#DILO (A day in the life of) a master’s student – Beatrice

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Through the #DILO series of blog posts we have been bringing you insights into the life of our master’s students, sharing their thoughts and opinions, ups and downs, and key learning points during their online studies. The whole idea behind this series is to make you aware of realities of online studies, and help you in decision making.  

This week we take a look at a day in the life of our MBA student Beatrice. Beatrice is an electronics engineer with over 19 years of experience working in IT. She is currently studying for the MBA in Management Consulting, offered through our exclusive partnership with York St John University, UK, and working for an American company as an IT Project Manager. Along with handling a full-time job and a master’s programme, Beatrice manages a busy household with a husband and two daughters. Here is an insight and some words of wisdom that Beatrice had to share from her own experience. 

With the MBA Management Consulting you gain an understanding of consulting techniques and develop a range of transferrable skills

An Introduction 

Which Uni are you studying with? 

York St John University (UK) 

Which programme did you choose and why? 

I chose the MBA in Management Consulting programme. It allows me to improve my knowledge and complete my profile as Project Manager. 

The Study Plan 

How did you plan to study each module, and what was the reality? How many hours did/do you have to put in each day/or in a week? 

Prepare a study plan and pick a time of the day that works best for you

I planned the modules to avoid overlaps and could make it as planned. It is important to allow at least four to five hours a day, 4 days a week. This can be increased to 5 hours a day when approaching assignment deadline. 

What part of the day did/do you find most suitable to study? (e.g. early mornings, lunch break, evenings, weekends?) 

Allow yourself enough time for each
assignment

What worked best for me were early in the morning and late in the evening, when there is no distraction (work, children, etc.) 

How much time did you devote for each assignment? 

Generally, 4 to 5 days. Sometimes more, depending on the topic. 

Travelling and Communication 

How did travelling impact your ability to study? 

When travelling, other activities make it more difficult to find the required hours to study 

How were you able to interact with peers and/or professors given the time differences? 

We used e-apps that allowed delayed interactions (email, campus portal, WhatsApp). 

A typical day as a master’s student 

What does a typical day as an Online Masters’ student look like for you? 

1. Spend 2 hours early in the morning, reading and watching class videos  

2. Spend 1 hour at lunch time to review and make some researches  

3. Spend 1 to 2 hours at late evening to write or complete researches 

‘Research’ is an important aspect of Master’s studies. Learn to research effectively.

Any advice? 

It is important to have:  

1. The support of your entourage  

2. A schedule that includes your studies, work and personal activities, even leisure. Follow it as much as possible  

3. A contingency plan 

Well indeed, incredibly helpful advice from Beatrice. A contingency plan not only saves you from an unpredictable situation but also helps you follow your study plan with confidence. To get you through the master’s studies we have a great faculty who are subject-matter experts, guide and encourage the students to achieve their potential.  

If you have been dreaming of joining a master’s programme or have had this personal goal to gain a higher education, now is the time! Take the valuable advice from our current students, gain from their experience, add your own unique study strategies, and make your own success stories! I would love to feature you one day on our college blog. 

Chat LIVE on WhatsApp with one of our Education Advisors for more information on all the programmes we offer, application process, and for information on discounts we might be offering at this time. 

What I wish I knew before starting a business -Robert Kennedy College Blog

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Once upon a time (about twelve or thirteen years ago), I decided to try my hand at starting a manufacturing business. Why? I was in my 20’s, with an MBA and a few years of work experience under my belt, and I had a dream – to leave my mark on this world, to become the next Henry Ford or Steve Jobs, and I figured, if things go to hell, I was young enough to risk it and still have time to bounce back!

There is of course a lot more to this story and my thought process that lead to my decision, but this is not the point of this post. The point is, when you do decide to start a business there is this steep learning curve, and as the business is your own, there are a lot of factors that must be considered while making decisions. 

Many factors that must be considered while making decisions

Like me, if you came from the corporate world, still early in your career with limited managerial experience, you probably just had to look after a very specific task – sales, marketing, a small part of finance, etc. But when you are the head of your own business (no matter how small), you need to be involved in everything! Business Plan, Finance, Revenue, Marketing, Sales…

Strategic Management

When you have so much on your plate there is a risk of your dropping the plate and causing it to break into many tiny pieces (the “plate” here is your business :D).

Understanding how business works, the points to consider before making a decision, and knowing and correctly identifying the different sources of information on which to base your decisions is paramount for the success of your business. This is where strategic management takes on a whole new importance in your thought process. It does not matter how big or small your business/company is, start thinking strategically!! 

Think Strategically

Three principles underlying strategy: (1) Creating a “unique and valuable” [market] position (2) Making trade-offs by choosing “what not to do”, and (3) Creating “fit” by aligning company activities to one another to support the chosen strategy 

Prof. Michael E. Porter, Ph.D., Harvard Business School

The simplest definition of strategic management is “the formulation and implementation of the major goals and initiatives taken by an organisation’s top managers on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organisation operates.” Strategic management provides overall direction to a business and involves specifying the organisation’s objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans (source: Strategic Management for Voluntary Nonprofit Organizations, Roger Courtney).

A system of finding, formulating, and developing a doctrine that will ensure longterm success if followed faithfully.

Dr. Vladimir Kvint, Chair of the Department of Financial Strategy at the Moscow School of Economics of the Lomonosov Moscow State University

So, how do you go about making your life (business really) easier by implementing strategic management?

First, identify your goals – let’s say your goal is to increase annual sales, but what does that actually mean? It is just too vague. Quantify and be specific. As an example, our goal is to sell 100 ballpoint pens and 200 ink pens by the end of the next financial year.

Now, how do you go about achieving this goal?

  • Start by identifying what goods you are going to be manufacturing (in our example they are pens), then the market to which you will be selling these manufactured goods.
  • Next, organise the resources you will need to achieve your goals, like putting in place purchasing and supply chain management to ensure a timely supply of raw materials, people and equipment to carry out the manufacturing process, marketing and sales team to bring in clients, and employing or contracting an adequate support staff (if you are unable to do it yourself) to carry out other support functions.
  • There are also a number of external forces that can have an impact on your business strategy. One of the tools most used in understanding these forces and helping in developing a strategy is Michael E. Porter’s Five Forces Framework which is a business analysis model that helps explain why various industries are able to sustain different levels of profitability. The Five Forces model is widely used to analyse and determine the corporate strategy of a company.

Porter’s five forces are:

  • Competition in the industry
  • Potential of new entrants into the industry
  • Power of suppliers
  • Power of customers
  • Threat of substitute products
A graphical representation of Porter’s five forces

Understanding the principles behind strategic management might take time, but when it comes right down to it, you will find that it is basically logic. The challenge is in getting the right data from the right sources on which you can base your decisions, and of course the methodology you use to analyse the data to arrive at your decisions. A wrong strategic decision may end up costing you dearly.  

This is why strategy and strategic management is an important module in a number of our online master’s degree programmes. 

You can also chat LIVE on WhatsApp with one of our Education Advisors for more information on the programmes we offer, the application process, and for information on discounts we might be offering at this time.

5 ways to effectively manage virtual teams

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The pandemic has changed the way the world operates. It is essential that we go remote in order to flatten the curve and stop the spread of the novel corona virus. Working remotely may have started as a necessity and an ongoing trend but has become the new normal and is here to stay! While many of us had long dreamt of being able to work remotely (at least for a couple of days in a week), now are working from home every day. #WFH (Work from Home) is the way of the future workplace.  
 

The change has not only affected the corporate world, but the healthcare and education sectors alike. Clinics are now operating remotely with doctors taking online, rather than in-person consultations. Universities have moved their on-campus programmes to online programmes, with professors teaching classes and posting lectures online. Barring some essential service occupations or frontline jobs like emergency workers, retail stores, restaurants and hotels, banking, etc. (where not closed), everything else seems to have moved online.  
 

Most of the businesses have shifted their work online

Many corporates have realized that they actually don’t need workers to physically come to work. Jobs can be managed from home or from practically anywhere in the world. In last week’s blog, we saw how challenging it is to work from home and some useful tips on overcoming those challenges. Now imagine you are not only working from home, but also having to manage a team remotely as well! What a challenge! This has led to heightened responsibility and a greater role for the team leaders. Managers across industries are rapidly looking for new methods and techniques to manage their widely dispersed and distributed teams remotely.  

Managing virtual teams through video-conferencing

In the wake of these new challenges, business leaders are required to be all the more creative, focus on new means of communication, and be more inclusive. 

So, here are 5 ways that will help you, a new (or old) remote leader, manage your new remote team effectively: 

1. Set clear objectives and expectations 

      Studies show that most workers are not clear of what is expected of them at work. When working remotely this will become even more difficult if not handled properly. In order to encourage maximum participation and engagement from the employees, set clear agendas, norms and expectations with your team. Come to a common consensus as a group so that each employee is comfortable with the goals of the team.  

2. Communication is the Key 

    While working remotely, there is no such thing as over-communicating. It is rather “are you communicating enough”?! While in a normal office environment, a small miscommunication can cause trouble; imagine how haywire things can go when you are managing a team remotely. There are different teams cross functioning, with different perspectives that a leader has to handle at a time. Communicating constantly is an effective means to guide employees, and keeping them engaged and motivated.  

Choose the most effective means, amongst the various means of communication

3. Utilize various means of communication 

    Deriving from the above point, a leader needs to find effective means of communication. The pandemic has given us several alternate communication methods. Business leaders can adopt any of the many tools available like Microsoft Teams, video-conferring on Zoom, UberConference, more conventional Skype, texting, etc. A leader must determine when to use a video-conferencing tool to establish a more personalized conversation, or a quick audio-call or a buzz on Skype messenger for a quick follow up on the work status. This will also establish a norm for employees on how to interact and communicate effectively amongst themselves, and with the manager.  

4. Hold daily and regular check-ins 

    Working remotely might be a new experience for many of your workers. It can be overwhelming for some of them to adjust to this whole new work culture, where the workers are separated from their peers and managers. They might need help and support, but unlike in a normal office environment where they could go knock on their boss’s door or lean on co-worker’s cubicle, employees may not be able to find such instant support or comfort while working remotely. It is therefore necessary for the team managers to have regular check-ins, and one-on-one conversations with their team members. It is all the more important for them to empathize with the situation and hear out what challenges or issues their staff are facing and suggest appropriate solutions. 

A home office setup. #wfh is the new normal.

5. Empowering your employees 

    While working remotely, everyone is their own manager (well at least at their homes, and unless kids are around!). The team leader must tread very carefully before entrusting more responsibilities to the members. The managers must learn to trust and empower their employees. Encouraging a trust-based culture has proven to have an increase in innovation, agility, employee engagement and job satisfaction.  

Being an effective and innovative team leader is not everyone’s cup of tea and managing remotely comes with its own challenges. Keeping the above points in view, using the right tools with a high degree of emotional intelligence, and by adopting the best management practices, you can be an effective leader, and help your team thrive. For all the new remote managers, we trust that you’ve got this! Do share with us your own remote managing experience and challenges in the comments section below. 
 

Working from home… 5 ways how to avoid the “Aaaaaaaagggh” feeling!

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Not all of us wanted to work from home. Some of us actually enjoyed getting up in the morning, making breakfast, dropping the kids at school and then driving to work. We enjoyed meeting our co-workers (some of whom might have even been our friends, or better still, our arch nemeses!), socialising over a bad lunch at the cafeteria, meeting friends for drinks (or coffee) after work, and finally, getting back home at the end of the day for a good night’s rest.

Meetings with co-workers

On the other hand, some of us have dreamt our entire work life of working from home, waking up late, dropping the kids off at school in our pyjamas, not being stuck in traffic, not having to see the face of that irritating co-worker/boss, and having the time to explore other hobbies and interests.

Whatever your preference, COVID-19 has ensured that we all need to adjust to a new way of working. And for most of us, that way is to work from home.

Even after this pandemic becomes history, the impact of COVID-19 on the way we work and live will continue to remain. How we live today (or at least a version of it), might become the norm. So, understanding the challenges of working from home, and how best to overcome them, is important for us to continue to be as efficient and productive as working from an office.

The new norm

Challenges

When the day becomes the night and the sky becomes the sea, When the clock strikes heavy and there’s no time for tea.

Cheshire Cat, Alice Through the Looking Glass

COVID-19 has not only forced some of us to work from home but has also made us an island unto ourselves, forcing us all to stay isolated and locked in our homes. Now, man by nature is a social creature and even those of us who worked from home before the pandemic still had the option of going out and socialising to their hearts’ content.

All of this is no longer possible. Social distancing is what needs to be followed by us to truly beat this pandemic. But the result is that every day starts to feel the same, bleeding into each other, there is very little to break the repetitive cycle. In addition, for those of us who were thrust into working from home, the merging of the workspace with the living space proved to be an additional challenge to overcome.    

Working through social distancing

Going to the office provided us with a structure – get to office on time, morning meetings with the team, understand the goals to achieve on the day, check emails, coffee break, work, lunch, work, may be an evening meeting with the team to recap, and then go home. But with this structure removed, as a result of working from home, one of two things might happen:

  1. lose track of time and goals achieved, overwork yourself and burnout quickly or
  2. lose focus, get stuck doing busy work and don’t get any real work done

The following are 5 simple steps that you can follow that might help you overcome some of these challenges

  • Dedicated workspace: The first thing you need to do is create a dedicated workspace. Remove all distractions from this area and keep everything you will normally need to do your work close to you. Maybe set it up similar to the workspace at your office. If possible, set up the workspace in a room that no one else uses, a room with a door. Closing a door behind you can make a big difference to creating an effective and dedicated workspace.
  • Dedicated worktime (schedule): Even those of us that don’t actively keep a schedule or a calendar, inevitably follow a semblance of a schedule when we work from an office. Get to office in the morning, review the tasks that need to be done by the day’s end, monitor the progress of the tasks that need to be completed by the end of the week/month/year, do busy work like checking emails and other non-critical tasks, work on critical tasks, go on breaks (lunch, coffee, etc.), and finally windup for the day. So, a good way to focus is to pretend that you are still working from an office. Create a schedule that is similar to your workday. Start by assigning a time to begin work and a time to end the workday. Determine the tasks that need to be completed by the end of the day/week/month and review where you currently stand and what needs to be done to stay on schedule. Take a break for lunch and coffee, like you would do at office, but do not exceed the break time.
  • Set boundaries: This step might be a little emotionally difficult. Getting your family, especially kids and pets, to understand that you are working and not having a day off might be a little difficult in the beginning. But once they understand your schedule and that the workspace is for you to work, over time they will give you space to work.
  • Celebrate the accomplishments: Many of you might not have noticed it, but at the office, when you complete a task and it is submitted to your manager for review, or announced in a team meeting (or for sales people, when you reach your target), there is a weight that is lifted from your shoulders. When you work from home, for the most part, you are on your own. There is no one acknowledging your success or failures on a regular basis (at least not as regular as in your office), and there is no relief to that weight on your shoulders. So, figure out ways of doing this yourself. When you have successfully completed a task, realise that you have, and acknowledge this fact! Stand up and dance like nobody’s watching!
  • Use the extra time: You are working from home, that means you will have extra time on your hands. On top of that, COVID-19 has enforced self-isolation and social distancing. So, breaking the monotony is important to remaining focused, motivated and sane. Take up something that will challenge you, something that you always wanted to do but never had the time before, something that will push your boundaries. Maybe learn how to cook/bake, workout and get fit (haha), do online programmes and learn new things, may be get that degree you have always wanted.

If you have been thinking about doing a master’s degree, to challenge yourself and keep motivated, while at the same time being better qualified and prepared for the challenges to come, have a look at our list of programmes and see if we have anything that could help.

You can also chat LIVE on WhatsApp with one of our Education Advisors for more information on the programme that is right for you, the application process, and for information on discounts we might be offering at this time.

Corporate governance practices are important for companies. Here are 5 reasons why!

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Let me start with the basics.. 

What is corporate governance? Well, corporate governance can simply be defined as the systems by which companies are defined, directed and controlled. As the name suggests, it is the practice that governs the corporates to comply with legal, regulatory and risk requirements and meet the business demands. And it is mainly the responsibility of the Board of directors. It is important that the board takes on board (pun intended) the intertwined roles, relationships, and interests of the company’s various stakeholders.

A corporate has both internal and external stakeholders. The internal stakeholders include the company owners, management, executives, board of directors, shareholders, and employees. And the external governance stakeholders include the society and community, customers, suppliers, vendors, and debt holders.  
 

Because the corporates ( with the exception of s non-profit organizations) operate for profit, one of the main focus areas of corporate governance is to make the business leaders manage the finances in the most effective way, and in the best interest of their internal and external stakeholders. There are several laws and external regulations that monitor this aspect of corporate governance. However, many companies establish their own internal framework and regulations to ensure smooth and ethical operations of the organisation. 

Regardless of how big or small a company, it is important to have an established set of practices that dictates good corporate governance. It also looks good on the part of the company that their finances are well accounted for, and they have done some good deeds for society.

Now many argue that corporate governance does not affect the bottom line of the business and is not ‘necessary’ for running the business, as it does not affect the operational or financial performance of the company. It is difficult to put together and implement a customised corporate governance plan. The additional practices cost a lot of money and time going through the administrative procedures of organization’s bureaucracy.  

The other side of these arguments, however, stresses the importance of corporate governance practices and the impact they have on the successful running of a business in the long term.  

How corporate governance benefits a company 

Corporate governance is the foundational stone of any good business. There is a direct correlation between good corporate governance and enhanced shareholder value in the long term. It is an important tool in managing the business in an ethical way, and leading to its growth.  

Some of the key benefits of good corporate governance are as follows:

1. Power packed board of directors 

        As I mentioned above, the board of directors are responsible to oversee how the corporation runs. Good corporate governance focuses on establishing a strong board for the company, comprising of directors who are knowledgeable, competent, qualified, matter-expert and who hold strong ethical values. The board will then be able to provide strong and dedicated leadership, and vision to the company.  
 

Corporate Governance ensures the corporation has a strong Board of directors

2. Promoting ethical culture and corporate integrity 

     Good corporate governance practices lay much emphasis on integrity in all business dealings and ensuring the company is socially responsible. They ensure compliance with the law, and an ethical business code of conduct.  

3. Enhanced public image 

     In todays competitive business environment, having good corporate governance can prove to  be a differentiating factor working in favor of the company. Being socially responsible, contributing towards the environment, implementing sustainable practices, and other societal benefits, paints a good image for the company and builds confidence for both the internal and external stakeholders of the company.  

4. Boosts new investment 

     The venture capitalists and investors feel more confident in investing in a company with good corporate governance practices. They ensure good return on investment for the investor. Increased investments mean expansion of business, and create more employment opportunities.  

5. Effective risk management 

     A board of directors with a strategic vision is imperative in identifying potential risks faced by the company, such as industry specific risks, global markets, operational, legal, and financial risks. By evaluating risks, and implementing timely plans, good corporate governance practices can help mitigate risks for the company. 

RKC boasts a strong portfolio of online master’s programmes, offering online MBA, MSc and LL.M programmes. The students have a wide range of 18 MSc, 23 MBA and 3 LL.M programmes.

You can chat LIVE on WhatsApp with one of our Education Advisors for more information on the programme, the application process, and for information on discounts we might be offering at this time.

Women in RKC – Elizabeth (Liza) Rudolfsson, MA Leading Innovation and Change, York St John University, UK

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Continuing with our blog series featuring our female students, we asked our students to share their experiences with us – the challenges of getting back to school, of managing work and study along with family, and the unique challenges they faced being female students.

Liza is a graduate of our MA programme in Leading Innovation and Change (MALIC) through our exclusive partnership with York St John University, UK. This programme has been discontinued, and has reincarnated as a 100% online MBA programme in Leading Innovation and Change. 

Liza Rudolfsson being the model student

Now, let us see what she has to say!

Who is … 

A short profile

Sahil Devasia (SD): Who are you, really?

Elizabeth (Liza) Rudolfsson (ER): Creative and hard-working business consultant with roots in the construction industry.

Getting back into education

Your story of getting back to do a Master’s degree

SD: What was the driving force behind your enrolling for an online degree? Who inspired you? What motivated you?

ER: Interest in the subject. Hope that I could apply this new knowledge directly with my customers. Watched a test video with George Boak, which convinced me to choose YSJ.

SD: What were the thoughts/situations/people/challenges holding you back from starting (if any)? How did you overcome them?

ER: People around me were surprised (I’m 63) but supportive. Luckily, I underestimated the time it would take, or I would never have started.

SD: What surprised you the most when you started your studies?

ER: How much time was required! The high level of ambition. The fun of having ‘classmates’ from all over the world.

SD: Do you feel there are unique challenges women face when deciding to get back into education?

ER: Not really.

Getting the degree

The work to get the degree – what did you learn, how did you balance, what would you do differently

SD: Which programme did you do? Why?

ER: Leading Innovation and Change because I’m interested in – and work with – leadership, change and innovation.

SD: What is the single most important thing you learned during the programme?

ER: A ton of interesting facts, theories and models, but the most important learning was scientific, critical thinking and how to handle sources and references.

SD: How did you balance work and studies?

ER: I cut down on my work.

SD: Any particular challenges to being a woman and studying online, or do you think all students face the same ones?

ER: I don’t know about other students, but I can’t see any particular challenges.

Life post degree

What changed, if anything?

SD: What’s new in your life since graduating / starting your studies? Any visible impact already?

ER: I sold a strategy project for small businesses right after the Strategy module. This is now a yearly event, thank you MALIC! Before, I had a lot of superficial knowledge and a lot of practical experience. Now I find that I have a steady foundation with deeper knowledge that also ties into my experience and brings it all together. I get a lot of comments from customers about my solid knowledge, and they appreciate how I reference everything so that they know where the information comes from.

SD: Anything you are doing differently now because of the things you learned?

ER: I reference everything! I carefully separate information and opinion. I venture into new areas. I always did, but now with more confidence.

SD: Do you feel that getting a Master’s degree or doing other online programmes can reduce gender discrimination in the work place?

ER: Probably not in itself, maybe combined with other factors.

Advice for other women

Or other students, really.

SD: Imagine you could send a message back in time to your pre-degree self: what would it be?

ER: Take the writing of assignments (and the feedback) seriously, that’s where most of the learning happens. Use your new knowledge right away to make it stick.

If you have been thinking about getting your master’s degree, proving to yourself and others that you CAN do it, now would be a good time to take the plunge. Have a look at our list of programmes and see if we have anything that could help.

Hope this blog has answered some of your questions, and please watch this place for more similar blogs. You can also chat LIVE on WhatsApp with one of our Education Advisors for more information on all the programmes we offer, application process, and for information on discounts we might be offering at this time.

Top 5 differences between an MBA and an Executive MBA. Which one is better for you?

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Pursuing the master’s degree is a big decision in many people’s lives. Choosing which programme will be most beneficial for one’s career development can be nerve wrecking too. Because there are choices – too many choices! For example, one might decide to go for an MBA programme, however, there is a choice to pursue an Executive MBA (EMBA) too! As an aspiring student, which one should you choose? Let us explore the differences, pros and cons of both so that you can make an informed decision. 

1. Admission criteria 

One of the foremost differences between an MBA and the EMBA programme is the admission criteria. For most of the MBA programmes minimum experience required varies between 1-3 years. Sometimes, even fresh under-graduates can also apply for MBA programmes given a good academic record.  

On the other hand, an EMBA typically requires candidates to have on average 3 to 6 years’ work experience with at least 2 to 5 years of managerial work experience. Our current MBA students and alumni for example, possess on average 5 to 10 years of work experience, holding leadership and management titles in companies such as risk and quality managers, heads of sales, senior corporate trainers, marketing directors, lawyers, consultants, politicians and diplomats, company presidents and CMOs. 

2. Pace of study 

The MBA programmes are typically pursued on full-time or on-campus basis, and have very demanding schedules. They have more traditional and rigid course structures. An EMBA on the other hand, offers a more flexible study schedule, and are typically delivered in blocks (weekends, once a month, etc.) or online. The majority of the EMBA students are working professionals with busy work schedules. Thus, to optimize their time, EMBAs offer lecture sessions at rarer, but more intense intervals than their MBA counterparts. When done online, these really put flexibility at the forefront. 
 

3. Intensity of the programme 

While both programmes focus on the same core modules, the degree of intensiveness in both varies. For the EMBAs, I will use an analogy of a multi-vitamin supplement – a power packed mix of various vitamins all together in one. Similary, EMBAs are intensive, and one should be ready to absorb a lot of knowledge in a short period of time.  

A regular MBA programme however, spreads the modules over a period of time. The course material is widely distributed and thus is comparatively less intensive than EMBAs. 

Group of students at the Residency in Zurich (At the moment we are conducting Online Residency in light of Covid-19 restrictions).

4. Curriculum and focus 

In an MBA programme, since it accepts candidates with fewer years of experience, the focus is on teaching and developing management knowledge from the basics. It has a broader choice available in terms of the electives that a student can choose from. An EMBA programme, however, has a higher bar set in terms of experience from its candidates. While some of the core modules are same as an MBA programme, an EMBA programme has a more focused approach.  
 

Celebrating our Graduates – University of Cumbria

5. Financial implications 

An EMBA wins over an MBA programme any day when we talk about financial implications of both. Firstly, an EMBA candidate can continue their day jobs and get paid to support their education. MBA programmes with full-time study schedules make it more difficult for students to continue with their jobs. Secondly, since a large portion (or in our case, all of the programme) is studied online, one saves a huge amount of money in travel and living expenses. Thus, the return on investment on an EMBA is typically much higher than a regular MBA programme.  

Money matters..

There is of course the issue of programme cost – these vary wildly though, and you can find really expensive programmes in both EMBA and MBA settings. 

I hope the above provides a few points to help you make the distinction between an MBA and an EMBA programme. 

Robert Kennedy College offers online MBA programmes – which are much closer to EMBAs than they are to MBAs because of their flexibility and incredible value for money. We do that in exclusive partnerships with the University of Cumbria and York St John University. Check out the list of various MBA progammes that we offer and choose the one that best suits your interests and career.  

#DILO (A day in the life of) a master’s student – Folarin

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What is the best way to study online? Should you do an online programme? How to better manage time when studying online?

Questions, questions, questions!

These are all questions that we at Robert Kennedy College (RKC) get asked regularly by students who are looking to join one of our online programmes. Undertaking to do an online master’s degree programme will be an additional commitment on your time and finances, and it is smart to get information before hand, cross your T’s and dot your I’s, before making your decision. 

Through this series of blog posts, we asked some of our past and current students to share their thoughts and opinions, to give their feedback on how they handled some of these choices and situations. Hopefully this will help you to make an informed decision. 

Learning from those who came before you is smart. I am not asking you to blindly follow what they are saying, but to take what they said worked for them, and see if it will work for you, maybe make a few changes (or a lot). In the end, only you know what works best for you!

Learn from those who came before you

Folarin is currently doing our M.Sc. programme in Procurement, Logistics and Supply Chain Management, that we offer through an exclusive partnership with the University of Salford, UK, and this is what he had to say.

An Introduction

Who you are, really?

I am Folarin, from Nigeria

Which Uni are you studying with?

The University of Salford’s (UK), M.Sc. programme in Procurement, Logistics and Supply Chain Management

Which programme did you choose and why?

MSc. Procurement, Logistics and Supply Chain Management. I have been a professional in the chosen career since 1996, when I obtained the Professional Certificate of the Nigerian Institute of Purchasing and Supply Management, now Chartered Institute of Purchasing and Supply Management of Nigeria.

The Study Plan

How did you plan to study each module, and what was the reality? How many hours did/do you have to put in each day/or in a week?

I planned to be flexible, juggling work and study! The reality for me was planning, and studying between work hours. I cannot specifically count the number of hours I study per day – I study according to time-window of opportunity.

What part of the day did/do you find most suitable to study? (e.g. early mornings, lunch break, evenings, weekends?)

I work tight schedules and was always exhausted during the weekdays. So, I found weekends most suitable to study – Friday evening through Sunday.

How much time did you devote for each assignment?

An average of one hour per day.

Travelling and Communication

How did travelling impact your ability to study?

Travelling helps me to relate life events with studying.

How were you able to interact with peers and/or professors given the time differences?

I explore IT facilities and internet resources – Email and WhatsApp messages.

A typical day as a master’s student

What does a typical day as an Online Masters’ student look like for you?

Dividing my attention, schedule, and activities to perform as both a Procurement, Logistics and Supply Chain Management professional and as a student. Balancing work and study as a mature man with the responsibility to cater for a family of 6.

Any advice?

Any advice you have for students to better plan their studies.

Identify your area of core competence and/or SWOT analysis of your personality. Evaluate your financial capacity in line with your regular income before enrolment for the online master’s programme.

Hope this blog has answered some of your questions, and please watch this place for more similar blogs. You can also chat LIVE on WhatsApp with one of our Education Advisors for more information on all the programmes we offer, application process, and for information on discounts we might be offering at this time.

Celebrating International Day of Peace #PeaceDay

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The 21st of September was observed as the International Day of Peace across the globe, a day earmarked by the United Nations, urging nations to observe ‘non-violence’ and encourage peace on the day, as well as a more general practice! Since 1981, each year it has been celebrated with the aim of bringing peace and harmony in the otherwise war-ridden world. 

Today the nations face several kinds of threats from each other, risk of civil war, political unrest, nuclear threats, cyberattacks, violence, and terrorism to name a few. Natural threats (well they are man-made too in a way) faced by the world are many. 

Extreme weather changes leading to floods and storms, natural disasters like earthquakes, wildfires, ecosystem disruptions, oil spills, radioactive contaminations, and of course the novel corona virus are threats that engulf and can potentially destroy economies across the world. The virus itself has derailed the world economy for probably several years.  

The world has witnessed four global recessions, in 1975, 1982, 1991, and 2009, leading to severe economic and financial losses globally. The pandemic is negatively affecting global economic growth beyond anything experienced in nearly a century. Estimates so far indicate the virus could trim global economic growth by 3.0% to 6.0% in 2020, with a partial recovery in 2021, assuming there is not a second wave of infections.  

Amidst all the chaos, it has never been so important that we all come together to mark and celebrate a day of global solidarity and pledge to build a peaceful and sustainable world. Nations should realize that they are not each other’s enemies. However, there are bigger and common enemies that they should come together to fight against.  

The United Nations has recognized ‘Shaping Peace Together’ as the theme of the 2020 International Day of Peace.  “In these days of physical distancing, we may not be able to stand next to one another. But we must still stand together for peace.   And, together, I know we can — and will — build a more just, sustainable, and equitable world”, said António Guterres, Secretary-general of the United Nations, in his message to mark International day of peace.  

I believe that we all have a role to play in shaping the world’s future. Any contribution big or small is important. So, let’s all come and stand together for #PeaceDay. 

And education is a great way to promote world peace. As Mahatma Gandhi said, “If we want to reach real peace in this world, we should start educating children”. We at RKC are continually working hard to provide the world-class education to millions of students across the globe at affordable fees. Join us today to promote the global cause of peace. 

Evolution and Innovation of the Financial Systems. Can the Financial System be updated?

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Finance has always been my Achilles’ heel. It was my weakest subject during my MBA, the subject in which I scored my lowest grades. Never understood anything about the subject, but now that I think about it, it was probably because finance never interested me. And, as fate would have it, the first job I got straight from college was with a bank, and a few years later, the second job was with an insurance company.

So, whether we like it or not, finance will always be a big part of our lives. And if you think about it, you have been involved with finance ever since that day your mother gave you that coin to buy that candy from that shop near your school. And today finance is part of everything we do.

In today’s world, without a financial medium there is very little that can be done – no shopping, no job, no entertainment, no companies, no products, etc., etc., you get the picture! Finance is one of the key fulcrums around which the human existence revolves.

Today’s financial system is a product of thousands of years of financial evolution. The world’s financial system is very complex, formed by the overlapping of multiple, global financial networks that move trillions of dollars a day to serve billions of people. People who in turn use it to improve their quality of life – purchasing, trading, and investing.

Like everything huge and complex, there are a number of drawbacks. The system’s size and complexity makes it slow, expensive, lacking in transparency, and hence open to fraud. It is a system that thrives on speculation and seems to create concentrations of wealth. In today’s age of information and globalisation, is it possible to create a more functional financial system?

A complex system, formed by the overlapping of multiple, global financial networks that move trillions of dollars a day to serve billions of people

So, what is a financial system?

Simply put, it is the information layer that records and mediates economic activity. Finance serves the function of accounting for, and exchanging of, economic value. Financial systems enable funds to be stored and moved between the people involved in an economic transaction. Enabling the economic players involved, be it individuals or organisations, to share in the ownership of the economic activity, with the associated risks and returns.

Evolution of the Financial System

A financial system has always existed, and throughout history it has evolved from a community based financial system, to an industrial age centralised system, to today’s new global financial institutions centred around information technology. There are of course a number of factors that have contributed to the development of the modern financial systems, from double entry accounting, to nations adopting a single, common economic system that spanned a relatively large geographic area, and finally, to capitalism and large investments in industrial infrastructure.

Capitalism and industrial investments lead to the amassing of great wealth, which in turn resulted in even greater investment in industry. This resulted in the need for bigger, more sophisticated institutions for the regulating, storing, investing, and distribution of financial assets. Due to industrialisation, organisations moved from a more local/regional level to a national level, as a result, small local community banks with their local financial systems could not meet the demands of the industrial age. This naturally resulted in a centralised national/federal/reserve banking system coming into existence, which was the driving force behind the industrial economy.    

With the world economy becoming more accessible and deregulated, financial systems have evolved to become more standardised at a global level, becoming a system that manages a large flow of capital, organising the assets and liabilities of people and organisations around the planet.

The financial system continues to evolve and innovate to serve customers better, and move money more efficiently – from credit cards, to SWIFT interbank exchange, to ATM’s, online and mobile banking, and finally to financial products that are heavily based on speculation.

While the modern financial system continues to innovate, evolve, and improve the lives of the people using the system, there are also a number of challenges that impact the system.

A large percentage of society today is only interested in making the “quick buck”. This has resulted in the creation of financial products that are based on speculation, and this is where most people are investing their money. As a consequence of this, the actual investment made to the economy, and industry is reduced, and makes the system unstable and prone to collapse.

  • Global financial systems, while having a digital façade of simplicity, are in reality very complex and expensive to create and maintain, requiring a number of intermediaries to keep the entire system functional. All of this adds to the cost of the system, making the system inaccessible to billions of people around the world.
  • The system is made closed on purpose to protect the data it contains, as a result it lacks transparency, which from time to time, results in people on the inside taking advantage of the system to commit crimes and abuse trust.

45% of financial services organisations have suffered frauds in the last 12 months

PricewaterhouseCoopers LLP, Sixth Global Economic Crime Survey – Financial Services Report
  • Like any system centred around information technology, security is a major concern, and back doors into the system can always be found by a determined hacker.
  • The modern financial system can be complex and difficult to understand, especially with the evolution of FinTech (finance + information technology). Technology companies have entered the world of financial services, offering a number of products along the value chain, but are still not able to offer the full services that a traditional financial service provider offers.

The financial system is once again starting to evolve with the internet driving innovation, pushing the financial system into a more decentralised model. Blockchain, distributed ledgers and tokens are showing the potential for the new forms of the financial system. With the internet providing the platform to record, store and exchange value independent of centralised institutions, resulting in an economy wide accounting system that is secure and transparent. Is this the future of the truly global financial system?

This is all truly complicated to be covered in a blog post, and especially not by me!

If you are interested in learning and being better prepared for the opportunities and challenges in the world of business, have a look at our list of programmes and see if we have anything that could help.

You can chat LIVE on WhatsApp with one of our Education Advisors for more information on all the programmes we offer, application process, and for information on discounts we might be offering at this time.

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