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Blog, MBA Tips, SMFs (Members)

Mastering the MBA Admissions Essay

Wharton MBA Candidate Nic Renard

By Nic Renard, (CEng MEng Hons, Imperial College London), The Wharton School, University of Pennsylvania

“For some people, an MBA is something that was always going to be a part of their career – a rung in the ladder that they would plan for years in advance.  My journey was a little different. I’ve always loved being an engineer, but after working for eight plus years in the same company I felt the need to make a change. Society needs to evolve, and I want to play a part in driving that evolution. To achieve that, I knew I would need to develop my entrepreneurial skills, deepen my understanding of digital technologies and equip myself with the business know-how to kickstart the next chapter of my career.  That’s when I decided to apply for an MBA.  Having gone through the application process, I thought I would share my experience of tackling the MBA admissions essay as this may help aspiring applicants.

Being true to yourself
“The MBA admissions essay is important for lots of reasons, but ultimately, it’s about getting to know the candidates and their motivations for wanting to do an MBA. It’s very easy to fall into the trap of writing what you think the admissions team wants to hear – if you catch yourself doing that, take a step back and do some more thinking.

“First, it’s very difficult to persuade somebody that you’re something you’re not, and sooner or later you’ll get caught (probably during the interview). The admissions team is very thorough, and reviews thousands of applications each year, so are adept at spotting lack of authenticity; people that present themselves in a way they think will please the admissions team. Second, the essays are a fantastic opportunity for you to reflect on your career journey and your next steps.  Approach the essay as a ‘thinking tool’ – use it to dig deep and reflect on what you have achieved so far and where you want to go next in your career. If you don’t figure out where you want the MBA to take you, you’ll end up trying to recruit for consulting, banking and big tech all at the same time!

“For me, the admissions essay was a chance to sharpen my career plan. It also helped me focus my time and attention on the right activities at Wharton. When you start at your chosen school, you will find so many opportunities at your feet that you will need a clearly defined set of goals to choose the right ones and make the most of your time at b-school. 

Putting pen to paper
“The admissions essay will force you to think seriously about yourself and your career. I found it an interesting exercise, and I learned a few things about myself that might otherwise have slipped under the radar. For weeks, I discussed what I was going to write with my wife, parents and friends, and this helped me to cut through the noise and get to the heart of what I wanted to say. I did find the actual writing of the essays and staying within the word limit a challenge, but it was made immeasurably easier by first figuring out my story and what I wanted to say.

“Coming from an engineering background there were very few people in my network that had gone through the MBA applications process to whom I could go for advice. At the time I was concerned about this, but it was a blessing in disguise as it forced me to focus entirely on what I wanted to say rather than what the admissions team might want to hear. By all means look to others for advice before putting pen to paper, but make sure your essay is yours and yours alone. 

Structuring your essays
“Essays traditionally have a set layout with an introduction, body and conclusion.  This is important, but the format your MBA admissions essays take will largely depend on your chosen topic and your individual story. There is no fixed format or ‘top ten things that need to be included in your essay’.

“That said, the admissions team will be looking for certain traits in your essay. They will want to see examples of leadership, particularly in extra-curricular environments. They will also want to see evidence of proactive contributions in team settings, as well as any industry skills you may have picked up on that might not be explicitly referenced on your resume. Different programmes will have different criteria by which they assess your application, so this will impact the layout and weighting of topics.

“Take care how you express your accomplishments. You need to balance a fine line between singing your own praises and conveying the uniqueness of your application. Be wary of superlative language or anything that feels boastful but do bear in mind that it is a competitive application and the admissions team does want to hear about your accomplishments in the right way.

Making it relevant
“One of the most important aspects of writing an MBA admissions essay is tailoring it to each business school you are applying to. Different schools have different requirements, preferences and weightings, and programmes can vary widely too. Some schools might be looking for academics, others might be more interested in entrepreneurs, some might want natural leaders or industry professionals etc.

“It’s also a good idea to get a sense of where each school’s programme is trying to go, for example, is it trying to develop a new type of major? Does it want to improve its finance rankings? Has it recently opened a new environmental research centre? All of this should be easy to research online and will help you understand what your chosen business schools might be looking for in candidates. Going back to the essay structure, this research could hugely influence the weighting of your essays and how you write them. 

Backing achievements up
“One of the unwritten rules for admissions essays is back up everything you say with real-world examples. No MBA administrator is going to be impressed with a well-written essay that doesn’t demonstrate the talents and skills you claim to have. For example, instead of writing “I’m a passionate team player who leverages everyone’s skills in every project I undertake,” you should write something along these lines: “While working on project X, I personally sought to bring people from departments Y and Z into the team because their skills in A, B and C complemented mine and enabled us to tackle aspect D of the project and complete it X months early.” I think you will agree that the latter example is a more persuasive way of highlighting a relevant skill.

“On the whole, I think the key to unlocking your MBA future and submitting a brilliant admissions essay is simply figuring out why you want to do an MBA and what you bring to your business school of choice. If you take nothing else away from this article, this alone should be enough to set you up for success.”

How to Apply for the Sainsbury Management Fellows MBA Scholarship

If you are a professional engineer considering an MBA as one of the stepping-stones towards a business leadership career, visit our MBA scholarship application page, you could become one of our successful awardees –the individual scholarship is £50,000 and we award ten of these every year.

Blog, MBA Tips

How to tackle the MBA Admissions Essay

By Víctor Manzanares Bonilla, (MEng Polytechnic University of Madrid [UPM]), IESE Business School

“For those aiming to start a successful career in business, there is no better springboard than the MBA. Since its inception at the Harvard Business School more than a century ago, it’s become an incredibly prestigious qualification, sought after by many employers in the world of business. The MBA provides a unique opportunity for flexible, intensive learning that alters thinking and challenges perspectives across a number of key areas. Put simply, if you’re looking for a transformational experience, a change in your career or to take a few steps up the ladder to get noticed in the world of business, an MBA is for you.

“Through a combination of hard work and good fortune, I was humbled to receive a scholarship from SMF to pursue an MBA with the IESE Business School. As a civil engineer, finance and business have never been my strong suit, so I’m very much looking forward to filling these knowledge gaps and complete my profile as I think about progressing my career.  However, gaining an MBA placement is about more than scholarships. The MBA admissions essay is a key part of the on-boarding process, and for many institutions will make or break your application. Having been through this process and tackled the MBA admissions essay myself, I thought it might be good to share some thoughts with aspiring MBA candidates.

Honing your message
“First, it’s important to understand that almost everybody applying for an MBA will have a stellar CV and a solid GMAT score, so these aren’t necessarily things that are going to set you apart.  Make the assumption that every other applicant is as qualified as you are – if not more so – so you’re going to need to look beyond academia and professional career to make an impression. For the MBA Admissions Committee, this is their first ‘handshake’ with you. They’re going to be interested in what makes you who you are, how you’ve progressed in your career and what your ambitions are for the future. What are you hoping to learn? How will an MBA further your goals? What motivates and drives you?

“These are all great questions to think about and require some time for self-reflection. I’d also recommend thinking not only about what the course can do for you, but what you can do for it. What can you bring to the table? How will you be an asset to the particular school you’re applying to?

“The admissions essay is a great time to open up and reveal a little more about your thoughts, values and aspirations beyond the academic grades.

Setting aside the time
“Quite often, the admissions essay will in fact be admissions essays, if you’re applying to more than one school or course. I had to write four essays for IESE, and before starting each, I’d spend at least one day ruminating about what I wanted to say.  I’d think about the title of the essay and how it aligned with my experience and career objectives.  I’d check the business school’s website again to remind myself of their mission and values, and how I might be able to contribute.  An entire day may seem like a long-time to plan a short essay, but if you put in the hours, you’ll find the writing process that much easier.

“That said, I think you also need to know when to call it quits. Having two or three drafts is fine, but if you constantly tweak and modify your final draft into something you think the committee wants to hear (as opposed to what you actually want to say), you run the risk of sounding very generic and impersonal. Remember, the committee wants to get to know you – not a version of you.

Structuring your essay
“Structuring your essay is something very personal, but I would say that all good essays have an introduction, a main body and a conclusion.  However, with something like an admissions essay there’s a little more to think about. First, you need to make sure your introduction is very short and to the point. It should consist of one or two sentences that directly relate to the title of the essay. If your essay title is a question, the first sentence or two should answer it as concisely as possible. As for the body, this is where you show your ‘working out’.  Expand on the introduction, drawing on your past experiences and your own personal values and judgements to support the essay’s core message. Your conclusion should be as concise as the introduction – a quick summary of the main message and the thinking behind it.

“If you’re struggling to get started, do what I did.  Sit down with a blank piece of paper and write down what you want to convey in very simple bullet points.  Then assign relevant milestones and achievements in your life to those bullet points. This will give you a neat structure with a unique personal angle.

Keeping things relevant and in context
“It’s very tempting to fall into the trap of simply listing achievements and qualifications throughout your essay to make up the word count.  Remember, the committee already has your CV and knows how capable you are. This isn’t the time to prove what you can do, it’s the time to prove who you are.

“While this might sound contrary, you should also avoid making the essay all about you. Yes, the committee wants to get to know you, but they also want to gain a deeper understanding of what kind of student you’d be and how you’d fit into their school.  So, talk about yourself, but do so in context.  Each time you mention one of your experiences, traits or values, think about how that might resonate with the school or course you’re applying for.

Answering the ‘big question’
“One of the questions that makes us all secretly want to run to the hills is, “Why do you want to study an MBA?”  It’s a very reasonable question, but it’s intimidating because it’s so vague and there are so many wonderful answers you could give.  While there isn’t necessarily a wrong answer to this question, there are right ways to go about answering it. You should start by talking a little about your career and experience and what led you to discovering the MBA as a qualification. Talk about your deepest motivations and why an MBA in particular appealed to you.

“The key here is context – you need to demonstrate how your own personal experiences and world view led you – as an individual – to consider an MBA. However, do remember that you’re not just applying for an MBA. You’re applying for an MBA at a particular school, and you should include your school of choice in your thinking. Don’t just talk about why you want to study an MBA; talk about why you want to study an MBA at your chosen business school.

“At its heart, the MBA admissions essay is an exercise in self-reflection. If you take the time to uncover your true motivations and articulate them in a concise, relevant and meaningful way, you’ll easily make the shortlist for your chosen school.”

How to Apply for the Sainsbury Management Fellows MBA Scholarship

If you are a professional engineer considering an MBA as one of the stepping-stones towards a business leadership career, visit our MBA scholarship application page, you could become one of our successful awardees –the individual scholarship is £50,000 and we award ten of these every year.

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Jack Welch: The Best Boss by SMF Patrick Macdonald

Sainsbury Management Fellow, Patrick Macdonald,Chairman, School for CEOs
Sainsbury Management Fellow, Patrick Macdonald,Chairman, School for CEOs

Patrick Macdonald, a Chartered Engineer, won a Sainsbury Management Fellowship to support his MBA at INSEAD in 1992. While at business school, several of his professors cited General Electric (GE) as the exemplar of US, and indeed global, business leadership. Patrick seized the opportunity to move to the USA and work at GE a few years later. Jack Welch, GE’s legendary boss, put a huge emphasis on developing business leaders. Jack, who has just died, had a profound impact on Patrick’s career. Amongst other roles, he’s now Chairman of the School for CEOs, a business dedicated to help the next generation of leaders succeed.

In this blog article, Patrick reflects on Jack’s exceptional leadership and legacy.

I was lucky enough to work for Jack Welch, former CEO of GE, at the height of his powers. Sadly, Jack died this week. Thousands of words were written about him during his 20 years at the head of General Electric and thousands have been written since. He has gone through a familiar cycle of huge admiration and praise at first – ‘Manager of the Century’ according to Fortune magazine – followed by a slow trashing of his reputation since. GE’s performance and profile suffered badly under his successor, Jeff Immelt. Jack recently gave himself an A for his leadership of GE and an F for his choice of successor, Jeff Immelt. I’d agree with that assessment. Indeed, I’d give Jack an A++ for his leadership. He was the most complete boss I’ve worked for, a fantastic leader. Like most of his team, I would have run through walls for him.

Let’s take his leadership first. Sure, Jack could be incredibly tough. Sure, he took some potentially good ideas beyond the point where they made sense (such as ‘rank and yank’, firing your lowest 10% performers every year, year after year). But he took the slow, unwieldy, bureaucratic GE he inherited – already the most admired company in America – and turned into a nimble, agile, exciting business whose value he grew by 29x to $410bn. Many of the concepts he espoused – be #1 or #2, fix/close/sell, 6 sigma – have been widely copied and are now part of the business lexicon. He ruled GE like a tidal wave. It was astonishing how much he knew about the most obscure corner of the business, and equally astonishing how quickly he got a 300,000-person organisation to respond to his ideas. GE was built around the idea that Jack was right, and the only issue was how quickly you got it. Fortunately, Jack usually was right – and was good at course corrections when he was wrong – and life was good.

But the weakness in this model, of course, was its reliance on that one exceptional leader. It was vulnerable to a successor who wasn’t right as often as Jack. The enormous resources of GE would follow the boss in the wrong direction just as readily as the right one, and that vulnerability came home to roost under Immelt’s leadership. Unfortunately, Jeff’s judgement turned out not to be as sound as Jack’s. He churned through GE’s multifarious businesses, becoming the first person in history to buy and sell $100bn of assets, paying nearly $1.7bn in fees along the way. The businesses he bought often did not endure. Pricing discipline was lost and execution lacked focus. Disaster loomed, with GE’s valuation dropping 90% from its 2000 peak. Jeff left in 2017.

It’s fashionable now to lay the blame for GE’s subsequent problems at Jack’s door. As I said above, Jack took full responsibility for picking his successor. But it seems unfair to hammer him for mistakes made more than a decade later. With that logic, the successes you’re racking up today are not down to you at all – they’re down to your predecessor and whoever picked you. I don’t think life works that way. Jack built the most valuable company on the planet and changed the way we all do business. That’s enough for me.

 

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What is an MBA? – by EIBF President David Falzani MBE     

Benefits of Studying for an MBA

The MBA has been around since 1908 when the Harvard Graduate School of Business Administration was established in the USA. Across the world today, the MBA is the watchword for business career success, and prospective students are spoilt for choice as to where and how they study – from the world-leading schools like Harvard and London Business School (which was the first UK business school) to virtual online schools, from full-time courses to part time study.

MBA programmes prepare professionals for senior management roles in business.  Typically, MBAs are taken by those who have already been working for several years, but that’s not always the case.  Some people go straight from their first university degree to study for an MBA degree and this is the beauty of the business school offering; there are options to suit everyone.  This includes MBAs at premium business schools, like LBS or Harvard, and, for want of a better term, ‘mainstream’ business schools.  Courses are available either full-time (30-60 hours per week) or part-time (one or two days per week) and there are Executive MBA programmes for senior corporate executives and managers who study whilst working, and sometimes their study is partially or fully funded by the employer.

Requirements to Study an MBA
To study for an MBA, you will usually require an undergraduate degree.  Most MBAs require a 2:1 or above, but there are some that will accept 2:2 degrees so long as they are paired with an exceptional application and a set of relevant skills and experiences.  Some work experience is generally required; this being the case most MBA students are between the ages of 27 and 30. One important entry criterion to meet, particularly for top schools, is the GMAT exam score. The Graduate Management Admission Test, or GMAT, is designed to test your abilities across a wide range of areas. A good score will often facilitate entry into leading schools, and each school’s GMAT averages are widely published.

Benefits of an MBA
MBAs expose students to many areas of business including accounting, finance, marketing, people management and leadership skills, and full-time courses do so in an intensive, immersive way that challenges and stretches students’ perspectives and thinking.  The MBA experience often pushes candidates hard – the speed and sheer amount of work faced is sometimes described as a re-wiring of candidates’ brains, such that they can think critically and quickly analyse information, filtering out what is important from the irrelevant. The skills taught in an MBA programme enable you to read, assess, structure and plan rapidly; skills that will enable you to find innovative ways of dealing with big problems.  An MBA graduate also gains an up to date and razor-sharp ‘tool kit’ to apply to any business challenge. These aspects are some of the reasons why the MBA has become so highly regarded by employers.

People from all walks of life want to gain an MBA qualification in order to improve their understanding of business and to accelerate their career.  Developing your business skills is not only good for your personal and career growth, but it is also good for companies and organisations and essential for the economy – enhanced knowledge and skills leads to better solutions to problems which can increase productivity, as well as transform products and services that affect people’s lives.

If you are at that pivotal point in your career where you want to learn more about business and the decision-making processes, it’s important to know that as valuable as the MBA is, the programme is not a final destination, it’s very much the start of a longer journey.  In an MBA you will be introduced to many facets of business and gain a foundation that enables you to confidently delve deeper into areas of interest across a range of subjects as you need to.  Because of this solid framework, when you are back in the world of work, it will be easier to go deeper into subjects that are needed in your job. You will be able to understand business issues and explore them at a level you were unable to do before your MBA.

A Wealth of Choice of Business Schools
Every year thousands of professionals start their search for the right business school for them.  At the top of the MBA tree are the premium schools – these are equivalent to Ivy League ranked universities, which often have long histories, coveted brands, outstanding facilities and attract the best staff and candidates.  The institution’s brand, the quality of faculty and quality of student admissions are all perpetuated by each other, creating an institution designed to offer the very best environment for business education.

Gaining a qualification from a top international business school will open new opportunities.  However, their prestige and resources mean they command high fees – some can be as much as 10 times more expensive than mainstream business schools.  On the upside, their brands add considerable value to the graduates’ own personal brand, giving them an additional asset when they go back into the job market.

There is fierce competition to secure a place at the top business schools – because their brands are so revered.  Unsurprisingly, these schools are often 7 to 10 times over-subscribed for places, so getting-in requires some real work.  Candidates must be very driven and highly organised to maximise their chances. Having access to the necessary funds also helps – some will seek assistance with fees by applying for a scholarship (eg through charities) to supplement their private financing arrangements.  Many candidates have a risk profile that allows them to take on loans, confident that their future income growth will resolve any debt soon afterwards.

There are many fantastic mainstream business schools that do not cost the earth.  More and more, universities are developing high-quality MBA programmes.  Excellent business education is on offer but, being newer into the MBA market, these do not have the same historical pedigree and reputation enjoyed by their premium counterparts.

While those who attend the mainstream business schools may not come away with quite such a prestigious brand to append to their own, they receive a rounded business education (perhaps with less of the heightened level of induced stress that the premium schools engender into their programmes) and can use their new skills to further their career goals.

The Enduring Power of the Alumni
Apart from the new skills propelling your career prospects and salary (it’s not uncommon for business school graduates to double their pre-MBA salary), there is a huge ‘hidden’ benefit.  During the MBA, students develop a network of peers that become long-term associates and lifelong friends.  The business school Alumni is a powerful asset – because of their shared experience, members will reach out to each other when they need help or advice at any stage in their business career, whether that’s as a senior-level employee or as an entrepreneur.

MBA – A Cause for Celebration!
The tremendous success of the MBA is a cause for celebration: the diversity of schools (some offering campuses in several countries as part of the curriculum), programmes and study timetables allow many people to attain business education in a way that suits their ambitions and circumstances.  The timescale over which one can study an MBA has transformed access – there are full-time courses that run from nine to 21 months depending on the school, and part-time learning up to five years. Schools can be physical or virtual.  And, there are prices to fit almost all budgets.

It’s come a long way since its origins in 1908, adapting and evolving to meet the market needs. Accessible, flexible and current – today’s MBA is a truly wonderful platform to boost business education.

If you are an engineer considering an MBA, visit or scholarship page for details on how to apply for a £50,000 award.

 

Blog, Blogs & News

A Decade of Achievements for EIBF

As we say goodbye to 2019 and welcome a new decade, we reflect on some of our milestones.  We would like to thank our Patron, Lord Sainsbury of Turville and his Gatsby Charitable Foundation, our Sainsbury Management Fellows, partners and associates, who have helped us achieve so much in the last 10 years.

2009/10: Published Re-engineering the Board to Manage Risk and Maximise Growth, promoting multi-skilled engineers as business leaders.

2011: The Sainsbury Management Fellowship becomes incorporated and a company limited by guarantee.  The legal name becomes Engineers in Business Fellowship.

2012: Engineers in Business Fellowship becomes a registered charity.

2013: Executive Fundraising Committee is formed and plans to raise an initial target of  £5 million.

2014: Launch of Engineers in Business Competition Prize Fund for university enterprise education.

2015:  Published Engineering New Horizons, promoting the exciting careers of 25  Sainsbury Management Fellows.

2016: EIBF and the Royal Academy of Engineering launch promotions to increase the diversity of SMF applicants.

2017: EIBF President David Falzani receives the MBE for services to the engineering industry.

2017: SMF Fundraising campaign raises £2.1m to help sustain the MBA scholarship scheme.

2017: SMFs’ 30 Years Anniversary commemorated with the launch of Mentor30Engineers university competition.

 2018: Our MBA scholarship is raised from £30,000 to £50,000 and applications extended to computer sciences and tech engineers.

2018:  Engineers in Business Competition expands support for university enterprise education from four to 32 universities – £135,000 awarded already, with a £700,000 pot available.

2019: EIBF President David Falzani MBE appointed Professor of Practice in Sustainable Wealth Creation at the University Nottingham.

2019: Our Hard Hat Index reveals a dramatic 37% fall in the publication of hard hats in the engineering media.

2019: Over £9 million in Sainsbury Management Fellows MBA scholarships awarded to talented young engineers to study at the top international business schools

 2019: Our first Engineers in Business Champion of Champions Grand final sees 10 university teams compete for £10,000 in prizes with innovations in surfing, prosthetics for children, medical cell counting services and personal safety devices coming out on top.

It’s been a very fruitful and rewarding 10 years –  here’s to the next 10 years!

If you have any questions about Sainsbury Management Fellows scholarship, please get in touch.

 

Blog, MBA Tips

Why Do Companies Prefer MBA Graduates?


In a business landscape that is becoming ever more complex and difficult to navigate, a company’s ability to hire assets is important. Although candidates with business degrees are becoming more and more common, the need for experience and specific training at a higher level is becoming very desirable.

If you are looking to climb the ladder, or indeed to become an integral asset within your given sector, then you might be considering the idea of an MBA. As you may know, the MBA is no small undertaking; it requires time, funding and energy. So, here’s the question; is it worth it?

Arguably, the answer is yes. Having MBA written next to your name on your CV is a huge advantage. That is not to say that having this qualification makes you a shoo-in, as companies are also more and more interested in the type of person you are; your attitude, ethics and personality. Having said that, to succeed in the quest for an MBA qualification, dedication and resilience are required.

Let’s look at what employers like about MBA graduates, what you stand to learn by undertaking one, and which desirable specialities you may want to develop.

Critical Thinking and Creative Problem Solving
The advantage of being a ‘box-fresh’ graduate of any high-level qualification is how up to date their references are, and a fresh perspective on the issues surrounding their industry or subject. Two of the key skills taught by most MBAs are both critical and strategic thinking. Throughout your training, you will have come up against various simulated scenarios, some common and some rare, ensuring that your ability to think in this way is limber and informed.

This is also true with the skill of creative problem-solving. Fresh MBA graduates are drilled in solving new and uncommon problems and are extremely aware of what is going on in their industry right now. When you have been in a business with a certain focus for some time, it can be difficult to see how to deal with issues that are far removed from the original remit of said business.

Financial Training
The MBA will equip you with a comprehensive knowledge of the intricacies of the financial sector; how it works, how to operate within it and how it relates to the wider business community. This is essential knowledge. In order to take calculated risks, an excellent understanding of finance is not only desired but required. It is an essential component of a business’ success.

Leadership and Communication Skills
Leadership and decision-making skills come naturally to some, but to be truly effective in leadership, training and refinement is required. Mid-level leadership is hard to be good at; it takes balance, patience and respect for a company’s values. This is also something that MBA graduates are great at. Even if leadership is not a specific focused skill in their training, the very nature of group projects, partners and general teamwork requires one to better their leadership and communication skills.

Marketing
We live in a world where marketing is more important and more complex than ever. The market is getting ever more crowded, the platforms we market on are growing and branching off, and marketing techniques are becoming more specific. Having a solid foundation in modern marketing is essential, and something that you are guaranteed to gain by gaining an MBA degree.

Collaboration
Collaboration is tricky. In order to collaborate effectively, you need to be able to hold on to and believe in your own values, but also be able to compromise for the good of the collective cause. It requires a lack of ego, equal respect for others and a light touch. Again, an MBA, by its very nature, fosters this skill naturally. Collaboration is a skill that is often underrated or forgotten, but one that is vital to the smooth running of a business and to make wise decisions.

Organisational Behaviours
You’d be surprised how hard it is to find employees with excellent organisational skills. This is perhaps down to the preconception that organisational nous is something you either do or do not have. However, this is not so, it can absolutely be taught; it is a skill that can be acquired and nurtured. An MBA fosters essential skills such as this to optimise both the quality and the efficiency of your work. This is another thing that employers find extremely attractive.

The MBA is as valuable for equipping you with technical skills and knowledge as it is for helping the individual become a good team player. The skills and behaviours covered above are just a handful of the assets acquired through the study of an MBA.

Gaining an MBA is worth the considerable financial investment because it opens new career opportunities, boosts your employability, significantly increases earning capacity and allows you to develop an international network of contacts that you can call on for years to come. As well as your management skills being a draw for global employers and exciting start-ups, employers will also be impressed by candidates’ ability to build and maintain influential networks.

If you are a professional ing engineer seeking a scholarship to assist with your MBA study, visit the applications page.

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Do we Love or Loathe Targeted Marketing?

Our latest survey followed up a recent blog entitled, ‘Behavioural Science: Who Decides What We Buy’ which looked at the complex marketing choices facing businesses looking at the best ways to market their products and innovations. The survey continued with the central theme of the blog…is it now completely acceptable for companies to use sophisticated targeted marketing to manipulate consumer behaviour rather than to reflect consumer demand?

As usual, the responses from our panel were insightful and revealing. We asked six questions to discover their attitudes toward targeted advertising and marketing.

Survey respondents were very clear when asked for views on the first statement: New products require significant time and investment, therefore, it is ‘fair game’ for companies to undertake targeted marketing in order to sell to consumers.

Seventy-four per cent agreed with this statement with only 7.4% disagreeing. A result which supports the notion that target marketing, especially in the digital age, is now widely accepted as an important aspect of commerce.  One survey panel member said: “Generating sales and profits is vital for a company to make future investment in product innovations.”

The respondents were asked to answer as consumers for the next question: When products have been targeted at you specifically, for example, through traditional direct mail and/or social media, typically what has been your reaction?

The question split the panel down the middle with 37% feeling happy to have been introduced to a new product/innovation while 33% took a different viewpoint, expressing concern that their preferences have been so closely monitored in order to sell to them. Eleven per cent were baffled as to why they had been selected to receive information about a product; perhaps a reflection that not all targeted marketing is as precise as it could be.  “I’m happy when the product or service is genuinely useful. Grumpy when way off, for example, free eye checks for the over sixty-fives, when I’m in my fifties,” said one respondent.

Customer satisfaction after purchasing through targeted advertising was tackled: How do you feel after you have been persuaded through advertising to buy a product you had not been considering before you saw the ad?

Overwhelming, the panel (59%) said they were happy to have bought something that they really needed.  Seven per cent felt the opposite, a further 7% were regretful for making an impulse purchase while the remaining 7% said they were happy to have been adventurous in making the purchase.  In conclusion, most of the panel (66%) expressed positive feelings about being introduced to products via online marketing.

The panel was also asked about the overall effect of marketing: Is the claim that marketing significantly influences consumer spending habits exaggerated?

Fifty-six per cent think that the claim is not exaggerated and that consumers are easily tempted into buying. Thirty-seven per cent disagreed saying that buying decisions are complex, dependent on many factors, not just clever marketing.

Another respondent commented,  “Marketing has significant influence and it is overly simplistic to cast consumers as dummies but we’re all busy and have limited headspace for decision-making.”

Although targeted marketing is now a key factor in selling products, it can also be considered intrusive. The panel was asked: Can persistent targeted marketing (eg frequent ads being shown on social media) put consumers off brands/products?

Fifty-six per cent of the panel said yes, and that today’s consumers are adept at researching and buying what they want without the need for hard-sell tactics. Only 15% disagreed stating that people ignore what they are not interested in and buy what they really want.

 Finally, the panel was asked: Does sophisticated research and marketing stimulate innovation?

Forty-one per cent agreed that it does with only 7% disagreeing. A large percentage (30%)  did not know. Perhaps an indication that this subject has not been widely researched yet.  Considering this question, a respondent said, “Sophisticated research and marketing can often create products and services that consumers have never dreamed of.”

In conclusion, the consensus from our survey panel was that targeted marketing is here to stay and is a very valuable tool for all types of companies. It’s fair to say that businesses love it as it affords quick and easy access to potential buyers. As consumers, however, our panel was understandably wary about marketing that isn’t targeted well enough and the possibility of being bombarded with repetitive and often irrelevant advertising. This is when consumers begin to loathe the feeling of manipulation through advertising.

However, when marketing departments take the time to hit the right targets our panel agreed that most people would be happy to be introduced to and to buy something that they really need.

 

Blog, SMFs (Members)

SMFs, can you help the world’s brightest young engineers to become future engineering leaders?

SMF Sam Cockerill, CEO, Libertine FPE

The experience, network and friends I have gained through the Engineers in Business Fellowship have had an enormous impact on my career and personal development since I graduated from INSEAD in 2001, supported by a Sainsbury Management Fellows scholarship. But perhaps the most valuable aspect of this continuing relationship for me has been the opportunity to work with the Royal Academy of Engineering’s Engineering Leadership Scholarship (ELS) scheme.

Over the past 17 years, I have worked alongside other SMFs, Academy fellows and ELS alumni to help select new ELS awardees from each year’s engineering undergraduate applicants, and to help train and mentor each new cohort. These are some of the world’s brightest young engineers, intent on using engineering skills to tackle society’s toughest problems, and looking for support for their personal development plans that will see many of them become future engineering leaders.

I hope sharing some of my experience of the ELS scheme will tempt you to get in touch to find out how you can help the Royal Academy of Engineering develop this next generation.

About the Engineering Leadership Scholarship scheme
The ELS programme is an annual award scheme for undergraduates in engineering and related disciplines who have the potential to become engineering leaders, and in turn to act as role models for future engineers.  All successful applicants receive £5,000 to be used over three years towards personal development activities. Award recipients also receive training and mentoring to help them fulfil their potential to move into engineering leadership positions in industry soon after graduation.

The trigger for me getting involved in the ELS programme came at an SMF Annual Dinner 17 years ago, from a chance conversation with Dr Peter Revell, then Undergraduate Programme Manager at the Royal Academy of Engineering. I discovered that the relationship between Sainsbury Management Fellowship and the Royal Academy of Engineering was broad and synergistic, with reciprocal involvement across the selection, training and mentoring activities of each organisation.

Not only was my interest piqued, I also felt that getting involved in the ELS programme could allowed me to start ‘paying forwards’ the generosity of the SMF scheme from which my own career and personal development has benefitted.

Helping on selection day
My involvement in the ELS scheme has grown over the years, and began with supporting the interview and selection event. Held in March each year, this annual event brings together selected engineering undergraduates from top-ranked higher education institutions all over the country to take part in an intense, fun-packed day of group exercises and networking, with individual interviews taking place in between these activities.

Although not a formal part of the selection process, the group exercises help candidates to relax and socialise, and conversations during breaks and lunch with other applicants, ELS alumni, SMFs and RAE fellows provide a flavour of the energy, diversity, and common purpose of this high calibre engineering community. At interview, candidates get to share their perspective on the role of engineering in society, their background, ambitions and career plans, as they try to secure one of the £5,000 scholarships awarded each year.

I first began my involvement with the interview and selection process gently, initially sitting alongside a Royal Academy of Engineering fellow who would lead the interview. More recently I have led interviews alongside other SMFs and ELS alumni who are now also involved in the selection process. Around seventy interviews take place throughout the day, typically with 10 interview panels assessing seven candidates in a series of half-hour interviews. The supporting interviewer sits with one lead interviewer in the morning and another in the afternoon, which helps provide another perspective and ensure consistency across each of the interview panels. After the interviews are complete, the selection process concludes with a structured review of candidate interview performance against the ELS award’s selection criteria, in which all interviewers share their findings. Supporting interviewers can summarise their assessment of a candidate’s strengths and weaknesses, often providing an important second opinion that helps balance or qualify the assessment of the person leading the interview.

The ELS training weekend – Saturday all day & Sunday Half Day: October 5 & 6 2019
I also take part in the annual ELS training event held at Aston University each year. These weekend events are in theory more relaxed than the selection days, though are larger events since all three current cohorts attend, and in practice share much of the same atmosphere, energy and pace. For the new awardees it’s an opportunity to meet others in their group, compare personal development plans, and learn about the impact of the award for several ELS alumni who have begun their engineering careers.

Participants arrive on Friday evening or Saturday morning, with the most recent cohort arriving first for a formal welcome and scene-setting talk. The weekend’s schedule is punctuated throughout with coffee and lunch breaks where all three cohorts mingle and meet with their fellow award holders, and with SMFs and RAE fellows.

Saturday kicks off with a series of break-out sessions with each cohort having its own tailored programme of group-based interactive activities covering a range of topics from personal development planning, communication, team working, negotiation, marketing, and MBA-style business games and role-playing activities. SMFs play a key role in preparing, running and supporting these exercises.

Before breaking for dinner, two to three recent graduates of the scheme give short presentations to the whole group about their current roles, and how they have used their financial award.  Aside from the enthusiasm, confidence and charisma of the speakers, what is most striking in these alumni presentations is the breadth and quality of experience that the ELS scholarship has enabled – whether on a summer spent developing an energy access project in Africa, a study tour to visit high tech manufacturing businesses in China or an internship with a startup in Silicon Valley. This forum helps current award holders recalibrate their own personal development plans, and go on to test their ideas with other award holders who may be a year or two ahead of them, either through face to face discussion during the weekend or subsequently via LinkedIn and email contacts shared at the event.

Sunday morning sees each cohort group back at ‘work’ in another set of interactive group sessions followed by a career planning Q&A session with ELS alumni and SMFs before heading off shortly after lunch.

Getting involved
The level of volunteer time commitment required for the ELS scheme is entirely flexible. I started by supporting interview panels and then extended my involvement by supporting, and then delivering activities within the training weekend. I have mentored a number of ELS awardees and through my company Libertine FPE we have on one occasion provided an internship.

Although there is certainly value in having individual SMFs support any one aspect of the ELS scheme, I’ve found that participation in both the selection and training events has some synergistic benefit, with the training weekend highlighting the impact of scheme and the calibre of current and past award holders, and the selection event providing a first introduction to future award holders.

So, what do I perceive to be the benefits of the ELS scheme, and getting involved?  The media often highlights the UK’s skills gap, but the ELS programme demonstrates that UK universities are producing some very high calibre graduates. Apart from the opportunity to share my MBA and career experience with ELS award holders (possibly future SMF scheme applicants – many ask about the right time to study for an MBA) – mixing with the brightest talent also brings new insights about my own career and engineering business.

It’s also helped me to understand the processes and influences through which undergraduates decide on their engineering path, their career aspirations, what impact they want to have on society and their decisions about taking a job with a blue-chip engineering firm or a start-up business.

Taking part in the ELS training weekend also provides time for reflection. I am very conscious that in my choice of career at Libertine, I have deliberately chosen to focus on building a company that could help address the global challenges of our generation at the intersection of population growth, resource consumption, energy and climate change.

It’s a finely balanced one because the world is facing unprecedented and urgent climate and resource crises that loom larger each day. Pessimistic media headlines can add to the impression that politics will be too slow to react, that national action will be too limited to be effective and that the challenge is likely to be insurmountable. The Royal Academy of Engineering ELS events are the perfect antidote to this sort of fatalism. Mixing with 300 or so of these stellar new engineers, all energised by the idea of bringing engineering solutions to bear these big challenges, and realising that this is not unique, that all over the world millions of scientists and engineers are graduating each year to join the fray, I get a renewed sense of shared purpose and technology optimism.

How you can help
James Raby has played an important role in supporting ELS selection process and delivering several of the group sessions in the ELS training events over many years. James has also helped build awareness of the ELS scheme and the essential supporting role of SMFs. His tragic death last year leaves a gap that must be filled.

My hope is that a handful of SMF volunteers can get involved in the Engineering Leadership Scholarship programme, helping the RAE to develop the next generation of engineering leaders. The most urgent priority is to provide continuity of SMF support to help define and deliver the October 2019 training weekend, and ensure that this is a success.

In future, I hope that SMFs will continue to play an important role in the ongoing development and delivery of the ELA scheme. It has been a great experience for me. If you would like to know more and join a meeting with the RAE in August to help plan the October 2019 training weekend, please email cathy.breeze@smf.org.uk.

Blog

What are Pros and Cons of the Sharing Economy?

The sharing economy is an idea that is very much present in the zeitgeist, but many of us don’t really have a comprehensive understanding of exactly what it is and where it came from. Whatever your level of understanding, the sharing economy is going nowhere, so taking a little look at it and its potential triumphs and pitfalls can’t hurt.

What Is the Sharing Economy?
The acceleration of digital technology kicked off by the birth of the internet’s universal accessibility has birthed many a new concept. The growth of the sharing economy is one of those concepts. Sometimes referred to as collaborative economy, this economic model is defined by the sharing of personal assets and services between individuals using the internet. It allows people to share their own resources, whether material or skills-based, either in kind or in exchange for money or incentives.

The assets that you offer can be anything from your time to your car or even your home; for use by another person for a limited time period.  A famous example of a platform that depends on this model is Airbnb, the site/service that allows you to rent your home/property for temporary use. This economic model spans many sectors including technology, communication, lodging, agriculture, labour and finance. It is hugely popular for several reasons, one of the utmost being its flexibility.  The exchange of services can be agreed upon under any terms; one may ask for financial payment in return, but social and environmental based exchanges are also popular.

The sharing economy is essentially the closest thing we now have to the old tradition of bartering. There is a lot of confusion about what exchanges this economy refers to, as there are a lot of new economic models out there with which to get it confused. Here is a quick summary on just some of the economic models that the shared economy is not…

Gig Economy. Single projects or jobs for which a worker is employed. There is no skill or asset sharing here, it is a worker being employed in exchange for money in order to carry out a specific job.

Freelance Economy. Similar to the gig economy, except that jobs or projects tend to be more involved, in-depth and longer in length (sometimes lasting months or even years).

Peer Economy. Or P2P for short. This is where two individuals directly interact to buy or sell goods and services.

Crowd Economy. This refers to money making models such as crowdfunding or crowdsourcing; this generally results in an online community of people who participate with each other through a platform in order to achieve a single goal.

Now let’s look at some of the arguments for and against the sharing economy…

PRO: Recycle, Reuse, Repurpose
It is a great way to avoid waste. If you have an item or resource that you are not using quite as much as you used to, this model offers a great way for you to loan their use to others. You can not only make money out of something that you are not currently using, but you can also offer another person access to what they need for a reasonable, non-commercial price. Most importantly though, it prevents possessions and assets from going to waste.

CON: Scam Threats
One of the issues with this system is that buyers are more open to fraud and trickery, as there is no real protection against this kind of situation occurring. All you have to go on, with regards to the person you are dealing with, is their promise and the apparent character they present. Protection against this is slowly getting better, but the speed at which technology advances can make this kind of issue hard to regulate.

PRO: Opportunity
In a world where getting a job is increasingly difficult, many doors seem to be closed, and innovation appears to be very expensive, this economy gifts pretty much anyone with the opportunity to turn a dime, or simply be more productive.  It means that individuals can set their own terms, their own hours and have the flexibility to make their lives work for them.  It invites communication between individuals, which creates community, diversity, interesting ideas and ultimately brings people together. The presence of this economy offers liberation for those who are prepared to get into it.

CON: Lack of Benefits and Lost Revenue
Individuals who earn their full living in this economy do not have access to the benefits that those working for a company do. The benefits might include sick leave, pension schemes, maternity/paternity leave and bonuses. It can also impact on the success of other businesses. A famous example of this is the impact that Uber has had on the traditional taxi hailing services.

PRO: Employment
Unemployment is always an issue, but this economy goes some way to making a positive dent. Not only are there more jobs available because of the rise of companies such as eBay and Amazon (in many cases, these are jobs that can be performed from home), but the sharing economy offers a platform from which to advertise on a global scale. If you make ornaments, for example, you can access an entire global market, which is a huge change from the artisan and small business landscape of only a decade ago.

CON: Tax
As the laws around claiming financial gain from online platforms are not that tight yet, governments report a loss in tax revenue. Just like any economic model, there are arguments as to its success, fairness and validity on both sides. But one thing is for sure, like it or not, the sharing economy is here to stay! Where do you stand?

 

Photo by Pop & Zebra on Unsplash

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Behavioural Science: Who Decides What We Buy?

Who decides what we buy?  It’s a chicken and egg debate.

Innovation, improvement and creation of products and services are produced, on the face of it, for the benefit of the consumer. We assume that, in general, these products and services are created to cater to a supply and demand situation, or to solve a problem. However, one of the biggest influences on what is put on the market is based on the findings of various strands of behavioural science. Although this approach was initially designed to find out what demographic groups want, the competitive nature of so many markets has many people wondering if this technique is now commonly being used to manipulate consumer behaviour rather than reflecting consumer demand.

So, you see, chicken and egg; do the products and companies serve the consumer, or do the consumers serve the products and companies? Marketing, business, consumer demand, profit, trend-setting… there are many issues and phrases banded around with this issue. The fact is, within business profit is the main goal. As we have seen, many huge businesses, household names such as Woolworths, HMV and the House of Fraser, have fallen foul to the highly competitive consumer market. It could be argued that sometimes customer manipulation is what is required for a business to stay afloat; sometimes consumer satisfaction is not the top priority. Is this acceptable? Let’s delve into the pros and cons of behavioural science a little to help towards a conclusion.

What is behavioural science?
The term ‘behavioural science’ is very broad. It takes ideas, theories and techniques from several fields including, among others, social neuroscience, cognitive science and psychology. These are combined under the umbrella of behavioural science in order to understand the behavioural patterns, buying habits and social dynamics of individuals and larger groups. The results of these studies help to form an understanding of the needs and wants of consumers, and how best to react and ultimately capitalise on them.

How can data gathering be used?
Gathering behavioural data is easy these days. Back in the fifties and sixties, when companies began to gather consumer data in earnest in order to predict where markets were going, their techniques were far more rudimentary. Sales figures, questionnaires, customer feedback… these were the kind of techniques being used. Back then most companies were doing their best to react to the market requirements, what people really needed. However, through the years, as data collection has become more sophisticated, and more intricate consumer patterns have been uncovered, it is not too much of a stretch to steer the market in a direction that benefits the company.

Now, with AI, Google analytics and such, the detection of buying patterns is extremely sophisticated. The data collected includes everything from what people buy, what they look at, how long they spend looking at it, what colours peak their interests, what words they most commonly search for, what sells the best at what time of year and in what location; there is really no behaviour that cannot be detected and tracked.

So, you see, data gathering can be used however a company sees fit. They can either react to your needs and problems, or they can place whatever they have to sell in exactly the right setting in order to look after themselves first. So, the answer to the question ‘how can data gathering be used?’ is, essentially, however you like. The result is down to the ethos, morality and ethics of the business in question.

Targeted marketing
Targeted marketing; breaking down the market into segments (generally demographically determined) and concentrating marketing at the segments that are most likely to gain the company the best results. That makes sense, right? Companies and influencers go where an easy sell is most likely, of course, they do. If, for example, you sell sportswear, you might want to advertise outside a gym or leisure centre. If you sell kitchen appliances, you might want to buy advertising slots around TV cooking programmes. And now companies are employing highly sophisticated and personalised tracking of consumer likes and buying patterns on social media and online shopping and appealing to them individually.  However, this kind of specifically targeted marketing, although present in virtually every industry, walks a fine line between serving the customer and serving the company. In an ideal world, it should do both. But at what point is a company pushing its product onto a demographic that doesn’t need what they are selling, but is determined that they should get on board with it anyway?

Is it healthy to target specific demographics? Considering that advertising must behave differently for each target market in order to get the results it requires, does this perhaps fuel societal and cultural divides?

Innovation vs manipulation
It is tough to innovate. Innovation requires skill, imagination and experience, on a personal skill level. These are tricky enough to find as it is. However, the biggest challenge is time and money. Most of us would like to think of ourselves as innovative; creating solutions to current and potential problems, pushing boundaries and, in a broad sense, making the world a better place to live. That said, this is a much more expensive and resource heavy endeavour than simply flogging something that you know will work, because of behavioural science and its results, for an easy sale. In many cases, to create the opportunity to innovate, capital must be gained by betting on a safe product or service.  In this case, it could be said that a little consumer manipulation is the price that must be paid for truly innovative developments and discoveries.

In this fast-changing world of information and technology, the grey areas are numerous. Often, we don’t have time to sit and reflect on our ethos or aims, or on how fair we are being to everyone, due to a fear of missing the boat, a customer, a trend, or a technological advance. But take a few minutes now… who decides what you buy? And indeed, if you are the seller in this situation, are you an innovator, a manipulator, or a bit of both?