INSEAD MBA 2008 Employment Statistics

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INSEAD MBA GRADUATES 2008 1

2 INSEAD MBA GRADUATES 2008

Contents
3 4 6 8 10 12 14 16 18 20 22 24 26 30 32 33 34 38 40 42 44 46 48 From the Director Highlights of 2008 A World of Talent Profile of the 2008 MBA graduates Full-time jobs & compensation trends — Overview Job locations Salaries and sign-on bonuses by region and country Career changes Consulting Consulting salaries and sign-on bonuses by region and country Finance Finance salaries and sign-on bonuses by region and country Industry Industry salaries and sign-on bonuses by region and country The INSEAD Corporate Affiliation Programme (CAP) Employers of 2008 INSEAD MBA Graduates — Top employers 2008 Recruiting partners Summer internships and compensation trends Summer job: monthly base salaries Companies which hired summer interns in 2008 List of countries per region A wide choice of recruiting methods Important INSEAD recruiting guidelines

INSEAD MBA GRADUATES 2008 1

The 2008 MBA Graduates came from
Asia Pacific 29% Central / Eastern Europe 6% Latin America 4% Africa / Near / Middle East 9% North America 11% Northern Europe 2% Southern Europe 12% Western Europe 27%

915

participants of 72 nationalities

+85% 56
countries

with job offers within three months of graduation

now working in

300+
2 INSEAD MBA GRADUATES 2008

companies

From the Director Rising to the challenge – together

With the global economy shaken to its foundations, the second half of 2008 was for us – as for many of you – a challenge. However, I am pleased to report that the outcome, for INSEAD at least, was far better than expected. The diverse and international backgrounds of our MBA graduates, their ability to adapt to the rapidly changing environment, and the support we received from alumni and recruiters all over the world resulted in job offers for an impressive 85% of the 2008 classes – across more countries than ever before. Our experience over half a century has taught us to remain optimistic even in difficult times. Yet we are also realistic and anticipate that the next year or so will continue to present challenges for everyone in the recruitment community. However, speaking on behalf of the team at INSEAD, I would like to say how much we have been heartened in 2008 by the response of our alumni community and the continued support of our recruiter network,

particularly the members of our Corporate Affiliation programme. Our warmest thanks go out to you all. For our part, in 2009 we are, as ever, striving to support our entire network of alumni and recruiters, as well as current participants. Sharing our own market intelligence in the form of this report is just one small part of the service. Thanks to this model of mutual support, I am confident that we can sustain each other through the difficult times and emerge stronger than before. Together, we can learn from the challenge and look forward to an easier road ahead. Warm regards.

Sandra Schwarzer Director, Career Services, Europe & Asia Campuses Tel: +33 (0)1 60 72 91 13 [email protected]

INSEAD MBA GRADUATES 2008 3

Highlights of 2008
Despite challenging market conditions in 2008, 85% of MBA graduates found employment within three months of leaving INSEAD. Building on the school’s international brand, they went to work in over 300 companies and in 56 countries. Indeed, our international reach is wider than ever before. In 2008 12% of graduates accepted jobs in the Near / Middle East region and Africa region – twice as many as in the previous year. And, thanks to our strong presence in Asia, 22% of our MBAs took up opportunities in Asia Pacific. As expected, employment in the finance sector was down on previous years. Nevertheless, thanks to strong hiring in private equity and venture capital (representing 28% of our finance recruitment), as well as financial services (27%), this decrease was smaller than anticipated. Meanwhile, around 40% of graduates went into the industry sector – with the highest representation in manufacturing (21% of industry jobs), hightech and telecommunications companies (17%), followed by energy (10%) and healthcare (9%). Online media and personal networks became a key element of the job search in the second half of 2008. As companies reduced travel spending, registrations on our online platform, CareerLink, increased by 43%, and over 2500 opportunities were posted to the MBA population. It was also a busy year for ‘career treks’, which enable participants to see a selection of companies at first hand. INSEAD’s first ever Career Trek to the Middle East took place in February 2008, followed by the first Carbon Finance Career Trek in the spring. In addition, a wide range of sector treks were on offer: investment banking, media and high-tech, private equity, real estate and energy. Further regional treks took participants to Australia, Japan, Korea, India, Brazil and Ireland. Our traditional role has recently expanded to cover INSEAD’s two Executive MBA programmes for senior managers. We offer career counselling to all participants and full job-search assistance to those who do not have company sponsorship. Currently, we are serving 66 participants on the Global EMBA and 33 on the dual-degree Tsinghua-INSEAD EMBA. Last but not least, in November 2008, we launched an exclusive job board for our 38,500-strong INSEAD alumni community – allowing recruiters to source talent from our MBA, EMBA and alumni populations – at all career stages and all over the world – through the same CareerLink platform.

4 INSEAD MBA GRADUATES 2008

INSEAD MBA GRADUATES 2008 5

A World of Talent
One school, two campuses and two intakes The MBA programme runs in parallel on two campuses in Europe (Fontainebleau, France) and Asia (Singapore). Two classes of approximately 455 participants graduate every year: in July and December respectively. This gives you the opportunity to recruit twice during the year. The most international business school If you are looking for executives who are comfortable working across national and linguistic borders, both sensitive to other cultures and proficient in local business practices, then it is only natural to partner with INSEAD. Our uniquely diverse environment attracts young professionals with a solid international experience. They then learn from each other’s differences and similarities, as well as from our global curriculum and faculty, before moving on to pursue careers throughout the world. Our campuses in Europe and Asia provide graduates with a global perspective. – Over 70% of participants transfer between campuses during the year. – The top five nationalities make up less than 40% of total participants and the top five job destinations make up less than 45% of total destinations. – All participants are proficient in three or more languages on graduation. INSEAD Recognised by CFA Institute as a Programme Partner INSEAD has joined an elite group of global academic institutions by becoming a Programme Partner with CFA Institute, the international association for investment professionals. The CFA Programme Partner Initiative recognises select colleges, universities and business schools from around the world that have incorporated a significant percentage of the CFA Programme
6 INSEAD MBA GRADUATES 2008

Candidate Body of Knowledge in their degree programmes. INSEAD’s MBA programme was selected for being academically rigorous and closely aligned to professional practice. A first-class business school We attract some of the most talented and ambitious young professionals in the world. Drawn to the school by our world-class faculty and unparalleled international alumni network, they leave INSEAD to create value and growth in companies across the globe. – Average GMAT score (2008): 700 – Major international rankings: consistently in the top ten business schools worldwide since 2000; number 5 in FT ranking 2009, number 3 in Business Week ranking 2008. – The alumni network includes CEOs, CFOs ,CTOs and Chairmen of global companies including AON, BASF , Danfoss, Deutsche Bank, Diageo, F .Hoffman – La Roche, Goldman Sachs, Heineken, Henkel, L’Oréal, LVMH, Power Corporation of Canada, Statoil, Unilever. An intensive preparation for a successful career INSEAD graduates do not just offer you the latest business insights. They bring stamina, teamwork, entrepreneurialism, organisational skills and effectiveness in the face of pressure to the companies they join. At INSEAD we develop the capacity to master a large amount of material in a short period of time. In this high-pressure environment, we foster collaborative skills through group work in diverse teams. The one-year programme provides indepth knowledge of conceptual models and analytical tools in Accounting, Entrepreneurship, Economics, Finance, Marketing, Organisational Behaviour and Strategy.

The top five

70%
of the participants transfer between campuses during the year

nationalities

<40%
of total participants

Average GMAT score (2008):

700

18% Native English Speakers

Participants speak

3+

languages

Over

on graduation

2/3

change

country of work post INSEAD

INSEAD MBA GRADUATES 2008 7

8%

9%

8%

Profile of the 2008 MBA graduates
Total number of MBAs
Asia / Asia Pacific 27%

Nationality(1)

7%

915
Gender

5%

5%

9%

5% 5% 2%

8%

29% 71% Male

Female

Asia / Asia Pacific 27% Asia Pacific 29% Central / Eastern Europe 5% Asia / Asia Pacific 27% Central //Eastern Europe 5% Central Eastern Europe 6% Latin America 5% Central / Eastern Europe 5% Latin America 5% Latin America 4% Africa / Near / Middle East 9% Latin America 5% Africa //Near //Middle East 9% Africa Near Middle East 9% North America 11.5% Africa / Near / Middle East 9% North America 11.5% North America 11% Northern Europe 2.5% North America 11.5% Northern Europe 2.5% Northern Europe 2% Southern Europe 12% Northern Europe 2.5% Southern Europe 12% Southern Europe 12% Western Europe 28% Southern Europe 12% Western Europe 28% Western Europe 27% Western Europe 28% < 26 years 6%

1 1 1

7 7 7 5 5 5

2 2 23 3 3 4 4 4

7 7 7

6 6 6

Age 26< 26 years 42% - 28 years 6% 26 years 6% 26 < 28 years 42% 29 - 31 years 34% 26 - 31 years 34% - 28 years 42% 29> 31 years 18% 29> 31 years 18% - 31 years 34%
> 31 years 18%
Average: 29 years

Work1 - 3 years 8% Experience
1 - 3 years 35% 3 - 5 years 8% 1 - 3 years 8% 3 - 5 years 35% 5 - 7 years 31% 3 - 7 years 31% 5> 5 years 35% 7 years 26% 5> 7 years 26% - 7 years 31% > 7 years 26%
Average: 6 years

Education
Arts 5% Arts 5% Business 23% Arts 5% Business 12% Economics 23% Business Economics 23% Engineering 12% 35% Economics 35% Engineering 12% Law / Political Sciences 8% Engineering 8% Law / Political Sciences 35% Sciences 9% Law / Political Sciences 9% Sciences 8% Other 8% Sciences 8% Other 9%
(1)

For the list of countries per region, please refer to pages 44 and 45.

Other 8%

8 INSEAD MBA GRADUATES 2008

INSEAD MBA GRADUATES 2008 9

Full time jobs & compensation trends
Overview Of the 915 participants in the two classes which completed the INSEAD MBA programme in July and December 2008, 872 (95%) responded to the Career Services survey. Of these 872 graduates, 738 (85%) reported having received at least one job offer 3 months after graduation, 676 (78%) gave us details of their career decision INSEAD Career Services / Alumni 54% and 536 (61%) reported full salary information, on which contacts / Networking 21% Own the salaries section of the following report is based.
Pre-INSEAD employer 19% Creating own company 4% Internships 2%

How did they find their job?
Career Services / Alumni Own contacts Pre-INSEAD employer Summer job Creating own company Total #676 48% 19% 25% 4% 4% 100%

By sector
Total 676

Consulting 42%

Finance 18%

Industry 40%

10 INSEAD MBA GRADUATES 2008

Consulting 36% - 1

Sectors: comparison over 5 years
2008 Consulting Finance Industry 42% 18% 40% 2007 39% 28% 33% 2006 35% 29% 36% 2005 35% 30% 35% 2004 38% 20% 42%

By function By function
Total 676 Consulting 47% Corporate planning / Business development 8% Finance 15% General management 11% Marketing / Sales 8% Production / Operations management 2% Rotational programmes 1% Other* 8%

Total 727

* Includes: audit & accounting (2), communications (1), information technology (1), legal (3), logistics & purchasing (5), research & development (5), systems analysis (1), technology management (3) and a further 28 who did not provide a category.

Disclaimer: The information included in this report was provided by both MBA graduates and recruiters and has not been independently verified. INSEAD Career Services gives no guarantee as to its accuracy. INSEAD MBA GRADUATES 2008 11

Job locations
INSEAD’s global footprint is reflected in the career destinations of its graduates. Statistics show that an INSEAD MBA really is a passport to a career anywhere in the world. Over two-thirds of 2008 graduates changed their country of work after attending INSEAD – a unique achievement for a business school. No wonder companies turn to us, year after year, to source global talent for their organisations. In 2008, building on their international background, their multi-cultural management experience and adaptability, our MBA graduates accepted jobs in 56 countries – more than ever before. With new opportunities in emerging markets more MBA graduates accepted positions outside Europe than in 2007 (down 11%). INSEAD’s strong presence in Asia and the Middle East is also a significant factor. Within Europe, Germany, Belgium and The Netherlands attracted a significantly higher number of graduates than in 2007, while the proportion of those heading for the UK dropped by 16% as a result of reduced recruitment in the financial sector and tighter immigration policies. Italy and Portugal are now the top Southern European destinations, while fewer participants decided to work in Spain on graduation than in 2007. Beyond Europe, the Near / Middle East and Africa region attracted 12% of graduates – double its 2007 recruitment rate. Asia Pacific continued to grow in popularity, with increased opportunities in Singapore (38% of the jobs accepted in this region), China (14%) and India (13%).

By region(1)
Total 676 12% Africa / Near / Middle East 22% Asia Pacific 5% Central / Eastern Europe 4% Latin America 7% North America 2% Northern Europe 6% Southern Europe 42% Western Europe

(1)

For the list of countries per region, please refer to pages 44 and 45.

12 INSEAD MBA GRADUATES 2008

Belgium 9% Belgium 9% Belgium 9% 21% France Western Europe France 21% France 21% 13%Total 282 Germany Belgium 9% Germany 13% Germany 13% 9% Switzerland France 9% Switzerland 21% Switzerland 9% The Netherlands 11% Germany 13% Belgium 9% The Netherlands 11% The Netherlands 11% 35% United Kingdom Switzerland 21% France 9% United Kingdom 35% United Kingdom 35% 2% Other* The Netherlands 13% Other* 11% Germany 2% Other* 2% United Kingdom 35% Switzerland 9% Other* 2% The Netherlands 11% United Kingdom 35% Greece 14%Austria (1), Ireland (2), Lichtenstein (2) and Luxemburg (1) Other* 14% 2% Greece 14% 32% Greece Italy Italy 32% Italy 32% 27% Portugal Greece 27% 14% Portugal 27% 25% Portugal Spain Italy 25% 32% Spain 25% 2%Total 44 Spain Southern Europe Turkey Portugal 14% Greece 27% Turkey 2% Turkey 2% Spain 32% Italy 25% Turkey 2% Portugal 27% Spain 25% Turkey 2%
* Includes countries where fewer than 5 jobs were reported:

Africa / Near / Middle East 9%Total 78 Israel
Israel 9% Israel 9% 17% Lebanon Lebanon 17% Lebanon 17% United Arab Emirates 63% Israel 9% United Arab Emirates 63% United Arab Emirates 63% 11% Other* Lebanon 11% Other* 17% Other* 11% United Arab Emirates 63% * Includes: Egypt (3), Morocco (2), Nigeria (1), Saudi Arabia (1), Israel 9% Other* 11% Lebanon 17% United Arab Emirates 63% Other* 11%
Tunisia (1) and Zimbabwe (1)

Asia Pacific 7%Total 151 Australia
Australia 7% Australia 7% 14% China China 14% China 14% Hong Kong 5% Australia 7% Hong Kong 5% 5% Hong KongIndia 13% China 13% 14% India 13% IndiaJapan 7% Hong Japan 7% Kong 5% Australia 7% Japan 7% 9% Korea India 13% China 14% Korea 9% Korea 9% 38% Singapore Hong Japan 38% Kong 7% Singapore 5% Singapore 38% 3% Taiwan Korea 13% India 9% Taiwan 3% Taiwan 3% 4% Other* Singapore 38% Japan 7% Other* 4% Other* 4% Taiwan 9% Korea 3% Other* 4% Singapore 38% Taiwan 3% Other* 4%
INSEAD MBA GRADUATES 2008 13

* Includes countries where fewer than 5 jobs were reported:
Indonesia (1), Malaysia (2), Pakistan (2) and Vietnam (1)

Salaries and sign-on bonuses by region and country
Our graduates accept jobs in a highly diverse selection of countries, sectors and functions. This is reflected in the diversity of their salaries. To allow a comparative analysis, we have included salary information at a regional and national level. Despite the economic downturn, salaries remained more or less stable in 2008 (the average base salary was down 2% on 2007). The apparent fall in US dollar figures is mainly due to currency fluctuations. Compared to 2007, average salaries increased in Africa / Near / Middle East (up by 17%), Central / Eastern Europe (6%) and North America (3%). The country with the most significant annual increase in salary was the United Arab Emirates (up 17%). Overall, salaries ranged from €18,400 to €163,900. The widest regional range continues to be in Asia Pacific – from €18,400 to €150,400. Around 61% of graduates reported sign-on bonuses (down 9% on 2007), but with a significant increase in Central / Eastern Europe (up 35% on 2007). Sign-on bonuses decreased by 20% in Asia Pacific and by 8% in Western Europe, mainly as a result of lower levels of recruitment in sectors which traditionally offer sign-on bonuses. Please note that all salary figures quoted are gross, annual and basic – exclusive of all extras such as fringe benefits or sign-on bonuses. The data should be interpreted in the context of widely differing national employment markets, levels of taxation and costs of living, as well as possible variations in exchange rates.

Overall annual mean salary Overall annual median salary Overall median sign-on bonus*
* 61 % of salaries overall reported with sign-on bonus Exchange rate: €1 = US$ 1.41277

€ 77,500 € 79,500 € 15,000

US$ 109,500 US$ 112,300 US$ 21,200

By region(1)
# Africa / Near / Middle East Asia Pacific Central / Eastern Europe Latin America North America Northern Europe Southern Europe Western Europe Total 62 105 21 21 35 13 35 244 536 Range e 30,000 – 135,400 18,400 – 150,400 40,900 – 123,900 35,600 – 84,400 53,800 – 128,200 50,200 – 125,000 55,000 – 99,700 36,700 – 163,900 Mean e 83,800 67,100 80,200 68,700 81,800 70,000 68,300 81,800 Median e 92,000 70,400 80,000 77,500 84,900 63,500 69,250 82,000 Median Sign-on e** 15,000 11,500 20,000 14,200 12,700 18,000 18,400

(1)

For the list of countries per region, please refer to pages 44 and 45.

14 INSEAD MBA GRADUATES 2008

How salaries have evolved: comparison over 5 years in local currency (median salary)
France (€) Germany (€) Singapore (SG$) Switzerland (SFr) United Kingdom (£) USA (US $) 2008 72,000 95,000 141,300 130,000 67,800 117,700 2007 81,000 90,000 149,500 135,000 65,000 120,000 2006 77,900 87,100 141,000 129,800 64,800 109,300 2005 76,300 82,000 158,700 139,000 60,000 110,000 2004 76,300 90,000 147,500 136,000 60,800 105,000

By country in local currency*
# Australia (AUS$) Belgium (€) Brazil (Real) Canada (CDN$) China (Renminbi) Finland (€) France (€) Germany (€) Hong Kong (HK$) India (Rupee) Italy (€) Japan (Yen) Korea (Won) Lebanon (LBP) Portugal (€) Russia (Rouble) Singapore (SG$) Spain (€) Switzerland (SFr) The Netherlands (€) UAE (UAE Dirham) United Kingdom (£) USA (US$) Total 7 20 13 11 16 7 49 33 5 10 9 9 11 10 12 14 40 7 22 23 41 92 24 468 Range 85,000 – 275,000 48,000 – 100,000 110,800 – 228,600 99,800 – 135,000 305,300 – 958,600 61,000 – 68,700 40,800 – 160,000 60,000 – 152,000 644,600 – 1,003,500 1,200,000 – 3,592,400 67,000 – 72,000 8,560,000 – 20,000,000 69,763,600 – 132,822,200 106,174,400 – 199,077,000 50,000 – 80,000 2,711,500 – 4,478,300 89,800 – 239,400 55,000 – 75,000 95,900 – 156,700 69,300 – 105,000 154,600 – 697,700 29,900 – 133,500 80,100 – 180,000 Mean 151,300 79,700 198,100 122,400 670,000 63,500 73,600 94,700 832,500 2,336,100 68,600 11,676,700 116,730,200 178,145,100 67,400 3,038,200 141,900 68,600 131,400 84,100 442,600 66,200 117,600 Median 135,000 80,000 212,100 134,700 695,000 62,000 72,000 95,000 816,400 2,489,100 68,500 11,788,400 126,784,800 192,944,400 70,000 2,892,300 141,300 75,000 130,000 82,000 474,300 67,800 117,700 Median Sign on** 25,000 38,300 86,100 25,000 15,000 443,800 10,000 42,125,700 29,683,750 25,000 723,100 24,000 18,000 20,000 16,500 77,300 15,000 17,500

* where at least 5 salaries were represented. ** where at least 5 sign-on bonuses were reported.

Exchange rates
The exchange rates used to compile the tables above are given below.
Currency Australia (AUS$) Brazil (Real) Canada (CDN$) China (Renminbi) Hong Kong (HK$) India (Rupee) Japan (Yen) Korea (Won) 2008 per e* 1.82855 2.76103 1.58024 9.68174 10.99627 65.89187 144.59563 1700.65957 2008 per US$* 1.30942 1.97723 1.12522 6.85307 7.77734 46.88386 102.00007 1215.74239 Currency Lebanon (LBP) Russia (Rouble) Singapore (SG$) Switzerland (SFr) UAE (Dirham) United Kingdom (£) USA (US$) 2008 per e* 2156.45375 36.05715 2.03189 1.56903 5.19102 0.81739 1,41277 2008 per US$* 1526.45696 25.79044 1.44245 1.11529 3.67437 0.58296 1

* Source: Oanda.com (average exchange rate 01/07/2008 -31/12/2008)

INSEAD MBA GRADUATES 2008 15

Career changes
It is clear that INSEAD MBA participants have a huge appetite for change. Thanks to their international experience and renowned adaptability, 87% of INSEAD’s 2008 graduates succeeded in changing their function, sector or country of work on leaving the MBA programme. Nearly 20% changed all three, which is an impressive achievement. Positions in industry gained in popularity not only among former consultants but also among those coming from the finance sector (up 12% on 2007). Almost one-third of finance professionals joined consulting firms on graduation. Compared to previous years, more Brazilian, Portuguese, Russian, Italian, Chinese, Lebanese, American and Indian participants decided to return to their home country after their MBA. On the other hand, a significantly higher number of British and South Korean graduates took up opportunities outside their home country.

Changes of business sector
Former consultants

Finance Industry Consulting
Former finance professionals

10% 20% 70%

Industry Consulting Finance
Former industry professionals

16% 26% 58%

Finance Consulting Industry

9% 31% 60%*

* Of 208 participants who remained in industry, 33% stayed in the same sector of industry, while 67% opted for a change.

An appetite for change
87% of INSEAD MBAs changed career

66% 58% 38% 19%

function country sector and changed all three dimensions

16 INSEAD MBA GRADUATES 2008

Region or country changes
Nationalities: who stays home and who goes abroad(1)
Regions # Home 34% 53% 34% 55% 53% 60% 55% 66% 60% 67% 66% 69% 67% 81% 69% 81% 28% Home 31% 28% 32% 31% 36% 32% 47% 36% 55% 47% 55% 55% 56% 55% 57% 56% 63% 57% 64% 63% 68% 64% 68% 68% 70% 68% 70% 70% 71% 70% 79% 71% 86% 79% 86% North America 80 Latin America 49 North America 53 Eastern Europe 80 Latin America 166 Asia Pacific 49 Eastern Europe 56 Africa / Near / Middle East 53 Asia Pacific 12 Northern Europe 166 Africa / Near / Middle East 56 Southern Europe 58 Northern Europe 202 Western Europe 12 Southern Europe 58 Western Europe 202

Total 676 Abroad 66% 47% 66% 45% 47% 40% 45% 34% 40% 33% 34% 31% 33% 19% 31% 19% 72% Abroad 69% 72% 68% 69% 64% 68% 53% 64% 45% 53% 45% 45% 44% 45% 43% 44% 37% 43% 36% 37% 32% 36% 32% 32% 30% 32% 30% 30% 29% 30% 21% 29% 14% 21% 14%

Within selected nationalities*

Indian 68 Regions # American 39 Indian 41 Canadian 68 American 39 Israeli 14 Canadian 41 British 30 Israeli 11 Korean 14 British 20 Lebanese 30 Korean 11 French 68 Lebanese 20 Chinese 23 French 35 German 68 Chinese 23 Italian 22 German 35 Brazilian 25

Italian 22 Singaporean 22 Brazilian 25 Belgian 23 Singaporean 22 Dutch 27 Belgian 14 Japanese 23 Dutch 19 Russian 27 Japanese 14 Portuguese 14 Russian 19 Portuguese 14

* Includes nationalities with more than 10 participants.

(1)

For the list of countries per region, please refer to pages 44 and 45. INSEAD MBA GRADUATES 2008 17

Consulting
Recruitment in consulting remained strong in 2008 with 42% of our MBA participants joining the sector, compared to 39% in 2007. While global firms were still the most active recruiters, medium-sized and smaller specialised boutique firms continued to increase their visibility on campus. As a result of the global economic situation, a larger number of MBAs than usual decided to return to their previous employers. In terms of geographical distribution, while 58% of those MBAs who chose consulting joined firms in Europe, other regions attracted a higher number of graduates than in the previous year. The biggest growth can be seen in Africa / Near / Middle East, which accounted for 17% of consulting jobs (up 10% on 2007). In Asia Pacific, the number of graduates working as consultants in China increased by 11%, while numbers in Singapore remained stable. Within Europe, new destinations such as Belgium or Greece emerged as popular. Hiring also increased in Germany and The Netherlands, while opportunities in the United Kingdom, France and Spain continued to decrease. Overall, salaries and sign-on bonuses in consulting remained fairly stable. However, there was a significant increased in Africa / Near / Middle East as well as Asia Pacific.

How did they find their job?
Career Services / Alumni Pre-INSEAD employer Own contacts Summer job Own company Total #283 56% 33,5% 6% 4% 0,5% 100%

By region(1)
Total 283 17% Africa / Near / Middle East 13% Asia Pacific 7% Central / Eastern Europe 5% Latin America 7% North America 1% Northern Europe 10% Southern Europe 40% Western Europe

(1)

For the list of countries per region, please refer to pages 44 and 45.

18 INSEAD MBA GRADUATES 2008

Within Europe
Belgium 9% France 10% Germany 14% Greece 3% Italy 7% Portugal 4% Russia 9% The Netherlands 14% United Kingdom 20% Other* 10%

Total 164

* Includes countries where fewer than 5 jobs were reported: Austria (1), Czech Republic (1), Hungary (3), Norway (1), Poland (1), Romania (2), Spain (4), Sweden (1), Switzerland (3)

Within Asia Pacific
Australia 16% China 24% Singapore 30% Other* 30%

Total 37

* Includes countries where fewer than 5 jobs were reported: Hong Kong (1), India (4), Japan (4), Korea (1), Malaysia (1)

INSEAD MBA GRADUATES 2008 19

Consulting salaries & sign-on bonuses by region and country
Overall annual mean salary Overall annual median salary Overall median sign-on bonus*
* 77 % of consulting salaries were reported with sign-on bonus Exchange rate: e1 = US$ 1.41277

€ 82,500 € 83,500 € 15,000

$ 116,600 $ 118,000 $ 21,200

By region*(1)
# Africa / Near / Middle East Asia Pacific Central / Eastern Europe Latin America North America Southern Europe Western Europe Total 43 29 19 13 17 21 100 242 Range e 35,000 – 130,000 18,400 – 104,000 70,000 – 90,000 35,600 – 84,400 80,000 – 128,200 55,000 – 75,000 52,900 – 160,000 Mean e 88,000 70,900 79,700 68,400 88,900 68,900 87,300 Median e 92,000 72,000 80,000 77,500 85,600 70,000 85,000 Median Sign-on e** 15,000 10,800 20,000 14,100 12,700 18,000 18,400

Within selected countries*
# Belgium Brazil Canada China France Germany Italy Lebanon Portugal Russia Singapore The Netherlands United Arab Emirates United Kingdom USA Total 13 9 8 7 14 21 9 9 7 12 10 18 31 30 9 207 Range e 71,400 – 90,000 40,900 – 84,400 80,000 – 88,600 50,000 – 88,600 59,000 – 160,000 80,000 – 152,000 67,000 – 72,000 51,000 – 95,600 70,000 – 75,000 75,000 – 90,000 60,100 – 104,000 77,200 – 105,000 50,900 – 100,000 52,900 – 135,100 84,900 – 128,200 Mean e 80,800 72,100 85,200 75,300 84,700 97,200 68,600 87,900 70,700 81,100 73,200 83,400 88,600 86,300 92,200 Median e 80,000 77,500 85,500 80,000 81,250 97,000 68,500 92,600 70,000 80,000 71,400 81,500 92,000 85,600 88,500 Median Sign-on e** 25,000 14,200 12,700 10,500 25,000 15,000 10,000 14,200 25,000 20,000 11,100 15,000 15,000 18,400 14,200

* where at least 5 salaries were reported ** where at least 5 sign-on bonuses were reported
(1)

For the list of countries per region, please refer to pages 44 and 45.

20 INSEAD MBA GRADUATES 2008

INSEAD MBA GRADUATES 2008 21

Finance
Despite the current turmoil in the financial sector, the number of graduates accepting a full-time position in finance decreased by only 10% compared to 2007. Within the sector there was a distinct decline in the number of graduates taking up a career in banking (down from 58% in 2007 to 45%). However, as in previous years, the trend was for offers to be made as a result of summer associate programmes. On a positive note, recruitment increased in financial services (up from 22% to 27%) and private equity (up from 20% to 28%). As expected, fewer graduates with a finance background returned to the sector in 2008 (down from 65% in 2007). Instead, they showed a strong interest in consulting (up from 17% to 26%). In geographical terms, fewer 2008 graduates accepted a finance position in Western Europe than in previous years. The UK was notably less popular, although finance recruitment increased slightly in France. However, there was a large increase in finance recruitment in Asia Pacific, especially India, and Africa / Near / Middle East. Salaries decreased this year throughout the finance sector. As in previous years, the range of salaries is extremely wide. This is largely due to the wide variety of locations where INSEAD graduates choose to work. Only just over half of graduates entering the sector reported the offer of a sign-on bonus (compared to 74% last year). However, the size of bonus seems to be stable, even in Western Europe. As well as assisting participants in their finance job search, Career Services continues to work closely with the Finance Club and IPEC (INSEAD Private Equity Club) across both campuses. Both clubs remain very active and organised career treks for investment banking and private equity to London, Hong Kong and the Middle East in 2008. Private equity and venture capital alumni and professionals came to the Europe campus for the 6th IPEC Conference in May 2008, which was a resounding success, and a number of other speakers came to campus to give specific insights into their industries.

How did they find their job?
Career Services / Alumni Own contacts Pre-INSEAD employer Summer job Own company Total #125 38% 33% 20% 8% 1% 100%

(1)

For the list of countries per region, please refer to pages 44 and 45.

22 INSEAD MBA GRADUATES 2008

By region(1)
Total 125 8% Africa / Near / Middle East 31% Asia Pacific 2% Central / Eastern Europe 2% Latin America 4% North America 1% Northern Europe 3% Southern Europe 49% Western Europe Financial services 27% Financial banking 27% Investment services 45% By division Financial banking 45% 27% Investment services 28% Private equity Financial banking 45% 27% Investment services 28% Private equity Investment banking 28% Private equity 45% Private equity 28% Analyst / Research analyst 5% Analyst / Research analyst 42% Associate 5% Analyst / Research analyst 42% 5% Investment Associate 13% executive Analyst / Research analyst 42% 5% Associate 13% Investment executive 15% Manager Investment Associate 13% executive 42% Vice Manager 15% President 5% Investment executive 15% 13% Vice Manager 5% President Manager 15% Vice President 5% Vice President 5% Total 125

By top job titles

Total 125 (out of total finance)

Within Europe

France 17%

Total 69
* Includes countries where fewer than 5 jobs were reported: Belgium (3), Germany (3), Italy (1), Lithuania (1), Norway (1), Portugal (2), Russia (1), The Netherlands (1), Turkey (1)

France 9% Switzerland 17% France 17% Switzerland 54% United Kingdom 9% France 9% Switzerland 17% United Kingdom 54% Other* 20% Switzerland 9% United Kingdom 54% Other* 20% United Kingdom 20% Other* 54% Other* 20%

Within Asia Pacific

Total 39

Honk Kong 15% Honk Kong 15% India 15% Honk Kong 15% India 15% Singapore 46% Honk Kong 15% India 15% Singapore 46% Other* 24% India 15% Singapore 46% Other* 24% Singapore 24% Other* 46% Other* 24%
* Includes countries where fewer than 5 jobs were reported: Australia (1), China (3), Indonesia (1), Japan (3), Pakistan (1)

INSEAD MBA GRADUATES 2008 23

Finance salaries & sign-on bonuses by region and country
Overall annual mean salary Overall annual median salary Overall median sign-on bonus*
* 52% of finance salaries were reported with sign-on bonus Exchange rate: e1 = US$ 1.41277

€ 78,000 € 73,700 € 24,600

$ 110,200 $ 104,100 $ 34,800

By division
# Financial services Investment banking Private equity / VC Total 22 45 28 95 Range e 31,900 – 135,400 27,300 – 92,500 41,000 – 163,900 Mean e 77,700 70,400 90,500 Median e 79,650 71,200 81,600 Median Sign-on e** 17,200 27,000 10,400

Top job title*
# Associate Investment executive Manager Vice president Total 45 13 16 5 79 Range e 31,900 – 163,900 59,200 – 150,000 27,300 – 95,600 59,000 – 127,400 Mean e 75,100 91,500 67,100 79,200 Median e 71,200 91,800 71,800 64,100 Median Sign-on e** 27,000 18,700 -

By region*(1)
# Asia Pacific Africa / Near / Middle East North America Western Europe Total 25 6 6 52 89
(1)

Range e 27,300 – 150,400 64,600 – 135,400 56,600 – 95,600 45,000 – 163,900

Mean e 68,800 94,900 74,500 79,700

Median e 70,400 86,100 77,300 74,300

Median Sign-on e** 13,000 27,000

* where at least 5 salaries were reported ** where at least 5 sign-on bonuses were reported

For the list of countries per region, please refer to pages 44 and 45.

24 INSEAD MBA GRADUATES 2008

Within Europe*
# France Switzerland United Kingdom Total 8 5 34 47 Range e 45,000 – 120,000 76,500 – 92,500 58,000 – 163,900 Mean e 74,100 82,900 78,400 Median e 70,000 79,800 73,400 Median Sign-on e** 27,300

Within Asia Pacific*
# Singapore Total 14 14 Range e 44,300 – 104,000 Mean e 67,700 Median e 69,000 Median Sign-on e** 14,800

Within Africa / Near / Middle East*
# United Arab Emirates Total 5 5 Range e 64,600 – 135,400 Mean e 99,800 Median e 102,000 Median Sign-on e** -

* where at least 5 salaries were reported ** where at least 5 sign-on bonuses were reported

INSEAD MBA GRADUATES 2008 25

Industry
In 2008, INSEAD graduate employment in industry was back to 2004 levels at 40% (up from 33% in 2007). Within the wide range of sectors covered by the term ‘industry’, there was also a rise in the number of graduates going into manufacturing. Despite this – and a fall in healthcare recruitment – there was no significant overall change in the spread of industries where participants found jobs. As far as job functions are concerned, the number of people going into in-house consulting rose significantly (up from 4% of industry jobs in 2007 to 12%). There was also greater recruitment into general management and production / operations management. Networking remains the key to finding a job in industry (either on campus or externally). In 2008, however, there was a small decrease in the number of participants finding jobs through alumni and Career Services, compared to previous years. This is partly due to the large number who returned to their previous employers (19% of industry recruits), probably in reaction to global economic circumstances. The number of graduates starting their own companies also rose slightly (to 8.5% – up from 6% in 2007). As in other sectors, the number of jobs accepted in Europe fell significantly (from 62% of total industry recruitment in 2007 to 48% in 2008). This can be explained by an overall reduction in recruitment in mature markets and particularly the UK. In contrast, the strong trend towards greater recruitment in Asia Pacific continues – up 6% to 28% in just one year. China, India and Korea showed significant growth, as in previous years, while Taiwan, Malaysia and Pakistan figure prominently in our statistics for the first time. As expected, the regional exception is Japan. Economic factors contributed to a fall in recruitment from 12% in 2007 to just 4% in 2008.

By region(1)
Total 268 8% Africa / Near / Middle East

28% Asia Pacific 3% Central / Eastern Europe 4% Latin America 9% North America 4% Northern Europe 4% Southern Europe 40% Western Europe
(1)

For the list of countries per region, please refer to pages 44 and 45.

26 INSEAD MBA GRADUATES 2008

Top functional areas
Consulting 12% Corporate planning / Business development 18% Finance 7% Consulting 12% General management 25% Corporate planning / Business development 17% Marketing / Sales 18% Finance 7% Production / Operations management 5% General management 25% Marketing / Sales 17% Production / Operations management 5% Advertising / Publishing 1% Consumer / Luxury goods 7% Advertising / Publishing 7% Corporate services 1% Construction 1% Energy / Petroleum 10% Consumer / Luxury goods 9% Healthcare 7% Corporate services 17% High-Tech / Telecommunications 7% Energy / Petroleum 21% Manufacturing* 10% Healthcare 9% Media / Entertainment 6% High-Tech / Telecommunications 17% Public sector / Non-profit 7% Raw materials / Manufacturing* 21% Primary metals 4% Media / Entertainment Trade Public sector / Non-profit Travel / Leisure services Raw materials / Other services Primary metals 6% 5% 7% 4%

Total 268 (out of total industry)

All industry sectors

Construction 1%

Total 268

4% 1% Trade 5% 1%
* Includes aeronautics, automobiles, electronic machines, electronic equipment, fabricated metal products, miscellaneous manufacturing products, plastics / rubber, textiles.

Travel / Leisure services 4% Other services

Belgium 6% Finland 6% France 23% Belgium 6% Germany 7% Finland 5% Spain 6% France 23% Switzerland 12% Germany 5% The Netherlands 7% Spain 5% United Kingdom 21% Switzerland 15% Other* 12% The Netherlands 5% United Kingdom 21%
INSEAD MBA GRADUATES 2008 27

Industry
In 2008 salary levels did not change greatly compared to the previous year. While the mean salary decreased, the median increased. However, the number of graduates reporting sign-on bonuses fell (from 53% to 47%), as did the size of the bonuses themselves. Within individual industry sectors, the broader spread of jobs in energy away from the traditional focus on oil and gas resulted in a wider range of salaries in 2008 than in previous years. Average salaries and sign-on bonuses decreased in high-tech, media and entertainment, but salaries increased slightly in manufacturing and raw materials. Within regions, there are not many significant salary trends to report. Within Europe, 2008 salaries were more balanced between Southern and Western Europe than in previous years. Corresponding to increased employment in Africa / Near / Middle East, there were also higher salaries in that region than in 2007. And in Asia Pacific, salaries in China were down slightly but up in Singapore and India.

How did they find their job?
Career Services / Alumni Own contacts Pre-INSEAD employer Summer job Own company Total #268 44% 27% 19% 1,5% 8,5% 100%

28 INSEAD MBA GRADUATES 2008

Public sector / Non-profit 7% Other services 1% Raw materials / Primary metals 4% Trade 5% Travel / Leisure services 4% Other services 1%

Within Europe
Belgium 6% Finland 6% France 23% Germany 7% Belgium 6% Spain 5% Finland 6% Switzerland 12% France 23% The Netherlands 5% Germany 7% United Kingdom 21% Spain 5% Other* 15% Switzerland 12% The Netherlands 5% United Kingdom 21% Other* 15% China 12% India 13% Korea 17% Within Asia Pacific Singapore 37% China 12% Taiwan 7% India 13% Other* 14% Korea 17% Singapore 37% Taiwan 7% Other* 14%

Total 138

* Includes countries where fewer than 5 jobs reported: Azerbaijan (1), Czech Republic (1), Greece (1), Iceland (1), Ireland (2), Italy (1) Liechtenstein (2), Luxembourg (1), Poland (1), Portugal (3), Romania (2), Russia (2), Sweden (2) and Ukraine (1)

Total 75

* Includes countries where fewer than 5 jobs reported: Australia (3), Japan (4), Malaysia (1), Pakistan (1), Vietnam (1)

INSEAD MBA GRADUATES 2008 29

Industry salaries & sign-on bonuses by region and country
Overall annual mean salary Overall annual median salary Overall median sign-on bonus*
* 47% of industry salaries were reported with sign-on bonus Exchange rate: e1 = US$ 1.41277

€ 71,100 € 72,700 € 12,400

$ 100,400 $ 102,700 $ 17,500

By sector*
# Consumer / Luxury goods Corporate services Energy / Petroleum Healthcare High-tech / Telecommunications Manufacturing Media / Entertainment Public sector / Non-profit Raw materials / Primary metals Trade Travel leisure services Total 13 13 20 19 38 44 10 12 6 5 10 190 Range e 25,000 – 104,400 19,700 – 140,800 40,900 – 129,100 35,400 – 100,000 30,000 – 114,000 20,000 – 100,000 36,500 – 125,000 51,500 – 118,100 61,700 – 99,400 37,900 – 104,400 42,000 – 90,000 Mean e 68,900 66,500 77,300 73,200 69,300 71,600 71,100 70,900 80,800 68,700 60,900 Median e 75,000 61,400 74,500 73,000 67,100 74,800 68,100 65,800 84,700 65,000 55,400 Median Sign-on e** 6,100 5,500 19,800 13,900 12,200 15,900 15,100 20,900 -

By top functions*
# Consulting 27 Corporate planning / Business development 39 Finance 12 General management 42 Marketing / Sales 33 Production / Operations management 8 Rotational programme 8 Other 13 Total 182 Range e 37,400 – 100,000 41,200 – 129,100 40,900 – 92,000 19,700 – 118,100 25,000 – 114,000 36,500 – 100,000 46,500 – 125,000 55,800 – 96,000 Mean e 72,400 72,100 78,400 66,800 67,800 73,700 79,800 71,000 Median e 74,800 71,100 84,500 67,800 72,000 72,100 82,200 67,000 Median Sign-on e** 21,400 12,100 15,300 10,200 15,900 12,500 10,600

* where at least 5 salaries were reported ** where at least 5 sign-on bonuses were reported

30 INSEAD MBA GRADUATES 2008

By region*(1)
# Africa / Near / Middle East Asia Pacific Latin America North America Northern Europe Southern Europe Western Europe Total 13 51 6 14 10 8 92 194 Range e 30,000 – 92,000 19,700 – 140,800 44,300 – 83,400 53,800 – 114,000 50,200 – 70,000 50,000 – 80,000 36,700 – 129,100 Mean e 65,100 64,100 68,800 74,700 62,800 64,400 77,200 Median e 71,700 64,100 75,200 72,300 62,500 62,500 79,300 Median Sign-on e** 10,500 8,900 12,800

Within Europe*
# Belgium Finland France Germany Switzerland United Kingdom Total 6 7 27 9 14 28 91 Range e 48,000 – 100,000 61,000 – 68,750 40,800 – 105,000 60,000 – 125,000 61,200 – 100,000 36,700 – 129,100 Mean e 77,200 63,500 67,600 88,300 83,200 79,600 Median e 78,200 62,000 67,000 85,200 82,900 82,700 Median Sign-on e** 7,000 11,700 12,300

Within Asia Pacific*
# China India Korea Singapore Total 8 5 10 16 39 Range e 36,500 – 100,000 19,700 – 55,000 41,200 – 78,400 52,800 – 118,100 Mean e 69,900 38,500 69,800 70,100 Median e 70,100 37,900 74,800 66,300 Median Sign-on e** 24,900 9,900

* where at least 5 salaries were reported ** where at least 5 sign-on bonuses were reported

(1)

For the list of countries per region, please refer to pages 44 and 45.

INSEAD MBA GRADUATES 2008 31

The INSEAD Corporate Affiliation Programme (CAP)
INSEAD’s global structure opens the door to unique opportunities for company visibility, recognition and impact at “The business school for the world”©. CAP members participate in advancing the school’s mission through annual CAP contributions. As a not-for-profit- school, we seek to build our base of annual gifts in order to build new initiatives and support fundamental programmes and research for the school. Our corporate friends play a crucial role in this regard with their generous financial support. In addition to a wider and enhanced range of benefits for recruitment partners, CAP now offers fresh opportunities for visibility and networking across the school under two new partnership headings Sponsorship and Knowledge: – CAP Recruitment Partners have a new range of benefits designed to add more value for its members. – CAP Sponsorship Partners sponsor events and activities ranging from Student Clubs to the INSEAD Leadership Summit. – CAP Knowledge Partners underpin INSEAD research initiatives through our academic Centres of Excellence. INSEAD thanks our 2008/09 CAP Recruitment Partners for their support! Accenture A.T. Kearney Bain & Company Barclays Capital The Boston Consulting Group Booz & Company BP Group Citi Credit Suisse Deutsche Bank Egon Zehnder Eli Lilly Emerson Electric Firmenich Goldman Sachs Holcim Johnson & Johnson L.E.K. Consulting McKinsey & Company Merrill Lynch Europe Nomura Novartis The Olayan Group Oliver Wyman Philip Morris International Robert Bosch Roland Berger Strategy Consultants SABMiller Schindler Management Solvay The Timken Company Value Partners WPP Group Yapi ve Kredi Bankasi

For further information please contact: Ida LE DUC Associate Director of Corporate Relations – Development Tel: +33 (0)1 60 71 26 64 Email: [email protected]
32 INSEAD MBA GRADUATES 2008

Employers of 2008 INSEAD MBA Graduates
Top employers
We would like to highlight those employers who recruited most INSEAD graduates in 2008 and thank them for their continued support.

Finance
Standard Chartered Bank Credit Suisse Deutsche Bank Grupo Santander HSBC Admiral Group Barclays Citi Merrill Lynch UBS

#
8 6 (1) 4 (1) 4 (2) 4 3 3 3 3 3

Industry
Nokia Samsung Shell Alstom British Telecom Schlumberger Siemens Syngenta Eli Lilly Google Johnson & Johnson LVMH Novartis Philips Procter & Gamble Rolls Royce Plc

#
13 11 (1) 8 (2) 5 5 4 (1) 4 4 3 3 3 3 3 3 3 3

Consulting
McKinsey & Company The Boston Consulting Group Booz & Company Bain & Company A.T. Kearney Accenture Roland Berger Strategy Consultants Oliver Wyman Deloitte Consulting Monitor Group Opera Solutions PricewaterhouseCoopers

#
97 (39) 51 (22) 39 (8) 21 (10) 13 (2) 6 (3) 6 (1) 5 (2) 4 4 4 3 (1)

Numbers in brackets are former employees returning to the organisation after graduation.

INSEAD MBA GRADUATES 2008 33

2008 Recruiting partners
Companies in bold employed at least three MBA Graduates in 2008 Companies marked “* ” participated in on-campus recruiting activities

2Source Manufacturing 3i A A.T. Kearney* Abbott Laboratories * ABInBev* Abraaj Capital * Abu Dhabi Investment Authority Accenture * Acian Technologies * Acted * ADi Alternative Investments Adidas * Aditya Birla Group * Admiral Group * Adveg Management AG Aerovida African Development Bank Air Liquide Alcan EP Alghanim * AlpInvest Partners, N.V. * Alstom * Altek Corporation Alvarez and Marsal * Amadeus * Amazon * Amcor Amdocs American Express * Amphenol * Apple * ArcelorMittal * Areva * Arthur D. Little *

Arup Asklepios International* AstraZeneca Autium Pte Ltd Avaya * Avington Financial * AXA Real Estate Investment Managers Axel Springer AG Axios International * B Bain & Company* Banco Espírito Santo Bank of America * Barclays * Bayer * BBVA * Bertelsmann AG * Bilasuvar Agro Booz & Company * Boston Scientific BP * Brambles * British American Tobacco British Telecom * Builder Design Architects Bureau Veritas Burger King Business Development Asia LLC Business in the Community C C&J Clarks Calyon Canal + *

Canrim Ventures Capital Group * Career Launcher CareerNet Consulting Cargill * Carrier EMEA * Catalyst Investment Managers CDS * Celsa * CEMEX Central Bank of Malaysia Chakraborty SW GmbH Chrome Technologies CIBC World Markets Citi * ClubMed * Colgate-Palmolive * Conferendum Consulting&Co Copal Partners Corporate Value Associates * Credit Suisse * Crop’s Crystal Media Guild CX partners Cyrte Investments D D.E.Shaw Group * DAC Systems Dalberg Global Development Advisors * Danaher * Dassault Data Services Dassault Systèmes Dell *

34 INSEAD MBA GRADUATES 2008

Deloitte Consulting * Delpharm Delta Partners * Deutsche Bank * Development Bank of Japan Dexia * Diageo * DIZE Doosan DSM * Dubai Technology and Media Free Zone Authority Duff & Phelps * Dupont * E Eaton * eBay Ecenta AG ECI Partners LLP EDP Renovaveis EF Education * EFE Efficio consulting Limited EFG Hermes * Eli Lilly * eloVEER ergonomics Elsevier Emerson Electric * Emirates International Telecommunications (EIT) ENAM Holdings Endeca * Eneco Entegral renewables EON Reality EQT Ericsson Ernst & Young Essent Energy Trading * Estin & Co.

Euro Praxis Consulting * Eurobank EFG * European Investment Fund * Everest Group * Evoco Exane * Expedia * ExxonMobil F Fidelity International * Firmenich FOX Network France Telecom Freescale Semiconductor FrontierRenewables FSG Social Impact Advisors * G Gallup Gateway Gulf * Geenee.com GEMS General Electric (Aviation) General Electric * General Electric Commercial Finance Genzyme Cardiovascular * Gideon Group GIFT GIMV GIP Goldman Sachs * Google * Gov. of Canada – Climate Change Negs. Office Greylock Partners Grupo Santander Gulf Merchant Group GulfTalent

H Hai Tong Securities Hay Group * HCL * Headstrong Heidelberg Cement Hilti * Hineynu House of Cool Studios Hewlett-Packard * HSBC * HSBC Private Equity I IATA * I-Com Mobile IDEX Corporation * IEG Investment Banking Imdea Imerys * IMS Health Inditex SA * Infosys * Innovator Capital INSEAD Centre for Entrepreneurship Intel International Finance Corporation * International Labour Organization International SOS * Invus * iRG Hong Kong Isla Pasión ITA Group J Janssen-Cilag Johnson & Johnson * JP Morgan * JSFC

INSEAD MBA GRADUATES 2008 35

K Kantilal & Co. (Bombay) KBC Group Knolskape Solutions Knovigate KPMG * L L.E.K. Consulting * Lafarge LAN Airlines Lazard * LBBW LGT Capital Partners * Lincoln Crowne & Company * Lombard Odier & Cie Lone Pine Capital L’Oréal * Louis Vuitton LVMH * M Macquarie Bank Made in Office GmbH Maersk Magnesita Marakon Associates (Trinsum) Marorka Marvell Mayoreo Electrico de Monterrey McDonalds McKinsey & Company * Medtronic * Merrill Lynch * Mesoamerica Michelin Microsoft Ministry of Development Mitsubishi Corp Moet Hennessy Molten Group *

Molson Coors * Monitor Group * Moody’s Morgan Stanley * MTS Group * Mubadala Development Company * N Nestlé NET Serviços de Comunicação Nike * Nishimura & Asahi Nissan * Nokia * Nomura Nord Stream Nordea Bank AB, Nordea Life and Pension Norway Novartis * NRG Engineering * O OC&C Strategy Consultants * Oceanking Technical & Trading Ltd. OECD Old Mutual Group * Oliver Wyman * Opera Solutions * Orbis Investment Advisory * Orient Global * Oriental Petrochemicals Company Owens Corning * P Pacific Harbor Group Pantheon Capital Paques The Parthenon Group * PastaCorp

Paul Capital PC30 Pepsico International * PER * Permira Pernod Ricard * Pfizer Philips International * PIMCO * Portugal Telecom PricewaterhouseCoopers * Procter & Gamble PRTM * Q Q-Cells * QVT Financial * R Rearden Commerce Recap Trading Inc Reliance Industries RIM Rio Tinto Alcan * Roland Berger Strategy Consultants * Rolls-Royce Plc * Royal Bank of Scotland RPO Management Consultants RSI RTE EDF Transport S.A. RTL Group RYMCO International S Sagem Saint Gobain Salvatore Ferragamo Samsung * Sanford C. Bernstein * Sanpaolo IMI Fondi Chiusi SGR * Santander *

36 INSEAD MBA GRADUATES 2008

SAP * SAPA Schindler * Schlumberger Schlumberger Business Consulting * Schneider Electric * SEA Group Seabury Aviation & Aerospace Sensaris Shackleton Ventures Shell * Siemens * Siemens Management Consulting * Signatura Lazard Signet Capital Management Singapore Armed Forces Singapore Economic Development Board Singapore Government Singapore Land Authority Singapore Ministry of Trade & Industry SK Telecom Skyline Capital Partners Société Foncière Lyonnaise Sodexo * Solitonik Solvay SA Solymer * Sonic Boom SPAR Standard Chartered Bank * Stanton Marris * Starwood Hotels & Resorts * STMicroelectronics * Stryker * Sumitomo Mitsui Banking Corporation Swiss Re * Symbiotics

Syngenta * Synthes * T Taconic Capital Advisors LLC * Taitien Electronics Taqa Energy BV * Tchibo GmbH * Technopak * TECOM Investments * Teledata Marine Terra Firma Capital Partners Tesco * The Blackstone Group * The Boston Consulting Group * The Carbon Trust The Kazoo Group The Rompetrol Group Thomson Reuters TietoEnator Tokio Marine & Nichido Insurance Co. Ltd Total * Transocean Treacy and Company Tristar Pacific Turenne Capital U UBS* UNICEF * Unilever * Upline Investments Upstream Systems US Tool Group V V Corp Interim Vale (CVRD) Value Partners * Veolia Transportation

Volkswagen Consulting * VR Consulting W Warburg Pincus Waterland Private Equity Investments Wendel Whirlpool * Wildfire wilo Wipro Technologies * WMRC * World Economic Forum WPP Group X XiD Technologies Z Zattoo * ZOLL Data Systems ZS Associates

Total: 394

INSEAD MBA GRADUATES 2008 37

Summer internships and compensation trends
With 255 participants reporting that they undertook a summer job, it is clear that internships are continuing to gain in popularity among our December graduating classes (those graduating in July are not available for summer internships). As in previous years the average duration was seven weeks. An impressive 145 companies offered internships to INSEAD participants in 2008 (up from 118 in 2007). And 22 companies took more than 3 interns (the same as in 2007). Around 95% of interns used their summer job to gain experience in a new company (up 2% on 2007) and overall satisfaction ratings among participants were very high. As in previous years, finance internships accounted for the majority of opportunities. The distribution of summer jobs across sectors remained similar to that of 2007. In terms of geographical diversity, Asia Pacific continued to grow in popularity as a destination, with India and China now close behind Singapore. In Western Europe, there were new opportunities in Germany and Belgium, while the number of summer jobs in other countries remained relatively stable.

By region(1)
Total 255 6,5% Africa / Near / Middle East 27,5% Asia Pacific 5% North America

2,5% South America 2% 1% 2,5% 53% Eastern Europe Northern Europe Southern Europe Western Europe

(1)

For the list of countries per region, please refer to pages 44 and 45.

38 INSEAD MBA GRADUATES 2008

Within Europe
Belgium 4% France 8%

Total 133

Germany 4% Belgium 6% Belgium 4% Switzerland 8% France France 6% Spain 8% Germany 3,5% Germany 8% UK 6% Switzerland 57% Switzerland 8% The Netherlands 3,5% Spain Spain 57% Other*3,5% UK 10% UK 57% The Netherlands 3,5% The Netherlands 3,5% Other* 10% China Other* 10%
* Includes countries where fewer than 5 jobs were reported: Austria (1), Czech Republic (1), Denmark (1), Kazakhstan (1), Ireland (1), Italy (1), Liechtenstein (3), Luxemburg (2), Romania (1), Russia (2), and Sweden (1)

WithinHong Kong 7% Asia Pacific
India 20% China 10% Singapore 10% HongChina 46% Kong 7% Hong India 20% Kong 7% Other* 17% India 20% Singapore 46% Singapore 17% Other* 46% Other* 17% Advertising / Publishing 0,5% Corporate services 1%

Total 70

* Includes countries where fewer than 5 jobs were reported: Brunei Darussalam (1), Cambodia (1), Indonesia (2), Japan (3), Korea (4) and Malaysia (1)

By sector Investment banking 26% Advertising / Publishing 0,5%
Energy Petroleum 5% Advertising //Publishing 0,5% Corporate services 1% Financial Corporate banking 12% 1% Investment services 26% Investment banking 26% Energy /Healthcare 5% Petroleum 2% Raw materials / Primary metals 12% Energy / Petroleum 4% Financial services 5% Public FinancialNon-profit 12% sector Healthcare 2% / services 4% Consulting 2% Healthcare 4% Raw materials / Primary metals 19% Media / Entertainment Raw materials / Primary metals 4% Public sector / Non-profit 4% Manufacturing 4% Public sector /Consulting 19% Non-profit 4% Construction 4% Media / Entertainment 19% Consulting 1% Consumer //Manufacturing 3,5% Media Luxury goods 4% Entertainment High-tech / Telecommunications 1% Construction 4% Manufacturing 7% Venture capital / Luxury equity 3,5% Consumer / Private goods 4% Construction 1% Trade 1% High-tech / Telecommunications 3,5% Consumer / Luxury goods 7% Transportation/ /Telecommunications Venture Travel / Aeronautics High-techcapital / Private equity Trade Venture capital / Private equity Transportation / Travel / Aeronautics Trade Transportation / Travel / Aeronautics 2% 4% 7% 1% 4% 2% 1% 2%

Total 255

INSEAD MBA GRADUATES 2008 39

Summer job: monthly base salaries
By sector*
# Consulting Consumer / Luxury goods Energy / Petroleum Financial services Healthcare High-tech / Telecommunications Investment banking Manufacturing Media Non-profit Primary materials Travel / Leisure services Venture capital / Private equity Total 48 9 9 25 4 17 65 10 8 4 11 4 9 223 Range € 200 – 7,800 1,100 – 4,400 600 – 7,300 150 – 6,900 1,700 – 4,700 500 – 5,500 200 – 6,500 500 – 5,500 500 – 3,000 1,000 – 2,600 1,400 – 3,700 400 – 3,800 200 – 5,800 Median €* 6,500 4,100 4,500 2,400 4,000 3,300 6,100 3,600 1,300 1,500 2,500 2,600 2,200

By country*
# Belgium Brazil China France Germany Hong Kong India The Netherlands Singapore Spain Switzerland United Arab Emirates United Kingdom USA Total 5 5 7 9 7 5 10 5 30 5 7 8 81 8 192 Range € 1,700 – 5,000 3,100 – 7,700 600 – 6,700 1,700 – 4,700 1,100 – 5,500 1,000 – 5,200 200 – 1,500 2,500 – 6,200 500 – 6,600 500 – 3,200 600 – 4,600 4,400 – 7,100 1,200 – 9,200 1,300 – 6,800 Median €* 2,500 6,700 2,000 3,000 2,000 2,100 300 2,500 2,200 3,200 2,900 6,400 6,100 2,600

*where 4 or more salaries were reported Exchange rate source: Oanda.com (average for the period: 01/07/08 – 31/08/08)

40 INSEAD MBA GRADUATES 2008

INSEAD MBA GRADUATES 2008 41

Companies which hired summer interns in 2008
Companies in bold employed at least three interns 3i A A.T. Kearney ABInBev Abraaj Capital AllProperty Media Amphenol Arthur D. Little Asia Cleantech Axios International B Bain & Company Banco Santander Bank of America Banyan Tree Holdings Barclays Capital Barclays Global Investors Beiersdorf AG Bertelsmann AG BMO Capital Markets Booz & Company Boyarkin & Partners BP BT Design C Cameron Thomson Group Canal Plus Cantilllon Capital CIBC World Markets Citi Clarks Co-active Cognetas Continental Capital Partners Ltd. Credit Suisse CRH Cube Capital CVCI D Dalberg Development Advisors Danaher Databank Financial Services Ltd Dell Deutsche Bank DFS Diageo Discovery Communications Donauland DSM E Efficio Consulting Ltd Eli Lilly Endeavour Vision Ernst & Young Eternix Ltd. Eurasia Capital EuroDNS European Bank for Reconstruction and Development ExxonMobil F Fidelity Franklin Templeton Investments G General Electric Gigiwig Ltd Global Fund to Fight AIDS Tuberculosis & Malaria Goldman Sachs Google Green Eco H HCL Hilti HSBC I ICICI Bank IDEO IDG Ventures IFAAP International Finance Corporation ILFS Industrial Investors Infosys INSEAD Intercontinental Hotel Group Intrinsic Value Investors J Johnson & Johnson JP Morgan L Lazard Lehman Brothers Leopard Capital Linqia M Mahanusa Capital McKinsey & Company Medtronic International Merrill Lynch Mobiles’ Republic Monitor Group Morgan Stanley Mount Capital Mubadala N News Corp. NRG Engineering

42 INSEAD MBA GRADUATES 2008

O OC&C Strategy Consultants Oliver Wyman ORBIS International Overseas Private Investment Corporation P Pacific Star PepsiCo Petrofac Energy Developments Philips Pimco Pluto Capital Population Services International Procter & Gamble PricewaterhouseCoopers R Renaissance Ventures Renaissance Group Rianta Roland Berger Strategy Consultants Roovno Web Services Pvt Ltd S Samsung Electronics SAP Schlumberger Shell Siemens Venture Capital SingTel SKS Microfinance Standard Chartered Bank Starwood Hotels & Resorts SunCoal Industries Symbiotics SA Syngenta Synovate Research & Consulting

T Tag Investimentos Tagit Tata BP Solar TechnoServe Teco Electric & Machinery Pte Ltd Terra Firma The Boston Consulting Group The Carbon Trust The Walt Disney Company Tocqueville International TPG U UBS UN OCHA/PIC UNIBOOKS United Nations V Vale Value Partners Verdane Capital Videojet W Western Asset Management Z ZS Associates

Total: 145

INSEAD MBA GRADUATES 2008 43

List of countries per region

Africa Algeria Angola Benin Botswana Burkina Faso Burundi Cameroon Cape Verde Central African Republic Chad Comoros Congo Congo Rep.Dem. Djibouti Egypt Equatorial Guinea Eritrea Ethiopia Gabon Gambia Ghana Guinea Guinea-Bissau Ivory Coast Kenya Lesotho Liberia Libya Madagascar Malawi Mali Mauritania Mauritius Morocco Mozambique Namibia Niger Nigeria Reunion Rwanda Saint Helena

Sao Tome And Principe Senegal Seychelles Sierra Leone Somalia South Africa Sudan Swaziland Tanzania Togo Tunisia Uganda Zambia Zimbabwe Asia Pacific Afghanistan American Oceania American Samoa Australia Bangladesh Bhutan Brunei Darussalam Cambodia China Christmas Island Cocos Islands Cook Islands East Timor Fiji French Polynesia Guam Hong Kong India Indonesia Japan Kiribati Korea Lao Macau Malaysia Maldives

Marshall Islands Micronesia Mongolia Myanmar Nauru Nepal New Caledonia New Zealand Niue Norfolk Island North Korea Pakistan Palau Papua New Guinea Philippines Samoa Singapore Solomon Islands Sri Lanka Taiwan Thailand Tokelau Tonga Tuvalu Vanuatu Vietnam Eastern Europe Albania Armenia Azerbaijan Belarus Bosnia and Herzegovina Bulgaria (EEA) Croatia Czech Republic (EEA) Estonia (EEA) Georgia Hungary (EEA) Kazakhstan Kyrgyzstan Latvia (EEA)

44 INSEAD MBA GRADUATES 2008

Lithuania (EEA) Macedonia Moldova Poland (EEA) Romania (EEA) Russia Serbia and Montenegro Slovakia (EEA) Slovenia (EEA) Tajikistan Turkey Turkmenistan Ukraine Uzbekistan Latin America Anguilla Antigua-Barbuda Argentina Aruba Bahamas Barbados Belize Bermuda Bolivia Brazil Cayman Islands Chile Colombia Costa Rica Cuba Dominica Dominican Republic Ecuador El Salvador Falkland Islands Grenada Guadeloupe Guatemala Guiana Guyana Haiti

Honduras Jamaica Martinique Mexico Montserrat Netherlands Antilles Nicaragua Panama Paraguay Peru Puerto Rico St Kitts and Nevis St Lucia St Vincent and The Grenadines Surinam Trinidad and Tobago Turks and Caicos Islands Uruguay Venezuela Virgin Islands (British) Virgin Islands (US) Near/Middle East Bahrain Iran Iraq Israel Jordan Kuwait Lebanon Oman Palestine Qatar Saudi Arabia Syria United Arab Emirates Yemen

North America Canada USA Northern Europe Denmark (EEA) Faroe Islands (Denmark) Greenland (Denmark) Finland (EEA) Iceland (EEA) Norway (EEA) Sweden (EEA) Southern Europe Cyprus (EEA) Gibraltar Greece (EEA) Italy (EEA) Malta (EEA) Portugal (EEA) Spain (EEA) Vatican Western Europe Andorra Austria (EEA) Belgium (EEA) France (EEA) Germany (EEA) Ireland (EEA) Liechtenstein (EEA) Luxembourg (EEA) Monaco Switzerland The Netherlands (EEA) United Kingdom (EEA)

INSEAD MBA GRADUATES 2008 45

A wide choice of recruiting methods
The Career Services team provides advice and assistance for recruiters throughout the hiring process. We are committed to working closely with organisations to find an INSEAD recruitment strategy that fits their needs. Recruiters can access 930+ MBA, 100 Executive MBA and a network of 38,500 alumni through our offices. Identical opportunities to hire INSEAD MBAs are provided twice a year on both of our campuses (Europe and Asia). The MBA participants taking part in campus exchanges between Singapore, Fontainebleau (France) and the Wharton School of Business (USA) is increasing. In 2008 around 70% of participants chose to move at least once between campuses. Given such mobility, it is vital that recruitment messages reach all participants. Ideally, companies achieve this by having a physical presence on both campuses or by taking advantage of our video-conference facilities. We recommend mixing and matching the following recruitment methods according to your needs. Please do not hesitate to contact us to discuss your best approach for successful recruitment at INSEAD. Recruit on campus If you wish to build corporate brand image and increase awareness of your company’s career opportunities, on-campus recruitment is usually the best approach. This consists of a one-hour presentation usually followed by a networking cocktail reception, with interviews held at a later date. Employer visits take place during the two main recruitment periods (March–June and September–December). Interviews can be arranged on both campuses, taking advantage of our interview rooms, state-of-the-art videoconference facilities, and the web-based interview-scheduling system on our CareerLink platform. Participate in a Career Fair The Career Fair is a great opportunity to meet and network with outstanding participants who are interested in posts in Asia, Europe and beyond. It is also a convenient way to build a company’s presence on campus and to meet future key international decision-makers and customers – without engaging the resources required for a formal presentation.

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Post a job description At any time during the year, descriptions of career opportunities (full-time positions or internships) can be posted on our user-friendly website, CareerLink, free of charge and viewed by MBA participants on both campuses. The site makes it possible for applicants to respond directly to the recruiting organisation. Contact individuals directly through the CV Book The CVs of our MBA participants are an important recruiting tool, whether companies plan to recruit on campus or by direct contact. For each class, we publish a CV Book, which is also available online with many useful search capabilities, such as languages, previous work experience and educational background. Recruit for internships and projects The January intake has the opportunity to work on a July–August internship or project during the two-month summer break. Managers hiring INSEAD MBA participants in this way benefit from having highly motivated, self-starting individuals work on specific business issues.

Career Services sponsored events We arrange many additional events throughout the year. Examples include: panel discussions on careers in specific industries or women’s career issues; seminars on presentation skills or case interview techniques; and preparation for finance interviews. All of these provide participants with specialised insights and allow the companies involved to promote their brand on campus. Clubs INSEAD has a wide variety of sectorspecific participant clubs, including consulting, healthcare, energy, private equity, marketing, entrepreneurship and NGOs. Working with the clubs on their various events enables recruiters to target – and network with – groups of motivated participants very efficiently. For more details on recruiting at INSEAD, please visit the “Corporate Recruiters” section of our website: http://www.insead.edu/mba/careers

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Important INSEAD recruiting guidelines
Non-disclosure of grades: INSEAD’s selection criteria demand a rigorous evaluation of intellectual and professional abilities. To obtain the MBA degree is a significant achievement. As a matter of policy, grades are considered confidential during the recruitment process. However, participants will be able to communicate about whether or not they are on the official Dean’s List of high performers. Full transcripts of grades can be obtained only after graduation. Equal consideration for participants on both campuses: Participants are selected from a centralised applicant pool, so both campuses have roughly the same MBA profile. Recruiters are therefore expected to consider all candidates regardless of their campus location, including those on the exchange with Wharton. It is also in employers’ interests to target both INSEAD campuses, as – after the first four months of the programme – participants are able to move freely between sites every two months. Career Services has comprehensive systems in place, such as video-conferencing equipment, to facilitate this process. Non-discrimination: As an international business school, INSEAD adheres to the principles of equality and impartiality. We expect companies recruiting at INSEAD to respect these principles. For more details on recruiting at INSEAD, please visit Corporate Recruiters section of our website: http://www.insead.edu/mba/careers General Enquiries Europe Campus Tel: +33 (0)1 60 72 43 80 [email protected] Asia Campus Tel: +65 6799 5428 [email protected]

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