The London Business School (LBS), founded in 1964, is an international business school and a constituent college of the federal University of London. LBS is one of the most prestigious business schools in the world; the school was ranked 1st in Europe (2014, 2015, 2016 Rankings) by the Financial Times and 2nd in the world (for Business and Management Studies; 2016) by the QS ranking. In 2013, LBS was reported to have among the most wanted MBAs in the world by recruiters, comparable to those of Harvard, Stanford and INSEAD.
LBS awards only post-graduate degrees (Masters, MBA, PhD and EMBA) and is one of the few schools in the world to have the triple crown accreditation (AACSB, EQUIS, AMBA).
The main campus is located in London next to Regent's Park in the Sussex Palace, built by the architect John Nash. Unlike most other business schools, LBS organises courses in listed buildings in London instead of new buildings with a modern architecture. In 2015, the school acquired the Marylebone Town Hall and spent £60 million to refurbish it with the objective to expand its teaching facilities by 70 per cent. LBS also has a secondary campus in Dubai that is dedicated to Executive Education.
History of the school
Foundation
The London Business School was founded in 1964 under the name of the 'London Graduate School of Business Studies', with Dr. Arthur Earle as a Dean. In 1965, the school was registered as a company and was designated by the University of London as an institution having recognised teachers. In 1966, the first Executive Development Programme was launched, followed by the Senior Executive Programme. The same year, a full-time MSc degree was also launched, with Shiela Cross enrolling as the School's first female student. In 1968, the School inaugurated the Sloan Fellowship MSc programme, which was the first one outside of the US. 17 students were enrolled and the programme was funded by the Alfred P. Sloan's foundation. The first doctoral programme was established in 1969 and in 1970 Her Majesty Queen Elizabeth II opened the School's Regent's Park campus. The first PhD was awarded in 1974 and, that year, the females made up over 15% of the student body for the first time. In 1983, the first part-time MBA programme was held under the direction of Sir Andrew Likierman, the current Dean of the School. In 1986, the school officially became the London Business School and was incorporated by Royal Charter, which gave LBS the right to confer and grant degrees. In 1992, the School was given the Queen's Award for Export in recognition of providing educational services to managers and companies worldwide. During the same year, the Executive MBA programme was launched, and the following year, the school started its first Masters in Finance. In 2001, LBS launched the first EMBA-Global degree programme in partnership with the Columbia Business School.
The London Business School held its inaugural Global Leadership Summit in 2003, and in 2007 opened a new campus in Dubai to offer both Executive MBA and Executive Education Programmes. In 2009, the school started two new programmes: The EMBA-Global Asia, in partnership with the University of Hong Kong and Columbia Business School, and the Masters in Management (MiM). In 2015, the school acquired the Marylebone Town Hall and spent £60 million to restore it with the objective to expand its teaching facilities by 70 per cent. The building was renamed "The Sammy Ofer Centre" in honour of a generous donator, the Ofer Family, who made a gift of £25 million for the development of the building. In 2016, LBS launched a new programme, the Masters in Financial Analysis, aimed at recent graduates who wish to pursue a career in finance.
With the objective of increasing its size, the school organised a £100 million funding campaign. By the beginning of 2016, it had raised £98 million, £40 million of which will be used to renovate the Marylebone Town Hall, with £28 million for the research, £18 million in scholarships for students, £10 million to increase the school's endowment, and £4 million to improve the technology across the school. By June 2016, the school had raised £125 million, the vast majority of which came from Jim Ratcliffe and Idan Ofer.
François Ortalo-Magné, the French-born dean of the Wisconsin School of Business, will succeed Likierman as the new dean in August 2017.
Campus
The campus is located in Marylebone, on the perimeter of Regent's Park. The main building, designed by John Nash, along with the entire area of Regents Park, was originally built as 26 terraced houses in 1822â€"23. There are ten pointed cupolas along the roof line, and the façade is adorned with Corinthian columns.
LBS maintains a number of facilities, including a sports centre, restaurant, three cafes and a library, all dedicated for the exclusive use of its community. There is also a privately run pub, 'The Windsor Castle' attached to the campus. Most classrooms for the MBA are located in the Sainsbury Wing, the centre of the terrace, most of which are 100-student amphitheatre rooms.
There is no accommodation on campus for students in full-time programmes, although there are rooms on-campus for visiting faculty and executive education participants. Most students choose to live in nearby private residential buildings or in students halls of residence such as the International Students House, London.
LBS is expanding its campus in central London. The business school is in the process of redeveloping the Old Marylebone Town Hall into classrooms and offices.
Organisation and administration
List of the London Business School Deans
List of the Deans from 1965 to today:
Academics
Admission
The recruitment process is extremely competitive. Students from all over the world apply, making the competition international. All candidates have to take international exams related to their English abilities (TOEFL) or IELTS and mathematic/logic skills (GMAT or GRE). On average only scores that are among the world top 10% are considered. Candidates are also asked to write several essays (topics are related to the envisaged programmes). The recruitment process has two steps. The first one consist of sending an application with the following information:
- An application form (administrative and academic information on the candidate, but also his/her career plan and personal ambitions)
- Several essays
- The GMAT or GRE scores. The average GMAT score is usually around 700 (90th percentile)
- The TOEFL scores (English test)
- A one-page resume (CV)
- Two reference letters (one academic and one professional)
- The candidate's academic transcript with his/her grades
Once the application has been accepted, an examination is made by the selection committee. If the candidate meets the criteria of the school, he will be invited for an interview on campus in London. If this latest step is a success, the candidate receives an offer from LBS
Master in Business Administration (MBA)
The school's main programme is its flexible 15â€"21 month Master of Business Administration degree. MBA students take a prescribed set of core courses then choose from roughly 70 different electives. Class size has been around 400 students in every annual cohort. These are broken into 5 streams of around 80 students who take all core courses together.
Beyond academics, the school puts an emphasis on personal and professional development including leadership, global awareness, and business skill building. These developments are facilitated via specialized workshops led by external consultants, students, and faculty. In addition to a range of elective courses at the London Business School, the school has partnerships with around 32 exchange schools around the world. Each academic year around 100 students spend a term at another leading business school.
The MBA program at LBS is widely considered to be part of the top 10 in the world. In Financial Times' 2015 Global MBA Rankings, LBS ranked 2nd in the world just behind Harvard Business School. In CNN Expansion's 2014 Global MBA Rankings, LBS ranked 5th in the world. In Business Insider's 2014 Global MBA Rankings, LBS ranked 9th in the world. In 2016, the school's MBA program was ranked #21 worldwide for social and environmental impact by Corporate Knights magazine.
Within Europe, LBS consistently ranks as one of the top 2 programs. In the 2014/2015 QS Global 200 Business Schools Report, the London Business School MBA Program ranked 1st among all one-year and two-year European MBA programs.
Among non-U.S. two-year MBA programmes, LBS was ranked 1st by Bloomberg BusinessWeek in 2012, 3rd by The Economist in 2012, 1st by Financial Times in 2014 and 2012, and 1st by Forbes in 2011, 2012, and 2013.
The MBA Programme has one of the world's largest international exchange programmes. Each year approximately 35 per cent of second-year MBAs spend a term abroad at one of over 30 partner schools, including NYU Stern School of Business, IESE Business School, Booth School of Business of The University of Chicago, The Wharton School of the University of Pennsylvania, UCLA Anderson School of Management, the MIT Sloan School of Management, Tuck School of Business at Dartmouth College, Columbia Business School, Kellogg School of Management at Northwestern University, Haas School of Business at UC Berkeley, McDonough School of Business at Georgetown University, Indian School of Business among others.
Executive MBA
The school offers four part-time Executive MBA degrees, which are completed in between 16 and 20 months. At an academic level, the school offers the same degree to both Executive and Full-time MBA students. The programmes involve very similar core courses to the full-time MBA, international field work and a wide range of elective courses. The course ends with a capstone together with company project or management report.
- Executive MBA (London).
- Executive MBA (Dubai). The programme begins with an orientation week in London. Following this, students take 10 core modules, which are taught in a four- or five-day block each month in Dubai. Students then undertake electives, which are primarily offered in London, and an international assignment. Two additional core modules take place in London.
- EMBA-Global Americas and Europe. A further 140 executives are enrolled in the dual-degree EMBA-Global Programme. It is taught in partnership with Columbia Business School. Graduates are awarded degrees from both universities. The first year involves week-long modules each month alternating between London and New York. In the second year, students select from the full range of electives available at the participating schools.
- EMBA-Global Asia. launched in 2008 jointly with Hong Kong University and Columbia. Teaching takes place at all three business schools. While the first year is modelled on the transatlantic EMBA-Global, the school states that because "EMBA-Global Asia is designed for people who have or will have significant trans-national responsibilities, all courses reflect a greater proportion of global material".
Sloan Masters in Leadership and Strategy
The Sloan Fellowship was established in 1968 and is a master's degree programme designed for senior executives, accomplished professionals and entrepreneurs with significant experience of decision-making at strategic levels. The admission process is highly competitive and selective. On average, Sloan Fellows already have 15 years of management experience when being admitted to the programme. A typical class is highly diverse and includes attendees from 13â€"23 different countries.
This 12-month, full-time master's degree programme focuses on strategy, leadership and change, and globalisation.The Sloan programme runs at Stanford Graduate School of Business and the MIT Sloan School of Management.
Masters in Finance
The school offers a "Master's in Finance" ("MiF") programme on both a part- and full-time basis. Around 120 students attend the full-time programme, while 60 attend the part-time degree. In 2011, 2012, 2013, 2014, 2015 and 2017 it was ranked in 1st place amongst Masters in Finance (post-experience) programmes in the world by the Financial Times.
Masters in Financial Analysis (MFA)
The Masters in Financial Analysis is the most recent programme offered by the London Business School. The first class will start in September 2016 and will consist of 12 months of courses. The programme targets recent graduates with less than a year of work experience who plan to start a career in finance.
The curriculum consists of 10 core courses based on 5 pillars (Accounting, Corporate Finance, Asset Management, Market Finance, and Financial Econometrics). The 10 courses are:
- Financial Accounting
- Securities Analysis and Valuation
- Corporate Finance
- Capital Structure
- Mergers & Acquisition and Restructuring
- Asset Management
- World Economy
- Financial Institutions
- Personal Finance
- Financial Econometrics
Students must also follow 3 electives of which minimum 2 must be related to finance. The programme includes a business immersion week within a company (Google, Deloitte, CNN, Accenture, Blackrock etc.) to work on case studies. Finally, students have to participate in a Field Trip (study trip) that lasts a week. This travel experience consists of many networking dinners, company visits, and company presentations. The following destinations are available: Silicon Valley, Paris, Milan and Munich, Mumbai and Bangalore, or Shanghai.
The MFA targets students who wish to start a career as an analyst in an investment bank or who wish to work in consulting.
Masters in Management (MiM)
The Masters in Management (MiM) is a one-year masters degree in management aimed at recent graduates who have less than one year of full-time postgraduate corporate work experience or less than two years of experience in a non-traditional business role.
The programme is structured in 3 terms, composed of the following core courses:
First term:
- Financial Accounting
- Management Analysis and Systems I
- Finance
- Leadership in Organisations
Second term:
- The Global Macroeconomy
- Marketing
- Strategic Analysis
- Management Analysis and Systems II
Third term:
- Applied Microeconomics
- Introduction to Management Accounting
Students must also follow 2 electives and can choose among 30 different courses. The programme includes a business immersion week within a company (Google, Deloitte, CNN, Accenture, Blackrock etc.) to work on case studies. Finally, students have to participate in a Field Trip (study trip) that lasts a week. This travel experience consists of many networking dinners, company visits, and company presentations. The following destinations are available: Silicon Valley, Paris, Milan and Munich, Mumbai and Bangalore, or Shanghai.
In 2016 the programme was ranked 6th in the world by the Financial Times, having been in the global top 10 since it became eligible for the ranking. The programme has a very good market placement. 96% of the 2015 graduates accepted an offer within three months of graduation. 40% work in consulting, 35% in finance and the rest in different industries. The most prestigious companies recruit on campus. The top 3 recruiters are the Boston Consulting Group (11 students hired in 2015), Goldman Sachs (8 students hired in 2015), and McKinsey&Company (7 students hired in 2015). Among the other companies that recruited 2 MiM students or more in 2015 are, for example, Oliver Wyman, Arthur D. Little, Deloitte, A.T. Kearney, and Bain&Company.
Global Masters in Management
The Global Masters in Management (Global MiM) is a two-year, full-time course starting in September 2015, where students attain two internationally recognized degrees: a Masters in Management (MiM) and a Masters in Science (MSc) in International Business. Year one takes place in London. Year two takes place in Shanghai.
Delivered jointly by London Business School and the renowned Fudan School of Management in Shanghai, the Global MiM gives an unparalleled grounding in international business challenges preparing for the opportunities of tomorrow.
Executive Education
About 10,000 executives attend the school's non-degree programmes each year. The school offers a portfolio of 31 Executive Education programmes in general management, strategy, leadership, marketing, human resources and finance. These programmes are split into two main areas, open and custom. About 45 companies per year commission London Business School to design and deliver customised corporate programmes for them, 60% delivered outside the UK.
International university rankings
World Business School Ranking
In the 2015 QS ranking of world business schools (all academic programs), LBS came in 1st place, ahead of Harvard and INSEAD. In the 2014 Eduniversal Business School Ranking, LBS was ranked 2nd in the world.
Financial Times Rankings
LBS and its programmes are often ranked among the best in the world and in Europe.
- 1st Business School in Europe (2014, 2015, 2016)
- 1st in the world for the Masters in Finance post-experience (2015)
- 3rd in the world for the Global MBA (2016)
- 4th in the world for the Executive MBA (2015)
- 4th in the world for the Executive Education (2015)
- 6th in the world for the Masters in Management (2015)
Research
The school's 150 faculty work through 16 research centres or institutes. According to the 2014 Research Excellence Framework, the school had the joint highest percentage of world-leading research of any British higher education institution (along with the Courtauld Institute of Art) with 56% of research rated in the 4* category.
PhD programme
The school offers a 5-year full-time PhD programme. It supports 60 fully funded PhD candidates in seven doctoral programmes: Accounting, Economics, Finance, Management Science & Operations, Marketing, Organisational Behaviour, and Strategic & International Management.
Student life
Clubs
There are over 70 student clubs at the school. These range from professional clubs such as consulting, entrepreneurship and energy clubs, to regional clubs including the Latin American and China club. There are also general interest and sporting clubs such as football, wine and cheese and the salsa club.
Notable people
Faculty and Staff
- Sir James Ball, economist
- Süleyman BaÅŸak â€" financial economist
- Sir Alan Budd â€" professor of economics, director of the Centre for Economic Forecasting, economic advisor for Barclays Bank, and member of the Advisory Board for Research Councils
- The Rt. Hon Terence Burns, Baron Burns â€" Chairman of Abbey National plc, Non-Executive Chairman of Glas Cymru, and a Non-Executive Director of Pearson Group plc.
- Michael Earl â€" former Professor of Information Management, Deputy Director of the Centre for Network Economy, and acting Dean
- Gary Hamel â€" originator (with C.K. Prahalad) of the concept of core competencies of an organization, and contributed to the theoretical development and evolution of the resource-based view
- Charles Handy â€" former professor â€" London Business School, rated among Thinkers 50 â€" a list of the most influential living management thinkers
- Constantinos C. Markides â€" Robert P. Bauman Professor of Strategic Leadership
- Hélène Rey â€" Professor of economics
- Nirmalya Kumar â€" Marketing professor. Author of Private Label Strategy
- Bill Moggridge â€" British industrial and interaction designer, co-founder of the Silicon Valley-based design firm IDEO.
- Richard Portes â€" economist
- George Yip â€" Dean of Rotterdam School of Management. Former Professor of Strategic and International Management, and Associate Dean at the London Business School
Alumni association
The London Business School has 39'000 alumni in more than 150 countries. Many local clubs (Paris, New-York, Zurich etc.) organise recurrent events in their city.
Notable alumni
- Illugi Gunnarsson â€" Minister of Education, Science, and Culture, Iceland
- Kaveh Alamouti â€" CEO of Citadel LLC Asset Management Europe
- Ashley Almanza â€" CEO of G4S
- Prince Chad Al-Sherif Pasha of the Hijaz and Turkey
- Nigel Andrews â€" Former non-Executive Chairman of Old Mutual Asset Management
- Sir David Arculus â€" Chairman of the Board, O2
- Nicholas Ashley-Cooper, 12th Earl of Shaftesbury
- Gregory Leonard George Barker â€" British Conservative Party politician and the Member of Parliament (MP) for Bexhill and Battle
- Sükhbaataryn Batbold â€" Former Prime Minister of Mongolia, Member of Parliament of Mongolia, and General Secretary of the Mongolian People's Party
- Pablo Zalba Bidegain â€" Member of European Parliament (Spain)
- Kumar Birla â€" Chairman, Aditya Birla Group
- Hemendra Aran - CEO and Founder of Aranca Research
- Ronald Boire â€" Former President and CEO of Brookstone
- Vice Admiral Paul Boissier â€" Former CB Deputy Commander-in-Chief, British Navy Maritime Forces; CEO of Royal National Lifeboat Institution (RNLI)
- Michael Bolingbroke â€" CEO of Football Club Internazionale Milano
- John Bowmer â€" Former CEO of Adecco
- Julian William Hendy Brazier â€" British Conservative Party politician and the Member of Parliament (MP) for Canterbury
- Jonathan Coleman (politician) â€" Member of Parliament (New Zealand)
- Don Cowan â€" Former CEO and President of ABN AMRO Bank Canada
- Stephen Crabb â€" member of the British House of Commons and Secretary of State for Wales
- David Davis â€" member of the British House of Commons
- John Dembitz â€" Chairman of Allanfield Group PLC
- Sir John Egan â€" Former CEO of Jaguar Cars, Former CEO of BAA, Chairman of Severn Trent plc
- Timothy Faithfull â€" Former President and CEO of Shell Canada
- Justine Greening â€" member of the British House of Commons
- Sir Richard Greenbury â€" Chairman and CEO, Marks & Spencer
- Prince Faisal bin Al Hussein â€" Special Assistant to Chairman & Joint Chiefs of Staff, Jordanian Armed Forces
- Richard Hytner â€" Deputy Chairman Worldwide of Saatchi & Saatchi
- Huw Jenkins â€" former CEO, Investment Banking, UBS
- John Jennings (businessman) â€" Chancellor of Loughborough University, 2003â€"2010
- Dyfrig John â€" Former CEO of HSBC Bank plc
- Moez Kassam â€" Founder of Anson Group
- Sir Chris Kelly KCB â€" Chairman, NSPCC
- Maria Kiwanuka â€" Minister of Finance in Cabinet of Uganda
- Savio Kwan â€" Former President and COO, Alibaba Group; Non-Executive Director British American Tobacco
- Thomas Kwok â€" Vice Chairman and Managing Director, Sun Hung Kai Properties
- Oliver Letwin â€" member of the British House of Commons
- Alex Loudon â€" former professional cricketer
- Mary Marsh â€" Former CEO of NSPCC
- Stephen Martin (MBA 2003) - former CEO of Clugston Group, director general of the Institute of Directors
- Cyrus Pallonji Mistry, Former Chairman and CEO of the Tata Group
- Adrian Monck, Head of Communications at World Economic Forum, former TV Journalist with CBS News
- Nigel Morris â€" Co-founder, Capital One Financial Services
- David Muir â€" Director of Political Strategy, to then British Prime Minister Gordon Brown MP
- Sir Christopher J. O'Donnell â€" Former CEO of Smith & Nephew
- Idan Ofer â€" Chairman of Israel Corporation / Principal of Quantum Pacific International Limited
- Paul Onwuanibe â€" CEO of Landmark Group
- Kenneth Ouriel â€" prominent vascular surgeon and medical researcher
- Frederick Pakis - Co-Founder and former CEO and President of JDA Software https://jda.com/
- Mike Parsons â€" CEO of Barchester Healthcare
- Ted Pietka â€" Supervisory Board Member in Boryszew S.A..
- David E.I. Pyott â€" Chairman, President, and CEO of Allergan
- Ramji Raghavan â€" Founder and Chairman of Agastya International Foundation
- Jim Ratcliffe â€" Chairman and CEO of Ineos Chemicals Group
- Omar Samra â€" First Egyptian and youngest Arab to climb Mount Everest
- Stewart Wallis â€" Executive Director of New Economics Foundation
- The Hon Wong Kan Seng â€" Deputy Prime Minister, Singapore
- Sir John Sunderland â€" Chairman, Cadbury Schweppes plc
- Tony Wheeler â€" Founder, Lonely Planet
- Ossama Youssef â€" Founder and CEO of Diwan Videos, and Co-founder of Albernameg by Bassem Youssef
- Roys Poyiadjis â€" Entrepreneur and financier
- Timothy Kopra â€" NASA Astronaut
- Jean Tirole â€" Winner of the 2014 Nobel Prize in Economics
See also
- List of business schools in Europe
- University of Wollongong in Dubai
References
External links
- London Business School
