBA Modules where, based in your office, you carry out company assignments and work on your final thesis. EMBA Never stop learning The diagram below shows the path through the program. Visit for further details on module dates and content. Executive MBA Mastery stage Discovery Expedition in Mumbai (1.5 weeks) Discovery Expedition in Shanghai (1 week) At IMD (1 week) Discovery Expedition in Silicon Valley (1 week) At IMD (1 week) February April April April June June June September September September November November e-module 2 Distance Learning Assignments Module 2 e-module 3 Distance Learning Assignments Module 3 e-module 4 Distance Learning Assignments Module 4 e-module 5 Distance Learning Assignments Module 5 Graduation MBA Degree Leadership, finance and marketing from theory to practice Finding business opportunities in China: globalization continued Pulling the first threads together: understanding your company's valuecreation opportunities Entrepreneurship, leadership, strategy Looking inside the firm. Organization design and human resources bringing it all together Innovation and entrepreneurship. Working with start-ups and making a venture capital presentation Put learning into action Mastering the future. Graduation 7

8 EMBA Questions and answers Will there be work between the EMBA Modules? Yes, through five distance-learning e-modules. The first begins in the November before you start EMBA Module 1, with gearing up exercises. Between each of the subsequent EMBA Modules, you will stay in touch regularly with your classmates and IMD s Faculty, completing a series of assignments. We estimate that you will spend 12 to 15 hours per week on Executive MBA work while you are back at the office. Whether you are in the classroom or not, the IMD Executive MBA program will be part of your daily life for the duration of the program. The work undertaken during the e-modules is crucial to the program and provides you with the opportunity to apply what you have learned at IMD directly in your own organization meaning both you and your company benefit, even before you graduate. What style of teaching will the program use? You will work with materials that come from the business world. We will take you through the renowned case approach and add simulations, research, debates, experiential learning, role playing, video conferencing, discussions with in the-field managers, and investigative trips to centers of action around the world. Will there be interaction with other groups at IMD? At various points in the program you will work together with participants in the Program for Executive Development (PED), as well as students in our full-time MBA program. The class How large is the class? The Executive MBA class size ranges between 40 and 65 participants. During the face-to-face modules, much of the work is done in groups of six to eight people. We believe it is very important to manage class size. Learning is more effective when it takes place in a community where communication is easy and frequent. It allows for close links with Faculty, high interaction between class members, and personal attention from the Program Director and administration. The mix of small-group and big-group activities, and a focus on networking, ensures that by the end of the program you will have a lifelong network of interesting, talented and diverse people. Who attends the Executive MBA program? Because we know that the knowledge and insights of you and your classmates are among the most valuable assets of the program, we take care to include participants from a wide range of nationalities, cultures and business experience. All are fast rising, internationally experienced managers who aspire to lead. Consider the Executive MBA class of 2013: Nationalities represented 20 Mother tongues represented 18 Average number of languages spoken 3 Industries represented 28 Average age 39 Average years of business experience 11 Minimum years of business experience 10 8

9 Admissions What are the admission criteria? Our admissions policy aims at securing the highest caliber of participants. There is no ideal profile of an Executive MBA candidate since we strive for diversity in the class. The program is designed for those 35 and older, with at least 10 years of business experience. We look for talented men and women with strong management experience, consistent career progression and outstanding leadership potential. Admission is based on the following criteria:»professional» achievement career progression, with a strong preference for global experience and responsibility»proven» leadership drive, initiative, maturity and self-confidence»intellectual» ability undergraduate university degree»international» outlook cultural sensitivity, time spent living outside own country international scope of career knowledge of foreign languages»english» language proficiency English is the language of instruction, and participants must have a strong command of both written and spoken English»The» support of your company What is meant by international outlook, global experience and responsibility career-wise? The Admissions Committee prefers candidates who have worked and/ or studied outside their country of origin, or whose positions include international responsibilities, albeit being carried out in their home countries. Is it possible to be admitted without a university degree? The formal admissions requirement is a university degree three to five years of higher education after high school. Exceptionally, we do consider candidates without university education. They should display an impressive professional track record. Is it possible to obtain advanced standing in the Executive MBA program? Yes. Individuals who have already completed the Program for Executive Development (PED)* at IMD may apply for advanced standing to the IMD Executive MBA, which permits them to directly enter the Mastery stage of the program. To apply for advanced standing, candidates must complete the IMD Executive MBA application form and indicate when they completed PED. For more specific information about applying for advanced standing, please contact IMD s Information and Registration Office (info@imd.org, ). Admission to the program will be based on all the criteria outlined above. Prior completion of PED does not guarantee admission to the Executive MBA program. Are interviews part of the admissions process? Candidates may be asked to come to IMD for an interview or to take part in a telephone interview. If an interview is required, you will be notified after we review your completed application. You are, nevertheless, encouraged to visit IMD to learn more about the campus and the Executive MBA program. We endeavor to provide campus tours and classroom visits whenever feasible, and we can certainly arrange a meeting with either the Program Director or the Program Manager. When is the deadline for applying to the program? Applications are reviewed, and acceptance decisions made, as the applications are received. This means that the class can fill up some months in advance of the date it actually starts. We strongly recommend that you apply early. Those applying for advanced standing should submit their applications no later than September 15. However, once again, as classes can fill quickly, it is recommended that you apply early, as the class may be full before September 15. Typically, an applicant receives a response within three weeks after submitting a full application. EMBA Never stop learning * If you completed PED before September 2012, GMAT is required. 9

10 EMBA Questions and answers Why is company sponsorship mandatory? The IMD Executive MBA is practice oriented. The learning comes from discussions and experiences you have while at IMD, combined with your application of the tools and strategies we discuss in the program within your own organization. Back at the office you will have several assignments, each one assessing or evaluating some aspect of your company or your industry and determining how best to go forward. The interaction between the classroom and the real world yields value for you and your company. Your company will be the laboratory where you investigate further the possibilities we uncover while you are at IMD. So it is essential that you are working and that your company supports your Executive MBA participation. The program is structured as a series of out-of-the-office modules, with significant time back at the office between each. It is clear you will be working while you complete the program, and company support will be vital for you to balance heavy academic and career loads. You will need to be free of job responsibilities during the out-of-the-office portions of the program and you will need the support of your company for the assignments you are undertaking on its behalf. I work for a small start-up. Is my company suitable as a sponsor? If you are self-employed or work for a small company or start-up, you will need to find a larger company that can be the focus for some of your distance-learning assignments. Company assignments provide real value, so it is worth exploring sponsorship with suppliers, customers or other companies that you know. Your own company s support will still be vital throughout the Executive MBA program as you balance the heavy academic and career loads. Is company financial sponsorship required? No, financial sponsorship is a matter to be resolved between you and your company. There is a continuum of support ranging from time off without pay to time off with pay and full payment of tuition and other expenses. Be sure to ask for a copy of our Sponsor s Guide, which will help you and your company understand the obligations and benefits of joining our program. 10

11 General information What degree is granted for the IMD Executive MBA? Successful completion of the IMD Executive MBA program results in the granting of the well-respected IMD MBA degree. The degree is awarded by the University of Lausanne and is recognized by leading companies worldwide. How much is the tuition fee and what does it cover? The tuition fee for the program is CHF 105,000*. The fee for those accepted with advanced standing is reduced. Please contact the Information and Registration Office for details. Fees include tuition, teaching materials and a three-course lunch served at IMD on weekdays. Travel and living expenses are not included. While at IMD, participants typically stay at a hotel just a few minutes walking distance from the school. The costs for the Discovery Expeditions are estimated at approximately CHF 12,000 per person. This estimate is based on current rates and includes travel, accommodation at business hotels and meals for all three trips. Your travel agent should be able to advise you on the most economical flights to reach our Discovery Expedition destinations. Do I need a computer? Yes. For the distance-learning portions of the program, you will need unrestricted access to a personal computer equipped with a CD ROM drive and internet access, the faster the better. You must also have an account. The latest versions of Word, Excel and Powerpoint are recommended. Does IMD offer any financial aid or scholarships? IMD s Executive MBA program does not offer any financial aid or scholarships. There are, however, a number of organizations and loan programs for which you may be eligible. Please consult our website for more details: What career services/placement activities take place? There are no career services or placement activities associated with the Executive MBA program. Since all participants have the support of their companies, and will continue with their jobs throughout the program, no placement services are necessary. What type of visa/permit do I need to study at IMD? Visa requirements vary depending on the country from which you are arriving. You should contact the nearest Swiss Embassy or Consulate for details that apply in your particular situation. EMBA Never stop learning *IMD reserves the right to modify the program fee at any time. 11

12 About IMD How international is IMD? IMD is truly international. A typical class would include participants from 20+ countries, with no dominant nationality in the group. Our Faculty members represent over 20 nationalities, and our teaching materials and course material are also international. One of the goals of the Executive MBA program is to prepare you to take on the challenges of international management, and we make sure that all aspects of the program reflect that. What else does IMD do? IMD has been developing global leaders for over 60 years. We are pioneers in customized partnership programs and innovative open programs, as well as blended learning experiences. We have two degree-granting programs: the Executive MBA program and the full time MBA. Our open enrollment programs range from the Program for Executive Development, targeted at fast-rising managers, to the Breakthrough Program for Senior Executives, which addresses the concerns of those in top management. Our partnership programs are tailor made for specific companies to address their particular needs and interests. EMBA Questions and answers In addition, through the IMD Corporate Learning Network, we have close relationships with over 120 leading companies for whom we run special events and with whom we conduct business and management research. 12

13 There is a point in your life when you say to yourself I have done a good job, I am a skillful and experienced manager. Now what can I do with that? What s next? Then, it is time to apply for the IMD EMBA. You will learn so much and discover your full potential. Why IMD? It s simply the best. Dmitry Bocharov Director Lalov Egrek OOD Bulgaria The IMD EMBA program gave me access to the latest knowledge in leadership, finance and strategy. I was challenged and trained in these different disciplines in real-life situations and used my company as a learning laboratory while mastering assignments. This year has been vital in preparing me for an executive board role within my company. Martin Iffert Member of the Board Trimet Aluminium AG Germany The IMD EMBA journey has been an amazing experience that contributed significantly to the development of my leadership skills and created immediate value for my organization. Achilleas Dorotheou Chief Executive Officer Amathus Hotels Division Amathus Public Ltd Cyprus The great thing about the IMD EMBA is that the work and assignments are linked to your company. This is a serious, real-life EMBA! Bjarne Foldager Managing Director A.P. Moller Singapore Pte Ltd Singapore The inputs of the leadership stream were really unexpected and impressive in terms of professional development. I am moving forward with more of a helicopter view and am ready to be a global leader in a constrained environment. Sylvie Richard Chief Advisor to the Plant Manager EDF Electricité de France France In IMD s EMBA, note the capital E which stands for exciting, effective, efficient, executive, energizing, empathetic, emotional and exhausting in short excellent and everlasting. But not for easy or expensive. Robert Swan Head of Audit Tetra Laval Group Switzerland My horizons have been expanded far beyond my greatest expectations and I now know how much I am capable of learning. The IMD EMBA has not only given me a brush up on the latest advances within a range of commercial and managerial disciplines, it has also enabled me to take a new look at my organization, operation and customer approach, and to implement concrete and relevant changes with immediate, measurable benefits. Mette Østergaard Vice President SAS EuroBonus Scandinavian Airlines System SAS Sweden My own company Viking Invest is young and still finding its feet. Pulling Viking Invest through the framework of exercises during the EMBA program greatly helped me improve the company s business conduct and strategy, and as a result plot a clearer direction forward. Jeppe Vestergaard Frandsen Chief Executive Officer Viking Invest Holding ApS Denmark EMBA Quotes from participants Søren Toft Managing Director Maersk Deutschland AS and CO KG Germany I now have a blueprint for high performance, one that I can apply anywhere. Ben Fourie Head of GSD British American Tobacco (Malaysia) Berhad Malaysia It was a challenging and stimulating experience. The program has changed me. I think about the world and my surroundings in a totally different way. I can now rise to 30,000 feet and see things develop. Purushotham Manvi Managing Director Credit Suisse Switzerland 13

14 The ability to apply the learning of the IMD EMBA instantly and frequently at my workplace was key to strengthening my understanding of the theory and proved to be a great, real-life opportunity. Bottom line: win win for both me and my firm. Patrick Stampfli Head of Finance and Operations Schroder Investment Management Switzerland EMBA Quotes from participants Patrick Stoessel Vice President Wire Bonding and Country Director Esec Singapore Esec Singapore Pte Ltd Singapore I believe that I dramatically increased confidence in myself and my ability to further grow my business. Yves Karcher Vice President of Engineering for the Control Services Division Logitech Europe SA Switzerland The IMD Executive MBA is an intense and challenging learning journey, which enables you not only to gain a better understanding of international business administration best practices, but also to boost your leadership capabilities. The program is designed to stretch your limits and prepares you for greater challenges in life. Leonardo Matos Commercial Manager Pulp Suzano Pulp and Paper Europe SA Switzerland Learn how to learn not dry theory but real life learning in leading companies from all over the world. The assignments linked with your own company provided an excellent opportunity for hands on practice and to create immediate value and leverage for the company. Remo Lütolf Global Business Unit Manager, Power Electronics and Medium Voltage Drives ABB Switzerland Ltd Switzerland They mean it when they say Real World, Real Learning. It s education on a different level. When they put you through the assignments, the problems and challenges are real; and the feedback you receive is highly valuable and practical. The Discovery Expeditions will not only teach you the different dynamics of businesses around the world, but will also open your eyes to the cultural and social aspects of the countries you visit. Whisnu Bahriansyah Head, Office of Board of Directors Pt Pertamina (Persero) Indonesia The IMD EMBA has provided me with the functional competence I expected. That was great! What was even better was the unexpected and outstanding leadership part. Patrik Lindvall Manager Business Relations Inter Ikea Systems BV The Netherlands One year ago I began the most amazing learning journey. As a leader I have achieved a foundation and toolbox to continue my learning journey into the future. Henriette Schütze Executive Vice President CFO Cimber Sterling AS Denmark It was the best year of my professional life and the most challenging too. My horizon is much broader now and my entire approach to problem solving has changed, not only in my professional but also my private life. Irene Tkhilava Managing Partner GO2RU Europe Germany I came here to study business principles, only to discover that leadership is at the heart of every discipline (strategy, finance, HR, etc.) and everything we do in our professional and personal life. A truly transformational experience. Michiel van Duin Head Compensation and Benefits Development Novartis Pharma AG Switzerland Without a doubt, this past year has been the most valuable time in my entire business career. An entrepreneur since the age of 13, I never formally learned the foundations of leadership or the traditional disciplines. The IMD EMBA, which combines class projects with full-time work, enabled me to extract far more value than I ever imagined possible! I learned so much, all of which I could apply immediately! This program has more than paid for itself already. Aaron Sylvan Founder and CEO Trustworks United States 14

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16 REAL WORLD. REAL LEARNING Chemin de Bellerive 23 P.O. Box 915 CH-1001 Lausanne Switzerland Central tel: Central fax: The IMD Difference IMD is a top-ranked business school. We are the experts in developing global leaders through high impact executive education. Why IMD?» We are 100% focused on real-world executive development» We offer Swiss excellence with a global perspective» We have a flexible, customized and effective approach Applications You will find all forms online at The application includes:» Completed and signed application form» Three letters of recommendation, including one from your sponsor» Official transcript of undergraduate university degree or equivalent» Application fee (CHF 200) Applications are reviewed in order of receipt: it is in your interest to apply early. For further details on the application process and admission criteria, visit the assess your chances section of the EMBA website. Further information For more details visit or contact a Program Advisor at or at info@imd.org. Follow us on IMD is ranked first in executive education outside the US (Financial Times ) and first in open programs worldwide (Financial Times 2012). IMD, IMD INTERNATIONAL and IMD INTERNATIONAL REAL WORLD. REAL LEARNING are trademarks of IMD International Institute for Management Development. Design and concept Magic Pencil; Photography: Yves Ryncki, Lionel Flusin, Jean Scheim (Black & White), Régis Colombo and Oliver O Hanlon IMD 2013