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MBA Expectations vs Reality


For most people considering an MBA, it is assumed that once they have completed their studies, they will be rewarded with career advancement with a prestigious company and an immediate salary increase. But do students have realistic expectations about getting an MBA? And how do expectations compare to real-life experiences of going through an MBA programme?

In this article, we will cover both the realities of business school life with the help of three Sainsbury Management Fellows (SMFs), scholarship students who (at the time of writing) are still studying as well as taking a look at ‘expectations versus reality’ post- MBA regarding salary aspirations, how much value employers put on an MBA and opportunities in the current job market.

Undertaking an MBA programme is extremely challenging and requires a lot of work and dedication. This is not too surprising as graduates will earn a world-class business education in one to two years, depending on the business school. However, some students can underestimate the work that MBAs require and the pressure this creates.

The intensity of business school begins from the moment you arrive and involves long hours with hardly any free time. It is not something students complain about as everyone is working to the same end, it is just that many say that they have never worked so hard before, despite many having come from busy, thriving organisations.

2020 Scholarship Winner Kieran Chandler
SMF Kieran Chandler

Kieran Chandler, an SMF currently studying at INSEAD shines some light into the atmosphere students can expect when they first arrive at business school, “Everyone I spoke with before starting my course told me that an MBA would be intense, but little could prepare me for just how much is crammed into every single second. From studying to career development, sport, clubs, and of course some socialising, there are a million and one opportunities. The only thing that is for certain is you can’t do everything, and you will soon become far too familiar with the concept of MBA FOMO!”

2020 Scholarship Winner
SMF Sam Vennin

Another SMF Sam Vennin, an MBA candidate at London Business School was surprised by the initial intensity of term life but grateful for the many opportunities and electives to choose from, “However, I was pleasantly surprised by how much you can tailor your experience through a vast number of electives. I liked the fact you can pick most of them in your second year, once you have already done your summer internship and have identified areas you feel you need to improve. A lot of thought goes into the composition of study groups. I felt like mine suited my character and way of working perfectly while I know it would have been harder for me in other groups.

“It’s important to get in early if there are clubs and societies you want to get involved in. I was not expecting the application season for positions on the clubs’ executive committees, such as the Healthcare Club or the Technology & Media Club, to start so early! My MBA started in mid-August and by late September/early October, all the leaderships positions had already been filled,” said Sam.

Students may underestimate the amount of competition they will encounter at business school. Being ‘top dog’ is the norm for many students, but they will soon discover that the ability level at business school is incredibly high. With the tough entry requirements of top international MBA programmes, students will quickly discover that their classmates are also top performers. It can be difficult for new students to come to terms with, but the intensity of the classes tends to drive everyone to a stronger performance overall.

SMF Henning von Spreckelsen

Reflecting on his first few days at IMD Business School, entrepreneur, SMF Henning von Spreckelsen said, “One of the attractions of my business school, IMD, was the multicultural, multilingual nature of the students – there were 42 nationalities in my cohort. I’m a German national, educated in the UK and Belgium so I speak fluent French and German and thought that with three languages I would be on par with other students, but the average number of languages spoken by students was between four and five. You went into the study rooms to debate different cases and it would be done in Spanish in one group, in French in another group; you might have a German lawyer arguing with an Italian engineer in a language that was not their mother tongue – it was impressive.”

Most students who first attend business school admit to being amazed by the diversity of students on their course. Far from the misconception that business schools are filled with a certain type of character, the opposite is true. They are very diverse with students from different countries, different cultures, different ways of looking at problems and different perspectives of the world. Most say that the course changes their world view of things – they realise that there are different ways to look at one problem, and importantly, they make a network of friends which they keep in touch with for life.

As an example of the level of diversity students can expect to enjoy, the current MBA class at Cambridge boasts 41 nationalities and students hailing from educational backgrounds in the arts, business, engineering, political science, and science.

The MBA experience is certainly challenging with schools actively pushing students well out of their comfort zones. For example, you will now always stay within a study group for the duration of the course – this approach ensures that students work with a diversity of students and are pushed to their limits and begin to think differently.

SMF Mihir Bhushan

SMF Mihir BhushanFor SMF Mihir Bhushan, an MBA Candidate at MIT Sloan, business school is both unexpected and a revelation, “The flexibility has been astonishing in a positive way. It means that no two MBAs come away from business school with the same experience. I’ve chosen to take a heavily analytics-based course, far more so than I expected to be able to do. I’ve even taken two computer science courses from the Engineering School. Some friends have been able to focus on start-ups and entrepreneurship and others on soft skills. It’s also super practical and applied.”

Post-MBA
Expectations versus reality post-MBA are harder to detail as they are dependent on the economic climate and in recent times, the unknown long-term effect of the global pandemic. However, some factors remain the same and are useful to consider before students embark upon their studies.

A lot of students expect that once they graduate with an MBA, they will be able to quickly find a high-paying job with a prestigious company, much of this expectation is true because business schools provide extensive recruitment services.  However, the technical skills taught in an MBA are not the only important factors. As well as strong business understanding and acumen, firms also look for soft skills, from effective team working to leadership, so be sure to think about this when choosing electives and working through the programme. In addition to your MBA, you need to be able to demonstrate to potential employers that you also have a variety of soft skills.

The top five soft skills most desired by employers according to a survey by the Financial Times are the ability to work well with others, the ability to manage time and resources, being able to see the big picture in business, being able to network with others and the ability to demonstrate problem-solving skills.

Post-MBA, when students are preparing for job interviews, it is useful to think about times when you encountered problems in the above areas and managed to solve them. And if you are still a student, it is important to build up your network and work on extra-curricular activities to develop your skills further.

A very real potential obstacle for current students is the long-term effect of the coronavirus pandemic. There is no doubt that it has hit the economy and jobs market hard. Businesses had to furlough staff, the hospitality and travel sectors were in forced hibernation, and the ability of workers worldwide to work from home is still being put to the test. However gloomy the situation may appear at the moment; it could be that an MBA will make you stand out even more in the post-coronavirus jobs market.

It is cause for optimism and a belief that the impact of coronavirus, is only a temporary hit and that we will travel again, and we will return to bars, restaurants, cafes etc. In fact, many believe that consulting firms specialising in digital transformation will be in high demand. A factor that could provide a lot of employment opportunities for young people coming from a computer science or business background, like MBAs.

MBA graduates may well be in high demand in the years following the coronavirus pandemic, as companies look for recruits who understand every mechanism that makes up a business. A great advantage for MBA students who have acquired these skills in a very intense and recent learning environment.

In terms of salary expectations versus reality, it is also difficult to predict as salary levels depend on a variety of factors including the amount of previous work experience, location, and the economy at the time of graduation.

The Independent’s article on the Advent Group’s global survey highlighted that two-thirds of MBA graduates reported being able to climb the career ladder and received higher salaries as a result of their studies, indicating that career expectations are matching reality when it comes to life post-business education. The survey also found that a candidates’ primary motivation for getting an MBA degree is to climb the career ladder, followed by getting a better-paying job, and the ability to switch career lanes.

Pre-pandemic, a Financial Times article reported that, on average, MBA graduates more than doubled their pre-MBA salaries. Reflecting back to the 2008 financial crisis and through to 2014, the average MBA salary increased by only four per cent per annum, while the average cost of an MBA increased by 44% in that time frame. It is reassuring to know that from 2014 salaries have picked up by 12% and have continued to recover – the FT article states that by 2017, the average post-MBA salary was more than £100,000.

Overall, and before the current economic situation, studying for an MBA was almost guaranteed to provide a positive long-term salary increase. However, and especially in the ‘new normal’, students should thoroughly research the salaries in their industry and take their work experience and other factors into consideration as part of their MBA decision-making process. It is harder than ever to map out what might happen in the next five years and a time of uncertainty especially regarding expectations versus reality post-MBA. The landscape may have changed forever but one thing is for sure, employers will still be looking for candidates with the best skills to help their businesses thrive.

To hear more from our Sainsbury Management Fellows, you can reach interviews here and case studies here.  If you are interested in finding out about our MBA scholarship scheme visit this page.

Top photo credit: ChristianChan
case studies

How Applying the Learning and Experience from an MBA Enhanced the Career of Civil Engineer Tony Walters

As one of our earliest Sainsbury Management Fellows, Tony Walters has forged a far-reaching and illustrious career in the construction industry. His engineering journey started with a successful application to Cambridge University. Then twelve years post-graduation and having achieved his professional qualifications he spent a year studying for an MBA at IMI, Geneva with the help of an SMF scholarship. This broadened his skill-set giving him the breadth of experience and the confidence to take on roles at the forefront of some of the world’s most fascinating and challenging infrastructure projects. The Channel Tunnel, High Speed 1, Crossrail, the Trans-European Railway, Boston Central Artery in USA and high-rise buildings in Hong Kong are a selection of his career highlights. Transitioning between contractors, consultants, project management and client organisations with the continuous thread of major infrastructure projects has enabled him to direct major project work in some eighteen countries. He has seen his industry become more integrated and innovative as well as witness the growth of the Sainsbury Management Fellows – a network that started with ten scholarship awards and now boasts over 375 graduates representing all engineering disciplines. Here, Tony shares his career highlights which all began with a simple desire to “get things done”…

An interest in theory, a passion for its application
My journey to becoming an Engineer was progressive. At secondary school maths and the sciences were, without doubt, my favourite subjects, which led to my choosing double maths, physics and chemistry at A level. My subsequent short-list for degree courses was Architecture, Maths and Engineering. Realising that my two favourite A level subjects of Applied Maths and Physics aligned very well with Engineering I applied to Cambridge. I was very keen on their engineering degree as the first two years included subjects that underpin civil, mechanical and electrical engineering disciplines leaving options open until the final year when there was the chance to specialise. I was fortunate to gain a place at Cambridge and have no doubt that a grounding in a breadth of engineering disciplines is very beneficial. Most projects involve several professions and the greater the ability one has to understand and therefore build and co-ordinate effective project and business teams the better the outcome will be. Similarly, I would counsel that a grounding in the breadth of business disciplines afforded by an MBA is also very beneficial for a career in the construction industry.

At the time the Cambridge entrance exam required a single term 3rd year sixth and my father suggested applying to the Borough Engineer’s Office where we lived to ask for work experience from January to August prior to taking up my degree place. This was successful and I spent eight months in the Drainage Department undertaking both office and site work in a very supportive team. As it happened while there, I was involved in my first tunnelling works as part of a surface water drainage project. This was all superb preparation for my degree, enabling me to see applications for what I was studying. I returned to the council for a couple of months during my second summer vacation and was fortunate to be given a different experience this time in its Bridge Department.

Nurturing a strong affinity with the built environment
In my third year at Cambridge, I chose subjects from the Civil and Structural Engineering options so a career encompassing those branches of engineering beckoned. Sensing at the time that there were two distinct career paths in the UK construction industry, broadly consulting and contracting (or project design & development and project construction) and fairly certain that I wanted to land up in the former I, perhaps perversely, applied to join a contractor. There was method in the madness however as it was with the specific aim of learning about construction by being immersed in it and figuring that it would be easier to make one move from contracting to consulting rather than hop back and forth. My overall career development plan at that time was to obtain broad industry experience, attain professional engineering qualifications and then undertake some formal management training. It is an indication that the industry has become more cohesive that I have in fact moved back and forth several times during my career and also into project management and client organisations.

So, I joined Laing O’Rourke (formerly John Laing) being one of the major UK civil engineering contractors as a Graduate Civil Engineer training under agreement to become a Chartered Engineer (CEng) and a Member of the Institution of Civil Engineers (MICE). Two years heavy civil engineering construction experience on a major oil-fired power station was followed by eighteen months in the design office as part of the training agreement. That Laing had a reasonably large design office covering both permanent and temporary works was unusual outside a few of the major contractors and more akin to how the industry is organised overseas. This was followed by a return to site in a management contractor role on a large office construction project. During that period, I was successful in becoming a Chartered Civil Engineer and began looking to make a move to an engineering consultancy.

I was successful with a speculative application to the engineering consultants Arup and joined them some five years after graduating. Based in London I worked on structural designs for projects in the UK and Jersey working closely with external architectural practices. I then moved into a team responsible for the design of two high-rise building structures in Hong Kong (Exchange Square and Admiralty Lot 2) both in excess of forty storeys. This was awesome. Engineers at Arup are given significant responsibility and three years there was, without doubt, better than taking a Masters in structural design! I gained sufficient experience to sit for and become a member of the Institution of Structural Engineers (MIStructE) during this time.

Exchange Square, Hong Kong

Pursuing my true passion for civil engineering
As enjoyable as working at Arup was, I had gained further insight into the construction industry and more certainty as to where my real interests lay. These were civil engineering, project management and the direction of major infrastructure projects. At that time Arup focused almost entirely on structural building projects and they wished to continue in that vein. So, I looked around and found that Mott MacDonald was almost the mirror image of this.

Another speculative application resulted in my joining them, initially working on an arbitration. This was very useful, providing an early chance to interact with senior members of the legal profession and experience how contract documentation can be interpreted. I then moved into the Tunnel Division working on such projects as the Medway Tunnel, Cairo Wastewater Sewerage Scheme and then the Channel Tunnel. Again, significant early responsibility was there to be grasped and I found myself managing a team on this latter project designing several kilometres of tunnel and associated shafts forming the start of the landward and seaward railway tunnels. Mentoring team members and assisting graduates with their training to become chartered engineers was an inherent part of the role. This all confirmed my thoughts that having achieved professional engineering qualifications and with a burgeoning interest in project management that I should seek formal management training.

Seeking formal management training
Seeing an advertisement by The Royal Academy of Engineering in New Civil Engineer (the magazine of the Institution of Civil Engineers) seeking engineers to study for an international MBA sponsored by David Sainsbury and with the encouragement of my employer I applied for one of the ten scholarships on offer. My plan was for the MBA to augment my engineering and to return to Mott MacDonald afterwards. The choice at that time (the second year of the Sainsbury awards in 1998) was between three business schools. These were INSEAD, Paris; IMEDE, Lausanne and IMI, Geneva. I chose IMI on the basis that students on the programme had a similar number of years work experience to me and that the curriculum comprised a good balance between formal teaching and case study work. The availability of the Sainsbury scholarships was the catalyst for my choosing to progress along this particular management development path. Without it and with a young family it would have been very difficult, if not impossible, to undertake such a high-level intensive programme. I would most likely have taken a part-time MBA or MSc in project management in the UK, which would have been a good option.

The year spent at IMI, living in Geneva with my family, exceeded our expectations in every way. Firstly the immersion in an international setting both from living abroad and from the twenty nationalities drawn from just forty-seven students on the programme. Then from the intensity of the course, the no holds barred class debates during lectures, undertaking exercises in small international teams and presenting the outcomes to the class together with the sheer volume of work. For some professions on such a course certain subjects are not new whereas for engineers they are all new. This is a challenge but more importantly an exceptional learning and personal development opportunity (as well as representing good value for money!). In order to apply the learning while on the programme I chose to investigate the effectiveness of the business development activities of my industry as the topic for my individual research project.

Returning to the workplace with new skills and taking on new roles and responsibilities
The MBA provided a body of management knowledge and understanding most notably in accounting & finance, management & human resources and business development & marketing to bring back to my employer and broaden career development opportunities. It was a catalyst that Mott MacDonald gave me the opportunity to exploit becoming involved in strategic planning, business development and business and project management. This entailed positions as Associate for European Business Development and subsequently, at my instigation, returning to line management as Divisional Director for an engineering division. This convinced me that it is possible to combine the ongoing development of an engineering career with developing, managing and directing the business side of construction industry projects and organisations.  The MBA enabled me to assume a broader range of responsibilities with confidence and with a significant international flavour as evidenced by increasing responsibility for managing and directing a broad range of international projects and businesses. This involved numerous trips to Europe, USA, Malaysia and Taiwan. While all roles used skills and knowledge from the MBA programme, establishing and implementing a company-wide strategy for entering western and central European markets, determining the business case for and setting up joint venture companies in Hungary and the Czech Republic and liaising with European Community Directorates in Brussels concerning project funding made most specific use of them at that time. Other projects included the Boston Central Artery, Sungshan Airport Highway Tunnel in Taipei and the Kuala Lumpur Mass Rapid Transit. Development and introduction of enhanced project progress monitoring and bid management initially for these before they were rolled out more widely was, I believe, a further direct influence of the MBA.

Boston Central Artery - Complex installation of highway tunnels under rail tracks serving Boston South station (photo: courtesy Northeastern University Archives and Special Collections)
Boston Central Artery – Complex installation of highway tunnels under rail tracks serving Boston South station (photo: courtesy Northeastern University Archives and Special Collections)

No problems, just challenges to be overcome
After a total of thirteen years with Mott MacDonald, seven of which were post-MBA, I wanted to become more focused on the management and direction of mega-projects. I began looking for an organisation with such a focus. Coincidentally the Channel Tunnel Rail Link (CTRL) project was just commencing, and I was tempted by the prospect of involvement in the largest private infrastructure project in Europe at that time. I sent a speculative application to the project promoter London and Continental Railways, which was passed on to the consortium Rail Link Engineering (RLE) that had just been awarded the contract to engineer, procure and manage the construction of this high-speed railway from St. Pancras International to the Channel Tunnel. The US company Bechtel was part of RLE and I joined them specifically to work on CTRL and to work through the full project cycle from engineering into procurement and on to construction (termed EPC). A colleague said that they thought my career would follow projects from then on and this has proved broadly correct. With this, my first appointment with an overseas company came new philosophies and ways of working. In particular, I was struck by the very strong sense of corporate identity, the process-driven environment and the mindset that recast problems as challenges that would be overcome. With overall responsibility for around one-quarter of the CTRL route, my experience of railways grew substantially.

Eurostar train enters the Medway tunnel on CTRL (photo: Alamay)

Mega-projects have for some time been defined as those with a cost exceeding £1bn. This is a somewhat broad definition and depends on context.  However, with a budget of £7bn CTRL falls squarely into this category.  I consider that the process for such projects is akin to building a FTSE250 company to produce a single product and when completed dissolving the company. This is all while meeting peoples’ career aspirations, managing risk and change (the world outside a mega-project does not stand still) and looking to develop and adopt appropriate innovations. The ramp-up, implementation and ramp-down phases all present unique challenges in the mobilisation of people, securing finance, procurement, stakeholder liaison and interfaces with government, other projects, stakeholder businesses and people. Expenditure on CTRL was in excess of £1bn per annum during the construction period. The knowledge and experience gained from an MBA are very valuable in undertaking such projects.

Liaising with Brussels
After completing the design, procurement and civil construction on CTRL over a four-year period the opportunity to become involved in international projects again opened up and I joined a second American company, Parsons Brinckerhoff. I joined as a Director in the Major and Overseas Projects division with responsibility for a range of work. The largest was a 170km section of the trans-European Railway Project in Central Europe. The project scope included the development of the design and construction proposals as well as the business case and preparation of the financial model for both the construction and subsequent operation of the railway. This entailed close liaison with the European Union in Brussels for project viability, environmental impact and ultimately to gain funding approval. Once again MBA-acquired skills and knowledge together with subsequent experience were of immense value in directing an international multi-disciplinary team and driving this infrastructure project forward successfully.

We were also developing the second Bosporus rail crossing in Istanbul, establishing an office in Poland to work on Polish and other railway projects and involved in Dublin metro. Projects closer to home included the Southern Rail power upgrade and review of the proposed Public-Private Partnership (PPP) contract conditions on London Underground. The team for this latter appointment required a wide range of contractual and legal as well as railway knowledge. In this context, while there is a school of thought that management is a skill with universal application, I firmly believe that knowledge of a range of disciplines makes for more efficient direction and can engender greater respect and thereby enhance business performance.

Appearing before Parliamentary Select Committees
Four years on saw me join a client organisation for the first time. This was Cross London Rail Links (CRL), responsible for Crossrail Line 1, a £15bn project providing a new east-west railway under London joining Shenfield, Stratford, Abbey Wood and the Docklands in the east with Heathrow and Reading in the west.  This project was at a much earlier stage than CTRL had been, with several years to go before a hybrid Bill seeking powers to build the railway was due to be put before Parliament. As Chief Engineer I assumed responsibility for all engineering on the project and as a member of the Project Executive found myself, as many years before, in close liaison with the legal profession in the form of Queen’s Counsel in preparation for promotion of the hybrid Bill. I bought inter alia the experience from CTRL of implementing the same type of powers that we were seeking on Crossrail.

Discussing Crossrail with the Duke of Kent (photo: courtesy Crossrail)

The opportunity to appear before Select Committees in both the House of Commons and House of Lords was an honour and I was reminded that Brunel famously championed major infrastructure projects in Parliament. During my time on Crossrail I found that the MBA also enabled me to understand our stakeholders better. I was able to understand the drivers within their businesses, organisations and communities and how our project could impact them. I assumed specific responsibility for liaison with the London Olympic Development Agency (ODA), Network Rail and London Underground and my team managed negotiations with over fifty utility providers. Powers to build the railway were granted ultimately and awards of the numerous detailed design and construction contracts followed.

Returning to contracting
My initial plan was to stay with CRL for the eight years that the project was scheduled to take through to opening. After eight years and owing to factors outside the direct control of the project, construction was quite advanced but opening was still some way in the future. Eight years is in any case a fair time to spend exclusively on one project however large and when the opportunity to join a major contractor as Engineering Director presented itself, I realised that it was perhaps time for a move. As Engineering Director for Kier Construction involvement in the business of the Board called on all my previous experience with particular emphasis on technical issues as well as commercial, contractual, safety and strategic matters. We had work in the UK, often in international joint ventures and overseas notably in the Middle East and Hong Kong. There were two major railway projects in Hong Kong involving major underground works, one as it happened being the construction of an underground interchange station beneath one of the forty storey towers I had designed while with Arup. Almost déjà vu.

Company and project management
With the successful completion of numerous projects, I learnt from a professional colleague that a small engineering management company that works on major infrastructure projects and for whom I have a lot of respect was looking for someone to take the helm and manage the company through a succession issue. This sounded very interesting and on a personal note would provide the opportunity to work in a small organisation that I had not had previously but had often thought would be rewarding. It might also be a step towards more of a portfolio career. I joined this company, London Bridge Associates and once again the knowledge of business developed on the MBA and consolidated by subsequent experience was of immense benefit. Inevitably in such a small company with 50 staff, undertaking management and direction of the business was combined with some direct project involvement. This included the High Speed 2 rail project, some further Crossrail work and as a complete contrast advising on the provision of the infrastructure for a large radio telescope project in Chile. The portfolio took shape with the above combined with periods of work in Malaysia advising on a major underground rail project in Kuala Lumpur and scaling up my involvement with the Institution of Civil Engineers becoming a reviewer undertaking Professional Reviews of aspiring members.

With team leaders in Kuala Lumpur

Advice on developing management skills
There are myriad opportunities and challenges that both clients of and the construction industry itself face globally. The chances this39 presents to use the combination of an engineering degree with formal management training from an MBA are many and varied. I have found that an MBA provides a valuable augmentation to an engineering degree increasing one’s breadth of skills, imparting confidence to challenge the status quo together with the tools to develop and direct the implementation of both project and business change. With the advent of AI, robotics, virtual reality, new materials to improve performance and drive down carbon together with the requirement this brings for new ways of working, new contracts, more efficient risk allocation and new sources of finance the need for engineers who understand business in its widest sense has never been greater.

My advice to those in the construction industry contemplating undertaking an MSc in project management or an MBA? It is quite a commitment so think about how you are going to use it afterwards to benefit yourself and your employer. To look at it in the context of your current employment. This can also be a catalyst for changing direction or moving on, but you need to want to set out in this new direction rather than simply to leave your current role.  A project management course will tend to focus on the industry from which students are drawn whereas an MBA will tend to provide a wider business education. For me, the latter has proven valuable in enabling me to understand from first principles the businesses I have worked in and those of other organisations that it has been necessary to do business with during my career.

The Sainsbury Management Fellows MBA Scholarship
If you are a professional engineer considering a full-time MBA as a stepping-stone towards a business leadership career, visit our MBA scholarship application page, you could

case studies

From Watching Diggers Construct the M25 to Shaping the Future of the UK’s Aerospace Industry – this is SMF James McMicking’s Story  


When discussing his fondest childhood memories, you certainly don’t expect Sainsbury Management Fellow James McMicking to recount tales of spending hours (and hours) sitting and watching diggers go about their work to build the M25. For James, it was these hours, plus a ‘traumatic’ incident watching his engineer uncle disassemble and incorrectly reassemble his parents’ broken washing machine at the tender age of 3, that was the start of his journey into the world of engineering. And what a journey it has been. Since these early days, James has had a passion for all things mechanical. It led him to study engineering at university, but it was the completion of an MBA via a Sainsbury Management Fellows scholarship that took his career to new heights (literally) as Aerospace Technology Institute’s Chief Strategy Officer. This is James’ story… 

Where my passion for engineering began
Faulty washing machine aside, I’ve always had a knack for mechanical things. Even at an early age my parents were convinced that I’d become an engineer! I loved seeing machines in action. That’s when I’d be at my happiest and this passion endured as I grew up, with my thirst for knowledge seeing me gravitate towards mathematics, physics, and sciences.

It was the clarity of these subjects that appealed to me, and with an interest in sports and racing cars, there were clear signs that pursuing an engineering degree would be the natural next step for me after leaving school.

It was at the age of 15 or 16 that I started thinking seriously about studying engineering at university. I visited engineering departments and got a real buzz seeing what I could be involved in as an engineer. That grabbed me. The prospect of developing products and solving problems was something I got excited about. I could have an impact on the world and make my mark as an individual, so needless to say I was sold.

Talking to universities and graduates cemented my decision, and I was off. Studying for an engineering degree was a valuable and exciting time for so many reasons, a highlight of which was leading Bath University’s Formula Student team.

From watching diggers to building them
During my degree, I landed a one-year internship at JCB thanks to its sponsored undergraduate programme. I was back in my spiritual home but no longer was I simply watching diggers, I was building them! My time at JCB didn’t just help my progression as an engineer, for the first time, I began to learn how engineering businesses were run as well as what the job of an engineer is.

I’m very grateful for my time at JCB, I had the chance to be involved in so many aspects of engineering, from design through to manufacturing, testing and development, yet it was my interest in working on higher performance products that saw me move on to Ricardo Plc.

My time globetrotting as an automotive engineer
My time at Ricardo opened up a whole new world of opportunity. I was able to develop as an engineer and get amid lots of exciting, industry-leading work as part of its driveline transmissions business in the Midlands, not to mention travel all over the world.

Working internationally at Ricardo, I saw how well-regarded British engineers were and what made us different. I was lucky enough to get some real variety in this regard, working across Europe, North America, India, China and Korea. Besides seeing some amazing places, working with people from different cultures with different educational backgrounds showed me new ways of thinking and taught me a lot about working internationally that was important to getting things done.

I worked on many thrilling projects at Ricardo. Memorable experiences included testing the 550 hp Ford GT through the streets of Detroit to pushing hot-hatches to their limits at race circuits in France to diagnose transmission faults.  There were certainly times when I was thrown in the deep end by the company and still expected to impress challenging clients. These were often the most important development experiences for me and when you grew the most.

The moment I hit my career crossroads
Driving and testing cars and working on various engineering projects around the world was an amazing experience and I became a specialist at Ricardo and progressed in many aspects of my job as an engineer, but I started to develop a new craving. I wanted to extend my role on the business side.  At this stage, I was managing projects, leading and managing teams of engineers across the firm. I was interacting more and more with customers, which I enjoyed, and with this, I hit something of a crossroads.

I became particularly interested in the strategy behind the business, the markets we were working in, the competitors we were up against, and the decisions the management took and what made commercial sense or not.

My curiosity grew more and more. I asked myself what it took to run an organisation, how they built the business into the global player it had become, and how they would progress further. I had always been encouraged to develop leadership qualities, and always thought that one day I could be a leader of a business myself, but I needed more than my experience and skills as an engineer to achieve this. If I was to make the most of my potential, it would not be by continuing in the current role at Ricardo. I could change direction or keep doing what I was doing and build a long, and of course successful, career at Ricardo. After much thought, I decided that it was time for a change and that business education would be my catalyst.

There are so many options for getting a business education, and this can be daunting for engineers looking to unlock their potential by gaining business skills that support their engineering experience and qualifications. You can study part-time, go to a top business school, or go to a mainstream university that offers MBAs at a much lower cost.

For me, a full-time MBA made perfect sense. With a full-time MBA, I could give myself the time, space and focus to study how I learn best. It is not easy deciding to take that leap. It is of course costly, and as a successful and experienced engineer, potentially, there is a lot to lose. You must think about this, consider how much savings you have, and how much debt it could leave you with.  But remember, there is so much more to gain, especially with the various sources of funding accessible to those wanting to do MBAs. This brings me to the Sainsbury Management Fellows.

The day I discovered SMF made pursuing an MBA even more possible
Discovering Sainsbury Management Fellows (SMF) changed my outlook and made pursuing an MBA a stronger possibility than ever before. I did endless hours of research and spoke to others within the industry before being led to SMF by the Royal Academy of Engineering.

Sainsbury Management Fellows’ scholarships offered the perfect opportunity to accomplish my career goals. The scholarship supports engineers who are passionate about engineering and technology and want to get a business education so that they can take up leadership roles.

I applied for the scholarship and was pleasantly surprised by the interview process. The interview was not a daunting formal experience as I anticipated. Instead, part of the event was an informal gathering with other scholarship applicants who all had interesting stories to tell and views to share about their careers. Then there was a personal interview with an assessment panel, and I discovered so much more about the benefits of an MBA from the people who had been to business school themselves. It was an enriching experience.

The assessment also involved presenting a real work project, so I shared a piece of work that I had done at Ricardo – it was great to have a deep technical discussion engineer to engineer. We talked through my logic for pursuing a business degree and discussed how I planned to use my newfound skills once I emerged at the other side of an MBA.

I had received two offers, one from London Business School and the other from Kellogg School of Management.  The latter was costlier, but Kellogg had a special appeal for me. It offered a combined degree – two for one so to speak – with an MBA and a Master’s in Engineering Management that focused on business and innovation.  Attending Kellogg would allow me to live in the US and immerse myself in a different culture, something I relished doing at Ricardo.

I was fortunate to make it through the process and be awarded the SMF scholarship. It gave me the freedom to study away from home and pursue career opportunities post-MBA with less debt. 

Working hard and playing hard at Kellogg
Chicago-based Kellogg School of Management was a special place. The high energy environment and feel-good culture meant you worked hard but also played hard, and I relished that it would challenge me in so many ways, not just academically.  Students were encouraged to get out and take risks on a personal front, and that’s something I have taken with me even now, years after graduating.

Living in the US was another experience that would not have been possible at that stage of my life without doing an MBA. I met, conversed and interacted with people from different backgrounds and industries, and this rounded out my view of the world. This helped me think a little differently and act a little smarter.

Thanks to Kellogg (and of course the SMF scholarship that made it possible) I achieved more than an MBA. I developed the confidence to engage in and challenge business strategy and management practices.  I now have the vocabulary and insights I did not have before by doing my MBA. And I can honestly say I would not have gone into management consulting without it. The thinking space an MBA afforded me was also valuable. For once I had the time and space away from a busy day job to consider a broader range of careers and take my next step with confidence and clarity.

My status as a Sainsbury Management Fellow and Kellogg alumnus has given me the support I need, even now, years after doing my MBA. You find out quickly who else has done an SMF- sponsored MBA or attended Kellogg, especially with networks like LinkedIn. Let’s just say, if you get a message from a fellow Kellogg alumnus or an SMF, you respond!

Now back to my passion for engineering and technology
After graduating from Kellogg, I worked in management consulting for three years to further extend my learning experience.  That was an excellent way to rapidly acquire experience solving a variety of business and commercial problems. It also ensured I made the switch from pure engineer – I had gone from fixing transmission designs to fixing business strategies, processes and organisations as part of very high-performance teams. But I had an overwhelming urge to get back to my passion for engineering and technology and put my technical past together with my newfound business acumen.

Shortly after this realisation, I joined a small team to establish the Aerospace Technology Institute (ATI), a not-for-profit organisation created in 2014 half funded by the government’s Department for Business and half funded by the aerospace industry.

With annual combined government and industry funding totalling £300 million to spend on world-class R&D programmes and promote transformative technology within the aerospace sector, the ATI and the work it does was a real game-changer for the UK. As one of the founding members of the Executive Management Team, I was so thrilled and considered myself so fortunate to be doing something so significant for UK industry and engineering.

Unlike most start-ups, the ATI was fortunate to have solid and long-term funding to focus on delivering to the needs of the sector. To date, we have been instrumental in encouraging industry collaborations to the UK in some of the biggest global aerospace programmes that will lead to more sustainable commercial aircraft in the future. Our partnerships with businesses interested in doing R&D in the UK has created significant momentum towards achieving this goal and it has been the foundation of so many fantastic projects. We are encouraging investment in technology research and aerospace like never before and giving the UK leadership, competitiveness and even more business.

We recently created project FlyZero, a ground-breaking initiative bringing some 90 secondees and contractors into the Institute to research the potential of future zero-emission commercial aircraft in just 1 year. The ATI is part of the government’s Jet Zero Council, with the ATI’s FlyZero initiative seen as instrumental to the council’s future zero-emission strategy which ultimately aims to lead the world in zero-carbon emission aircraft with exciting and radical technologies. The initiative is unique in how it is harnessing the best of UK industry and Academia in a way traditional research agencies elsewhere don’t. Our FlyZero initiative represents a thrilling future for the UK and its place in the wider, global aerospace sector.

Every opportunity starts with a conversation
If I were to advise other engineers, I would say, start having conversations with people from different career backgrounds. I was headhunted for the ATI role having been recommended by someone I had met 18 months before the opportunity arose. Building relationships is important – you never know what might arise from these connections further down the line.

If you are wondering whether an MBA is right for you, remember that studying for an MBA is more than a qualification. Business school is the ideal place to explore ideas without fear of failure; gain the confidence to progress in your career; engage with and sometimes challenge the way things have always been and lead from the front to change practices for the better.

Having a good mix of engineering and business skills in your job is more beneficial than many give credit for. As a passionate engineer, I am very tempted and often guilty of getting drawn into the technology and spending days learning about it. The beauty of blending engineering with business is that you comprehend what a piece of technology means in terms of how difficult it is to deliver but also how it can be exploited. You will be able to determine the impact it could have, and then translate that into a business impact, an economic impact, and a societal impact – that is a powerful thing in any organisation or industry.

Engineers who are a little further along in their decision to study an MBA should reach out to Sainsbury Management Fellows and the Royal Academy of Engineering to learn more. Through SMF, you can not only get funding to pursue an MBA but get support from people like me throughout your journey. I have met and connected with many people during my time as a Sainsbury Management Fellow, helped with scholarship applications on the interview panels and mentored young engineers. There is nothing more rewarding than talking to young people about their ideas and progression and helping them to make their career-defining decisions.

The SMF MBA Scholarship
If you are a professional engineer considering an MBA as a stepping-stone towards a business leadership career, visit our MBA scholarship application page, you could be awarded a £50,000 scholarship.

case studies

MBA Helps Engineer Imogen Rey Broaden Her Perspectives and Step Up to Strategic Challenges 

SMF Imogen Rey, Senior Manager, Bain & Company

Deciding to do an MBA is a big decision and cost is a major factor. For most, the cost of attending business school is daunting enough, let alone attending one of the most prestigious schools in the world in a country you have never visited.  For UK-born Imogen Rey, now a Senior Manager at global management consultancy Bain & Company, her MBA at Stanford Business School in California was an eye-opening and inspiring experience.

Imogen’s studies were supported by a scholarship from her employer and a Sainsbury Management Fellows (SMF) MBA scholarship, without which, Imogen says, she would not have been able to attend Stanford and build an exciting career in the US.  Imogen tells us how a business education enabled her to transition into a leadership role at Bain & Company.

Starting My Engineering Journey
My journey to becoming an engineer began with a love of maths and science and a natural aptitude for the practical, problem-solving aspects of both subjects. I was fortunate to be at a school with strong maths and science departments run by passionate teachers who encouraged students to pursue these subjects.

Initially, I was fascinated with biomedical engineering after having read books and watched documentaries showing the impact it has on people’s lives – from high-tech prosthetics giving paralysed patients the ability to walk again, to replacement valves keeping hearts beating.  Whether through prosthetics, bridges or aeroplanes, I was inspired by the impact engineers can have on the world around us.

I did my engineering degree at Oxford University.  Apart from it being a prestigious university, I liked the environment and the people I met there.  I chose a four-year course; the first two gave me the opportunity to try out all engineering disciplines, and the last two allowed me to specialise in mechanical engineering, which I found I enjoyed the most.

Towards an MBA
While I was studying at Oxford University, I interned for two summers at Jaguar Land Rover. I worked on various projects and loved analysing different problems and working towards solutions.  I found that engineering training gives you a set of powerful analytical skills which enable you to tackle complex projects spanning different areas of business.

When I graduated from Oxford, I decided to go into consulting as a way to experience a broad range of industries and projects.  I was delighted when I was offered a position as an Associate Consultant at Bain & Company in London.  Bain is a global management consultancy that works with large businesses on projects spanning strategy, operations, finance, transformation, digital and more.  I used my analytical skills to help clients address their highest priority challenges. Around two years into my time at Bain, I started thinking about the benefits of business education. I spoke to colleagues and clients who had done an MBA and they all spoke so highly of the experience that I decided to apply. I believed an MBA would give me a deeper understanding of my clients’ problems, complement my engineering skills, and open new career possibilities.

I was accepted by several schools including Harvard, Wharton and Stanford, and visited the schools before making my decision.  A few things made Stanford the most attractive option for me. It has smaller class sizes than the other schools, which I felt would offer a more personalised experience and allow me to chart my own path through the two-year course. I also liked that they use a mix of different teaching styles. They have lectures, case study-based teaching, and experiential classes. Stanford also has a strong leadership curriculum which I was drawn to as I am very interested in the people side of organisations. Stanford over-indexes on this area and has some fascinating pathways and approaches to teaching leadership skills.

Financial Support for My MBA
Once I had decided on Stanford I spoke with my employer and they were happy for me to take time out to do the MBA and offered some financial support contingent on my returning to the company after graduation.

Although I was sponsored by my employer, I still needed additional financial support – I did not have significant means myself, or family members who could support me, and while you can fund your MBA with a loan, I was uncomfortable taking on such a large debt. An MBA is an investment in your future, but it is a significant outlay.  Before I started researching other funding sources, I recalled a conversation with an engineer I met at an event, who was also working in management consulting and had received a Sainsbury Management Fellows scholarship for her MBA.

I investigated the SMF scholarship scheme, submitted my application, was selected for an interview and, to my delight, was awarded a £30,000 scholarship. Without the SMF scholarship, I would not have been able to attend a world-class business school or move myself and my husband to California. The funding allowed me to show US immigration that we had sufficient resources to cover our living costs, allowing us to get the visas we needed.

The MBA Experience
Arriving in California was hectic – there was so much to do. I had to organise an apartment, buy everything I needed to get settled in at home and business school, and there were a lot of new people to meet and get to know.

The business school experience was very different to my undergraduate degree. At Oxford, I attended a lot of large lectures, followed by individual work on problem sets.  At business school, the classes were smaller and more centred around debate with no single right answer to the issues we were exploring.

The diversity in my class made for fascinating discussions.  There were people from so many different countries, industries and backgrounds, all of whom had different perspectives and aspirations – it was a melting pot of ideas and a truly unique experience.

Mixing with so many new people also opened my eyes to a much broader range of career paths.  Many students were involved in entrepreneurial ventures and there were lots of large tech firms in the area, and both sectors were hiring a lot of engineers. The experience showed me that the fusion of different skills and perspectives is essential for the innovation that will define our future.

Lessons from Business School
Going into business school, I was keen to focus on softer skills such as leadership. At Stanford, I had the opportunity to learn from leaders with decades of experience. They shared strategies to manage people, deal with difficult situations, drive organisations forward and problem solve. Their years of wisdom and expertise have been invaluable to my post-MBA career.

Among the most important things I have taken away from business school are the relationships with my peers. During the two-year course, I made life-long friendships and strong connections with many people I would feel comfortable turning to for career support, particularly when it comes to making big decisions or exploring new paths.

Going to Stanford also broadened my horizons and gave me the opportunity to explore different career paths, including an internship at Amazon’s headquarters in Seattle.  It was fascinating to work at a big tech company, and it taught me a great deal. One of the key things I learnt was the importance of autonomy and the freedom to innovate.  I observed Amazon hiring talented people and giving them the freedom to spend time developing new ideas, an approach that I think has been key to their continued success.

An Exciting New Role at Bain & Company
SMF Imogen Rey, Senior Manager, Bain & Company - graduating from Stanford Business School

After I graduated from Stanford, I decided to transfer to Bain’s New York office, where I have been working for two years now. Returning to Bain has allowed me to gain further exposure to diverse companies and work on some of their highest-priority projects. The environment is fast-paced and challenging, and I am learning a huge amount, which is a priority at this stage in my career.

Having an engineering background helps enormously in my role at Bain. A big part of my job is to take a problem and break it down into components, and then analyse each component before putting them all back together again. My engineering training taught me how to approach problems in this way, and to find a logical path through complex issues.

Before my MBA my role was primarily analytical. Now I spend most of my time developing the approach, drawing insights from the analysis, coaching and developing my team, and building relationships with clients. Stanford gave me the leadership training, confidence and broad perspective I need to succeed.

The SMF MBA Scholarship
If you are a professional engineer considering an MBA as a stepping-stone towards a business leadership career, visit our MBA scholarship application page, you could be awarded a £50,000 scholarship.

Blog

Should I choose a new career path or return to my employer after my MBA?

The answer to this question very much depends on your MBA starting point.  If you are studying an Executive MBA and it is part of your firm’s career plan for you, then naturally you will be aiming to stay with your employer on graduation, especially if they are financing or sponsoring part of your MBA.  However, professionals who do full-time MBAs have to think about whether to seek a new role or return to their employer after graduation. Often this decision is made at the start of their MBA journey, not the end, although occasionally the answer changes.

Studying for an MBA unquestionably widens a graduate’s business knowledge and worldview which opens new career opportunities.  Typically, MBAs are taken by professionals who have already been working for several years, with many opting to study at a top international business school.  The prestige associated with an institution’s brand adds considerable value to the graduates’ credibility, giving them an additional asset when they are looking for a new position.

Once a full-time MBA course is completed, some graduates may return to their former employer with the new skills they have learnt but it is more likely that graduates will seek very different work experiences.  For most, a change in career direction was the driving force behind studying for an MBA in the first place.  Even if that was not the case,  the MBA is such a transformative experience that graduates come out fundamentally different people and this brings about a shift in thinking about their future career.

After the MBA experience, graduates tend to have different hopes, aspirations and, perhaps most importantly, different expectations about the next part of their lives and careers.  It could be that their previous jobs are no longer compatible with these expectations and that could be as simple as where they work in the world.  Many people study overseas, and a new environment opens their eyes to different opportunities.  Or it could be that the familiarity with their former job or industry sector no longer holds the same fascination as it did before their MBA.

MBAs change the way you think
Why is there such a dramatic change in career aspirations?  One reason is that MBAs expose students to many areas of business in an intensive and immersive way that challenges and stretches their perspectives and thinking.  It gives them tools to go out and explore a diverse range of subjects and to tackle any business challenge.  This, plus the glow of the prestigious international business school brand, creates amazing prospects and earning potential for the graduates.

Another way of looking at it is that the MBA experience rewires students’ brains, giving them improved capabilities such as thinking far more critically than before, quickly structuring and analysing information, filtering out what is important from the irrelevant. These new capabilities enable graduates to read, assess and plan rapidly so they can find innovative solutions to big problems.

Returning to a former employer is of course a valid choice. However, you need to first consider whether the job you want is available at your former employer – can you achieve the leap forward that you desire?  Second, will your former employer have a full appreciation of just how much you have changed and be able to meet your current aspirations and expectations?  A former manager may not understand the way you think and your needs today unless of course, they have undergone a similar MBA experience.

The ‘market’ drives MBAs into new roles
Business schools offer extensive career development and recruitment services, and all this is at the feet of the graduates.  There are so many new and exciting avenues for them to consider and this is stiff competition compared with their previous employer.  Their old sectors and jobs may no longer have the same allure.

There is a strong, efficient market for MBA talent, so going back to the company you left goes against the market mechanism. For example, major international firms engage proactively with business schools to ensure they attract the talent they need for their businesses to keep growing.  The market is a ‘matching mechanism’ between MBA individuals with certain traits and skills and employers that need them.

After a one to two-year transformative MBA experience, not using the market mechanism to find the very best opportunity would be a great shame, especially as you may never get the chance again.  Tapping into the huge, liquid job market to secure a role that you find truly fulfilling and exciting is a very important step.  Of course, it could be that your last employer can offer that, and if so, returning to your old firm is an obvious choice.

Our own experience shows that most MBA graduates move to pastures new.   Based on the experiences of 375 Sainsbury Management Fellows, who have all received a generous scholarship to help finance their MBA, the vast majority of them have chosen very different career paths after they graduated – most have pivoted into different types of job roles, industry sectors and even entrepreneurship.

Returning to a former employer post-MBA is certainly an option if the organisation can offer a position that makes the most of the graduate’s new skills and experience and something worth examining closely before you embark on your MBA.  Alternatively, and this is happening on a large scale, freshly qualified MBA graduates from the top schools use their newly acquired skills to widen their horizons by choosing challenging new careers where they can make a difference within their organisations and in wider society.

About the author: SMF David Falzani MBE is President of Engineers in Business Fellowship and a Professor of Practice in Sustainable Wealth Creation at Nottingham University.

case studies

How Being Open-minded and Taking a Leap of Faith Helped Engineer Kofoworola Agbaje Become a Successful Venture Capitalist


 

A broken Walkman and advice from a younger brother may seem unusual career influencers but they both combined to set Engineer, Kofoworola Agbaje on an inspirational career path via seven years in banking to her current role as an Investment Associate at Quona Capital which, so far, has seen her successfully close venture investment deals in six countries. Quite a feat for someone who has, in her own words, experienced ‘imposter syndrome’ at points in her life.  A key turning point came in 2017 when Kofoworola was awarded a Sainsbury Management Fellows scholarship for her MBA study at Wharton Business School where she would build her business skills further.  Kofoworola’s story told by her, highlights the importance of not being afraid to step out of your comfort zone and, above all, being open to advice and guidance from others.

Choosing Engineering
Becoming an engineer wasn’t my first career plan. I had a hankering to be a doctor, but unfortunately for me, I hated the sight of blood, and it transpired that biology wasn’t my strongest subject. Clear signs that a career in medicine would not be my path.

However, I excelled at maths – I absolutely loved maths and at school I would jump at the chance to help younger students, even today it’s still one of my passions. I find maths comforting which is just as well as I do a lot of analysis in my current role. Clearly, maths was going to play a big role in my career, but as much as I loved working with numbers, for me studying maths at university would be too narrowly focused. I felt it could limit my career options.

I started to think about career options. I had always enjoyed tinkering with tech and one incident prompted my brother to suggest that I study engineering. I had accidentally broken the Walkman that my dad had bought me, so purely on instinct, I took it apart and repaired it. Seeing this, my brother jokingly said, “you should study electrical engineering”. That banter turned into serious discussion and then research into the subject. I applied and to my delight was accepted into Imperial College London. So, my route into engineering was partly due to playing to my strengths in maths and partly from listening to a shrewd piece of brotherly advice.

When I arrived at Imperial College London for my interview, I remember feeling lost. I’d been to school in rural Sussex so wondered how I would survive in central London and what the course was going to be like. Unlike a lot of universities, the term started later in the year which, thankfully, gave me time to build my confidence. I used that summer to get comfortable with the idea of being at university.

The best part about the university experience was the diversity of students. There weren’t a lot of females in my classes, but there were far more than in my A level classes, and more importantly, there were females from many countries and lots of students with different backgrounds and stories and studying with such a diverse group broadened my view of the world. It was also my first experience of expressing my African side in the UK which I was able to do through the university’s Afro Caribbean Club. There are many such clubs at universities that give you the opportunity to mix broadly with students academically and with specific communities. This was incredibly good for me.

Above all, my time at Imperial gave me so much confidence. I did well to get there, but I struggled with imposter syndrome. I remember thinking “why am I here?” and that feeling lingered for the first two years of my four-year course, yet I graduated with a first-class degree. Being at such a prestigious university and still being able to succeed despite my concerns boosted my confidence and it was an important part of my growth at that time.

During my first year at Imperial, I was convinced that after graduation, I would get a job with an engineering firm like Land Rover. In my second year, firms came to the campus to recruit – there were so many tempting opportunities that it was hard to decide. There was a period of confusion trying to figure out what my post-graduation career would look like. Everything fell into place in my third year – I gained an internship with the Royal Bank of Scotland (RBS), and I went on to join its graduate trainee programme after I graduated.

RBS Internship Helped Me Choose my First Career
Whilst on the initial RBS internship, I met a lot of people with totally different backgrounds and seeing all those people working in finance, helped me realise that I could do almost anything post-degree. You can feel a little overwhelmed with all the opportunities presented by recruiting firms and an internship helps you focus on what you want to do.

During my two-month internship, I worked in different teams depending on who needed support. My boss at the time, Stuart Gurr, was incredibly helpful and was one of the reasons why I took the graduate role. He was always busy as he ran a department of over 100 people, but whenever we had our catch up, he always took time to talk and that impressed me. He said that to build a career in banking, you must do multiple roles and advised me that whether I loved or hated a particular task, banking would provide a solid foundation that would allow me to do many other things. Whether I opted for a banking or an engineering career long term, he said the experience would be invaluable and he was right.

Full Time at RBS
When I joined the RBS graduate programme, I received the obligatory six weeks’ training and then did my rotation across different teams in multiple roles. During that time, I learnt that I could do anything I was tasked with! I went from doing an electrical engineering degree at Imperial where the only coding language I knew was Pascal to learning C#. Then I became a business analyst and later moved to another team that coded only in Java. I worked at the equity desk, in finance and strategy and credit risk – I moved around a great deal and learned so much.

During my seven years at RBS, I held a variety of challenging roles that stretched me. The experience taught me that it’s important to remain open and not to put yourself into a ‘career box’. It’s easy to fall into trap of thinking that you must do the same job as your last one. The default position tends to be move from being a developer in one firm to being a developer in another, from business analyst to business analyst and so on. However, many skills that we learn as undergraduates and on-the-job are transferrable: you may be working in healthcare today, but it’s possible to take your skills into banking tomorrow. My time at RBS taught me to stop thinking about myself as someone who could only do one job.

Five years into my time at RBS I began seriously thinking about doing an MBA. The MBA had always been in my mind, and I had attended an MBA information session in London while I was studying at Imperial. Even though it was early days, and I was advised that applicants need work experience before doing an MBA, I registered on the GMAT website so that I could receive the MBA articles and build up a knowledge bank for the future.

Which Business School – Wharton or MIT?
The desire to do the MBA was spurred by my increasing interest in working “front-office”, as it’s called in banking. When you work in tech in a non-tech organisation you are often seen as back-office professionals, people who help the business to function rather than driving growth and profit. I was keen to move into the business side of things and succeed but my resume was very tech. That’s what I mean by putting ourselves in boxes. I asked myself, how can I move out of the tech space where everyone thinks that is all I can do? Doing an MBA was the answer.

Choosing the business school was not straightforward. I ended up in a school where I was so adamant that I would not go! I knew for certain that I would study in the USA because I wanted a completely new experience.

After initial research, I attended information sessions for Harvard, MIT and Wharton. I was confident about wanting to apply to MIT and Harvard, but I didn’t feel any affinity with Wharton. However, when I delved into Wharton’s website, I quickly realised that my experience in financial analytics was a perfect match for the school. I was also a good fit for MIT, so I applied to both schools and received offers from them.

Then I attended the welcome weekend for both schools and again I came away with the feeling that Wharton was not for me, but I felt at home with MIT. The attendees at the MIT event included a lot of people with similar backgrounds to mine: engineers, rocket scientists and the like. Wharton’s event was attended by people who were a world apart from me at that time, for example, from private equity backgrounds. My first thought was, “this is not my tribe, and I don’t know how to interact with them.” I was uncomfortable and I was so sure that I wouldn’t choose Wharton that I didn’t go to view the accommodation options!

As always, I discuss big decisions with my family and my brothers had an influence on my final decision. Talking to them about how well I fitted in with the MIT group compared to the Wharton group, they made me realise that I was putting myself in a box. One said, “The fact that you felt uncomfortable with the group at Wharton is the exact reason why you should choose that school. You’re not going to business school to get comfortable; you’re going to get out of your comfort zone!” It made sense. I was going to America because I wanted to experience something new and challenging, what could be more challenging than joining students with totally different backgrounds to me? So, I chose Wharton, and it is the best decision I have ever made.

Scholarship Awardees Helped Me Secure MBA Funding
Neither of my business school offers came with financial support, which is not unusual. The MBA is a significant cost and even with family support, I needed additional funding. The work to raise the funds started with a list of sources of possible help. I researched many websites, anything that was related to masters, MBAs, engineering, and diversity support, be that gender or ethnicity. It was during this research that I found the LinkedIn profiles of SMFs. First, SMF Busola Banjo, who had been awarded a Sainsbury Management Fellows (SMF) scholarship to study at INSEAD. I checked out the SMF scholarship and it looked like a great opportunity. I messaged Busola to ask for her help and she willingly agreed to share her scholarship application experience.

Thankfully, the SMF scholarship applications were still open for the year I wanted to start business school and I was selected for an interview. I contacted another SMF, Animish Sivaramakrishnan, who had just been awarded a scholarship to ask questions that helped me prepare for my interview, The information and advice shared by both Busola and Animish were enormously helpful, and I am so grateful to them both.

I must confess that despite all this preparation, I was very nervous on the interview day and my imposter syndrome tendency crept in, but I needn’t have worried. I was interviewed by a fantastic panel, and it was reassuring to see the diversity on the panel: someone older, someone younger, someone who had done his MBA fairly recently, and a hugely impressive lady called Naomi Climer CBE. I was so impressed I emailed her after my interview. I heard quickly after my interview that I was being awarded the SMF scholarship; I was delighted. Not only would I have financial support for my MBA, but I would become part of the SMF network.

Key Lessons from My Business School Experience
So, I headed off for my MBA adventure and what an adventure it was. Again, I learned the value of not putting myself in a box and being open to fresh ideas. I tell anyone who wants to know about MBAs, that you can literally craft the experience to suit yourself. People who knew me before the MBA tell me that I came out of my shell because of my MBA. I met so many people that were not like me and that forced me to change my worldview. It was challenging at the beginning, but it helped me flourish.

I learnt many important lessons at business school. Probably the most important is to embrace people and their ideas and don’t be afraid of failure. I work in venture capital now and the idea of working in this sector came from a classmate who had worked in private equity. I was deeply sceptical at the time because I had no experience in buying companies but listened to his rationale for saying that my tech background and experience would be ideal for venture capitalism. Despite my protestations about lack of experience, he kept insisting that I would be a good venture capitalist. So, I started taking courses in the subject; I did eight in total and spent four months in San Francisco during my MBA, to get to know the venture world first-hand.

It’s amazing how those experiences have helped the career path I’m on now. The idea of becoming a venture capitalist seemed random back then, but my classmate was right. I am so grateful that I was willing to step outside my comfort zone: that’s why I picked Wharton Business School and even though venture capitalism seemed strange electives at the time, I still checked them out. I’m grateful for being open-minded and for being surrounded by people who were so different from me.

When I tell people the story of my MBA journey and post-MBA career, they think it makes sense, but it didn’t always make sense to me back then, because my journey wasn’t straightforward. Even with the MBA from Wharton, transitioning into venture capitalism took tenacity. I must have sent hundreds of emails with a response rate of around 0.1%, but I made it!

Taking to VC like a Duck to Water
Now, I’m an Investment Associate at Quona Capital, a VC firm that invests in financial services technology in different markets – it’s such an exciting business. Since I have been with the company, we have invested in businesses in Nigeria, Kenya, Turkey, UK, Egypt, and South Africa. I’ve worked with all our portfolio in these countries supporting our investments (though of course much has been done remotely during the COVID pandemic). I love my job, especially working with seriously smart people who are experts in their field and who are so passionate about their ventures!

My job entails analysing markets and specific sectors, as well as deal sourcing. Once we have the data on a sector, I research companies and propose them to my team. If we decide to invest, I build a model on that investment so that we have clarity about its likely progression and return on investment. When we commit, we support the lifecycle of our investment, which covers everything from supporting the CEO with hiring and financing to product and company expansion. Essentially, anything that helps companies achieve their goals.

Engineering and Business Skills Working in Harmony
My path into venture capitalism has been atypical and I draw on my engineering background and skills all the time at Quona. Analytics is the bedrock of an engineering career. You learn how to analyse situations, models, numbers – the skills you learn from that, regardless of what engineering you’ve studied, are transferrable. My manager says that when they were recruiting for my role, they saw my engineering background as a real asset. I might not have done consulting or investment banking but put me in front of any Excel spreadsheet and give me time with it, and I will tell you what is going on with the data! Most people I know who studied engineering have strong analytical abilities. It’s important to remember that there are so many things that you can do with those skills.

If you’re a young engineer looking to make a paradigm shift in your career, I would suggest that you take stock of what you’ve been doing and what you’ve learnt in your current role. Then think about what you can apply your skills to. Think laterally, you might be a lawyer – companies need lawyers in high-tech too, you don’t always have to work for a legal firm. You might be a coder; you can work in healthcare just as much as you can work in cleantech.

So many industries have tech underlying them. There are so many roles within different sectors where you might not have been able to work in five or ten years ago, but today you can because of the pace of innovation. Explore sectors you might not have considered before, and don’t take the easy route! Then figure out how to get there – do you need another degree, extra work experience, or a new classification? Whatever it takes to get where you want to be, do it!

I’ve come a long way in my business life, and I have left the imposter syndrome tendency behind me. I think I’ve shown what is possible with a combined engineering and MBA education and by embracing other people’s observations and advice, not least my wonderful brother, who reminds me far too often about his hand in my career! I’m delighted that he is also thinking about doing  an MBA and now it’s me who is trying to convince him to go to Wharton – remember, if you can dream it, you can do it!

The SMF MBA Scholarship
If you are a professional engineer considering an MBA as a stepping-stone towards a business leadership career, visit our MBA scholarship application page, you could be awarded a £50,000 scholarship.

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How to Fund My MBA?

MBA Scholarship photo

The decision to embark on an MBA is one of the most important of your career. The experience will sharpen your business skills and will open the door to new and exciting career opportunities in the future, but at what cost?

An MBA is a big investment, with tuition fees varying considerably (depending on the business school’s pedigrees) from £7,500 at the University of Wales Trinity St David to £87,900 at London Business School.  Of course, there are also living expenses to consider as well.

With these costs in mind, most people looking to study for an MBA will be faced with two crucial questions:  ‘How do I fund it?’ and ‘am I willing to take on the risk of doing an MBA given the financial commitments?’

The funding dilemma
This is one of the most important parts of the whole MBA process. The consideration of these questions and then coming up with the answer, ‘Yes, I can find a way’, and ‘Yes I am willing to take the risk’, is all part of the self-development process of getting into a business school and having a successful outcome.

There are risks involved but finding a way around these challenges is an excellent introduction to what you will be doing for the next 20 to 30 years of your career.  People who take on personal debt to do the MBA are indeed taking a big risk.  For example, one never knows what the economic climate and job market will be like at the end of their MBA – COVID being a prime example of how things can change dramatically.  Yet the ability to take on and manage big risks is one of the attributes that top business schools, future employers and indeed Engineers in Business Fellowship, is looking for in candidates.

To cover the cost of an MBA – particularly in the absence of full-time employment, savings or help from family members – it is critical that prospective students thoroughly research the potential sources of funding available.

Research what help is available
The key to resolving the question, ‘can I fund an MBA?’, relies on extensive research.  There are many different options and opportunities, so it is essential to find out which is best for you.  Unearthing this information involves intensive desk research, not a one-hour Google search.  The process could take as much as eight hours of exploration over several days, weeks or even months. 

What can you offer?
Competition is stiff for MBA scholarships so you will need to demonstrate in your application that you have the skills and experience needed to succeed on a demanding MBA programme, that you have clear goals post-graduation and how you intend to contribute to society. 

As part of your research and planning, you should go through a period of introspection and ask yourself the questions that a grant-giving or financial institution will want to know.  The typical questions you could ask yourself are ‘who am I?’ and ‘what do I have to offer?’, ‘What makes me special?’, ‘What traits, attributes and experiences do I have that make me different or stand out?’,  ‘What have I done in the past that makes me special?’,   ‘What will I do in the future that will make a difference in society?’.  In essence, what will impress and convince a grant or loan giving body that you are worthy of the investment?

Some of the main characteristics that universities and funding bodies will be looking out for when assessing scholarship applicants include leadership potential, evidence of entrepreneurship/intrapreneurship, track record of innovation and a proven commitment to a particular sector.

Once you have an idea of what differentiates you from others, you can start thinking about who can help you achieve your potential.  There are many grant-giving bodies, so it is essential to research them all and understand their perspectives.  However, there is no point tracking down these funds unless you can answer the questions about why they should award you a grant (or a loan from a financial institution).  You must match what they are looking for with what makes you stand out.

Choose the right funding or mix of funding
The funding options have different terms, conditions and requirements and they can be quite complex.  Below are a few categories of funding sources; for more information, these articles are a good starting point – Findamasters and Figmat.

Part-time study while working
Part-time study is a relatively common option for MBA degrees.  Many programmes are intended to be completed by practising management professionals and some courses set tasks for students to apply within their workplace.  A part-time MBA could therefore be a great way to study while continuing to earn a salary. The UK Government’s postgraduate loans are available for part-time masters.  The amount you borrow will be divided evenly across the duration of your MBA programme.

Banks
Before the 2008 financial crisis, several banks in Europe and the US offered loans tailored to MBA students.  Following the withdrawal of many banks from the MBA lending market, choice has been limited, particularly for international students.  In the UK, there are few tailored MBA study loans offered by high street banks, leaving higher interest personal loans as the predominant option for bank borrowing (see Figmat).

Employer sponsorship
An MBA could represent an attractive investment for your employer. After all, these programmes are aimed at enhancing the skills of experienced business professionals and developing advanced leadership skills that could prove invaluable in a current employer.  You will need to persuade your employer that sponsoring your MBA would be worthwhile for the company as well as your continuing professional development. Some employers may contribute towards the cost of an MBA, providing that you are willing to commit to returning after graduation. 

Scholarships and bursaries
There are many different scholarships and bursaries aimed at helping talented prospective MBA students get their dream qualifications.  Most universities and business schools run funding schemes to attract the brightest and best applicants from all backgrounds.  According to the Financial Times, 54% of students who graduated from a ranked USA MBA programme in 2010 received some form of financial assistance from their school or an external source.  Among their peers who studied in Europe, 31% received such assistance.

Scholarships are also offered by various organisations and institutions from across the world. For example, Chevening scholarships are offered by the UK Government to help talented international postgraduates study in the UK and our own Sainsbury Management Fellows £50,000 scholarships are available for engineering graduates from the UK, EU, and EEA to study an MBA at 14 of the top international business schools.

It is worth noting that institutions that offer money only have a limited pot each year.  Some of these schemes waive a portion of the fees, while others are cash positive, helping with living expenses as well.  Some schools have specific grants for certain demographics, for example, widening participation schemes.   You will need to know which demographic you fit into, whether you are part of a minority that can gain additional support. So, you need to look at both the macro and micro levels when researching. Remember that it is possible to apply for multiple grants from different institutions.  Some grant authorities may well be inclined to support an applicant because having one grant already shows that their decision to support a candidate is a good one because another body is already investing in that person.

Thankfully, there are many grants, loan schemes, fee waivers and other forms of assistance to help people to fund their MBA. The most important thing is to find what is right for you.  Once you have done your research, look at the big picture, consider how you fit into the offerings by defining your special qualities and then leverage that to come up with what works best for you. Most of all, invest as much time as you possibly can to track down the many sources of funding.  The time may pay off in the end and help you to achieve your ultimate goal.

About the author: SMF David Falzani MBE is President of Engineers in Business Fellowship and a Professor of Practice in Sustainable Wealth Creation at Nottingham University.

 

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Coping through COVID: Less Obvious Strategies for Growth Businesses to Survive the Pandemic – SMF Chirag Shah, Executive Chairman, Simfoni

To say the COVID-19 pandemic has been a test for businesses would be an understatement. Throughout the course of the past 12 months, businesses have been forced to make serious adjustments to their day-to-day operations.  Digital-savvy companies might have found this easier than most, but even those at the cutting edge will have found themselves scrambling to re-assess their expectations just to stay in business. There will no doubt be start-ups out there that have actually benefited from the crisis, but for every success story there will be countless start-ups and young businesses still struggling to adapt to the so-called ‘new normal’ in which we find ourselves.

However, despite all of the uncertainty, there are several things that young, innovative businesses can do to increase their resilience and weather the COVID storm.  Some of these ‘coping’ strategies are fairly obvious, such as securing financial support packages such as bounce back loans, future funds and innovation grants. Staffing policies such as hiring freezes and the furloughing of surplus staff will also have been a necessary measure taken by many businesses. Some may have even introduced pay cuts which, so long as they’re top-down and impact managers as much as – if not more than – those lower down the ranks, is a sensible but hopefully temporary move. The last tool in the arsenal of most young businesses will be the slashing of overheads to reduce costs – the elephant in the room during the pandemic being unused office space which can save significantly in rental fees.

Less obvious strategies for ensuring growth
The above techniques are  a good start, but what about less obvious strategies for navigating through the pandemic?  Faced with a downturn in business, the above ideas may not be sufficient to ensure business survival. And many business leaders won’t just be looking to survive but continue their growth throughout the crisis.  Forward looking business leaders should be looking at adopting a combination of light-handed and more aggressive tactics, in the right place and at the right time, to ensure their survival. These tactics fall into two categories – cost and revenue – which we look at in more detail below.

Tactics to ensure revenue growth
Revenue is like oxygen for businesses. Go too long without it, and your business will become weak and eventually fade away. Your first move as a business owner during a time of crisis should therefore be securing revenue and cashflow.  Start by removing all friction, making it easier for your customers and clients to engage with you however they wish.  For example, remove upfront fees or setup fees where possible to simplify customer acquisition, and curtail long-term commitments that might delay sign-off. Remember that your customers are most likely in the same boat you are and looking to make cost reductions, so treat them with care and double down on customer service offering whatever help you can to make their lives easier and make your services indispensable.  Finally, while trying to get money into the business might be your number one objective, the best way of achieving this might be to offer some flexibility to your customers – far better to wait for a late payment than lose the business altogether.

There are things outside of the day to day that could help businesses maintain or build revenue too. Consider diversifying your business and embracing new channels for marketing and distribution. Offer a unique service that responds directly to the events of the pandemic, such as additional customer support. Your messaging should also adapt to fit this new narrative, reminding customers and prospects that you’re very much open for business and willing to help and flex to help keep them on track too.

Tactics to effectively reduce costs
Top line revenue isn’t the only factor when it comes to business sustainability.  Businesses that don’t keep a close eye on their expenses and take advantage of every possible reduction are both increasing their viability risk as well as limiting their potential to re-invest in growth. Your first course of action should be to start the clock on all notice periods for any suppliers or facilities irrespective of whether you know you’re going to need the service or not during the pandemic period. These contracts can have 3-6 months’ notice periods, so starting the clock should be number one on your list of priorities.   Of course, if things shift positively and you want to re-engage these firms, it only takes a minute to reverse the decision.

For any suppliers or facilities that you know you’re going to need, take the opportunity to renegotiate terms, particularly if the contract period is nearly up.  Remember, commercial landlords and countless suppliers are going to be worried about their revenue too and will want to gain some security about your future business.  For instance, if you know you’re going to be using a particular service in the long term, offer a contract extension in lieu of a reduction in current pricing. Far better for a service provider to keep you at a reduced rate than to try and attract a new customer in the current economic environment.

Staffing is another area where cost reductions can be made. It’s never easy, but with the changing work environment and rapid fluctuations in customer demand for services, you may find that you have to let some non-core staff go. The job market has also been flooded with candidates, particularly those with digital skills so if you are hiring staffyou may be able to enlist the help of interns and remote workers at a reduced rate.

Risk management
As well as controlling revenue and costs, now is a very pertinent time for businesses to review their risk management strategy. With the working landscaping changing so rapidly, businesses are vulnerable to all manner of threats, from cyberattacks and supply-chain disruption, to force majeure clauses or flaky contracts that could leave your business exposed.  Carry out thorough risk assessments and learn your business’ vulnerabilities inside out so you can start building toward a stronger, more resilient future.

With vaccines now being rolled out at a rapid rate, the COVID-19 pandemic will hopefully soon be behind us.  By taking some of the steps outlined above, businesses can not only ensure their survival throughout the crisis but build for a more profitable future.  One thing’s for sure, businesses that make it through the pandemic will be stronger and wiser as a result – make sure you’re one of them.

Chirag is the Founder and Chairman of Simfoni a leader in spend management. The global company has offices in USA, Europe, Australia and Middle East. Its AI-powered intelligence solution and on-demand platform empowers procurement and finance teams to achieve rapid savings and support supply-chain sustainability with automated procurement.

Press Releases

Engineers in Business Prize for Imperial College London’s Pioneering Women

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Engineers in Business Fellowship recently became a proud supporter of We Innovate, a women’s entrepreneurship programme run by Imperial Enterprise Lab which inspires and accelerates the progress of women entrepreneurs.  At the final held during Enterprise Month 2019, five finalists battled it out to win a share of a £30,000 prize pot, sponsored by BP.

For the first time, the Imperial Enterprise Lab incorporated an Engineers in Business Prize of £3,000 into We Innovate, enabling it to make additional awards.  Two prizes, funded by Engineers in Business Fellowship, were awarded to outstanding engineering projects from the WE Innovate cohort.

Sophie Paisley-Marshall (PhD Student Sustainable Civil Engineering) of Orbit Materials received £1,500 prize for the development of carbon-negative construction materials from waste residues. Orbit Materials promotes a circular economy through the development of a treatment which successfully improves the quality of a waste product so that it can be repurposed within construction applications.  Sophie said, “Our technology reduces the strain on virgin raw materials whilst capturing carbon, thus making our residues carbon negative.”

The second £1,500 prize was awarded to semi-finalist Lauren Dowling (Undergraduate Design Engineering) of Rock N Roll which is developing a collapsible log-fence to prevent rotational falls in equestrian cross-country competitions.

Professor Maggie Dallman, Vice President (International) and Associate Provost (Academic Partnerships), said: “The lack of gender equality in the startup world is well documented. In the UK, only 1% of venture capital invested goes to all women-founded teams, with 89% going to teams founded entirely by men. Clearly, we still have a big problem.

“Since 2014, WE Innovate has supported more than 250 women, equipping them with the skills and confidence they need to develop into successful entrepreneurs. It is wonderful to see this community of female student entrepreneurs grow and the fantastically diverse nature of their inventions.”

SMF James Diaz-Sokoloff, Portfolio Advisor (Intern) at BP who is pictured with Sophie and Lauren said: “It’s exciting to see the dynamism and creativity of the We Innovate competitors and it was a privilege to be at the final.  We are delighted to be part of We Innovate which is doing such an important job in encouraging women’s role in innovation.”

You can learn more about the Engineers in Business prize fund for university enterprise competitions here.

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£70,000 Awarded to Universities for Enterprise Competitions  

Engineers in Business Fellowship (EIBF) inspires engineering students, graduates and postgraduates to engage with their entrepreneurial instincts.

EIBF works with universities that run enterprise competitions, providing them with a £3,000 prize fund so that they can encourage more engineers to participate in their business competitions and to reward those who develop the most imaginative and viable solutions to real problems.

The EIB prize fund was successfully piloted at the University of Nottingham and then rolled out to the University of Bristol, Kingston University and City, University of London with great success.  These early successes led to Lord Sainsbury’s charitable trust, The Gatsby Foundation, granting Engineers in Business Fellowship £700,000 to fund more HEI/FEI  competitions over a three-year period.

The expanded prize fund got off to a flying start with 23 universities awarded a £3,000 prize fund – more than £70,000 awarded and there is more to come.

“The expansion from four to 23 universities integrating EIB prizes within their enterprise competitions shows the appetite for the fund and its value to the universities.  In 2019, we want to award a further 25 universities and FE colleges a share of  £75,000,” said EIBF President, David Falzani MBE.

Paula Gouldthorpe, Entrepreneurship Manager at the University of Hull which recently received a prize fund said: “Our Global Challenge is a module dedicated to all our 2nd year engineering students. This year, 300 students, creating 50 interdisciplinary groups of engineers, will solve current real-world problems.  The Engineers in Business competition prize crucially helps highlight the importance of enterprise, entrepreneurial thinking and business acumen of our future engineers – encouraging them to look beyond their technical capabilities.  The prize fund provides students with the additional inspiration; for the University it builds upon the careers and entrepreneurship links with our Science and Engineering Faculty and I am hopeful too of some fresh, innovative solutions for social, economic and environmental change.”

Kate Beresford, Head of Membership and Operation, Enterprise Educators UK commented on the EIBF funding: “Our member universities find enterprise competitions to be a really effective way to inspire students, graduate and postgraduates to consider enterprise and entrepreneurship. But funding can be a massive challenge, so we welcome the Engineers in Business Prize Fund and look forward to seeing a wealth of innovative engineering solutions come forward.”

A TASTE OF ENGINEERING INNOVATION 

The Engineers in Business Prize Fund has already generated fascinating ideas from teams that comprise engineering students, graduates and postgraduates and here are just two:

Lancaster University – The ‘Quench Spike Free Cup’: The top team in Lancaster University’s competition created the ‘Quench Spike Free Cup’ which is designed to alert the owner if their drink has been spiked or tampered with. The plastic cup uses coloured detection strips within plastic cups to warn of this. As first prize winner the team received £1,750 and a business mentor from the Sainsbury Management Fellowship to support them as they move forward to develop the product and test prototypes.   

The remainder of Lancaster University’s £3,000 prize fund went to 2nd prize winner Buddyup; a sports app that would allow users to find sports companions at similar levels of skills and 3rd prize winner Tech Test, a  service where users can test new technology over short trial periods before committing to buy their own devices.

City, University of London: E-Mobility Bike: First prize went to a hybrid sharing bicycle system, called E-Mobility Bike, a lightweight half manual and half electric bicycle designed to make city travel easier, healthier and more accessible. Unicorn Electrics, the team behind it, has already secured pilot locations to trial the system and have used the EIB cash prize to perfect their product.

The incentive of the EIB prize fund has enabled City, University of London to increase the level of participation by engineers in its competition by 114%.

Alex Elkins, Head of Entrepreneurship at the university said: “The launch of our EIB competition resulted in an impressive jump in the quality and number of business ideas entered by our engineering students. The EIB support has been instrumental in launching this dedicated award within our broader innovation competition. We are very happy to have had the opportunity to establish this partnership!”

For details on how to apply for an Engineers in Business Prize Fund visit our competitions page or contact us at EngineersinBusiness@smf.org.uk.