New for 2012

Transcription

1 New for MSc ECONOMICS & STRATEGY FOR BUSINESS

2 Economics is often taught and used in a public policy context, but the subject also has a huge contribution to make to strategy formulation by focusing on the decisions of those operating within markets, whether in private or public sectors. Dr Peter Gist, Director, Arup 2

3 MSc Economics & Strategy for Business New for 2012 Shape your thinking. Shape your future. Taught by faculty ranked 4th in the world for Economics*, this new programme draws on the global excellence in economics and strategy at Imperial *FT Global MBA Rankings 2011 In today s rapidly changing environment, graduates looking to start a career, whether in management consultancy, policy analysis, financial services or the corporate sector, need to combine the rigour of analytical thinking with a strategic focus. The new MSc Economics and Strategy for Business has been developed to address this need. The focus of the programme is inter-disciplinary, combining advanced courses in both economics and strategy. Students will be exposed to a broad range of economic and strategic thinking from corporate governance and financial risk, to energy economics, strategy innovation and implementation. The programme will be taught by faculty ranked 4th in the world for economics* and by leading scholars in those areas of strategy at the intersection of organisation theory and technological innovation. Our aim is to provide an opportunity for business graduates with experience of economics and strategy to develop their analytical skills and their strategic thinking. Our emphasis throughout is to ensure that students develop an analytical toolkit which can be effectively applied to a wide variety of situations. This unique combination of strategy and economics will also provide a valuable platform for recent graduates to consider and pursue a more generalist path in business over the course of their careers. Dr Anjali Bakhru, Programme Director 3

4 Gain a reputation for excellence Succeed in your MSc at Imperial College Business School and you become a graduate of one of the world s leading universities, with a global reputation for excellence in economics, strategy and innovation. Our faculty have strong links with industry, so they will inspire you by bringing theory alive through case studies drawn from their experience as business consultants. You will learn from their ground-breaking research, benefit from the Business School s collaboration with other Imperial College London departments and institutes, and graduate with a command of the latest thinking. The focus of the programme is practical. You will apply what you learn through group discussions and project work, building your technical skills and your confidence, improving your decision-making ability and enhancing your value to your employer. Exercises, such as the Business Simulation and Consulting Project, will allow you to practise and consolidate the knowledge you have gained throughout the course. This combination of academic excellence and real-world relevance makes our graduates attractive to employers from every sector. We provide a friendly, supportive environment where you will share insights with other high-calibre students from culturally diverse backgrounds. Working in groups is an important part of our approach, because it encourages collaborative skills, generates outstanding results and builds your personal and professional networks. Project work in small groups enables you to master the theories, knowledge and skills taught throughout the course, giving you an excellent foundation in the management expertise you will need in the next stage of your career. Our location, in South Kensington, brings you to the cultural heart of London, with many of the world s most famous museums, art galleries, parks and restaurants on your doorstep. You are also close to the City, London s financial and business centre, home to the headquarters of many global organisations. One of the opportunities in the programme is the chance to visit and learn from leading organisations operating in different sectors. Guest lecturers and speakers At Imperial College Business School we are proud to host guest lectures and speakers alongside world-class teaching faculty giving you industry insight and perspectives from the modern business world. Recent speakers include: David Miles, Managing Director of Morgan Stanley; Member of The Bank of England s Monetary Policy Committee Ken Anderson, Managing Director, UBS Baroness Eliza Manningham-Buller, Former Director General of MI5; Chair of Imperial College Council from July 2011 Sam Palmisano, Chairman and CEO, IBM Dr Pier Francesco Guarguaglini, Chair and CEO of Finmeccanica Iain Conn, Executive Director, Refining and Marketing, BP 4

5 London is amazing! Studying here is great as you are on the doorstep of some of the world s most successful and innovative companies, and immersed in one of the most culturally diverse cities in the world. Rachel Garrett, MSc Management 2009 Rachel works as an Account Manager for ekit, JT Global 5

6 Shape your future: Programme overview The MSc Economics and Strategy for Business blends the core elements of the highly successful learning experience developed in our well established suite of MSc programmes, drawing on the strength of teaching and cutting edge research in economics and strategy at Imperial College Business School. The programme consists of three distinct phases: the ESB Core, the ESB Advantage and ESB Applications. The ESB Core, consisting of six courses in the autumn term, provides students with a broad understanding of the tools of economics and strategy. In the spring term, the ESB Advantage comprises five courses which build on the ESB Core to deepen students understanding. ESB Applications in the summer term provide students with valuable practical experience in applying the theories they have previously covered to real-world cases. You will undertake a Business Simulation where you will integrate the material gained and apply it to a realistic situation. The Consulting Project, undertaken for a real client, will enable you to apply the programme material to the solution of a real problem. Programme timetable Autumn term October - December The ESB Core Business Economics Economics and Strategy for Innovation The Macroeconomic Environment Strategic Marketing Management Accounting Data Tools and Evidence (online course) Spring term January - March The ESB Advantage Finance, Risk Management and Regulation Corporate Strategy Strategy Implementation Corporate Governance and Corporate Finance Information, Incentives and Contracts Summer term April - September ESB Applications Global Strategy Digital Economics and Digital Strategy Energy Economics and Strategy Business Simulation Consulting Project Individual Essay Please note that the programme structure is subject to change and you should check the website for the most up-to-date information. 6

7 This innovative and relevant programme aims to apply sophisticated economic analysis directly to business policy and strategy. That is both appealing and rare. More importantly, it is a good way of giving people the skills of economic analysis in a way that shows their direct application into business. David Miles, The Monetary Policy Committee, The Bank of England 7

8 Courses 8 Business Economics This course explores the way in which businesses respond to market incentives and the consequences for market behaviour, the nature and role of competition, and the role of innovation. It shows how firms can create and overcome barriers to entry, how advertising can expand the size of their market and how firms at different stages of the value chain interact. Economics and Strategy for Innovation Technological change is a major challenge for firms and demands careful strategic planning. In this course, the strategic management of technological change and the management of innovation will be considered, and a range of strategic and economic tools and frameworks for managing these critical issues presented. Strategic Marketing Marketing is commonly defined as the management process responsible for identifying, anticipating and satisfying customer requirements profitably. This course focuses on the complex interface between strategy and marketing and, in particular, the strategic role of marketing in realising corporate objectives and gaining competitive advantage. The Macroeconomic Environment The macroeconomic environment is a key factor affecting the performance of any business, and business planning requires a proper understanding of macroeconomic forces such as government and international policy. This module develops the framework and tools of analysis needed to explain how the level of macroeconomic activity is determined and why macroeconomic conditions change over time. Management Accounting Management Accounting comprises various techniques for the calculation of cost and performance, and also includes organisationwide control systems such as budgets and balanced scorecards. This course will address the technical and calculative aspects of these management accounting practices such that they directly support the effective definition and delivery of strategic objectives. Data, Tools and Evidence (online) Economics and strategy rely on the analysis of data and this introductory online course develops the quantitative methods that underpin the testing of theories and the forecasting of the future. The course is designed to provide the essential statistics and mathematics background for the quantitative aspects of the programme. It will also include coverage of the tools required to conduct a financial assessment as part of strategic analysis. Finance, Risk Management and Regulation This course develops the theory of finance and regulation, and further explores how managers can utilise both financial markets and financial instruments to mitigate the risks that they face and the management of the regulatory regimes in which they may find themselves operating. Corporate Strategy Corporate strategy is concerned with the scope of the firm, determining which businesses and activities to include within the boundaries of the firm. The course will cover vertical and horizontal integration, international expansion, diversification, mergers and acquisitions, and strategic alliances. Strategy Implementation While much of strategy deals with strategic analysis, any separation between strategy formulation and strategy implementation is unrealistic since no strategy is of value unless it is implemented effectively. Strategy implementation involves balancing the strategic and operational goals of the organisation, appreciating the interconnectedness of strategy, structure and systems. Corporate Governance and Corporate Finance This course explores how organisations are run and how their financing decisions affect their governance and profitability; hence also, the incentives for mergers and acquisitions. Information, Incentives and Contracts This course explores how imperfect information creates opportunities to exploit informational asymmetries, and the contractual and incentive responses that mitigate adverse behaviour. Global Strategy This course explores strategy within a global context. It explores the differences between international strategy and global strategy with an examination of the macro and micro drivers of globalisation. Our focus is also on the impact of globalisation, taking account of the strategic implications for organisations as well as the economic consequences at national level for governments.

9 Digital Economics and Digital Strategy The digital revolution, including the internet, is transforming business and consumer behaviour. This course will consider the economics of digitisation and how digital technologies can be harnessed for competitive advantage. Energy Economics and Strategy The modern world has relied on plentiful supplies of cheap energy, but meeting our demand for oil requires the development of ever more inaccessible oilfields, while mitigating climate change will require heavy investment in cleaner, and mostly more expensive, resources. This course applies economic and strategic tools to the analysis of energy choices that organisations will face, and to the government policies designed to influence these. Business Simulation A week-long simulation exercise designed to draw together the various aspects of the programme and to test the student s capacity to integrate the material and apply it to a realistic situation. Consulting Project This is a substantial group-based project undertaken for a real client. It enables the students to apply the programme material to the solution of a real problem and provides a capstone for the programme. Individual Essay The Individual Essay is a 3000 word unsupervised essay on a topic relevant to the course in an area of business economics or strategy. Students will be able to choose from a number of essay titles put forward by the academics on the programme. Project Students wishing to undertake Doctoral research can undertake a conventional MSc project in place of the Consulting Project and the Individual Essay. For further details of each course visit: 9

10 Faculty You will benefit from the world-class expertise of our faculty, internationally renowned for their research, as well as from the latest theory and techniques, supported by real-life case studies to ensure your learning is practical and rooted in current best practice. Recent research topics in Economics and Strategy: Exploring the ways brands achieve iconic status and manage it effectively Examining how top management team and stakeholder belief systems influence strategic choices and outcomes Electricity pricing and the impact of moving to a low-carbon system Institutional change and new career models in professional service firms The ways in which new technological platforms (like Windows and Google) affect competition, innovation and strategy in high-tech firms Research into how firms use new cultural resources in order to form and develop their strategies Focus on faculty Dr Anjali Bakhru, Programme Director Anjali s teaching focuses on strategy with research in the area of competitive strategy. Prior to coming to Imperial, Anjali taught and researched at Middlesex University Business School and The Open University. She has also taught at other universities including Cass Business School and Georgetown University in Washington DC. In a former life, she structured and marketed equity derivative products for investment banks both in the UK and overseas. Professor Richard Green, Professor of Sustainable Energy Business Recently, the main focus of Richard s work has been on the impact of low-carbon generation on the electricity market, and the business and policy implications of this. Before joining Imperial, Richard was Professor of Energy Economics and Director of the Institute for Energy Research and Policy at the University of Birmingham. He has spent time on secondment to the Office of Electricity Regulation and has held visiting appointments at the World Bank, the University of California Energy Institute and the Massachusetts Institute of Technology. Professor Jonathan Haskel, Chair in Economics Jonathan Haskel is a Professor of Economics at Imperial College Business School. He has just finished eight years as a Member of the UK Competition Commission, including serving on the panel investigation into British Airports Authority. His research interests are productivity, innovation, intangible investment and growth. His research centre is CERIBA (the Centre for Research into Business Activity). Dr Yuri Mishina, Assistant Professor of Organisational Behaviour/Strategy Yuri s research interests lie at the intersection of strategy and organisation theory. His research examines how top management team and stakeholder belief systems influence a firm s strategic choices and outcomes. Some of Yuri s current projects include an exploration of how corporate social performance and illegal activities can influence firm performance, and a study of why some supergroups are more successful than others. Yuri is currently an editorial review board member of the Academy of Management Journal. 10

11 The difference between good and bad strategies is more than a matter of perception. If we need better strategy, we need to develop better strategic thinkers. Dr Anjali Bakhru, Programme Director 11

12 A dedicated careers service You will benefit from a highly professional careers service that is focused on your individual needs. From the moment you accept an offer of a place on our programme, the Career and Professional Development Service works with you to identify your career and professional goals, and to equip you with the tools to achieve them. Through a combination of one-to-one support and regular workshops, we will help you to identify your skills and strengths, and give you all the support you need to build a career strategy that is right for you. Our interactive workshops will give you the tools to market yourself successfully to employers, guidance on preparing CVs, cover letters and application forms, and training in interview and assessment centre skills. Our workshops will then focus more on personal development, giving you valuable skills, such as how to present with impact, network effectively and work well in cross-cultural teams. Our expert consultants are available for one-toone sessions throughout the year, whether you want to fine-tune your CV, take part in a mock interview or review your overall career strategy. And our service continues after you graduate. As an alumnus, you can arrange appointments with us at any time during your career; for example, if you consider a change in direction or want to explore strategies for developing your career further. The aim of the programme is to produce a pool of highly skilled, highly trained MSc graduates who can progress to opportunities in a range of established organisations, entrepreneurial ventures or government departments. Business School students are now working for a wide range of companies, including: Accenture BP BSkyB Deloitte Department of Trade & Industry GlaxoSmithKline HSBC IBM KPMG London Stock Exchange McKinsey & Company Morgan Stanley Shell Tata Consultancy Services Unilever Alumni network Like every other aspect of our MSc programmes, the alumni network offers you practical benefits and allows you to take full advantage of your Imperial College Business School connections from the beginning of your study right the way through your career. Our role in keeping the alumni network connected starts by providing you with the opportunity to meet a powerful international community of alumni through events, support classes and country networks, sector interest groups and continuous learning and career services. We encourage you to play an active part in this prestigious network and, as a student and alumnus of the Business School, to make full use of your life-long connection to outstanding business leaders, thinkers and decision-makers. 12

13 The experience and expertise I gained at Imperial, combined with the outstandingly dedicated Careers and Professional Development Service, has proved invaluable in facilitating my career trajectory, which has seen me commence work at McKinsey & Company. Mark Collins, MSc Management 2011 Mark works as a Business Analyst at McKinsey & Company 13

14 Entry requirements Who should apply? We are looking for ambitious business graduates who wish to gain advanced knowledge in economics and strategy, and develop their quantitative, analytical and strategic thinking. Applicants should be recent graduates with no more than three years full-time work experience who have studied a subject that includes economics and strategy. To apply you need: A UK 2.1 honours degree or above (or equivalent) in a subject that contains modules in economics and strategy An English language qualification: GCSE, IGCSE, GCE O Level, or equivalent, at grade B Cambridge Certificate of Proficiency in English (CPE) at grade B IELTS (academic): A minimum overall score of 7, with a minimum score of 6.5 in writing and speaking sections TOEFL (computer-based): A minimum score of 250 (TWE of 4.5+) TOEFL (internet-based): A minimum overall score of 100, with a minimum score of 24 in writing and 24 in speaking. Please note: Our English language requirements are applicable to Home, EU and International students TOEFL and IELTS scores will only be valid if they are less than two years old on the programme start date Our English language requirements are higher than the minimum standard set by Imperial College and waivers will only be considered under exceptional circumstances We do not require the GMAT or GRE for the MSc Economics and Strategy for Business programme. Pre-sessional English language course This intensive five-week course offers the opportunity to develop the academic English and study skills you need to begin your postgraduate programme with confidence. For more information visit: How to apply All applications must be made online. For more information and to submit your application online visit: business-school/applyingonline Start date October 2012 Fees 19,950 Fees are the same for UK, EU and international students. Scholarships We have a number of scholarships available. Please visit: Imperial College also offers a number of scholarships. For details please visit: studentfinancialsupport/pgscholarships or scholarships@imperial.ac.uk Information sessions We will be holding on-campus information sessions for prospective MSc Economics and Strategy for Business students, where faculty and representatives from our admissions and careers teams will be available to answer any questions you may have. To reserve your place and to check times for all sessions, please visit: Attendance requirements The UK Government has recently imposed a new requirement on universities to monitor the attendance of international students and to report to the UK Border Agency (UKBA) any student visa holders who cease to be in regular attendance. On joining the programme, you will be provided with further information on attendance requirements and course interactions to avoid being unnecessarily reported. 14

15 Every module emphasises team work elements which allow application of the taught modules. The Consulting Project and Business Simulation in the summer term provide real industry experience, which differentiates Imperial from its competitors. Trishul Patel, MSc Management

16 Recruitment Team Imperial College Business School Tanaka Building South Kensington Campus London SW7 2AZ United Kingdom T: +44 (0) E: Disclaimer: While all reasonable efforts have been made to ensure that the information in this publication is correct, matters covered by this publication are subject to change. Imperial College Business School accepts no liability for any loss or damage caused by errors or omissions, howsoever caused. Published December 2011