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Institutions will want to know that you have not only fullled all these con-
ditions, but have excelled in them. Your personal characteristics are important,
and an academic reference and several essays may also be asked for. Their
assessment of your potential will be thorough and rigorous. You will almost
certainly be interviewed, which can sometimes be done in your own country.
18 Once you have made your decision you need to ensure that your appli-
cation gets the best consideration. Clearly indicate the details of your educa-
tional qualications. A transcript is usually required. Also, be clear in your
application about your work experience and the responsibilities you have
had in each job; and remember that voluntary and leisure activity experience
can help your prole.
19 The GMAT test is the Graduate Management Admission Test, based
in the United States and sponsored by the Graduate Management Admission
Council. It measures a candidate’s academic potential for advanced man-
agement studies and is a standard and uniform predictor of graduate-level
performance for the many candidates applying from all over the world, from
a wide range of undergraduate colleges and universities.
20 Some business schools strongly encourage all full-time MBA appli-
cants to take the GMAT test, and it is especially advised for overseas can-
didates. However, if your entrance prole is good the business school may
not insist on the GMAT. A few schools do not rely on the GMAT at all, and
several more use it at their discretion in the light of their knowledge about a
candidate’s overall prole.
Task 1. Think and answer.
1. What is MBA?
2. How many business schools are there in the UK?
3. What candidates do business schools expect?
4. What does full time study involve at a business school?
5. What 3 components do all MBA programmes have?
6. Some MBAs are specially designed for particular industries, aren’t they?
7. Where are business schools located in the UK?
8. What do you need for entrance?
9. What is the GMAT test?
10. WhatisAMBA-accreditedMBAprogramme?
11. What is the most important factor in the choice of a business
school?
Task 2. Retell paragraphs 3, 4, 5, 6 in your own words.
63
TEXT 18. RISK MANAGEMENT. DIFFICULT DECISIONS ON HOW
TO STAY SAFE
Exercise 1. Do you know the translation of the following words and ex-
pressions? If not, ask your teacher and discuss the mean-
ing with colleagues.
Downturn, remuneration, chief executive, demand, recruitment, exper
-
tise, detrimental.
Exercise 2. Match the synonyms.
1. enterprise
2. review
3. behavior
4. outcome
5. distinction
a. result
b. examination
c. rm
d. contrast
e. agreement
f. entrance
g. move
Risk Management. Difcult Decisions on How to Stay Safe
Part 2
While such issues may be among those areas expected to rear their heads
in a downturn, another, more surprising risk management issue is coming to
the fore – remuneration. The furore over the pension paid to Sir Fred Good-
win, former chief executive of the Royal Bank of Scotland, has highlighted
the risks around payments to top executives.
Miles Kennedy believes companies are reviewing their executive remu-
neration policies and risk management is part of the picture. “Whereas be-
fore companies may have had comprehensive reviews of risk management
and may have left remuneration to one side, increasingly it is seen as an
important thing to address and to try to get right,” he says.
“It is not just how a bonus is paid, to what extent do they encourage or
discourage good risk management practices but what part does remunera-
tion play in the whole question of culture and behaviors around the risk ap-
petite that organizations have?”
But with companies facing such myriad risks, risk managers themselves
are in demand. Airmic found in a survey of its 450 corporate members that
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