MBA IN SINGAPORE

Year-on-year, Singapore is becoming a more and more important MBA destination.

While for the past two or three decades Asia dominated the manufacturing sector, it is now that the region is strengthening its overall business strategies, with local business dominating both local and international markets.

As a result of Asia’s heightened business needs, the role of locally based business schools, serving international needs from an Asian location, has never been more important.

International Business Schools

INSEAD, the self-styled ‘business school for the world’, boasts campuses in France and in Singapore, and its MBA program recently placed first in two regions in the QS Global 200 Business Schools Report, Europe and Asia-Pacific.

Its graduates can expect to earn the fifth-highest salaries out of all full time MBA graduates surveyed; more than nine in 10 will find employment within three months of finishing their studies; and all this is offered at a price of around 80% of the average tuition fees demanded by the other top business schools worldwide.

Traditionally speaking, Asia has always been a cheaper place to study than Europe, but question a prospective MBA student today about where the jobs are to be found after graduation and, now perhaps more than ever, they may argue that it is the Singapore campus that is closer to the vibrant job market than France.

Much like with the markets themselves, perception is crucial to the decision concerning which country to study in and, presently, popular opinion seems to be that the Asian tigers are where the jobs are. Several years of crises have seen the reputations of the US and EU somewhat shattered. Western economies certainly do remain perilous, and confidence in a recovery is still low.

An MBA in Singapore

Singapore, which combines long-term relations with the West, extremely high education standards and yet has close geographic and economic ties throughout Southeast and East Asia then, arrives in a great position to attract a wealth of graduates hoping to study an MBA in a region that is still enjoying economic growth.

“It could be argued that there is a correlation between GDP levels, general economic conditions and the demand and supply of MBA holders in Singapore,” says Robert Maguire, country managing director of Singapore at recruitment consultancy Antal International.

Since 2010, he says, there has been a sharp increase in the demand for MBA holders. “Companies [in Asia] are far more confident in the economy and, as there is substantial value placed on the skills that individuals develop [from their] MBA courses, there is an interest to explore the situation, resulting in increased hires.”

There have been some ups and downs that led to the perhaps preferable position Singapore currently finds itself in.

As the first wave of the US-led housing crisis hit, the number of international students applying to study an MBA in the city-state dropped, either through a personal lack of confidence in the potential jobs market or due to companies cutting spending on staff development.

“Initially there was a fall in [applications to study an MBA] as the impact of the crisis was felt,” says Scott Goddard, director of postgraduate programs at Nottingham University Business School.

“This was contrary to previous experience as demand has usually increased in times of economic difficulty. The fall was probably the result of companies reducing their support for staff development, as this is a fairly discretionary spend that can quite easily be reduced to assist cash flow.”

MBA Applications to Singapore Rise

Between 2010 and 2011 though, Goddard adds, applications once again rose dramatically.

“In the last year the demand has increased considerably, both from corporate sponsored and self-financing applicants. The number of students starting the Nottingham MBA in Singapore in 2011 is more than double that of 2010.”

When stood up against other Asian cities in the heart of China or India, one reason Singapore remains attractive to many international MBA students may well be the city’s impressive grasp of the English language.

Thanks to Singapore’s mixture of cultures, English is the lingua franca and MBA students are unlikely to find themselves hindered by a lack of Chinese, or indeed any other language. It is also one of the most developed cities in the world and, while some complain that this translates as a little boring, it at least means streets are clean, safe and air conditioning is never too far away.

The city is nevertheless small, and local employees are under constant pressure to improve their own CVs by obtaining more qualifications even while at work in full time positions. This positive pressure on schools could force the level of education to continue to evolve and offer ever better degrees - or face pulling out of the market, Goddard explains.

“High quality education is very important in Singapore...[but] the size of the market is limited,” he says. “The institutions with the highest reputation are likely to prosper, especially those with international accreditation such as EQUIS, AACSB, AMBA, and good positions in international rankings. Some institutions may well pull out of the Singapore market.”

Positions at schools may be becoming more competitive then, but there have also been some changes in the demands made by Singaporean employers, when looking for MBA graduates.

MBA Work Experience

Maguire notes that, in Singapore since the global financial crisis, “companies are now looking at the number of years’ experience an individual has, as a qualifier for good management skills, soft skills and emotional intelligence.”

These skills, he adds, were previously uncommon in the MBA holders who, despite having “impressive technical skills”, had only one or two years’ experience in a management or work environment.

Despite changing standards however, there are certainly jobs to be had in Singapore.

Almost three in four (73%) companies in Singapore hired senior level employees throughout 2010, one Antal study showed. “More companies are looking to expand internationally then ever before,” explains Maguire. “[This] requires employees who are open to international business cultures, styles and are strategic.”

This marks a significant increase in hires from the year previous, and very much aligns with Maguire’s theory that strong GDP attracts both business confidence and the confidence of highly skilled talent, which will typically choose to study in the world’s economic hotspots.

However, with such confidence in Asia’s economy worldwide, and with Singapore a small state that is highly sought after for its education, competition for both spaces in Singapore’s MBA schools and for the jobs available following graduation will of course be tough. And of course, as well as international applicants there will be local applicants fighting for spaces too.

It is unlikely, Maguire says, that local residents will look abroad to study their MBAs when the level of education, economic growth and low costs still remain in Singapore although regional career opportunities that require relocation within Asia are described as popular.