London Business School Explained

London Business School
Motto:To have a profound impact on the way the world does business
Country:United Kingdom
Coor:51.5264°N -0.1608°W
Academic Staff:110 (2021/22)[1]
Students:2,390 (2021/22)[2]
Campus:London and Dubai
Endowment:£62.4 million (2023)[3]
Budget:£175.7 million (2022/23)

London Business School (LBS) is a business school and a constituent college of the federal University of London. LBS was founded in 1964 and awards post-graduate degrees (Master's degrees in management and finance, MBA and PhD). Its motto is "To have a profound impact on the way the world does business".[4]

The main campus is located at Sussex Place in London, adjacent to Regent's Park. In 2012, the school acquired the Marylebone Town Hall and spent £60 million to refurbish it with the objective of expanding its teaching facilities by 70% - the new building is called The Sammy Ofer Centre.[5] In 2017, it was announced that LBS had also acquired the site of the Royal College of Obstetricians and Gynaecologists,[6] who vacated the building in November 2019.[7] LBS has a secondary campus in Dubai that is dedicated to Executive Education and the Dubai EMBA.[8]

History

Foundation

London Business School was founded in 1964 under the name of the London Graduate School of Business Studies', with Dr. Arthur Earle as Dean. In 1965, the school was registered as a company and was designated by the University of London as an institution having recognised teachers. In 1966, the first Executive Development Programme was launched, followed by the Senior Executive Programme. The same year, a full-time MSc degree was also launched, with Sheila Cross enrolling as the School's first female student. In 1968, the School inaugurated the Sloan Fellowship MSc programme, which was the first one outside of the US. 17 students were enrolled and the programme was funded by the Alfred P. Sloan foundation. The first doctoral programme was established in 1969 and in 1970 Her Majesty Queen Elizabeth II opened the School's Regent's Park campus. The first PhD was awarded in 1974, and that year women made up over 15% of the student body for the first time. In 1983, the first part-time MBA programme was held under the direction of Sir Andrew Likierman, a former Dean of the School. In 1986, the school officially became the London Business School and was incorporated by Royal Charter, which gave LBS the right to confer and grant degrees. In 1992, the School was given the Queen's Award for Export in recognition of providing educational services to managers and companies worldwide. The following year, the school started its first Masters in Finance programme and in 2001, the EMBA-Global degree programme in partnership with the Columbia Business School.[9]

In 2007 a new campus was opened in Dubai to offer both Executive MBA and Executive Education Programmes. In 2009, the school started two new programmes: The EMBA-Global Asia, in partnership with the University of Hong Kong and Columbia Business School, and the Masters in Management (MiM). In 2012, the school acquired Marylebone Town Hall and restored it with the objective of expanding its teaching facilities by 70 per cent.[5] The building was renamed "The Sammy Ofer Centre" in honour of a generous donor, the Ofer Family, who made a gift for the development of the building, which was opened in 2017.[10] In 2016, LBS launched a new programme, the Masters in Financial Analysis, aimed at recent graduates who wish to pursue a career in finance, and acquired the lease of the neighbouring building of the Royal College of Obstetricians and Gynaenocologists, which it will occupy in 2020.

With the objective of increasing its size, the school organised a £100 million funding campaign. By the beginning of 2016, it had raised £98 million, £40 million of which will be used to renovate the Marylebone Town Hall, with £28 million for research, £18 million in scholarships for students, £10 million to increase the school's endowment, and £4 million to improve technology across the school.[11] By June 2016, the school had raised £125 million, including two £25 million gifts from alumni Jim Ratcliffe and Idan Ofer.[12]

François Ortalo-Magné, the French-born former Dean of the Wisconsin School of Business, succeeded Sir Andrew Likierman as Dean in August 2017.[13]

Campus

The campus is located at Sussex Place in Marylebone, on the perimeter of Regent's Park.[14]

LBS maintains a number of facilities, including a sports centre, restaurant, three cafes and a library, all dedicated for the exclusive use of its community. There is also a privately run pub, 'The Windsor Castle' attached to the campus. Most classrooms for the MBA are located in the Sainsbury Wing, the centre of the terrace, most of which are 100-student amphitheatre rooms.

There is no accommodation on campus for students in full-time programmes, although there are rooms on-campus for visiting faculty and executive education participants. Most students choose to live in nearby private residential buildings or in students halls of residence such as the International Students House, London.

LBS is expanding its campus in central London. The business school has redeveloped the Marylebone Town Hall into classrooms and offices at the Sammy Ofer Centre. It will further expand it in 2020 (see above).[15]

Organisation and administration

List of the London Business School Deans

List of the Deans from 1965 to today:[16]

Starting yearEnding yearName
19651972Arthur Earle
19721984Sir James Ball
19841989Peter G. Moore
19891997Sir George Bain
19982001John Quelch
20022006Laura Tyson
20072008Robin Buchanan
20092017Sir Andrew Likierman
2017PresentFrançois Ortalo-Magné

Academics

Admission

All candidates must take international exams related to their English abilities (TOEFL or IELTS) and mathematic/logical reasoning skills (GMAT or GRE). Candidates are also asked to write several essays (topics are related to the envisaged programmes). The recruitment process has two steps. The first one consists of sending an application with the following information:[17]

Once the application has been accepted, an examination is made by the selection committee. Candidates meeting the criteria of the school will be invited for an interview on campus in London. If this latter step is a success, the candidate receives an offer from LBS.

Master in Business Administration (MBA)

The school's flagship programme is its full-time 15–21-month Master of Business Administration degree. MBA students take a prescribed set of core courses then choose from roughly 70 different electives. Class size has been around 400 students in every annual cohort. These are broken into 5 streams of approximately 80 students who take all core courses together. The admission process is highly competitive and selective.

Beyond academics, the school puts an emphasis on personal and professional development including leadership, global awareness, and business skill building. These developments are facilitated via specialized workshops led by external consultants, students, and faculty. In addition to a range of elective courses at the London Business School, the school has partnerships with around 32 exchange schools around the world. Each academic year around 100 students spend a term at another leading business school.

The MBA Programme has one of the world's largest international exchange programmes.[18] Each year approximately 35 per cent of second-year MBAs spend a term abroad at one of over 30 partner schools, including NYU Stern School of Business, IESE Business School, Booth School of Business of The University of Chicago, The Wharton School of the University of Pennsylvania, UCLA Anderson School of Management, the MIT Sloan School of Management, Tuck School of Business at Dartmouth College, Columbia Business School, Kellogg School of Management at Northwestern University, Haas School of Business at UC Berkeley, McDonough School of Business at Georgetown University, Indian School of Business among others.

Executive MBA

The school offers four Executive (part-time) MBA degrees, which are completed in 16–20 months. At an academic level, the school offers the same degree to both Executive (part-time) and full-time MBA students. The programmes involve very similar core courses to the full-time MBA, international field work and a wide range of elective courses. The course ends with a capstone together with company project or management report.

Sloan Masters in Leadership and Strategy

The Sloan Fellowship was established in 1968 and is a master's degree programme designed for senior executives, accomplished professionals and entrepreneurs with significant experience of decision-making at strategic levels.[20] The admission process is highly competitive and selective. On average, Sloan Fellows already have 15 years of management experience when being admitted to the programme. A typical class is highly diverse and includes attendees from 13 to 23 countries.[21]

This 12-month, full-time master's degree programme focuses on strategy, leadership and change, and globalisation. The Sloan programme is also offered at Stanford Graduate School of Business and the MIT Sloan School of Management.

Masters in Finance

The school offers a Master's in Finance ("MiF") programme on both a part- and full-time basis. Around 120 students attend the full-time programme, while 60 attend the part-time degree.

Masters in Financial Analysis (MFA)

The Masters in Financial Analysis is the most recent programme offered by the London Business School, starting in September 2016 and consists of 12 months of courses. The programme targets recent graduates with less than a year of work experience who plan to start a career in finance, typically as an analyst in an investment bank or in consulting. The curriculum consists of 12 core courses based on 5 pillars (Accounting, Corporate Finance, Asset Management, Financial Markets, and Financial Econometrics). The 12 courses are:[22]

Students must also complete three electives of which a minimum of two must be related to finance.[23] The programme includes a business immersion week within a company (Google, Deloitte, CNN, Accenture, Blackrock etc.) to work on case studies.[24] Finally, students participate in a Field Trip (study trip) that lasts a week. This travel experience consists of many networking dinners, company visits, and company presentations. The following destinations are available: Silicon Valley, Paris, Milan and Munich, Mumbai and Bangalore, or Shanghai.[25]

Masters in Management (MiM)

The Masters in Management (MiM) is a one-year master's degree in management aimed at recent graduates who have less than one year of full-time postgraduate corporate work experience or less than two years of experience in a non-traditional business role.

The programme is structured in 3 terms, composed of the following core courses:[26]

First term:

Second term:

Third term:

Students must also follow 2 electives and can choose among 30 different courses.[27] The programme includes a business immersion week within a company (Google, Deloitte, CNN, Accenture, Blackrock etc.) to work on case studies.[28] Finally, students have to participate in a Field Trip (study trip) that lasts a week. This travel experience consists of many networking dinners, company visits, and company presentations. The following destinations are available: Silicon Valley, Paris, Milan and Munich, Mumbai and Bangalore, or Shanghai.[29]

The programme has a very good market placement. 96% of the 2015 graduates accepted an offer within three months of graduation. 40% work in consulting, 35% in finance and the rest in different industries. The most prestigious companies recruit on campus. The top 3 recruiters are the Boston Consulting Group (11 students hired in 2015), Goldman Sachs (8 students hired in 2015), and McKinsey & Company (7 students hired in 2015). Among the other companies that recruited 2 MiM students or more in 2015 are, for example, Oliver Wyman, Arthur D. Little, Deloitte, A.T. Kearney, and Bain & Company.[30]

Executive education

About 10,000 executives attend the school's non-degree programmes each year. The school offers a portfolio of 31 Executive Education programmes in general management, strategy, leadership, marketing, human resources and finance.[31] These programmes are split into two main areas, open and custom. About 45 companies per year commission London Business School to design and deliver customised corporate programmes for them, 60% of which are delivered outside the UK.

Rankings

Qsglobal:5
Ft:8
Qse:2
Fte:2

The MBA program at LBS is widely considered to be one of the top 10 in the world. In the Financial Times' 2015 Global MBA Rankings, LBS ranked 2nd in the world just behind Harvard Business School. In CNN Expansion's 2014 Global MBA Rankings, LBS ranked 5th in the world. In Business Insider's 2014 Global MBA Rankings, LBS ranked 9th in the world. In 2016, the school's MBA program was ranked No. 21 worldwide for social and environmental impact by Corporate Knights magazine.[32] Within Europe, LBS consistently ranks as one of the top 2 programmes. In the 2014/2015 QS Global 200 Business Schools Report, the London Business School MBA Program ranked 1st among all one-year and two-year European MBA programs.[33] [34] Among non-U.S. two-year MBA programmes, LBS was ranked 1st by Bloomberg BusinessWeek in 2012,[35] 3rd by The Economist in 2012,[36] 1st by Financial Times in 2014 and 2012,[37] [38] and 1st by Forbes in 2011, 2012, and 2013.[39]

In 2011, 2012, 2013, 2014, 2015, 2017, and 2020[40] the Masters in Finance (post-experience) programmes was ranked in 1st place in the world by the Financial Times.

In 2018 & 2019 the Masters in Management programme was ranked 3rd in the world by the Financial Times, having been in the global top 10 since it became eligible for the ranking.[41] [42] [43] [44] [45] [46]

Research

The school's 150 faculty work through 16 research centres or institutes.[47] According to the 2021 Research Excellence Framework, the school came as the third department in the UK for business and management research.[48]

PhD programme

The school offers a 5-year full-time PhD programme. It supports 60 fully funded PhD candidates in seven doctoral programmes: Accounting, Economics, Finance, Management Science & Operations, Marketing, Organisational Behaviour, and Strategic & International Management.[49]

Student life

Clubs

There are over 70 student clubs at the school. These range from professional clubs such as consulting, entrepreneurship and energy clubs, to regional clubs including the Latin American and China club. There are also general interest and sporting clubs such as football, wine and cheese and the salsa club.[50]

Notable people

Alumni

Alumni associations

The London Business School has 50,000 alumni in more than 150 countries. Many local clubs (Paris, New-York, Zurich etc.) organise recurrent events in their city.[71]

Faculty and staff

See also

External links

Notes and References

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  3. Web site: Financial Statements 2022–2023 . 18 January 2024 . PDF . London Business School.
  4. Web site: London Business School｜About . August 12, 2023 . Official Homepage of London Business School . en.
  5. News: LBS Expansion. https://ghostarchive.org/archive/mPbdh . 10 December 2022 . subscription . live. Financial Times. 30 November 2012.
  6. Web site: London Business School expands at Regents Park Forsters LLP Leading Mayfair law firm . 2022-06-03 . www.forsters.co.uk.
  7. Web site: Our move to Union Street. Royal College of Obstetricians & Gynaecologists.
  8. Web site: Dubai. London Business School.
  9. Web site: London Business School. London Business School.
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  27. Web site: MiM Electives. https://web.archive.org/web/20160312011852/https://www.london.edu/education-and-development/masters-courses/masters-in-management/programme-content/electives#.VuX18FMrLaY. 12 March 2016. dead.
  28. Web site: MiM Business Immersion Week. https://web.archive.org/web/20160312060637/https://www.london.edu/education-and-development/masters-courses/masters-in-management/programme-content/business-immersion-week#.VuX2CVMrLaY. 12 March 2016. dead.
  29. Web site: MiM Field Trip. https://web.archive.org/web/20160312011857/https://www.london.edu/education-and-development/masters-courses/masters-in-management/programme-content/global-immersion-field-trips#.VuX2KFMrLaY. 12 March 2016. dead.
  30. Web site: MiM Employment report.
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