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How Brexit Can Affect British Business Schools

As the result of the Brexit, the leading European countries are waiting for top professors from the Great Britain.

Luis Garicano is one of the teachers who was working at the London School of Economics in the UK for the last ten years. His major is economics and strategy in the mean of management. The professor is originally from Spain, and he is about to come back to his motherland to develop a digital economy at the IE Business School in Madrid.

Luis is sure that Spain now is more attractive for business than the UK because the Spanish government is more loyal to immigrants.

One year after the Brexit, British business schools lost their best academic who changed their working places for the other business schools in the EU countries.

When it comes to the Chartered Association of Business Schools, about a half of 120 members of the association disagreed with the Brexit position of the UK. About 28% of the academics notified about their willingness to leave the Great Britain if it decides to leave the European Union. 12% of British schools admitted that their schools are not that much interesting to study for students from Europe. 7% of the schools complained as qualified staff quit their jobs.

According to statistics, there are about 17% of the staff of the UK business schools is originally from the EU. Bearing in mind the number 15 480 people, the 17% of them is quite a lot.

Simon Collinson, the dean of the Birmingham Business School, understands the biggest problem of business schools in the UK which is incertitude. European professors who currently conduct scientific activities in the UK are not sure about their new rights of immigrants which come together with a new politics.

Luis Garicano told us some anecdotes about immigrants which become more and more popular in the UK. The stories make fun of the situation when immigrants are not allowed to speak the language of the country even in the airport.

The professor is sure that such jokes like this only add fuel to the fire because the life of immigrants from the other EU countries became noticeably uneasy after the Brexit vote. That’s why he is not surprised that most prominent professors decided to move from the UK recently.

Now the Professor Garicano expects his future success in a Spanish business school. He knows that among the top financial MBA last year there were two Spanish courses. And Spanish business schools only strengthened their position after the Brexit.

Luis knows one Greek and one Spanish academic who had to leave their countries in 2008 for work in Sheffield and Nottingham. But now they are moving again. This time they have been accepted at the Burgundy School of Business in France.

Stéphan Bourcieu, the dean of the French business school, pointed out the real concern of the immigrants. It was mostly related to proper schools for their English-speaking children than to the grants of the amount of £836m which British schools receive from the EU sources. The dean sees the problem of the UK because his business school can pay the same salary to the immigrants as they were used to get in the Great Britain.

Evidently, Brexit caused significant problems for the UK business school. Although, it doesn’t mean that these schools entirely lost their attraction.

For instance, two professors from Greece have just been hired to the Nottingham Trent University’s business school. MBA program director and principal lecturer of the school Phil Considine is sure that these professors chose his school because of the UK economy which is still steady.

Mister Considine is confident in British economy and educational system which remained its strength despite the Brexit process.

According to the recruitment statistic of the Nottingham Trent University, the number of foreign students who applied for MBA programs in the university has increased even during the year of the Brexit vote.

There are more and more students from the EU countries who still wish to study their MBA in the UK, and this rate of about 28% bigger in comparison to the other countries.

Phil Considine claimed that his business school is ready to teach a bigger number of students from all over the world. He is sure that drop of the pound against US dollar made British courses seem cheaper to applicants.

However, it is uncertain right now whether UK business schools remain to be attractive for foreign students or not. It will be known only in November 2017 together with publishing the annual membership survey prepared by the CABS.

Matt Symonds who consult MBA students on a daily basis knows well of pros and cons connected to the Brexit. And he told that as the predicted Brexit crisis didn’t come true and British economy grew by 1.8%, MBA applicants from the number of EU countries don’t feel afraid anymore to study in UK business schools. However, they still worry about their future jobs after graduation.

He is confident that British business education is still in demand because of the high quality level of education and world recognition of the schools.

Mister Symonds is sure that alumni of world recognized MBA schools, such as Cambridge’s Judge Business School or London Business School, won’t have any problem with employment in their countries. If these schools are among the top ten business schools in the world rating, so it doesn’t matter whether they are located in the UK or wherever else.

Edoardo Pacenti is an Italian citizen who applied to the London School of Economics couple of months before the Brexit, but he agreed his study in London despite the UK political scenario.

The student will study in London till the same period as the Spanish Professor Garicano goes to his motherland.

However, the 23-year old Edoardo is not going to leave the UK after his graduation. He is already thinking out his first fintech start-up with the Ion Trading company. He does not believe that other European cities can overcome London in its opportunities for young people. The student believes that the UK capital remains as attractive for living and conducting business as it always was.

Edoardo has never limited his choice of the city to London only, but he thinks, this city can provide him great opportunities of career start and growth.

High salary and happy life

François Bonvalet, the dean of the Toulouse Business School, is happy to know that many European professors are willing to leave the UK because his business school is hiring 14 real professionals this year. It was a successful year for French education.

Mister Bonvalet remembers how difficult it was to recruit good professors during previous years, and how surprisingly easy it became during the last year. There is 15% of the MBA staff who changed British business schools for his institution.

So, the professor thinks positively - even though Brexit is not good for Europe in general, it remains to be a great opportunity for his business school.

The biggest issue the dean of the Toulouse Business School sees in salaries negotiations. It is important not to lose the top European professor after the negotiations. Although his business school can offer as big salary as the UK offers, mister Bonvalet is aware that the best academics are searching for opportunities to increase their incomes by moving from the UK. And he tries to solve this issue by offering comfortable conditions of work, for example, he may also facilitate employment of the professors’ spouses in France.

Mister Bonvalet is sure that increasing quality of life is the key point of what he can do to get the best professors to his business school.

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