Annual Report of the Frankfurt School of Finance & Management for 2012
Frankfurt School of Finance & Management – Annual Report 2012
Dear Friends of Frankfurt School,
In 2012, we made a key decision that will affect Frankfurt School as a whole: we are going to build a new campus in Frankfurt’s attractive Adickesallee! We were able to buy the site of the former Regional Tax Office (OFD) from the State of Hesse. The site’s high visibility, central location and outstanding ease of access – as well as the pleasant neighbourhood – all encourage me to believe that the new campus will provide an even better infrastructure for study and research, working and networking. In short, the new campus will provide the space and stimulus we need for individuals to succeed, for joint projects to come to fruition, and for pioneering business education to flourish.
We will keep you all – our students and alumni, our partners in the corporate world, and our many other friends and contacts – regularly updated on the progress of our building project: indeed, we hope you will also take part.
Developing our research capabilities is a strategic priority we have been determinedly pursuing for a number of years. We have been able to attract a significant number of men and women with impressive research credentials to work as professors in our faculty, and have also strengthened the practical side of our activities by appointing three new professors of Management Practice. In fact, the Frankfurt School faculty is now one of the largest Business Administration faculties in the German-speaking world. Our strength in research received high-profile corroboration in 2012: in September, the German business newspaper Handelsblatt published a study measuring the research performance of German-language educators and faculties specialising in Business Administration. Five Frankfurt School professors were ranked among the most productive researchers: Christina Bannier, Afschin Gandjour, Eberhard Feess, Hartmut Kliemt and Jörn-Henrik Thun all appeared high in the tables. The Frankfurt School faculty was ranked as the fourteenth most productive research faculty overall, and as eighth in Germany. We are proud of these achievements, which reaffirm the strategy we have mapped out and are now determined to implement: to turn Frankfurt School into one of the most widely recognised and respected business schools in Germany and Europe.
Frankfurt School already enjoys a formidable reputation in Germany – even outside our traditional spheres of banking and finance. In spring 2012 Wirtschaftswoche – a widely read business weekly – published its annual survey of HR professionals. They were asked to state their preferred universities for recruiting Business Administration graduates. In the 2012 survey, Frankfurt School was ranked sixth! An outstanding result that clearly reflects the respect and recognition we enjoy as a generalist business school.
We intend to build upon these successes by becoming more active in the international arena. For me personally, this is also about communicating our German management culture, entrepreneurial objectives, values and attitudes. These extend far beyond mere salaries and sales figures. The stability of Germany’s socio-economic situation is firmly rooted in our tradition of mutual problem-solving, consensus and a social market economy. Our low level of unemployment in comparison to the Eurozone as a whole confirms the quality of German management principles. Such successful means and methods of forging commercial and entrepreneurial success deserve to be more widely known. This also applies to the curricula on which our Master’s and MBA programmes are based, as well as the associated topics and priorities that characterise a German business education. This is where we, too, hope to make our contribution.
Our strategy is guided by a simple slogan: 5/2020. By 2020, we intend to be one of the top five business schools in Europe. And in 2012, we made a first, significant step in this direction: we were the only German business school to feature in the Financial Times Master of Finance ranking. Our Master of Finance programme was rated number 32.
So: 2012 was a year of achievement. Our successes have strengthened us, and given us the confidence to take the steps we have planned for the future.
I cordially invite you to join us on our journey and lend us your stalwart support. Whether as client, student, graduate, educator, researcher or specialist in one of our areas of activity: your views, questions and suggestions are important to us! Only through your feedback and the ongoing development of our products and services can we continue to ensure the success of our beloved Frankfurt School.
Frankfurt School is something we all share! Let us shape the university’s future together.
With warm best wishes,
Alumni & Friends
This year, the focus of the President’s annual reception for the executive committees of our two alumni associations – Frankfurt School of Finance & Management / Bankakademie Alumni e.V. and Frankfurt School Alumni e.V. – was on research. Professor Dr. Dr. h.c. Volker Mosbrugger, Director General of the Senckenberg Gesellschaft für Naturforschung (SGN) in Frankfurt, and Professor Dr. Hartmut Kliemt, Vice President Research and Professor of Economics and Philosophy at Frankfurt School, gave presentations outlining the crucial role played by research in their respective institutions.
Left to Right: Professor Dr. Volker Mosbrugger, Professor Dr. Udo Steffens, Professor Dr. Hartmut Kliemt
Alumni association celebrates 10th anniversary
The celebration was the high point of the Members’ Assembly of Frankfurt School of Finance & Management / Bankakademie Alumni e.V., which took place in Frankfurt in May 2012. The current Chair of the association, Gunnar Glaubitt, was full of praise for the founder members. The association’s tenth anniversary will be celebrated across the whole country – the main association has made extra budget available so that each local group of sponsors can fund an event. Ingolf Jungman, Vice President and Managing Director of Frankfurt School, extended his own congratulations, expressing his admiration for the way the association has developed and commending the high standard of cooperation.
Left to right: Gunnar Glaubitt, Alumni Manager Susan Georgijewitsch and Ingolf Jungmann with Kerstin Musculus, member of the executive committee of FS Bankakademie Alumni e.V.
FS Alumni e.V.
The Frankfurt School alumni association also celebrated its tenth anniversary at a “Class of 2002” event originally proposed by Tom H. Anhäuser and Torsten Schlink, both 2002 graduates and members of FS Alumni e.V. The association’s executive committee – ably assisted by Susan Georgijewitsch, Alumni & Fundraising Manager at Frankfurt School – helped them put the proposal into practice.
The Friends programme
The Friends of Frankfurt School programme launched in November 2010 continued into 2012, with good levels of participation and positive feedback from members of all local Friends groups. Four events were organised in the course of the year, in Munich, Stuttgart and Frankfurt. Guest speakers included fund manager and author Georg Graf von Wallwitz; budget spokesman for the CDU/CSU parliamentary coalition Norbert Barthle; Frankfurt School Professor of Bank Management Dr. Thomas Heidorn, and Dr. Christof E. Ehrhart, Head of Corporate Communications and Executive Vice President (Corporate Responsibility) at Deutsche Post DHL.
The events in our Ladies First – Forum for Women at Frankfurt School series provide top-quality networking opportunities for Frankfurt School’s women students and alumnae. The initiative was launched in 2010 and has gone from strength to strength. Our Career Services unit and Fundraising & Alumni Manager jointly organise one event per semester, at which a well-known businesswoman talks about and answers questions on topical issues such as women in management and combining career and family.
FS mentoring programme
2012 also saw the launch of another round of our FS mentoring programme, “For FOUR eyes only!”, targeting Bachelor students in their second semester. Fourteen new mentor-mentee pairings were set up, the mentors all being Frankfurt School alumni and alumnae.
Twelve months after graduation, Frankfurt School asks all former Bachelor’s and Master’s students to complete a survey. The survey covers a wide range of questions, including first career steps, current whereabouts (location/industry sector) and remuneration levels. As in previous years, the response was gratifying: 86% of the respondents from our Bachelor’s programmes and 86% of our Master’s graduates would recommend Frankfurt School to friends and colleagues as an excellent educational institution.
As from the beginning of the academic year in September 2012, Frankfurt School now offers two Bachelor programmes that are taught – from start to finish – in English. Rather than creating two entirely new programmes with their own curricula, the business school converted and updated two existing programmes that had hitherto been taught primarily in German. The two programmes are the International Business Administration (IBA) programme and the Business Administration (BBA) programme.
The BBA programme focuses on banking and finance in particular, and takes the form of a six-semester degree course that includes one semester abroad spent in study and on an internship. The IBA programme focuses predominantly on general and international management. The programme’s international bias is reflected in the two semesters out of seven that the students spend abroad. The IBA course also offers the option of earning a joint degree (also known as a combined degree) at selected partner universities abroad, enabling students to supplement their Frankfurt School Bachelor of Science degree with another academic award from a partner university.
The English-language Bachelor programmes are intended for high-achieving German students who wish to take a degree course in English. Of course Frankfurt School is also opening up to foreign students, many of whom only have a limited command of German, especially in the early stages of their university studies. Offering degree courses in English is part of the business school’s medium-term strategy, with the ultimate aim of becoming not just one of the best business schools in Germany, but in Europe as a whole. At the same time, the addition of English-language courses also means that Frankfurt School is an increasingly attractive proposition for partner universities in other countries.
The addition of these two new English-language programmes means that students attending Frankfurt School can now carry out all the work for their final academic qualifications – Bachelor’s and Master’s degrees, as well as doctorates – in English.
Meet Frankfurt School! 2012
This year’s “Meet Frankfurt School!” careers fair was launched by the President of Frankfurt School, Professor Dr Udo Steffens, who welcomed delegates, exhibitors and students to the fair – fourth in the series – on October 10, 2012. Thanks to the efforts of the Career Services team, more exhibitors were present (up to 35 from 32 last year), and a number of companies attended the event for the first time, including ProSiebenSat1 Media and Simon Kucher & Partners.
At most of the exhibition stands, students and graduates found they were able to discuss recruitment procedures, corporate culture and career opportunities with Frankfurt School alumni. For many students, the fair provided an ideal opportunity to make first real-world contacts; quite a few of them left the event with solid offers of practical work experience or recruitment interviews.
Snapshot impressions of “Meet Frankfurt School!”
Events and workshops
Career Services also organised 32 workshops in 2012 – up from 23 in 2011. Among the companies in the financial sector who visited the Frankfurt School campus during the year were Citigroup Global Markets, Deutsche Bank, Barclays Capital, Société Générale, RBS and Berenberg Bank. As well as arranging corporate events on the Frankfurt School campus, the Career Services team informs students of events organised on their own premises by companies based in Frankfurt.
By publishing job vacancies on Frankfurt School’s in-house Jobs Board, companies in a wide variety of industries can gain direct access to prospective recruits free of charge. On average, some 400 job ads are displayed online at any one time, one third of them for permanent positions. The other ads on the Board are directed at students looking for internships, work-study posts or other work-related opportunities. Once businesses have made the experience of contacting students via the Jobs Board, they generally approach Career Services to inquire about more comprehensive recruitment initiatives or campaigns.
Advice on applications
A major – and for students, vital – aspect of the work of the Career Services team is providing students with individual advice and support. Starting with a discussion of application processes, students at all stages of their university studies are given plenty of additional advice and support. The whole service amounts to a comprehensive advisory platform on how to launch a professional career at any stage of a higher education course. It is highly rated by students and graduates, and has become very popular.
FS mentoring programme
Our “For FOUR eyes only!” mentoring programme is a direct outcome of the networking emphasis behind all Frankfurt School activities. The programme connects students on Bachelor programmes with alumni willing to act as their personal mentors. The project is jointly organised by our Alumni Manager and Career Services team[Link setzen].
Ladies First invites women who are studying at or have graduated from Frankfurt School to an in-depth discussion of jobs and families, career development, and associated issues. The events take place twice a year and are jointly organised and supported by our Alumni Manager and Career Services team. They give female students an opportunity to make personal contact with women in senior management positions, who talk openly and frankly about their personal and professional experiences, and high and low points in their lives. This exchange of experiences helps women studying at FS to pinpoint their own career objectives and find practical solutions to their professional challenges. The discussion also gives them an opportunity to explain their points of view and express their thoughts on women’s issues. Our Ladies First events are also discussed in the Alumni section.
In 2012 our Career Services team once again organised a series of New Horizons workshops. The series sponsor is Citi Foundation, who kindly provided the necessary funding; this is the third time Frankfurt School’s Fundraising Manager and Career Services team have successfully applied for Citi sponsorship. Our New Horizons workshops focus on “soft skills”, giving students the opportunity to practise key social skills that are much in demand by businesses of all kinds.
Fine dining workshop, part of the New Horizons@FS series
From business etiquette through to Assessment Center training, by way of recruitment coaching, debating skills and brain-teasing exercises – students on Bachelor and Master programmes can take part in a comprehensive programme designed to give them the tools to develop their personal skills over the long term and prepare them not only for job applications and aptitude tests, but also for the situations they will encounter during their working lives. The New Horizons programme is also discussed in our Fundraising section.
Financing development aid: FinAcc Fund
ConCap Connective Capital GmbH is a Frankfurt School subsidiary which, in addition to managing the FinAcc Fund (launched in 2010), also manages Germany’s first microfinance fund (launched in October 2011). Set up as a mutual fund under German law, the new product targets private and institutional investors and invests in microfinance institutions (MFIs) in developing countries. The fund provides loans to MFIs, from which they in turn finance microloans to individuals who would otherwise have limited or no access to financial services. These microloans give individuals an opportunity to alleviate their poverty by their own efforts, effectively helping them to help themselves. By helping to reduce poverty, the fund is producing a positive social return as well as an attractive financial return. As at year-end 2012, the funding volume amounted to EUR 20 million: over the year, the fund made loans to a total of 20 microfinance institutions in twelve different countries[Link setzen].
Frankfurt Fund for Entrepreneurs
For the past two and a half years, the team of experts at ConCap Connective Capital GmbH has been helping young entrepreneurs to finance their new businesses or business expansion plans. In addition to funding, applicants are given detailed feedback on their business plans and financial projections before they submit them to the banks. The Frankfurt Fund for Entrepreneurs is the key platform for this activity. The fund was launched on June 15, 2010 and guided by its motto – “swift, simple and non-bureaucratic” – provides new businesses with streamlined access to loans ranging from EUR 2,500 to EUR 50,000.
The “Frankfurter Gründerfonds” is a joint project run by ConCap and Wirtschaftsförderung Frankfurt GmbH, Frankfurt’s business development agency, with the support of the academic staff at Frankfurt School. The fund originated in a microfinance study carried out on behalf of the City of Frankfurt by Frankfurt School back in 2009, analysing supply and demand for loans in the city. Based on the results of the study, the City of Frankfurt made funding worth a total of three million euros available to the new fund. To date, almost 50 business startup projects have been recommended for funding; the fund has received a total of 110 applications and 282 inquiries. The average loan is around EUR 30,000, and loan repayments have so far brought about EUR 175,000 back into the fund. After two and a half years, the fund has built close, trust-based working relationships with Frankfurt’s business development agency, with Bürgschaftsbank Hessen, with the six other business banks involved and with the various entrepreneurs who are receiving financial support. “It’s exciting to see how the financed projects are developing. Our quarterly business checkups provide us with valuable insights into how our borrowers are implementing their business plans and strategies,” explains Andreas Küppers, Manager of the Frankfurt Fund for Entrepreneurs.
2012 has been a very successful year for Corporate Programmes & Services. The main reason for this is the long-lasting nature of our client relationships. Many of our commissions are comprehensive, long-term, all-in-one solutions or follow-on projects. This reflects the excellent reputation that Frankfurt School enjoys among businesses.
Between all nine of our Competence Centres, FP&S organised a total of 47 certification courses in 2012. We also developed a number of new certification courses on, for example, Investment Consulting, Real-Estate Finance and Office Management. We also ran 413 individually bookable seminars, 37 of which covered new topics. In total, 6,413 participants booked places on our courses over the year.
With respect to in-house activities, FP&S is now building a reputation in market sectors other than the banking & financial sector (our traditional focus). In parallel with this development, we are running an increasing number of our international projects in English. This has enabled us to offer certification courses to international management consultancies and telecommunications companies, as well as clients in the automotive and IT industries. The range of topics covered is extensive, from “A Compact Course in Advanced Banking” to “Credit Risk Management” through to highly specialised courses such as “Certified Fraud Investigator”. For many of these projects, we have already taken bookings for follow-on courses.
Our core Banking & Finance courses continue to be very popular across all specialist areas and Competence Centres, attracting large numbers of participants. Among other things, our courses focus on Private Banking/Wealth Management, Lending Business/Corporate Finance and various sales-related subjects. We are also registering a lot of interest for our courses on Governance & Audit, Risk Management and Management & Leadership, as well as our innovative approaches to subjects like Banking Essentials and Human Resources Management.
There is also growing demand for FP&S products and expertise at federal level, as indicated by a number of recent projects – for example on behalf of a federal government agency in need of Financial Planner certification. In the banking sector, the unit ran a high-level event focusing on research and economics. A multi-year project for a major bank continued to run successfully: over 21 days of examinations, nearly 500 employees were certified in the specialist fields of Private / Business Customers and Real-Estate Finance, and we spent 46 seminar days preparing sales staff for upcoming exams. FP&S also certified 1,200 staff in Investment Management on behalf of another bank. And finally, the Compliance certification course we ran for an Austrian bank was a resounding success – one of the most comprehensive training courses we have ever organised, with international coverage and attendance.
Alongside traditional training methods based on classroom teaching and on-site examinations, an increasing number of clients are resorting to online learning environments, involving web-based training courses (WBT), digital teaching materials and self-study questionnaires. In one project for the Leasing department of a German mortgage bank, 440 members of staff working around the world were trained entirely online. We are also using an online model as the platform for the continuing education of Corporate Banking professionals at a German savings bank.
Our Executive Education unit continued to develop and extend subject areas such as Management & Leadership, Team Development and Demographic Change. In particular, the Senior Management Programme and Advanced Management Programme we organised for the heads of divisions and departments at a major bank was a huge success. The two training programmes focused on methods for dealing with greater responsibility, conveying the specialist management techniques and expertise appropriate for each level in the hierarchy. By helping each participant to develop individually, the programmes succeeded in bringing about positive change in the leadership culture and management excellence of the organisation as a whole.
2012 also saw the inception of our sixth Global Leadership Programme on behalf of a global IT service provider. The programme used Action Learning to help some 100 executives who were previously working at regional level to qualify as Global Leaders. The programme’s stand-out feature is its focus on developing and implementing strategic initiatives and synergistic projects. The results were summarised in a practical action plan and submitted to the senior management team. The programme’s success was clearly reflected by the subsequent increase in annual turnover.
Over the past year, the Executive Education unit has been approached by a growing number of companies operating internationally across multiple industries. Two major projects were commissioned in 2012, involving the development and subsequent implementation of a Leadership and General Management Programme for middle and senior managers.
Our Education Management unit continued to shine throughout 2012. In a joint project with Frankfurt School subsidiary efiport AG, the unit developed a training portal for a major bank, successfully matching the client’s corporate design and identity. The portal allows trainees to review their timetables and communicate directly with trainers, educators and other in-house contacts. They can also preview, print out or download documents, and access and use various learning materials such as web-based training (WBT) courses and lesson plans. The portal is also used to run a variety of tests and exams.
This project clearly demonstrates that our Education Management team is much more than just a training partner for bringing new recruits up to speed. Over the past 12 months, the team’s ability to innovate has produced hugely positive outcomes for all our clients and processed some 4,500 trainees over a total of around 5,000 training days.
A one-day seminar covering Personal Development and Business Etiquette was devised and implemented for a client in the financial industry. Two WBT courses from our existing product range were further developed and linked to a classroom teaching programme. And in December, we successfully launched our AdA Online course.
Meanwhile, the unit also set up an in-house quality management system. The aim of this “Quality Offensive” is to ensure that we continually improve our own products. This in turn will enable us to clearly define and consolidate our unique position in the German market. The Quality Offensive assesses and explores customer satisfaction with our offerings, and also investigates how to make better use of our faculty’s teaching skills. It also explores the integrative teaching and learning methods most suitable for younger trainees, one of our most important target audiences.
Throughout 2012, Frankfurt School of Finance & Management continued to implement – and promote, with a relatively positive response from the media – the diversity initiatives we first launched two years ago. The key focus and primary objectives of this strategy hinge on international expansion – above all, on increasing the percentage of international students and faculty members at Frankfurt School – and the gender issue: increasing the proportion of women students and thereby increasing the number of female graduates in the medium term.
Frankfurt School started the year with gusto, organising a first Gender Diversity workshop in March 2012 and inviting businesswomen to attend. Delegates discussed possible approaches to future joint ventures aiming to persuade more women to consider a Business Administration degree or enrol in degree courses with a financial bias. Despite vigorous debate, only a small number of businesswomen subsequently became involved in actual projects. But these projects were successful, and have encouraged Frankfurt School to take things further:
• On April 26, 2012, Frankfurt School organised the business school’s first ever Girls’ Day, with the support of several business sponsors. The day was a spectacular success: such overwhelming interest was expressed by girls and young women that numbers had to be limited! In the end, 72 young women spent an entire day visiting the business school and individual companies. Female academics, researchers, specialists and management staff accompanied the girls on their visits and told them about their own jobs and work as specialists. Read about Girls' Day in 2013 here.
Girls’ Day 2012 on the Frankfurt School campus
• The Relationship Management team is currently prioritising visits to girls’ secondary schools, an initiative that has excited considerable interest. Again, Frankfurt School is coordinating these visits with partners in business.
• We also expanded our mentoring program for women studying for Bachelor’s degrees in 2012. Senior women managers have agreed to act as mentors, and are providing young female students with advice and help in their personal development.
• 2012 also saw the launch of the second round of the Citi–FS mentoring programme, organised by our Fundraising Manager and the Career Services team[Link zum Text im Kapitel Fundraising]. The year-long programme aims to help women studying for Master’s degrees at Frankfurt School. Women executives from Citigroup provide students with advice, acting as their mentors. In doing so, they are also supporting the efforts of both organisations to promote diversity.
• Our Ladies First programme – a forum for women at Frankfurt School – organised two events in 2012, as scheduled. The events provide a forum for discussing important issues such as women in management and the challenges of reconciling jobs or careers with family. The programme has become an effective platform, enabling students and alumnae to share and discuss their personal and professional experiences. More details of our 2012 events can be found in the “Alumni & Friends” section of this annual report.
In 2012, Frankfurt School’s Corporate Programmes & Services unit also launched a new workshop entitled “Women’s Network in Banking”, aimed at Equal Opportunities officers and women working in banks.
We are pursuing and extending these initiatives in recognition of the fact that the percentage of women enrolled in Business Administration and Information Management programmes at Frankfurt School is still too low compared to state universities.
The second major priority associated with diversity is internationalisation. Frankfurt School is performing well in this area, enjoying an upsurge of popularity among international students. International academics are showing a growing interest in becoming involved in teaching and research at the business school. Frankfurt School’s presence at major international fairs, combined with our redesigned website, have played an important role in this respect. Frankfurt School is now reaching more young people abroad: specifically, well-qualified students outside Germany looking for the right higher-education opportunities. As a result, the percentage of new students from abroad enrolling on our degree courses rose to 25.1% at the start of the 2012/13 winter semester. On our Master's programmes the international students account for 43.8% of the graduates.
Our International Days vividly reflect the increasingly multinational and multicultural life on the Frankfurt School campus. Students prepare dishes from their home countries, share meals and conversations together, and –among many other things – end up discussing cultural differences and similarities: a very positive way to discover other cultures.
efiport AG awarded the Comenius Seal 2012
efiport – a subsidiary of Frankfurt School – has been awarded the Comenius Seal 2012 for the e-learning program “Prevention of money laundering and financing of terrorism”. This award for educational multimedia products is one of the most prestigious in Europe, and is made annually by Berlin-based Gesellschaft für Pädagogik und Information e.V. (GPI).
As a free service for students, faculty members and all those interested in finding out more about Frankfurt School, efiport has developed a web app for mobile devices. The app allows mobile users to download information from the online campus with a single tap. It is also available online, so can be used on desktop or notebook computers via web browsers like Safari or Google Chrome. Users can access the password-protected area using their online campus credentials.
All web-based training courses (WBTs) developed by efiport now run on iPad and iPhone. This gives students even greater flexibility, because now they can access course content whenever and wherever they like. WBTs can be called up via the iPad’s built-in browser (Safari) and Frankfurt School’s CLM system: so students can study course material while they are travelling, store a record of their progress when they reach their destinations, and seamlessly continue their coursework once they are sitting at their desktop computers.
The Frankfurt School EMBA – 2012 sees a new intake and a first round of awards
September 2012 saw the start of the third year of Frankfurt School’s Executive Master of Business Administration (EMBA) programme – once again with more than 30 students enrolled on the course. The EMBA is aimed at experienced executives who wish to extend their management expertise and leadership skills in a dedicated, professional environment. The programme runs for three semesters in parallel with full-time employment, enabling students to deepen their understanding of and proficiency in all key management functions.
Generally speaking, students have more than ten years of work experience, and work in the automotive industry, banking and finance, the chemical industry, consulting, the energy sector, wholesale and retail, IT and engineering. In addition to the broad range of industries and considerable management experience brought to the table by students, the high proportion of women students (41%) is especially gratifying. The students are also international: 22% come from countries other than Germany, contributing to an inspiring variety of viewpoints.
Ljubljana, Riverside and Stellenbosch: EMBA students broaden their horizons during International Week
Fully half of the EMBA students who started their courses in 2011 spent their elective module – in the summer of 2012 – abroad. These International Weeks are an ideal opportunity for students to attend events with fellow-students from other leading international business schools. Thus five EMBA students from FS spent a week at the University of Ljubljana in Slovenia, taking part in an Executive Summer School on “Leadership in a Changing Environment”. Using case studies as a starting point, they discussed the challenges of change management, learning to identify the leadership strategies that are particularly helpful in managing organisational change. During their week in Slovenia’s capital city they also visited another business school, where they got to know the academic staff and students. The two EMBA students who were invited to attend the University of California in Riverside, USA, found themselves in a multinational environment made up of students from Brazil, China, France, Japan, Canada, South Korea and Russia. They were all attending a postgraduate course on “Marketing in a Global Environment”. Another nine EMBA students spent their elective module in South Africa, where they attended a Winter School organised by the University of Stellenbosch Business School (USB). The event focused on an analysis of current economic challenges in emerging markets – especially South Africa – and was complemented by a number of visits to companies, affording students the opportunity to discuss the topics they were studying at the Winter School with local managers.
And in 2012, the very first students to join our EMBA programme graduated! 31 EMBA graduates attended the Frankfurt School graduation ceremony in the Pauluskirche in May.
The programme’s first Reunion Day is scheduled to take place in March 2013, and EMBA students from all years are invited to attend. The keynote speaker will be Professor Dr. h.c. Klaus-Peter Müller, CEO of Commerzbank AG and Chairman of the Board of Trustees of Frankfurt School of Finance & Management.
First row, L-R: Christian Wallbott, Alexander Stark, Andreas Köhler, Frank Spiek, Nadine Greulich, Alexander Sosnitza, Nadine Krumpschmid
Second row, L-R: Andreas Dittjen, Dr. Sven Tischendorf, Christian Hassel, Thomas Lemke, Alberto Costanza, Thomas Grimmer, Reinhard Pasch, Reinhold Knobloch, Dieter Schorr
Third row, L-R: Roland Schlich, Guido Groß, Christian Meyer-Vahrenhorst, Michael Drebing, Stephan Bucher, Carsten Beckmann, Marko Broschinski, Wolfgang Forster
Fourth row, L-R: Thomas Schäfer, Jan-Hendrik Witte, Richard Fietz, Matthias Höse, Samuel Siegmann, Peter Kostorz, Dirk Fabianke
Frankfurt School in Handelsblatt Business Administration rankings
On September 17, 2012, Germany’s leading business newspaper Handelsblatt published the results of a survey ranking the top faculties in Business Administration research in German-speaking countries. Frankfurt School placed eighth in Germany, and in the overall rankings – which include Germany, Switzerland and Austria – the business school placed fourteenth. The rankings are calculated on the basis of the total number of articles published in specialist journals by researchers in the Business Administration faculties of the various universities and business schools. The relative quality of the target journals is also taken into account.
One week prior to the faculty rankings, Handelsblatt also published ranking tables for the top-performing individuals involved in Business Administration research at German-speaking institutions. Five Frankfurt School professors appeared high in the tables. In the “Top 100 Researchers at present” category, Handelsblatt evaluated research performance since 2008. Three FS academics appeared in this table: Professor Dr. Dr. Afschin Gandjour, Professor of Health Management at Frankfurt School, who ranked sixth; Professor Dr. Eberhard Feess, Professor of Managerial Economics at FS, who ranked 52nd, and Professor Dr. Jörn-Henrik Thun, Professor of Operations Strategy, who appeared in place 96.
In a second ranking category, Handelsblatt measured the research performance of academics below the age of 40. Two Frankfurt School professors made the “Top 100”: Professor Dr. Christina E. Bannier, Professor of Corporate Finance and holder of the Commerzbank Endowed Chair of Corporate Finance/SME, was ranked 40th, while Professor Dr. Jörn-Henrik Thun, Professor of Operations Strategy, appeared at number 45. In a third category, Handelsblatt measured academics’ research performance since the start of their careers. In this category (“Top 250 Researchers/lifetime achievement”), Professor Dr. Dr. Afschin Gandjour, Professor of Health Management, was ranked 39th, Professor Dr. Eberhard Feess, Professor of Managerial Economics, came in at 54th, and Professor Dr. Hartmut Kliemt, Professor of Philosophy and Economics and Vice President Research at Frankfurt School, was ranked 122nd. More details on the FS professors who appeared in the rankings can be found here.
For more information on Frankfurt School’s current rankings here.
New faces in the Faculty
2012 was another bumper year for appointments, with a number of outstanding new researchers joining the Frankfurt School faculty. In total seven professors took up the challenge of teaching at Frankfurt School. They are:
Professor Dr. Myriam Bechtoldt, Professor of Organizational Behavior, researches and teaches in the Management Department. Her particular research interests focus on emotional intelligence, stress and health in the workplace, and creativity and innovation.
Professor Dr. Martin Hellmich holds the Karl Friedrich Hagenmüller Chair of Financial Risk Management. He teaches and researches in the Finance Department, with particular emphasis on risk management and regulation.
Professor Dr. Michael Koetter is Professor of Banking and Finance in the Finance Department. His research focuses in particular on banking competition and efficiency, international banking, and systemic risk management.
Professor Dr. Julia Redenius-Hövermann, LL.M., was appointed Assistant Professor of Civil and Company Law in the Legal Studies & Business Ethics Department. Among other things she is an expert on corporate law, with particular emphasis on corporate governance in capital market law, comparative law and banking regulation.
Professor Dr. Christian Schulze has been Assistant Professor of Marketing in the Management Department since March 2012. In his research and teaching he focuses on online marketing and customer value management.
Professor Dr. Nils Stieglitz is Professor of Strategic Management. In his research and teaching he focuses on organisational design, corporate success, strategic management, innovation and entrepreneurial risk.
Professor Dr. Günter Strobl is the new Professor of Finance in the Finance Department, specialising in – among other things – capital market microstructures, learning processes in financial markets, feedback effects in financial markets and credit rating agencies.
For more than twelve years, Frankfurt School of Finance & Management has offered the Financial Planner course in various formats, and it is now a well-established market leader. Over the years, 1,800 graduates have earned their Financial Consultant certificates from Frankfurt School, and 1,000 graduates have qualified as Financial Planners.
Frankfurt School structures the courses as open programmes, available in Germany’s major banking and financial centres (so in Munich, Düsseldorf, Stuttgart and Hamburg, as well as Frankfurt itself), and as corporate programmes tailored to the specific needs and requirements of individual banks. Both formats (Open Enrolment and Corporate Program) are extremely popular, with a gratifyingly high demand for our customised programmes in particular.
All our courses are based on curricula that have been approved and accredited by professional associations at international level. Thus the Frankfurt School Financial Consultant course has been accredited by the European Financial Planning Association (EFPA) as equivalent to a European Financial Advisor (EFA) qualification. And the Financial Planning Standards Board (FPSB) has accredited the entire Frankfurt School study programme that culminates in a Financial Planner qualification as an ideal preparatory course for the Board’s own Certified Financial Planner (CFP) examination.
In 2012 – as you might expect following Frankfurt School’s years of commitment to standards which now lead the market in Europe and internationally – representatives of the business school became heavily involved with the two professional associations, the EFPA and FPSB. Thus Frankfurt School is represented on FPSB Germany’s Board of Directors by Professor Dr. Wolfgang J. Reittinger and by our Vice President and Managing Director Ingolf Jungmann. Both men also work on the management boards of the EFPA – the European umbrella association – and EFPA Germany. The fact that Frankfurt School is actively committed to these internationally recognised standards reflects the business school’s unwavering commitment to the highest quality standards.
The students on the Financial Planner and Financial Consultant courses are not the only ones who benefit: participants in Frankfurt School’s Financial Planner Days – accredited by FPSB as a required continuing education programme for CFP graduates – also appreciate the high-quality, up-to-date content. The Financial Planner Days are two-day events – a total of 120 participants attended the last event in March 2012.
FS VenCube is an initiative by Frankfurt School of Finance & Management to provide funding for new business startups. FS VenCube acts as a Venture Capitalist, by providing the seed capital required to invest in ideas involving the conception, implementation or expansion of business ventures in the early stages of their development. But FS VenCube also offers business founders something more: access to a pool of experienced experts in a wide variety of academic and commercial disciplines, who can provide would-be entrepreneurs with advice and support on choosing the right business ideas, as well as on developing and implementing them in the real world.
Business founders are given the opportunity to present their ideas by following a standardised review process, with feedback provided almost immediately. During this process, the idea is first evaluated in order to make sure it has genuine potential and could become a successful business venture in the long term. Then the proposers themselves are investigated to ensure they have the necessary skills to succeed, and are willing and ready to invest their own time and money in the project (entrepreneurs are expected to contribute 15-20% of the capital themselves). The next stage involves checking the business concept for financial and/or legal issues. Once FS VenCube is convinced of the project’s merits, the idea is presented to the Investment Committee. If the latter makes a positive decision, the fund invests in the business. Thereafter FS VenCube acts as a point of contact for the new business founders, helping them to develop the business and actively linking them up with network partners and investors. In return, they are expected to submit regular reports on the development of their project to FS VenCube, which are then used as the basis for further advice and support.
FS VenCube currently has one million euros to invest in would-be business founders, a capital fund to which Frankfurt School and other investors have committed in the interests of establishing and encouraging an entrepreneurial culture at Frankfurt School and building a stable VC investment platform. In addition, the fund’s supporters are hoping to establish an innovation-focused think-tank at the business school capable of generating new business ideas which can then be developed and implemented. The fund is intending to use a proportion of future earnings to set up a Chair of Entrepreneurship and Equity Management.
FS VenCube’s founder and proposer is a former Frankfurt School student, Christoph D. Kauter, now Managing Partner of Trigon Equity Partners GmbH, a private equity investor that focuses on acquiring SMEs in Germany. He manages FS VenCube in tandem with Omid Saz, Managing Director of Frankfurt School subsidiary ConCap Connective Capital, bringing years of experience in the acquisition and management of equity together with the expertise that ConCap has built up in the course of supporting the Frankfurter Gründerfonds and other development finance funds. This formidable combination benefits FS VenCube and also the aspiring entrepreneurs targeted by the fund.
Since the scheme was first launched in spring 2012, Frankfurt School students have already elicited FS VenCube’s support for more than a dozen business startup projects. The scheme’s first startup has already been helped on its way: VenCube recently invested in Schwump GmbH and its dedicated scheduling solution for driving schools.
During 2013 we are looking forward to making further investments in ideas generated by students on the Frankfurt School campus.
Christoph D. Kauter
In 2012, Frankfurt School of Finance & Management again took part in the “Deutschlandstipendium” programme organised by the Federal Ministry of Education and Research (BMBF), achieving another successful outcome. Initially, 13 scholarships were made available to Frankfurt School, but two more were added to this figure as some universities failed to take up their quota entitlement. Sponsors were found for all 15 fund-matched scholarships, including two new institutional benefactors: the Marga Coing Foundation and the DZ BANK Foundation. For the first time, a number of Friends of Frankfurt School also agreed to sponsor scholarships, and a scholarship awards ceremony in October gave sponsors and scholars an opportunity to meet in person.
Ingolf Jungmann, Vice President and Managing Director of Frankfurt School, welcomed sponsors and scholars to the ceremony and subsequently awarded the scholarships.
Our warm thanks go to all Deutschlandstipendium sponsors:
Dr. Jutta Buscha-Hagenmüller, the Marga Coing Foundation, the DZ BANK Foundation, FS Alumni e.V., Andy Hamer, Joachim Lauterbach, Dr. Horst Müller, Prof. Dr. h.c. Klaus-Peter Müller, Klaus Müller-Gebel, the Frankfurt School Executive Board, Dr. Lutz R. Raettig, Prof. Dr. Udo Steffens and Manfred Westenberger.
Also in 2012, our Fundraising Manager successfully brought the Votum Foundation on board as another Frankfurt School scholarship provider. Orphans and semi-orphans studying at Frankfurt School are eligible to apply for Votum Foundation scholarships, which cover part or all of their tuition fees. The foundation awarded a scholarship to one student in 2012.
Once again, Frankfurt School succeeded in raising EUR 25,000 through the DAAD Matching Funds scheme in 2012. This funding will be used to grant scholarships to students from abroad.
Working with the Programme Design & Development Team and the International Office, our Fundraising Manager was able to secure EUR 19,595 in DAAD funding for a 2012 event for MBA graduates in International Healthcare Management. The workshops discussed various ethical issues, but also gave recent graduates who finished their degree courses in May 2012 an opportunity to socialise with old hands (FS alumni)!
IHM graduates at the graduation ceremony in May 2012
For the third time, Citi Foundation kindly financed our New Horizons series of workshops on soft skills, developed jointly by the Career Services team and our Fundraising Manager. The workshops help students to build and enhance their social skills – key attributes for impressing prospective employers.
For the second time, Citi also participated in the 12-month Citi–FS mentoring programme. In this programme – run by women for women – Citigroup executives mentor Frankfurt School students.
Support from the alumni associations
Both alumni associations provided Frankfurt School with financial support in 2012. FS Alumni e.V.[Link setzen] bore the cost of providing all Bachelor’s students in their third semester with copies of the book Wissenschaftlich arbeiten (Working the academic way). The association has also been awarding travel scholarships since 2010, and extended this commitment in 2012 by raising the number of scholarships from two to three, and the amount of each scholarship from EUR 750 to EUR 1000. In January 2012,
FS Alumni e.V. extended their commitment to the Deutschlandstipendium programme by sponsoring two annual scholarships. The association also agreed to sponsor the PATSTAT research database, in addition to maintaining its long-standing financial commitment to the Frankfurt School library.
In turn, FS Bankakademie Alumni e.V. bore the cost of providing the book Wissenschaftlich arbeiten (Working the academic way) to all students on our Management programme, Bachelor of Science in Management & Financial Markets programme, and Executive MBA programme.
EUR 25,000 donation
As 2012 drew to a close, FS Bankakademie Alumni e.V. resolved to make a 25,000-euro donation to Frankfurt School. In January 2013, the Executive Board and President met to discuss how best to use this generous gift.
Kerstin Musculus, Deputy Chair of the executive committee of FS Bankakademie Alumni e.V., and Gunnar Glaubitt (right) hand the cheque to the President of Frankfurt School
Michael Haun is awarded the Prof. Dr. Karl Friedrich Hagenmüller Prize
The Prof. Dr. Karl Friedrich Hagenmüller Prize is awarded annually in honour of the memory of Professor Dr. Karl Friedrich Hagenmüller, the original founder of Frankfurt School. Ingolf Jungmann, Vice President and Managing Director of Frankfurt School, awarded the 2012 prize to Michael Haun – who graduated top of the Management programme class in 2011 – at the graduation ceremony in St. Paul’s church in May 2012.
The International Advisory Services department is responsible for the following areas of activity:
- Advisory and training services relating to traditional development finance: microfinance, agricultural finance, SME finance, fund management and real-estate finance;
- International Office: open seminars and certification courses, tailored programmes, and recruitment of international students to take part in Frankfurt School’s academic programmes;
- FS-UNEP Collaborating Centre for Climate & Sustainable Energy Finance
Over the years, advisory and training services covering all aspects of traditional development finance have become firmly established as Frankfurt School’s core business, and now generate a substantial percentage of the institution’s contribution margin. The International Office and UNEP Centre are both important facets of the business school’s overall strategy (internationalisation and innovation). Frankfurt School is rapidly developing the two business units, which achieved a number of significant successes in 2012.
In 2012 our International Advisory Services (IAS) business unit was asked to provide consulting services for over 140 projects around the world, representing a total volume of EUR 14.7 million.
Below is a breakdown of projects by area of consulting expertise:
A regional breakdown of IAS activities appears below:
The following projects and initiatives had a major impact on the reporting period:
- New LinkEd e-learning course: Certified Expert in SME Finance. Like our successful Microfinance course, our new SME course was launched with 60 participants in the year under review. The course is aimed primarily at employees of banks and MFIs, and follows the tried-and-trusted approach adopted by our training course in Microfinance: it is designed as a flexible distance-learning course offering a range of educational options, including video lectures, online tests, online exercises and detailed case studies.
- Launch of new mandates after Jasmine Revolution. During the reporting period, IAS launched a new project with Enda in Tunisia. Enda Inter-Arabe (ENDA) was founded in 1990 and has grown to become the largest – indeed, the only – private MFI in Tunisia, serving over 180,186 customers, driven by a strong management team and offering a range of complementary services, including a variety of lending products and non-financial services. In addition, ENDA has prioritised the provision of financial support for women. Frankfurt School advises ENDA on issues associated with non-performing loans, which have become something of a challenge for the institution in the wake of the Jasmine Revolution.
- IAS awarded the contract for setting up Uganda Challenge Fund. As part of Germany’s development work with the Ugandan government, IAS was commissioned by KfW Development Bank to set up and manage a Challenge Fund – specifically in Uganda – for funding microfinance outside urban areas. The model is expected to provide financial and technical support for innovative products and investments by microfinance institutions, enabling them to reach new customers, and providing them with adequate financial resources. The Fund will provide selected projects with subsidies ranging from 50 to 70 percent of funding. KfW is working on this project in close collaboration with aBi Trust Uganda, an initiative by the governments of Uganda and Denmark that provides financial assistance to farmers. Sweden, Belgian and American development organisations are also successfully collaborating with aBi Trust in various areas.
- World Bank study: Enhancing Women Entrepreneurs – Productive Use of Finance in South Asia and Sub-Saharan Africa. Managing resources in Ghana and Kenya. The World Bank has commissioned the IAS to carry out a study analysing the access to capital and productive use of funding by women entrepreneurs in Ghana and Kenya. The aim of this global study is to find various ways of providing women entrepreneurs with improved access to capital. Over the next two years, a survey will be carried out in a total of five countries around the world; the World Bank will then publish the results. Meanwhile the team is drawing up schemes for supporting women entrepreneurs and helping them use financial resources productively, together with actionable recommendations that can be incorporated into the Bank’s development activities. Over this period, the IAS is working with a team of local and international advisers as well as various stakeholders in the countries concerned, collecting primary data by holding on-site interviews.
- Study of the financial sector in Bangladesh. The International Finance Corporation (IFC/World Bank Group) has commissioned the IAS to carry out a study of the financial sector in Bangladesh. The aim of the study is to understand underlying trends, emerging landscapes and specific barriers to the development of this sector, in order to identify the supply side for banks and non-bank financial institutions (NBFIs).
- IAS Summer Academies 2012.
In 2012 the IAS organised three Summer Academies (SA), which all took place on the FS campus:
- Micro & SME Banking SA (8-13 July)
- Sustainable Energy Finance SA (15-20 July)
- Housing Finance SA (22-27 July)
The new Micro & SME Banking Summer Academy concept (with user-selectable courses) was very well received.
Participants’ countries of origin 2011:
Participants’ countries of origin 2012:
As in 2011, the 96 participants in our 2012 SA came from every continent, representing a total of 42 different countries. The regional coverage in 2011 (93 participants) was slightly lower, with just 40 countries represented in total.
Projects managed by the UNEP Collaborating Centre for Climate & Sustainable Energy Finance
Outcomes of UNEP Collaborating Centre projects by region:
Projects implemented under the aegis of the UNEP Collaborating Centre have a global footprint and consequently enjoy a high level of visibility in the sector.
The following initiatives had a significant influence on the UNEP Collaborating Centre for Climate & Sustainable Energy Finance during the period under review:
- Early in 2012, Silvia Kreibiehl was appointed as the new Head of the Centre. She comes to us from Deutsche Bank, where she worked for over 17 years, most recently in the Group Sustainability business unit. In her role as Lead Analyst, Silvia Kreibiehl designed the GET FiT programme. GET FiT (Global Energy Transfer Feed-in Tariffs for Developing Countries) is a programme for acquiring private-sector investments for renewable-energy projects in developing countries. GET FiT is based on an innovative Public-Private Partnership (PPP) structure supported by close cooperation between donors and public-sector agencies in developing countries. The programme aims to create a transparent, stable investment environment for private investors. Silvia Kreibiehl initiated the implementation of the GET FiT concept in lively exchanges with the governments of Uganda, Great Britain, Norway and Germany, together with the World Bank and the European Commission; working with KfW, she helped to organise a GET FiT pilot in Uganda. She is co-author of the Fifth Assessment Report (AR5) currently being produced by the Intergovernmental Panel on Climate Change (IPCC). As a member of the Investment Committee and representative of FS UNEP CC, Ms. Kreibiehl continues to provide GET FiT with expert support.
- Ulf Moslener, Head of Research at the UNEP Centre, was appointed by the Federal Government as the German representative on the UN Standing Committee on Climate Finance. Among other things, the Committee analyses the coherence of global financial instruments for climate protection and adaptation initiatives, and makes the results available to the international community – and in particular, to the signatories of the UN Framework Convention on Climate Change. Moslener has been a regular member of German government delegations attending UN climate negotiations for some years.
- In a project under the aegis of the Climate Development Knowledge Network and the Climate Finance Advisory Service, the UNEP Centre is providing an advisory service direct to politicians in developing countries, relating to international climate change policy. The service focuses on the international architecture of climate finance in particular. The key project partner in this work is Germanwatch; the consultancy project is being funded by the UK Department for International Development (DfID).
- Similar to the GET FiT project, but this time focused on several African countries, the Centre was awarded the contract for designing the Renewable Energy Performance Platform (REPP) project by the European Investment Bank (EIB). The aim of the study is first, to determine the potential for generating renewable energy in Ghana, Tanzania, Kenya, Liberia, Nigeria, Mozambique, Burkina Faso, Sierra Leone and Ethiopia, and second, to design innovative financing concepts.
- During the reporting period, the Technical Assistance Facility of the Deutsche Bank-led Global Climate Partnership Fund was acquired as a new client. The Facility commissioned UNEP CC to carry out a study into demand for EE and RE in the Philippines.
- Another new client recently added to the Centre’s portfolio is the Austrian Development Bank (OeEB), with no less than two projects. The first project, a regional market survey in Turkey, Ukraine, Azerbaijan and Armenia, is intended to identify RE and EE investment potential. The Centre is collaborating with Austrian engineering firm Allplan on this project. The second mandate, Capacity building for MFIs in Ethiopia and Nepal with a particular focus on climate projects (adaptation to climate change and reduction of emissions), is due to start in May 2013.
- During the period under review, the Centre also added a new mandate on behalf of ADB to its portfolio. The ADB-funded project is targeting Capacity building for women’s self-help groups with a focus on access to energy and associated business and corporate development opportunities.
- IADB is another new Centre customer. The study, currently still in progress, is concerned with providing an overview of existing guarantee schemes focusing on sustainable energy projects. The paper will be used as the basis for future IADB workshops on behalf of public-sector financial institutions in Latin America.
- Balkan Renewable Energy Program (BREP) in Albania: The IFC/World Bank Group chose the Centre and its technical partner Fichtner GmbH CO.KG (Fichtner) to implement the four-year Balkan Renewable Energy Program (BREP). The programme is helping financial institutions (FI) in six countries in South Eastern Europe to build their capacity for small hydropower plants (SHPP) and project finance. BREP’s services and activities are carried out at programme, national and partner-bank level. Fichtner is responsible for providing technical and legal advice within BREP. FS is advising IFC/World Bank Group and FIs on the implementation of the programme’s financial services.
- Developing a sustainable financial mechanism for REDD+ in Malaysia: Forests play an important role as carbon sinks. But deforestation and forest degradation both cause this stored carbon to be released into the atmosphere, thereby contributing to global climate change. The Frankfurt School-UNEP Collaborating Centre is currently working with Malaysia’s Ministry of the Environment with the aim of developing a financial mechanism that will help to reduce emissions resulting from deforestation and forest degradation, and also provide more general support for sustainable forestry. Following a preliminary study, the project team engaged in consultations with more than 100 workshop participants (representatives of public-sector and private organisations in Malaysia) in February, and will now draw up detailed recommendations over the next few weeks.
- Sustainable Energy Finance Team in China. On behalf of KfW, the Centre team carried out a study on Climate Innovation Finance in China. This involved designing a finance and guarantee programme for small and medium-sized enterprises that are developing innovative technologies for mitigating climate change. The supported technologies cover various fields, including renewable energy, energy efficiency, environmental protection and waste disposal.
- Centre presents case study on Indonesian climate fund. As part of the National Climate Finance Institution’s Support Programme (NCFISP), the FS-UNEP Collaborating Centre published a case study entitled The Indonesian Climate Change Trust Fund (ICCTF) in mid-June. With NCFISP, the Centre is supporting public-sector financial institutions in developing countries that are investing in climate-related projects and thereby combining international funding with national investment strategies. The study discusses the format of the ICCTF, including its funding sources, governance and management. The paper also provides an insight into the institutional structure of an NCFI, and addresses the development and macroeconomic implications of Indonesia’s climate change policies. The Indonesian Climate Change Trust Fund is the first in a series of NCFISP case studies investigating public-sector financial institutions in various developing countries with the intention of encouraging these institutions to share their experiences of investment in climate projects.
- FS-UNEP Collaborating Centre publishes Global Trends Report 2012. In a joint project with UNEP and Bloomberg New Energy Finance, the Research branch of the UNEP Collaborating Centre published the 2012 edition of the Global Trends in Renewable Energy Investment report. According to the report, despite ever greater pressure to adapt to highly competitive conditions during the year, global investment in renewable energy rose by 17 percent to a record high of USD 257 billion, led by China and the USA. As before, the region with the highest levels of investment was Europe, at USD 101 billion. Among developing countries, India in particular set a good example, with levels of investment in green energy climbing by an impressive 62 percent to USD 12 billion. This year’s Global Trends Report is the second report of this kind to be published by the Centre since it was founded. Together with its sister report, REN 21s (Renewables 2012 Global Status Report), the Global Trends Report is turning into one of the most widely consulted sources of information in the field of renewable energy.
- Meeting of FS-UNEP team with the President and Vice-President of BanKO. As part of the UNEP project “End-User Finance for Access to Clean Energy Technologies in South and South-East Asia (FACET)”, the Frankfurt School team travelled to Manila to meet with representatives of the government, financial institutions and end-users. The aim was to identify a clean, end-user-focused technology and a suitable financial mechanism which could be supported under the aegis of the project. The proposed concept, involving financial aid for energy-efficient household appliances (such as refrigerators), was met with great interest, not least because the team proposed an innovative approach that does not yet exist in this form in the Philippines. In parallel with the meetings, the FS team also attended the seventh Clean Energy Forum, which took place on 4-8 June in Manila.
A fresh start for the International Office in 2012
On August 1, 2012, Frankfurt School restructured the International Office. The specific objective of this new department, part of our International Advisory Services (IAS) unit, is to press vigorously ahead with Frankfurt School’s internationalisation plans, focusing on three main areas:
1. Attracting students: we wish to attract more students from all over the world to study at Frankfurt School. India and China continue to be the main countries in which we are seeking to showcase Frankfurt School’s educational programmes, but we are looking forward to extending our network and raising the business school’s profile globally. Many young people in EU countries that have been particularly affected by the crisis (Greece, Italy, Bulgaria and Hungary) are interested in studying in Germany, so Frankfurt School intends to build a presence there. Frankfurt School is also well-known and respected in many developing and emerging economies where the IAS team has been involved in managing training and advisory projects. This has considerably extended our network, which we will now be leveraging to attract students to Frankfurt School from countries like Turkey, Kenya and Russia.
2. Customized Executive Education: developing and running tailor-made education and development programmes for companies and institutions around the world is the second focal point of our International Office’s work. Numerous corporates clients – such as major Chinese bank ICBC – are already working closely with Frankfurt School to develop their “high potentials” (i.e. their talented, committed junior executives). We implemented 17 of these custom-designed programmes in 2012, primarily for companies and organisations in India and China. The opportunity to travel to Germany and stay on the Frankfurt School campus is proving to be a very appealing incentive for those taking part. Frankfurt School programmes cover all areas of business and management, as well as banking and finance. But in addition, we organise full supporting programmes designed to give participants a taste of German culture, so that memories of their stay in Germany are coloured by something more than just hard work in seminars! A visit to the Oktoberfest and trips to Heidelberg or the Rheingau are as much part of the experience as on-site meetings with company managers, during which international executives and professionals are introduced to German management values.
3. Open-Enrolment Executive Education: in addition to the customised education and development programmes outlined above, Frankfurt School also offers programmes that are “open” to individual professionals and executives. In 2012, a total of five Summer Academies took place, covering various Development Finance topics. Two of them were off-campus: one Summer Academy was held in Nairobi, organised jointly with UNEP (United Nations Development Programme), and the other took place in Cambodia, in collaboration with ACLEDA Bank. Our LinkEd e-learning programmes also performed very well in 2012, with more than 200 participants from all over the world taking part in our Certified Expert in Microfinance online course, for example.
At present, 13 staff are busy developing our International Office. Hailing from all corners of the globe, they are based in Frankfurt, Pune (India), Beijing (China) and Nairobi (Kenya). The International Office is headed by Associate Dean Dr. Barbara Drexler.
The new Frankfurt School website: faster, more up-to-date, more attractive – and cutting-edge
Since May 2012, the Frankfurt School website has sported a brand-new design. The new website’s contents have been tailored to the specific needs of our target market segments and reworked accordingly. And with the relaunch, Frankfurt School has effectively set a new benchmark: just a few months after the website went live, a study of business school websites worldwide by Cybermetrics Lab placed the site at number 3 in Germany and number 91 internationally. Which means Frankfurt School now has an Internet presence that properly reflects our identity as a leading business school.
First of all, the new website is based on state-of-the-art Internet technology. And second, the team in the Marketing department used their extensive experience of online user behaviour to optimise the new website’s design. The site was developed and implemented in cooperation with an external agency and Frankfurt School subsidiary efiport. The website aims to arouse interest in Frankfurt School and make the business school’s offerings as attractive as possible. The new website is much user-friendlier for all kinds of readers: now suitable products or services are easy to find, linked together intelligently, and described clearly. All the photographs and images on display have been produced specifically for the website. Photos of students, graduates, course participants, faculty staff and the campus provide web surfers with authentic insights into Frankfurt School. In addition, the visual design emphasizes the close links between the business school and Frankfurt as a centre of business and finance, using emotive elements to present this major German city as an attractive place to live.
On the Home page, at the top level of the site, Frankfurt School presents the very latest news and updates (on new programmes, visits by delegations, latest graduations and so on), as well as details of upcoming events. All news items are also gathered in one place.
Users can follow quicklinks to find more information on faculty members and the main contacts for specific services. It only takes four mouse clicks to reach any and every web page on the site (that’s a total of around 6,500 pages!). To make this possible, the team developed a modern navigation structure featuring compact summary pages and quick-access pages. Here an example. The templates for training courses and seminars were designed to be completely interactive.
By registering their own personal logins – which can be used from any web page – students, staff and graduates can all easily access the Frankfurt School Online Campus. And once they have logged in, they can also access central social media activities with one click of a mouse.
New campus for Frankfurt School
OFD site acquired from State of Hesse
Frankfurt School is experiencing rapid growth: in fact, the facilities at our existing campus in the Sonnemannstrasse have long ceased to provide students and staff with sufficient space for all our teaching, learning, research and other activities. The business school is currently renting additional office space and seminar rooms in the adjacent Ostend education centre, as well as the former Saatchi building.
Clearly this is only an interim solution, which is why Frankfurt School is intending to build a new campus. Over the past few years we have been searching assiduously for a suitable site. Finally, in 2012, we purchased an extensive property from the State of Hesse. Located in Frankfurt’s pleasant Adickesallee, the new site suits our requirements perfectly. The new campus will have excellent transport connections and help to raise the business school’s profile in Frankfurt’s urban community.
Until recently, the site housed the Regional Tax Office (Oberfinanzdirektion) as well as a number of court buildings, but now the premises are vacant and will be demolished to make room for Frankfurt School.
The new Frankfurt School site marked in red on the aerial photograph
The site covers an area of more than 30,000 square metres, providing Frankfurt School with plenty of space to cover present needs and projected future growth. It will also enable us to develop the campus infrastructure to extend the range of services we can offer to students, clients, visitors and partners, as well as staff. Among other things, these will include improved sports and childcare facilities, plus a wider variety of eating establishments.
As 2012 came to an end, Frankfurt School invited a number of internationally renowned architects to tender for the campus project. The results will be announced this spring. We are aiming to complete the new campus in 2016. Further details of the project’s progress can be found at www.fs.de/new-campus.
Banking Specialist course
In 2012, we subjected our Banking Specialist course to a comprehensive review and redesign, making it possible for students to earn Frankfurt School’s own industry-recognised qualification “Bankfachwirt/in (Frankfurt School of Finance & Management)”.
The German Central Office for Distance Learning (ZfU) carried out an online audit of the extensive conceptual changes made to our Bankfachwirt (Banking Specialist) distance learning course. Upon completion, they re-approved the course. We mapped out the objectives, structure and content of the new Customer Support workshop, and engaged suitable coaches across the country.
Frankfurt School also passed the follow-up audit of the business school’s quality assurance systems by the Gesellschaft der Deutschen Wirtschaft zur Förderung und Zertifizierung von Qualitätssicherungssystemen in der Beruflichen Bildung mbH (CERTQUA), and was again formally certified as a supplier of professional education
Bank Administrator course
Overall, the number of participants in our (non-degree) continuing education courses has declined. Compared to levels achieved ten years ago, there has been something of a slump: our Banking Specialist and Management Studies courses are each attracting only about a third of the total student numbers they showed at their peak. The number of students on our Bank Administrator course, on the other hand, has remained relatively stable, averaging around 1,000 participants at the present time.
There has been no recurrence, unfortunately, of an effect we have observed in earlier years – an abrupt increase in demand for these courses during and shortly after times of (financial) crisis. However, continuing education courses for full-time staff are still an attractive option for the banking industry, because they are characterised by three features in particular that are greatly appreciated during periods of growing uncertainty. Continuing education courses
(1) generally offer a curriculum that is exceptionally well adjusted to the needs of a specific target group;
(2) are taught by practitioners for practitioners, and focus on contemporary industry requirements;
(3) usually take place over a comparatively manageable timeframe – as a rule not more than 12 months.
On the other hand, such courses must now compete with alternative higher-education courses that are steadily becoming more attractive and targeting young professionals in particular – especially compact Bachelor degree courses designed specifically for students in full-time employment.
In response, and starting with our Bank Administrator course, we are embarking on a comprehensive redesign of all our continuing education programmes, with the aim of making them more attractive and repositioning them as “genuine” alternatives to higher-education degree courses.
Aimed exclusively at professionals, our Bank Administrator course takes the existing Banking Specialist qualification as its starting point and focuses intensively on the activities and functions associated with banking operations, including (banking) services management, portfolio management, bank controlling, retail banking, private banking and corporate banking. The idea of combining aspects of banking operations that are – in both functional and marketing terms – especially compatible is still popular with course participants, educators and employers, because it reflects an integrative approach to bank management. But specialist knowledge is only one item on our comprehensive continuing education agenda; nowadays various aspects of personal development in the professional world are rapidly gaining in importance. These embrace a wide range of issues, from (new) participatory management styles, to gender issues, through to finding the right work-life balance. So in addition to providing a solid grounding in high-level bank administration, our redesigned course will also include a new emphasis on the personal development of the individual.
Not only do we aim to provide course participants with a solid specialist education, but also with the personal skills they need to meet the most important challenges of their professional careers. More specifically, we are incorporating three new workshops into our Bank Administrator course, covering “Presentation and Rhetoric”, “Managing Stress; Personal Goal/Time Management”, and “First-time Leadership”. Each workshop is designed as a two-day interactive event (Friday/Saturday). Towards the end of the course, we are also introducing a “Business Etiquette” event. This comprises a multi-course dinner during which participants are instructed in the art of good manners in a humorous, memorable way. We have devised all these new elements with the aim of driving “genuine” personal development that will enable prospective Bank Administrators to excel in a wide range of situations they are likely to encounter in their professional – and personal – lives.
Management Studies: 2012 reform
The Management Studies course at Frankfurt School of Finance & Management[Link zum Studiengang] was subjected to a comprehensive reform in 2012, and the revised course was launched at the start of the 2012/2013 academic year. The aim of the reform was to incorporate the latest and best practices in management and the banking world into the course and make the programme content more attractive.
Our Management Studies course is the final course in a three-stage banking qualification pathway recognised across all three segments of the German banking market. The three courses include: Banking Specialist, Bank Administrator and Management Studies. In terms of content, the Management Studies course is based on a general management curriculum carefully tailored to the needs of the financial industry. The course is aimed at highly qualified young executives working in any of the three major segments of Germany’s financial industry and seeking high-level careers as banking specialists or senior managers.
In view of the financial and economic crisis and the role which the banks played – and continue to play – in the origins and unfolding of the crisis, it was clear that our Management Studies curriculum was in need of revision. One consequence of the crisis has been the comprehensive re-regulation of the banking industry. Lending institutions must now deal with a major strategic challenge: to adapt their business models and processes to new and far-reaching regulatory requirements, while simultaneously dealing with the fallout from the financial and sovereign debt crises. Thus our revised curriculum would have to take into account not only the very different circumstances in which banks are now operating, but also the impact of these changes on bank management – at both strategic and operational level.
In the course of our 2012 reform, while we retained the primary focus of the Management Studies curriculum – on broad-based general management issues – we made substantial adjustments to the modular and curricular structure. The new structure looks like this:
Module 1: Bank management – General principles and conditions (4 credit points)
Banking markets and bank management: an introduction
Global economic conditions
National and international banking supervision
Accounting for lending institutions
Module 2: Strategic management (6 credit points)
Values-based business management
Developing and implementing strategies in financial institutions
SSPS business simulation
Business ethics and sustainability management
Module 3: Project management (4 credit points)
Module 4: Bank organisation (4 credit points)
Managing business processes
Module 5: Personnel management and leadership skills (4 credit points)
Module 6: Marketing, sales and corporate communication (4 credit points)
Operations management in banks
Module 7: Dissertation (15 credit points)
Module 8: Final oral examination (4 credit points)
New edition of the Compendium
The changes and new features in the structure of the course also meant that the main Management Studies textbook, the Kompendium Management in Banking & Finance, needed to be revised and the new subject areas incorporated. The eighth edition of the two-volume work was published in September 2012, edited by Udo Steffens and Markus Gerhard. The new edition features contributions by an impressive array of highly respected academics (including members of our faculty) and banking practitioners, and is already set for the same success as previous editions of the Compendium.
Frankfurt School Verlag, a subsidiary of Frankfurt School, can look back on a successful 2012 during which the publishing company effectively followed through on the strategic reorientation initiated in previous years.
Book + conference = the key to our success!
Although Frankfurt School Verlag is only a relatively small publishing house and only organises a limited number of conferences, the firm has managed to turn this almost unprecedented combination of book-plus-conference (or book-plus-event) into a unique selling proposition, increasingly regarded by authors and speakers – as well as joint-venture partners – as the company’s main strength. By combining books, conferences and events the publisher provides editors, authors and speakers with multiple platforms for their talents. In addition to symposia – generally organised at Frankfurt School – the publishing company also maintains a presence at the annual Frankfurt Book Fair. The firm’s involvement in this highly prestigious showcase has proved to be an enormous advantage.
The potential of this unusual model was first demonstrated at Frankfurt School’s NPL Forum, a conference on nonperforming loans, which reported record attendance figures – the corresponding yearbook has become something of a benchmark in the industry. Another successful example is our book entitled Unternehmensnachfolge im Mittelstand (“Corporate Succession in SMEs”): the publication was launched in a dedicated event at the Frankfurt Book Fair 2012.
Building a successful presence with standard reference works
Frankfurt School Verlag is positioned as a high-quality publisher. To live up to this claim and achieve true success, the firm must regularly publish books that swiftly become definitive reference works in their target markets. In 2012, a whole series of new editions of the publishing house’s standard reference works was published, among them the sixth edition of Grundlagen des Investmentfondsgeschäftes (“Principles of the Investment Fund Market”), the eighth edition of Kompendium Management in Banking & Finance (“A Compendium of Management in Banking and Finance”), the sixth edition of Financial Engineering, and the fifth edition of Portfolio-Management (“Portfolio Management”).
New joint-venture partners
In 2012 the publishing house saw a significant increase in the number of high-profile joint-venture partners working in banking and finance. Over the next few years, this will undoubtedly produce a raft of attractive new projects combining first-class publications and events.
Over the last twelve months, quality management (QM) at Frankfurt School has achieved some significant milestones:
1. With the drafting of our Quality Manual in the spring, the existing quality assurance (QA) concepts and tools we apply to our courses and teaching were combined to form a closed quality management system (QMS).
2. Our main QA tool – teaching evaluation – has been and is being supplemented by a series of additional concepts, the most important of which are Assurance of Learning (AoL), complaints management, process documentation and internal audits.
3. By developing and documenting these quality tools, Frankfurt School has taken a significant step towards achieving the desired institutional accreditations. We have produced a number of reports to show how gaps in our QMS have been identified and filled.
4. In addition, our new Evaluation and Quality Management Report details all the actions we are taking to develop and extend the QMS. It summarises the most significant outcomes and includes a review of areas of activity in need of further quality development work. The report seeks to make the quality of the courses and teaching at Frankfurt School as transparent as possible, both for Frankfurt School decision-makers and for readers interested in the business school.
The starting point for this year’s quality development efforts was the drafting of our Quality Manual and its subsequent approval by the Executive Board. The manual describes the various institutions and players in the QMS, and defines their roles in the quality development process. In parallel with the manual, we also prepared our process documentation. We are planning to complete process documentation for all our quality processes, as well as our core teaching and learning processes, by the end of Q2 2013. We will then document the processes in our other areas of activity until our process documentation covers Frankfurt School in its entirety.
In 2011, as part of our drive to achieve AACSB accreditation, we started to tackle our Assurance of Learning process. By subjecting every study programme to a rigorous audit, our assurance of learning scheme is expected to establish whether, and to what extent, our programmes enable students to attain clearly defined learning goals and educational levels in practice. In 2012 we subjected our Bachelor programmes, our Master of Finance programme and our EMBA to a Learning Outcome Assessment. The results were documented in an AoL report and discussed by our curriculum committees: they have important implications for the provision of consistently high-quality teaching and have encouraged us to, for example, bring greater transparency to the assessment of Bachelor’s and Master’s theses.
Otherwise, our teaching evaluations clearly show that the qualifications of our teaching staff contribute to the high quality of our teaching. The evaluation results for our Professional Programmes are especially pleasing – the programmes were assessed on a scale of 1-4.
Table 1: teaching evaluation results for our Professional Programmes
Our Academic Programmes were evaluated on a scale of 1-6. To show the criteria-related assessment, the aggregated evaluation results for the 2011/12 academic year are presented below. Generally speaking, the professional competence of our teaching staff received the highest ratings, our study materials the lowest. Even so, a more detailed analysis of the data highlights significant differences between individual modules and faculty members across almost all programmes.
Table 2: teaching evaluation results for our Academic Programmes
We also comprehensively revised our service evaluation programme this year. With the assistance of the Centre for Quality Assurance and Development at the University of Mainz, a new survey questionnaire was designed and tested in a pilot study in the summer of 2012. We then adapted it to produce a similar questionnaire for our continuing education programmes. Even from the pilot survey, we were able to draw some useful conclusions. The survey found a high level of satisfaction with our service delivery in all the areas listed; in particular, the performance of our Career Services unit was rated well above average. By contrast, the situation with regard to space and facilities came off worst in the graded results.
We also reactivated our Complaints Management system in the year under review. Since it was reinstalled in June 2012, 46 complaints have been recorded on the system. With one exception, the plaintiffs were delegates or students. The following case numbers are shown broken down by types of grievance; some cases may be classified under multiple grievance types.
Figure 3: types of grievance by frequency
Overall, it is clear that our complaints management system is becoming increasingly popular.
The development of our QMS is largely driven by the requirements of course accreditation. In particular, as part of qualifying for AACSB accreditation, we are anxious to extend the AoL process to cover more courses. Our forthcoming system accreditation is also providing plenty of impetus for the ongoing development of our QA processes. We are currently working busily on our process documentation, a task which is likely to extend over the whole of the coming year. Another priority is to refine the evaluation process, in particular by collecting feedback from academic staff more systematically, and by conducting regular surveys of recently graduated students across all our study programmes. Next year we will also need to focus on reviewing the effects of the quality improvements we have made, with the aim of building a virtuous circle.
In 2012, Frankfurt School’s Relationship Management team made a concerted effort to approach companies and raise our profile in industries with which we have previously had no contact. The team, at times accompanied by academic staff and programme directors, visited more than 150 firms, which in turn showed great interest in our Master in Management and Executive MBA programmes. We also organised Info Days at which members of the Relationship Management team and faculty joined programme directors to present our courses. These combined efforts scored some impressive successes: for example, over 30 students started our Executive MBA course in the autumn of 2012 – about the same number as in previous years.
New in 2012: Master’s Evening
To showcase our Master’s programmes in more detail, we developed a new event format for 2012: the Master’s Evening. Two events were held, on May 8 and December 11, 2012. In attendance were members of the Relationship Management team, programme directors, academic staff teaching on the various Master’s courses and students acting as Frankfurt School “ambassadors”, all ready to tell prospective students more about the courses and answer their questions. The new format is perfect for discussing specific details of the different degree courses – such as focus and content, opportunities to train and study abroad, part-time and full-time formats and so on – in a relaxed, conversational atmosphere. A post-event survey of participants showed just how popular the new format is, and we are now intending to hold at least one Master’s Evening at Frankfurt School each year.
Programme director Tanja Ward at the Master’s Evening on December 11, 2012.
New Info Day format
In 2012, our Relationship Management and Marketing teams worked together to develop and implement a new Info Day format. Info Days provide an opportunity for us to present Frankfurt School’s Bachelor’s programmes, as well as our professional courses for bankers. The aim of the exercise was to create more opportunities for dialogue with prospective students and their parents. The new format paid dividends: it was obvious that the 2012 Info Days on March 10 and October 27 were livelier, more interactive and more dynamic. In fact the events proved extremely popular – so much so that we had to fetch more chairs for our many visitors!
Info Day at Frankfurt School on October 27, 2012
New partners for our Bachelor in Business IT programme
For the first time our Relationship Management team has been able to bring a number of joint-venture partners from the IT industry on board for the Bachelor in Business IT programme, among them SyroCon Consulting GmbH. The course is a combined-studies programme, allowing students to pursue training courses in parallel, or work part-time if they already have professional qualifications at the start of the course. By building a network of corporate partners, we hope to make the course significantly more attractive, as well as reinforcing on-campus integration of theory and practice.
160 ambassadors working for Frankfurt School
Students and graduates provide credible testimony when reporting on their reasons for deciding to study at Frankfurt School, the associated challenges, and the experience of living in Frankfurt. The Relationship Management team would like to make this treasure trove of student experience available to prospective students and their parents in a more systematic way, which is why we launched our Ambassador Programme. Any student who has already completed at least one semester on one of our study programmes can get involved and describe their experience of the course and of Frankfurt School at trade fairs, secondary-school presentations and other events. Our Ambassador Programme grew substantially during 2012: at the start of the year we were represented by 90 ambassadors, but by the end the number had grown to 160. This includes more than 25 students on Master’s programmes actively representing Frankfurt School; earlier in the year almost all our ambassadors were undergraduates. This meant that our Relationship Management team were able to include ambassadors in more events – back in 2010 one or more ambassadors were present at 64 events; by 2011 this had grown to over 100, and during 2012 ambassadors appeared at over 150 events.
Continuing education programmes
Despite – or perhaps because of – the financial crisis, Frankfurt School’s continuing education programmes continue to enjoy enormous popularity and recognition. Frankfurt School offers three courses across Germany: our Banking Specialist course (which lasts two years), plus our Bank Administrator and Management Studies courses (which both last 12 months). In 2013 we are revising our Bank Administrator course, which will be celebrating its twentieth birthday this year! In fact, as part of the birthday celebrations, Frankfurt School is giving all students in their first semester on the programme a brand-new iPad!