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How good are local qualifications?

26 October 2007

Western universities are teaming up with Middle Eastern institutions in a bid to attract more financial services professionals to the region.

Students from the Middle East have long used the reputation of Western universities to get ahead, but now the surge in demand and interest in financial services careers has seen a proliferation of courses closer to home.

INSEAD, the international business school, has opened a Centre for Executive Education in Abu Dhabi in an attempt to develop local and expat talent. Meanwhile, the Emirates Institute for Banking and Financial Services has bumped up its numbers, as well as opening an Abu Dhabi campus, in response to a flood of applications.

Now UK universities are getting in on the act. London Business School started a Dubai-based EMBA in September, which attracted 450 applications, of which 78 were successful. The school has teamed up with the Dubai International Financial Centre (DIFC), and 10% of its students are Emiratis.

Professor Zager Deraeve, faculty director at LBS, says: “There is an enormous demand for education in finance in particular. The Gulf is a booming area and we had a lot of interest in the programme.”

Cass Business School, part of City University in London, has also launched an EMBA in association with the DIFC this year, which has a particular focus on Islamic finance.

Will the prestige added by Western universities reflect well when you apply for a job?

Barbara van Meir, director, financial services, at recruiter WoodHamill Ingram, says it’s too early to tell, but predicts a growing number of students in the GCC will opt to study close to home.

For the moment, however, anyone who wants a US Ivy League MBA will need to travel. Carnegie Mellon University has a presence in Qatar, and the University of California at Berkeley has teamed up with a Dubai college. But schools like Wharton, Harvard and Columbia, which provide some of the top-ranked courses for financial services, according to BusinessWeek, have yet to come knocking.

Comments (9)

Local banks are behind on training and salaries because this is an EMERGING market. Don't compare a 5 year old (at the most) financial city to London or New York.

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Comments (9)

  • i wouldnt waste my money and time on any course offered in the middle east. there is a reason that wharton harvard anc columbia arent setting up campus in the desert.  the quality of education won't be that good, that's why

    Anonymous 26 Oct 2007

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  • After a long wait, it turned out that our institutional friend who has 1000% ethics, offers an annual bonus of 0.01%. Many local banks still lag behind no wonder their employees are fleeing and as a matter of fact it's a very very bad idea to associate with tightwads.

    Anonymous 27 Oct 2007

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  • Wharton has an alliance with Insead. HBS does not try to expand. The quality of teaching depends on the professor that are hired. In most of cases, they are part of the faculty of the University. As for Harvard, while the teaching in Finance is certainly top notch, with the case method they aim more at educating future GM's rather than finance whiz kids (like wharton and the alike for instance)

    To Anonymous 27 Oct 2007

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  • To Anonymous, Capital Markets,

    What are you talking about, mate?

    Me, Debt Capital Markets 28 Oct 2007

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  • I do agree with A.CM on that many local banks just lag behind not only on salaries, but also in training and, what is worst, on treatment to their employees. 

    It seems that locals, indian and pakistani people do not understand that the way employees from Western nations are treated has to be different.  We are not here, because we have no other choices to work! and though we are all employees, we are treated (at least to a superficial degree) as Associates or members of a team, like professionals selling services to the bank.

    Please do not get me wrong! I am in no way an arrogant westener, I have grown to respect and appreciate the culture in this part of the world, but this cheap, "Yes Boss" behaviour many people, particularly, from India and Pakistan show, do not have to be shared by people from anywhere else; it is simply not right, and that actitude has to change, if Dubai really wants to preserve , high-profile professionals.

    We are all here to learn from each other, and I think some people need to learn that what makes you big, is not your Big-Boss actitude, but your professionalism, charisma and simplicity, so sad to see so many people just trying to show off! Sad!

    DCM Guy 28 Oct 2007

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  • Hey DCM Guy,

    1. If you don't have to be here and don't like it here - u r free to leave! (The truth is that  the highly competitive immigrants kicked your butt out from your own country)
    2. Stop generalizing - many people from the sub continent have made excellent bankers in Asia, Europe and America. 
    3. You need to understand the difference in cultures - we from the middle east and sub continent are raised to respect elders and people in senior positions unlike many in the west. Do not mis interpret respect for lack of knowledge or ass licking. Visit Japan and you might better appreciate my view.
    4. Local banks are behind on training and salaries because this is an EMERGING market. Don't compare a 5 year old (at the most) financial city to London or New York.
    5. I've worked in London and NY - don't tell me people don't show off there! Their stupid arrogance was what made me move to the Middle East.

    You are right about learning from different cultures though.

    DCM GUY 2 31 Oct 2007

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  • Thanks for your clarifications! all what  say might be true, except for my being kicked out by any highly competitive inmigrant:)

    The reason of my comment, is that I feel frustrated to see how people mistake simplicy with lack of authority, or even lack of capacity, it seems that if you do not act like the big boss all the time, they just do not respect you.

    I have a senior position myself, and I am known for being very simple and laid-back, and of course that have got me many, many friends and contacts, even here in this region. 

    BTW, I was not kicked out by any highly competetive from my own country.  I am not from USA or Europe, if that is what you believe, also that highly competitive actitude that refer to, in most cases does not show anything but insecurity. One has to be competitive and give your best, and more! but one does not have to go around acting like a robot or the big "cool guy" . I am a very accomplished gentleman myself and have gotten to the very top at my career level, but at least, I make an effort to keep my feet on the floor (not that I have to do it, apparently).

    Again, Simplicity and Charm! (apparently adapted to the culture)are the Key!!!

    DCM Guy 01 Nov 2007

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  • Sorry, I did not enough space in my prior post.

    To DCM Guy 2.

    I do respect your culture in raising people to respect elders and "senior" people. I just do not think that offers any value to the work place, does it?  I also know that there are many arrogants (please read insecure) people in USA and Europe (more in the latter)

    Respect is one thing! ass-licking, and worst! being submissive is another! Sorry, but that is just not correct!

    As I told you, I am nor from USA or Europe, but have worked in both markets, and at least I can tell you that from the American culture, one of the things that I learned the most, is to be a highly effective professional, yet laid back.

    But, you are right! this area is a "developing"  area! and that sort of actitude and mentality I just refered to, i.e being submissive and have that "ultra competitive" actitude (in the wrong way) are just a clear reminder that things have so much to improve in this area.

    Good luck!

    DCM Guy 01 Nov 2007

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  • There is an other great US b-school in Dubai i.e. Hult International Business School. It offers a full time one-year MBA program. It is among top 20 b-schools in US. It has three campuses at three key global locations i.e. Boston, London & Dubai, which allows students to opt for global rotation (student exhange among campuses). It is fabulous!

    Interesting to share, I am an MBA candidate at HULT, Dubai.

    usman167 01 Nov 2008

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