Graduation

The Ngee Ann Adelaide Graduation ceremony in Singapore for 2013 will be held on the 23rd March 2013 (Saturday) at Ngee Ann Polytechnic.

On the 22nd March 2013 (Friday) evening, there will be a convocation dinner.

Selecting a MBA programme

Selecting a MBA programme is in itself an adventure. My decision on the most suitable programme is shaped by years spent overseas. I hope to share my experience with anyone who is also considering MBA studies in Singapore.


1. Why I want to study for a MBA
I have always wanted to get a masters degree ever since my final year in NUS. As I was computer engineering trained, I was expecting my next degree to be a non-technical one. The next logical choice back then is a MBA since that is the most popular masters degree going around in the world.


2. When I have decided to get started on the MBA
After starting work with my current company, I have shared with everyone of my intention to take a MBA one day, and my boss advised me in end-2005 to take up Japanese instead. I followed his advice steadfastly and achieved JLPT2 by end-2009. During the period between 2005 to 2009, it was also not suitable for studies as I was stationed overseas most of the time. From 2010, with a job scope change, I am able to be based back in Singapore permanently to finally get started on my MBA studies.


3. How my choice of MBA programme changes with time
Between mid-2005 to mid-2007, I was planning to take a MBA programme full-time overseas. Several universities came to mind, such as Italy's SDA Bocconi, Canada's Queens University, Australia's Melbourne University, Waseda/Keio Business School, several US MBA programmes. I used to conduct extensive research on their course of studies and the fees required. There were reasons why I choose these universities. I know a bit of Italian and love Italian culture, so the top business school in Italy seems like a natural choice. I attended a student exchange programme to the Queens' University of Belfast, with another Queens University in Canada, where it's business school is also quite reputable, that choice is also considered. I was living in Japan back then and would like to learn Japanese and get a masters concurrently, so the Japanese universities came to mind. And of course, the top US universities were also the best since they were world-renowned. By mid-2007, after spending 1.5 years overseas, I started to miss Singapore and my priorities shifted again.

From mid-2007 till mid-2008, I spent another 1 year overseas in Japan. At this time, I started looking at full-time MBA programmes in NUS, NTU and SMU. As I wished to spend more time in Singapore, only local schools were being considered. It is here that the large proportions of foreign students in the NUS MBA course were highlighted through public reports and how the fees start to inflate from $16k in 2005 to $50k in 2010. I also realized NTU MBA has great potential and was seriously considering going for the full-time double degree with Waseda university. At that time, NTU MBA is still unranked. It is when the financial crisis struck in end-2008 that my target-MBA programme shifted again.

With the world going into economic tailspin from early-2009, I was looking forward to less work-days and has started planning for a part-time MBA programme in Singapore instead. Unfortunately, the opportunity for studies never came as I was sent overseas again to handle some tough projects.


4. My requirements for the ideal part-time MBA programme in Singapore
It is here where I find the Opportunity Costs of studying full-time to be too great for me. Imagine the time and cost that will be incurred from not working for 1 year as well as the cost that will be spent. I also started to evaluate the MBA based on the Return-On-Investment. The part-time MBA programmes offered in Singapore are now being considered. I have evaluated and set the following criteria in the selection of a suitable programme:
a) More than 30 hours of contact time per module. This is important in that it provides networking time with fellow students.
b) Lessons held over the weekends and the classes should be more centrally located in Singapore.
c) Flexible schedule to allow me to stop as and when I wanted (in case I need to go overseas again or do something else)
d) A variety of choices which I can make on the modules to study at my own pace
e) Must be taught by their university faculty staff and not just any man off the street.


5. The selection process
NUS, NTU already fail when it comes to option b). Most of their classes are held over the weekdays evenings and in remote parts of Singapore. Since I graduated from NUS, I know how NUS is like and I do not particularly like the NUS education culture. The lecturers do not really speak good English and the tutors/lecturers to students ratio is just horrendous. I wonder how anyone is able to learn in that environment.

SMU is good but it's too intensive. Those who take their 1 year full-time programme already complained that they barely have time for anything else. The part-time programme is only an additional 3 months. When it comes to tuition fees, as of 2010, NUS, SMU, NTU fees are in the $50k plus range. With this amount, I would advise Singaporeans to pursue the MBA overseas instead of locally since it has better recognition and the overseas experience is invaluable. As I have spent so much time overseas, I will skip the overseas full-time MBA and local universities.

Next comes the private universities in Singapore. I will skip the universities whose names are unknown and will mention the more famous ones. We have INSEAD, Manchester, Chicago, Buffalo, Strathclyde, Adelaide, U21 and so on. I will not go through the details of elimination and I guess my criteria is too strict as only Adelaide meets the requirement with the best potential ROI.

Currently Adelaide Business School is getting accreditation with AACSB. They will be implementing GMAT-entry requirements from 2011 and will shift the minimum work experience to 3 years. Their partner, Ngee Ann Kongsi, has a strong reputation for supporting credible education work in Singapore, from Ngee Ann Primary School, Ngee Ann Secondary, Ngee Ann Polytechnic, and there is also Ngee Ann City where they host cultural activities regularly. If I used my investing analysis, I will say the Adelaide MBA in Singapore is currently under-valued. Thus it will offer the greatest ROI after a few years.

Another plus point to it is that they have summer schools every January for students to study 2 weeks in Adelaide. Or they can choose from it's exchange partner universities in Europe if we can stop work for a few months to study there.

I will not mention about Adelaide's many prominent alumni. You can read that on the website.

So it is decided - Adelaide MBA!


The attached image is obtained from the University of Adelaide 2010 Program Handbook. Image copyright is held by the University of Adelaide business school.


6. First Impressions
I signed up for one of Adelaide's information session to find out more about it on the 10th April. The staffs are friendly and very approachable. Thereafter I submitted my application immediately and went for their orientation programme on the 17th April. It is very well-coordinated. There were lecturers from Adelaide (using the Queen's English) who explained to us on both days. My friends collected their study materials on the 17th April.

I heard that there is actually a KPMG career session with the students in the coming week. Normally KPMG will be selective of the universities they approached to give talks. It appears Adelaide University in Singapore is one of those few they have approached. Considering Adelaide University in Singapore offers courses only for a part-time basis, there is really great potential in this university.

Secondly, I met a student there who graduated from NTU Business School in 2007. She will be taking Masters in Finance from University of Adelaide. She has asked a friend who works in MOE, specializing in foreign universities degrees recognition, on which is the best private school to approach in Singapore for the masters programme. He replied 'Adelaide' without much hesitation.

I believe the student welfare and support for alumni will be there by Ngee Ann Kongsi and Adelaide University. It is in sharp contrast to NUS. Actually I am more inclined now to give back (donate) to Adelaide University in the future. The admin staffs and lecturers have won me over.

Based on my analysis, the admissions to Adelaide University in Singapore will become increasing stringent in the future. The fees will definitely increase so it is best to apply fast.


7. Return on Investment Updates (18th April 2011)
One year into the MBA course, I find studying an MBA is essentially an investment decision. I mentioned to friends about the Return on Investment (ROI) on MBA education and they asked me to explain more about it.

Previously I have read on the newspapers that someone spent S$120k on an executive MBA program with a good US business school in Singapore. After graduation, he found that his starting salary is about the same. Considering the opportunity cost of spending time on part-time studies and the $120k on tuition fees (reference to Economics for Manager), and minimal increase after his graduation, we will start to question whether is a MBA worth it?

Like all investments, do you buy the shares of a Company A that has great growth potential or do you invest in the shares of a Company B that has already established itself and is giving regular dividends? You will realize it is better to invest in company that has growth potential as it will give you the price gain plus dividends in the future (reference to Accounting for Manager). The Adelaide MBA is such that of Company A.

The lecturers are dedicated and the students come from diverse background. University of Adelaide is a very well-established university and the business school is focused on achieving the multi-accreditation which have been obtained by the other business schools. There is stable growth potential for the Adelaide MBA programme.

Choose the MBA programme wisely as we normally study MBA once in our lifetime.


8. Adelaide Business School is now AACSB certified (18th August 2011)
Today, we have received the good news from Head of School. Adelaide Business School is now AACSB certified. As what Professor Burgan has said "We have used the accreditation process to ensure that our MBA is one of the best in Australia. It is a high-quality, high-impact MBA, one that is internationally recognised, relevant to industry and has a global focus. Our entry standards to the MBA program also ensure that our students are of the highest quality."



9. Opportunities for overseas exchange programme (26th August 2011)
There are plenty of opportunities for the Adelaide-Singapore MBA students to take part in overseas exchanges, not only in University of Adelaide campus, but also with the European universities. A few photos can be seen below.






10. Adelaide Alumni Breakfast (26th April 2012)
The University of Adelaide is renown for its strong alumni association in Singapore. There is actually at least 1 alumni activity per quarter. I have not joined any of the alumni activities before as I am still a student. But an invitation by a friend to sign up for the breakfast session encouraged me to participate in my first ever alumni gathering. The people in the alumni are nice and welcoming. As with any MBA programmes, the alumni is actually an important perpetual part of the education. Once you are in the alumni, you are always in it and they provide good networks and support from the community around the world. I will be looking forward to joining in more of the alumni activities.

11. School Photoshoot (21st July 2012)

On this day while we are having our class, the school is having a photoshoot for a corporate video. And here are several classes from different programmes gathering together for a photo pose.

 

Ngee Ann-Adelaide Singapore Campus

(Updated 10th Sept 2011 on new facilities)
(Updated 22nd July 2012 on dining places)

Let's have a tour of the facilities available for students at the Ngee Ann-Adelaide Singapore Campus. The campus occupy the 3rd and 4th floor of the Teochew Building along Tank Road. Below are the layout for the 2 floors.



There are many classrooms in there with multiple classes held over the weekends. Here is how a typical classroom looks like (all the students are having a break at the Student Lounge).



The Student Lounge is the focal point of the campus where students will visit during the rest time. There are many students at the study benches working on projects.



The best part of the lounge is the refreshment area. There are two hot drinks makers (coffee, tea, milo, etc) and a hot-cold water dispenser with unlimited cups + biscuits.



Here is the outdoor activity area just next to the student lounge. It is a great place to observe the night sky or conduct outdoor games.



Just a floor below is a function room where students can conduct their indoor activities. When I first came for my orientation programme, they had their buffet spread here.



There are many chairs and tables around the campus such as the one below. It is really a conducive place to sit and relax. Thumbs up for the great city campus feel!



The building is aesthetically designed with a blend of modern sculptures and zen-looking gardens. There are lots of greenery surrounding the Teochew building. Once a while during the classes, I will glance out and look at the trees in the distance. It is truly a beautiful place.




A peek into my first lesson (Accounting for Managers). The first day of my very first course with the Adelaide MBA is simply amazing!



Let me share a bit of my experience in the class for potential students who would like to have a feel of how the class is being conducted.

The Friday evening class starts goes from 7pm to 10pm. The lecturer started by going through with us some interesting facts with regards to accounting. We were thereafter assigned to our groups. There are 6 groups in all with 4-5 students in the group. The student composition is quite diverse and they come from the different age group with different professional experience. After having many discussions during the first lesson, I find them to be very outstanding. Their experience is indeed worth learning from.

Thereafter we were led through the first topic which is reading the balance sheet, cash flow and so on. For the first time I am actually enjoying the lesson. I was expecting to fall asleep halfway through as what happens to me during my other weekly Tuesday and Thursday evening classes. The lessons are conducted in seminar style and we have regular group and class discussions.

Many interesting case studies (e.g. ABC Learning investment by Temasek, Domino Pizza annual reports, Red Cross annual reports, Australian government annual reports) were brought up where we analyzed from the accounting viewpoint. I spent a while reading through the textbook before the lessons and still have some doubts in certain areas. The lecturer is able to summarize and correlate the ideas between the topics and explain to us in a easy to understand manner. Adelaide University is really a professional in academia.

Looks like I'm looking forward to all the upcoming lessons with Adelaide MBA.


University Online Resources

Let me share some of the university's online resources. Everything can be done online, such as adding or dropping of modules from Access Adelaide.



Once you have started on your module, myuni is the place where you can access all the course notes.




Student Service Center

A new student service center is opened in the 3rd floor. There are good library facilities and students collect their study guides and reading materials from here.



Student related inquiries can be made here and it comes equip with report submission facilities such as photocopier, binding machines and so on.



A new student hub is opened in the 3rd floor and here is how it looks like. A great place for student discussion against the white board. There is also a microwave oven and water cooler in here.



Dining around the campus

There are many great and affordable dining places around the campus. We usually have lunch together on Sunday classes. Please refer to the map below for the numbering. There are a few other hang-outs like Starbucks to chill-out with coffee, 7-11 convenience shop for quick snacks, Clarke Quay to celebrate post-exams, and shopping at either Plaza Singapura or Liang Court. All these places are less than 10mins walk from the NAA Campus. The 7-11 convenience shop, (1) Scholar's Cafe and Starbucks are within 5mins walk.

 

(1) Scholar's Cafe

The most popular place for students is at the Scholar's Cafe (状元香港小厨). Please note, the 'Scholar's Cafe' is not named by the Adelaide's students. The Chinese name of the shop really means 'Scholar's Cafe'. There is a Muslim food stall just next to it and a Bak Kut Teh shop which opens on any other day except Sunday.  The best part of dining at the Scholar's Cafe is we can have our meals together with our muslim friends. The cafe accepts both non-muslim and muslim dishes on their premises. A snapshot of the cafe is below.



(2) Liang Court
For students who would like McDonalds, air-con food court, Japanese cuisine, we would go on to Liang Court. There is also a Japanese supermarket at the basement. It is a full-fledge shopping centre. The food court was opened in 2012.

(3) Roadside Cafe
If you are coming in by MRT from Dhoby Ghaut, you will pass by the Roadside Cafe. It has both chinese and muslim food shops located side by side. It is located along the road at the Singapore Shopping Centre. It is good for a quick bite before class if you have 10mins for lunch / dinner. They close early at around 7pm. The photo of the shop is below.

Company Failure & Renewal [05/10 - 01/12]

This is my final module of the MBA course. Since 2 years ago, my friend has been telling me to sign up for this module as it covers many interesting aspects of what a MBA graduate should know about companies. Coincidentally, I was able to accommodate the Company Failure & Renewal module towards the end of the year.

I missed the Friday evening of the first intensive as I was away for a retreat. But luckily I have not missed much and managed to catch up through some friends help. There were 13 students in all in the class. Being a small class, it was a discussion based learning instead of formal lectures. The lecturer for the class is Dr Georges Baume. I read that he has been nominated for teaching awards in the past thanks to his good facilitation methods.

As the name of the subject goes, Company Failure and Renewal. This course talks about why company fails and how they recover.

Why Companies Fail
During the first Friday night, the factors contributing to company failure were touched on. When a company went bankrupt and goes into liquidation, who will be the creditors? We actually categorize them into senior debtors and junior debtors. In the US, there is Chapter 11 which allows companies to sort things out and take a life line out of bankruptcy. Of course, we have to consider chronically sick industry and what is the industry financial strength.

Checking Companies Profitability
The next day, we went into accounting profitability and revised through the formulas which we used in our Accounting module in evaluating whether a firm is liquid and profitable. I have already forgotten most of that I learn in Accounting, which is 2.5 years back.

Case Studies
Most part of this course is centered on case studies and we actually went through 6 case studies covering The Swissair Saga, Continental Airlines of 1992, Scott Paper Company, UAL Corporation, Loewen Group and finally FAG Kugelfischer. We studied what lead to the failure of these companies and if they attempted to turnaround, how did they do it. It is actually quite intensive to go through these cases thoroughly.

Below is a photo of us having discussion on one of the cases.(Notice everyone is in deep thoughts)



Firm Valuation and Free Cash Flows
Next, we went through some formulas which were covered in our Managerial Finance course. By this stage, we were pretty much shocked by the amount of numbers and formulas we have to crunched. But Dr George assured us this is not a formula-intensive course. But we will know how these formulas are applied in evaluating a firm valuation and free cash flows. 


Textbook and Readings
The textbook we used is 'Ruthless Execution' which talks about the 3 main steps in turning around a company. First we have Leadership which looks at Strategic Recalibration and Business Philosophy. The legend Jack Welch of GE and John Chambers of Cisco were studied. Next is on Governance where accountability, performance management system and discipline are looked into. In this segment, we studied Lou Gerstner of IBM and Harry Kraemer of Baxter. Finally is developing the Critical Capabilities of productivity management, talent management and focused corporate transactions. This textbook provides a sampler of the great CEOs that turn around companies that have lost their edge. 

The readings has many good articles from the Harvard Business Review of why companies fail and why CEO fail. After a while, you will realize that the reasons leading to failure are about the same. But the method of turnaround are split into 2 main schools, either the hard or soft approach.

Leverage Buy-Outs (LBO) and Barbarian at the Gates
We were encouraged by Dr George to read Barbarian at the Gates. I guess most of us have not read it. I borrowed from the library the 500-page book but gave up after reading through a few pages. It is way too thick and sort of a suspense-written book. Thereafter I just search through YouTube and watched the movie. But it is quite a bored as the movie was made in the 90s.

Essentially LBO means borrowing money to buy your own company. The debt is repaid by using the profit generated to repay. You own the company but this will mean the company is heavily in debt.

Group Assignment
We split into 3 groups where each of the groups researched into the following companies: General Motors, Carrefour and Kodak. My group looks into General Motors. 

Exams
The case study we have for our exams is on Peregrine. It talks about Asia leading investment bank and its dramatic rise and fall during the Asian Financial Crisis. Just 2 days before the exams, we gather together and have a discussion over it.

In all, this has been quite a fascinating module looking why company fail and how they are able to renew and turn around. It is quite a coincidence as I can use the things learn from this module to my work environment and observe what are the factors leading to its failure and observe how top management is able to turn it around. I studied the leading consumer electronics company of this period, Samsung, and learn that the CEO got his inspiration from Jack Welch, the legend of GE. As a follow-up from this module, I decide to read up more about Jack Welch and evaluate whether is his philosophy applicable 2 decades after he did the turn around.