Financial Turmoil: What more can we do? Will it be enough?

IE Focus Newsletter November 2008November 2008 | By Jose Maria O’Kean, Professor at IE Business School

The financial crisis has led to a raft of measures by governments across the world. Most are correct but insufficient.

These are the two questions to be asked after the battery of measures we have taken to mitigate the financial crisis over the last few days. The purchase of toxic assets, the reduction of intervention interest rates to create money, the increase in the amount of deposits guaranteed by the Guarantee Fund, the direct intervention of the state in banks, assuming their commitments, the injection of liquidity by purchasing healthy assets, the injection of equity in banks with state holdings in their capital, the award of guarantees to banks so that they can fulfil their function of giving credits to families and enterprises to protect the real economy from asphyxiation, the ECBâ??s increase of the number of banks that can access direct finance due to the fact that the interbank market is not working…

The spectacle being written by economic history and which we are witnessing first-hand has astounded the global economic environment and created panic in a good number of individuals who have watched their real and financial wealth diminish, together with expectations for future income from their pensions.
What more can we do? In my classes I tell my students that we live in a world similar to a baroque altar. It is laden with decoration and components, but we can´t see what holds everything up. We are incapable of differentiating the structure from the surface; we only perceive the visual impact, the grandiosity of it all. I think that if we look for the essence, we encounter two problems: the value of financial assets has fallen because they were overvalued and the financial system is no longer financing the real sector of the economy due to the danger of recession it involves. In the first case, as a result of the wealth effect, families will stop consuming and start saving and, in a recession, that is the worst thing that could happen. Consumption is 60% of the aggregate demand.


China’s E-Learning Market 对IE网络课程感兴趣的朋友们可以参考最新的《中国网上教学市场&#3

After yeas of development, e-learning, education on the Internet, or online education, has entered its “growth stage” in China. Its market scale reached RMB17.5bn in 2007, 20.7% higher than RMB14.5bn, the similar figure in 2006. As to users, there were about 12.2 million people using online education in 2007, 25.1% higher than 9.75 million, the…



资料还显示:目前中国MBA人才总体薪酬水平还较低。如2000年中,按行业分,MBA人才的平均薪酬只有4841元/月;按岗位分,MBA人才平均薪 酬只有4432元/月;按地区分,香港MBA人才的薪酬平均值为5350元/月,北京为3750元/月,上海为4000元/月,但也有奇迹出现:在刚刚毕 业的北大国际MBA首批毕业生中,有人未毕业即已获得了年薪83万元的聘用承诺。据悉,全班几十个毕业生均已被跨国公司、国企大公司、IT及网络公司”订 购”一空,平均年薪达到23万元。同样在上海中欧国际工商学院近日举办的新一届MBA毕业生考场招聘会也呈现出火爆场面:有一半的MBA毕业生年薪即可达 到10万元以上,而有多年管理工作经验的MBA年薪可达20万元-30万元。
中国MBA人才目前的薪资行情还没有完全反映出其所具 有的真正价值,这是因为:中国MBA人才产生结构的多元化所造成的,中国MBA目前主要来自于三方面:留学回国的MBA、中国国内大学培养的MBA以及以 境外教育机构为主培养出的中外合作MBA学生(如中欧MBA)。
一般情况下,从国外留学归来或外籍的MBA人才被外企聘用的较多,年薪可达20万元-50万元,个别优秀的MBA出身的CEO聘用年薪也可达80万元-100万元;以境外教育机构为主培养的中外合作学院MBA人才也大受 市场欢迎,其年薪也可达到10万元-30万元。个别优秀的也可创出50万元的年薪收入。国内56所大学所培养的MBA人才薪资收入总体水平较低,质量参差 不齐,悬殊很大。如清华、北大、复旦、上海大学等学校培养的MBA,市场受欢迎程度较好,而很大一部分学校培养的MBA毕业生就业状况并不尽如人意,滥办 MBA现象或滥竽充数混出来的MBA也不在少数。由于MBA教师质量、MBA教材质量、MBA学生质量尚未能达到国际MBA标准水平,目前国内产生的 MBA人才薪资水平大部分还停留在低水平上,一般只在3000元-5000元的月薪水平上,这与国际MBA,尤其是欧美MBA的起薪水平差距高达10倍 (欧美MBA毕业生起薪平均水平在5.5万-7.5万美元)。据了解,在欧美一些高校的MBA一毕业即会被猎头公司挖走或直接被跨国公司争相聘用,起薪在 10万美元(年薪)以上的占了很大部分。而国内毕业的MBA除少数学校外,大部分毕业生没有那么好的运气,并没有那么吃香,那些毕业后连外语也不通的 MBA或从国企公费出来读MBA镀金的人,其薪水并没有如期望中那样大幅增长。
但是,有众多理由可以充分证明,中国MBA的薪水总 体水准将会有较大幅度上升,中国MBA人才仍将供不应求,炙手可热。中国经济与世界经济呈现一体化趋势,中国需要大量国际化 人才,有许多具有国际教育背景或跨国公司工作背景的人才进来,同时也会有更多的人才走出国门学习、工作及从事国际贸易等工作。这样一方面能很快培养出一批 高质量的MBA,另一方面因为中国经济正处于繁荣发展期,高级人才十分紧缺,MBA人才的身价也会水涨船高。