This FAQ
(Frequently Asked Questions) gives answers to the queries that are most commonly raised in
relation to the MBA in Financial Services and Insurance (MBA-FSI). Although it inevitably
duplicates some information, it should be read in conjunction with the other MBA-FSI web
pages and the programme brochure.
What makes this programme
unique?
General management knowledge and skills are combined with in-depth insights into the
business economics of the financial services sector. In order to achieve this goal, each
module is structured on the basis of two perspectives. First, the academic perspective
offers participants the necessary frameworks and tools to tackle the challenges of a
modern organisation. In each module participants acquire a firm understanding of relevant
management skills in different domains, including: strategic management, marketing, human
resources and organisational behaviour, accounting and finance, operations and technology,
corporate governance, leadership, and other issues.
Second, the programme provides
participants with insights into the latest developments in the financial services
industry. Giving participants an integrated view of the three sub-sectors of the financial
services industry is our prior concern. At this moment, no other existing programme at an
executive MBA level can claim to address as well the banking, the insurance as the
investment sector from a holistic and international perspective. There is a very good
reason for organising the courses in six different countries. In each of the residential
modules, we want to provide participants with deep insights into the local financial
services industry. We do this by means of local guest speakers and carefully organised
company visits. The international context of the programme (both with respect to
participants, course locations and faculty) and the fact that top-quality speakers, both
academic and business-oriented, contribute to the programme are one of the main strengths
of the MBA-FSI.
What are typical participants like?
Intake profiles for the MBA-FSI programme consist of experienced functional managers,
experienced managers at a director level, and senior consultants. Both the functional
managers as well as the general managers fit the mission very well. Eight to ten years of
(international) work experience is highly recommended and managerial experience is also
highly recommended. MBA-FSI participants typically have made two, three, or more career
steps, and have had substantial experience in leading people and implementing substantial
management projects. Participants are sufficiently mature to make effective use of the
knowledge gained, and have demonstrated potential for greater advancement.
One of our main ambitions is to optimise the spread of participants, both with regard to
functional background as with regard to geography. For the past four editions, we had
mainly European participants. We have set as goal to attract participants from other
continents as well because we strongly believe that this will be beneficial to the
programme. The average age of the participants is between 37 and 38.
The admission procedure for the
MBA-FSI
Candidates have to meet the
admission criteria:
• Academic educational background (university degree);
• 8-10 years of work experience;
• Minimum age (for exceptional cases) 28 years old;
• Relevant management experience;
• Mature personality;
• Identified as a “high-potential” within the firm.
The MBA-FSI uses a rolling
admissions process in which applications are evaluated in the order they are completed. It
is your advantage to submit your application form as early as possible before the
application deadline.
In general, the selection
procedure consists of the following steps:
- Applicants submit a completed application form and include a curriculum vitae and a
letter of recommendation from their company; the application form can be found on
the final page of the marketing brochure or you can apply online.
- We schedule a telephone or
personal interview with the applicant. In the interview, personality, managerial
experience, English language skills, interpersonal skills, and motivation are evaluated;
- Applicants are selected with
consideration of the geographical and professional spread criteria as mentioned earlier.
Pre-selections are made by the individual organising partners. Final judgement regarding
acceptance, inclusion in a waiting list or rejection is done jointly by the MBA-FSI
programme committee;
- Applicants are informed of
the decision regarding their application;
- If selected, the Applicants,
now Candidates, fill in a questionnaire where they briefly indicate their depth of
knowledge regarding several functional domains (strategy, marketing, operations
management, financial and risk management, etc.). This allows us to better prepare the
preparatory readings for the start of the programme.
However, some of the above criteria may compensate for each other. For example, someone
who does not have a real academic background but who does have a strong management
position with several years of relevant work experience, may still be accepted. The same
is true for age: someone who is 28 but who is already on the management team of a large
company, may be accepted. In this context, each applicant is carefully and fully
evaluated. We will have a telephone interview with each applicant in order to gain better
insights in his/her motivation, career objectives, personality, etc. This is in the best
interest of the candidate and the programme.
We plan a telephone interview with the applicant in order to gain better insights in
his/her motivation, career objectives, personality, etc. Having discussed the application
with the MBA-FSI Programme Committee, we inform the applicant whether he/she is selected,
rejected or put on a waiting list. An applicant put on a waiting list can eventually being
selected during a next selection round.
Is there an application deadline?
The application deadline for
the next edition of the programme is the end of September 2008. We operate a rolling
admissions system. We advise applicants to apply well in advance, as applications are
considered on a continuous basis. The MBA-FSI class will be small in order to guarantee
close contact between students and faculty. We aim for a class of 30 students.
Can I get financial aid to
help pay for my MBA?
There are no scholarships offered for the MBA-FSI.
How
many contact hours will I have a week?
The programme is taught over
six residential modules of two weeks each. In each module, the courses start at 08h30 and
end at 18h00. For most evenings, there are group work sessions planned (19h30-21h00)
during which participants have to work together on cases or business simulations. Each
module starts on a Sunday in the early evening (we meet at 18h00), and each module ends on
a Friday at 16h00, which allows participants to fly back home the same Friday.
What do people say about this
programme?
" (...) After more than 15 years of professional experience in the various
departments of an insurance company and in consideration of my growing awareness of the
interwovenness of banking and insurance, I felt the need to re-source myself. The
programme was interesting because of the academic underpinnings and the integrated
approach of the financial services industry. I gathered a better insight into the synergy
of the various activities. Due to the multidisciplinary and international dimension with
input of best practices by leading guest speakers from the financial world, the
theoretical models and concepts are underpinned by tangible substance (...)".
(Dirk Billemon, Belgium, CEO
Fortis Luxembourg, participant edition 1)
" (…) The MBA FSI was
indeed a great and challenging experience. The programme both deepens and broadens one's
insights in the financial services industry. One of the most attractive features of the
programme is the combination of focus ànd diversity. Focus on the industry you are
working in but at the same time a high variety in themes, academics, business
professionals, cultures and countries. For me, working with an international group of
people on 'real life', actual business issues within an programme that meets high
standards, was very inspiring. Hard work but lots of fun as well. I have never regretted
it for one second. Without any doubt, it facilitated my next professional step into
general management (...)".
(Mary Groenewoud, the
Netherlands, CFO Achmea Division Direct Distribution, participant edition 1)
" (...) From my personal
perspective the MBA-FSI program has proofed to be an ideal supplementary post-graduate
education to my German law degree. Having been in the insurance industry for more than ten
years, predominantly in the field of business line operations, it was a great opportunity
and challenge to participating in the first edition of the MBA-FSI program. The emphasis
on strategic subjects of the financial services sector, the mix of theory, business
simulations, and and real life cases presented by business professionals, as well as the
focus on social aspects, like team-building, was inspiring and had a strong and positive
impact on my way of doing business. Although, it was not easy to participate in such a
program in parallel to an existing job engagement, the benefits gained under professional
and career-path aspects are outweighing (...)".
(Christian Fuhrmann, Germany,
Munich Re, Member of the Executive Management, participant edition 1)
" (...) The MBA-FSI has
definitely influenced my personal views on the financial services industry. The workshops,
business games, discussions with peers, assignments with other students from many
different sectors within the financial industry have given me a deeper and more
comprehensive insight on the whole business, on what are their daily challenges and how
they deal with the quickly changing requirements of clients and the market. Specific take
home assignments between the modules have given me the opportunity and drive to take a
closer look at some of our internal projects, to discuss them with colleagues, to
scrutinise them and to take influence on future decisions and goals (...)".
(Robert Gremli, Switzerland,
Zurich Financial Services, Head of International Program Business, participant edition
2)
“ (…) This programme is a perfect career accelerator and an excellent
preparation for meeting future demands, competencies and skills for me as a manager in a
senior management position (…)”.
(Dirk Tangemann, the Netherlands, ABN AMRO Bank, Executive Director, participant
edition 2)
“ (…) The MBA-FSI is an optimal opportunity to gain deep insights in the field
of banking, investment and insurance. The programme is unique and gives an important
contribution to the development of the world finance and insurance industry. The
contributions during courses are very helpful and can be easily transmitted to the own
working environment (…)”
(Rolf Brunner, Switzerland, Credit Suisse Corporate and Retail Banking, Head Market Region
Thurgau/Schaffhausen, participant edition 2)
“ (…) Being in the right place at the right time remains an important
prerequisite for a career. However, a professional training programme such as the MBA-FSI,
which is up to date on developments in today’s banking and (re-)insurance industry,
provides to be an additional key to success (…)”.
(Sylva Fisnar, Switzerland, Swiss Re, Divisional Operations Officer, Member of Local Executive Team,
participant edition 2)
" (…) Having worked
for more than 10 years in various international oriented companies, there was a need to
re-source myself. I have been looking for some years to find an opportunity to combine
daily professional work with the challenge to explore new dimensions of the financial
industry and to increase my professional knowledge. This MBA-FSI is giving me the perfect
balance between daily work and the desire to have a continuous personal development. The
integration of both banking and insurances disciplines make it even more attractive since
it combines the cornerstones of the financial service industry. The opportunity to embed
the professional development of current managerial topics with a variety of business
participants in a different cultural environment provides for me an essential building
block in my leadership development. In addition, the right mix of theory with business
simulations and real life cases are an inspiring source of information which can be used
in the way of doing business (…)".
(Bart Minnaert, Belgium, ABN
AMRO Bank, Country Administrative Officer Monaco, participant edition 3)
" (…) The group I
work for used to be an insurance group and only recently entered into the banking
industry. Therefore, the combination of insurance and banking in the MBA FSI was exactly
what I was looking for. In a rapidly changing environment, I am forced to question the
ways I found solutions up to now and to incorporate the latest findings of research into
my daily work. It helps me to position myself and develop competitive strategies for my
company. The format of six two-week modules with Pre-Course and Take Home Assignments is a
perfect fit for getting valuable insights in the fascinating theory of the financial
industry and stick to your work at the same time. It is an ambitious programme, but very
much rewarding since the concentration on the important topics helps to get an overview in
a very short time. The absolute advantage is the building of a network amongst
participants from companies of both the banking and the insurance industry, some of which
are heavy competitors (…)".
(Karl-Heinz Jung, Germany,
Mondial Assistance Group, CFO, participant edition 3)
" (...) During the first
module in Belgium, we were allowed the very good experience of running a simulated
insurance company. Divided into groups of five students we were acting as the management
team of five companies, competing in an imaginative market for a period of five years.
What makes the SOFIA business game especially interesting is the amount of decisions. We
had to decide on general strategy, products, marketing, pricing, technical level, training
of personnel, level of wages, investment policy etc. With excellent feed-back on our
decisions, comparing them with the results of the other groups, we were able to learn a
lot during the various rounds of the game, both concerning the actual decisions, as well
as about ourselves working as a management team (...)".
(Ornulf Daler, Norway,
Handelshoyskolen BI Forsikringsakademiet, Course Director, participant edition 3)
" (…) When I first
heard about the MBA-FSI, I immediately realized it was exactly what I was looking for.
Given my very busy traveling schedule, the modular set up - six courses of two weeks each
- was the perfect solution for me. The holistic view on the financial services industry
provided by the programme is a valuable professional perspective for today's world. The
quality and experience of the professors combined with qualified guest speakers and
company visits make it an unique experience (…)".
(Katia Luz, Brazil, Odebrecht
Group, Director of Risk Management, participant edition 3)
" (...)
Usually an MBA is a general education. But this MBA-FSI
is, besides being general, well focussed on finance and insurance.
Exactly what I was looking for! I work for an Asset Manager that belongs
to a large financial group, so, with this education, I can optimally
profit from these subjects. I appreciate that the speakers are
well-experienced in business and that we visit companies. This makes it
very easy to link with practice. The cultural exchange between the
students and the people of the different countries which are being
visited is also an important added value".
(Markus Hermainski, Germany, Client Relationship Manager, Vontobel Asset
Management and Investment Funds, participant edition 4)
" (...)
The
MBA-FSI provides a well-balanced programme and integrates theory and
practice in a complementary way. The business games provide a good
insight in running a bank, an asset manager and an insurance company.
The interaction with other participants is one of the most
valuable assets of this program, being able to discuss
strategic issues with other
professionals helps outside-the-box thinking".
(Ronald
Koelewijn, The Netherlands, Sales and Relationship Management, BNP
Paribas, participant edition 4)
" (...) To cross the
frontiers of your knowledge, have a better understanding of your company
and the specificities of its activities and to learn more about yourself
is surely for me the way to describe what I have accomplished with this
MBA-FSI. I benefited tremendously from the interaction between the
participants coming from various enterprises in the financial
services industry and from applying the new concepts I've learned
to my own company. It is without any doubt the best formula for
executives I know, being compelled during six intensive modules of two
weeks, spread over a two year period. While being part of a small group
of executives you develop your knowledge, build a network and create
strong international relationships and friendships which could exist
forever. It was a unique opportunity, giving me a second breath in the
marathon of professional life and a life experience that I will never
forget".
(Claude Bergeron, Canada, Senior Vice
President Legal Affairs and Secretariat, Caisse de Dépôt et Placement du
Québec, participant edition 5)
" (...)
I particularly value the
international dimension of the MBA-FSI; meeting participants from all
over the world has helped me understand different working practices and
make good contacts with international colleagues in the banking and
insurance industry. Furthermore, the location of the modules in
different countries has enabled me to explore how financial institutions
throughout the world deal with matters such as risk management,
competition, finance, etc. The balance between theory and practice and
the module structure is very well designed to facilitate combining study
with one’s work. Finally, the opportunity to relax on some evenings with
international colleagues from the financial services industry and learn
more about their culture business practices and personal perspectives is
both a valuable learning experience and hugely enjoyable!".
(Mindaugas Zilinskas, Lituania,
Director of Klaipeda Branch, Sampo Bankas, participant edition 5)
" (...)
One of the major
forces of the MBA-FSI compared to general MBAs is that the program
offers an instant application of general management skills and tools
into a financial service concept. During the modules you combine the
theoretical teaching at a true international level with hands-on
experience from the leading financial service businesses in the regions
as well as your fellow students. These insights are put to the test by
realistic, high-spirited and competitive computer simulations such as
the SOFIA® business game (simulation of a non-life insurance
business). The interaction in this game of strategic development and
formulation of strategic decisions and reactions to your choices give
you a lot of inspiration for your own company and any strategic process
you may be part of".
(Mikael Hvolgaard, Denmark, Business
Partner, TrygVesta, participant edition 5)
What
do other stakeholders say about this programme?
" (...) Knowledge is the only resource
that grows when it is shared. That's why Swiss Re has been supporting the MBA-FSI program
from the very beginning. The unique program provides in-depths knowledge in areas critical
to our success as a reinsurer and fosters dialogue
among talented managers in the exiting community of global financial services. The
curriculum addresses and integrates issues of great importance to both experts and
generalists (...)".
(Dr. Fritz Gutbrodt, Head of Swiss Re's Centre
for Global Dialogue in Rueschlikon, Switzerland)
" (…) An MBA that emphasizes business
on a global scale is a must in today's dynamic and intensely competitive financial
services industry. Motivated individuals from the banking, insurance and investment
industries hoping to put their careers on the fast track will find the education and
experience they gain, and the business relationships they form, to be invaluable. As a
guest lecturer in the area of insurance, I am grateful for the opportunity to share my
experience and insights with the high-caliber students in this executive MBA-FSI program
(…)".
(Robert P. Hartwig, USA, Ph.D., Senior Vice
President & Chief Economist of the Insurance Information Institute)
" (…) A key distinctive element of
this MBA is the exclusive focus on the financial services and insurance industry. The
combination of banking and insurance challenges participants to master the full
complexities of today's major changes in financial services, e.g. the pension reform in
Europe. The geographical balance, in students as well as teaching locations and organizing
business schools, is such that the interaction and education are truly international. As a
business leader actively involved in the programme, I can take the unique opportunity to
discuss new financial services opportunities with an extraordinary group of
high-performers from all corners of the world. The programme brings cutting-edge
thought-leadership 'beyond the box' and as such makes an important contribution to an
industry that does not have a brilliant reputation for innovation (…)".
(Pedro Matthynssens, Belgium, Partner of the
Capital Markets Company)
" (...) I am honored to be a regular lecturer for this
group of high caliber executives. They asked very challenging questions,
and demonstrated great curiosity for learning, even though it was the
first time for many of them to be in China. A
programme like MBA-FSI is a great model to develop future global
leaders. The diversity of student body,
industry-focused curriculum, multi-sites for delivery
distinguish MBA-FSI from other traditional programs in
Europe. A programme like MBA-FSI provides students with a solid and
insightful knowledge base in financial and insurance industry, develops
students’ global perspective and vision,
especially enhances students’ cross-cultural competence,
which is definitely required for any successful global business leader
in the 21st century”.
(Donny Huang, China, Founder and CEO of 4Stones.net)
“There is no industry that is changing as rapidly as
Financial Services. The convergence of technology, financial markets,
and economies worldwide is having a profound effect on not only
corporate challenges but preparing leaders for the future. What most
impresses me about this program is its willingness to tie macro and
micro themes together to find learning opportunities that can leverage
knowledge and ideas in a cross-cultural context. Having seen first hand
how many of these strategies and ideas can be applied, I am honored to
be part of this dynamic and interesting network of talent and thought
leaders that makeup this program and the students they serve.”
(Arkadi Kuhlmann, USA, CEO of ING Direct US & Canada)
How can I ask for additional
information?
If you would like to have more information about the MBA-FSI or about the next edition of the
programme (2008-2010), you can always contact:
Prof. Dr. Kurt Verweire, MBA-FSI Programme Director
E-mail: kurt.verweire@vlerick.be
Tel: +32 9 210 97 94
Jonathan De Grande, MBA-FSI Coordinator
E-mail: jonathan.degrande@vlerick.be
Tel: + 32 9 210 97 44 |
