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<!DOCTYPE html><html lang="en-GB" class="no-js core o-typography--loading-sans o-typography--loading-sans-bold o-typography--loading-display o-typography--loading-display-bold" data-o-component="o-typography" style="overflow-x:hidden;background-color:#fff1e5;color:#33302e"><head><meta charSet="utf-8"/><meta http-equiv="X-UA-Compatible" content="IE=edge"/><meta name="viewport" content="width=device-width, initial-scale=1"/><title>Does a masters in management plus an MBA add up?</title><meta name="description" content="Schools are offering ways of ‘stacking’ degrees once considered mutually exclusive"/><link rel="canonical" href="https://www.ft.com/content/9061e795-b370-4220-a33e-821f143d15c0"/><meta name="robots" content="index,follow,max-snippet:200,max-image-preview:large"/><meta name="google-site-verification" content="4-t8sFaPvpO5FH_Gnw1dkM28CQepjzo8UjjAkdDflTw"/><script type="application/ld+json">{"@context":"http://schema.org","@type":"NewsArticle","headline":"Does a masters in management plus an MBA add up?","datePublished":"2024-09-03T03:30:49.985Z","dateModified":"2024-09-03T12:19:02.000Z","description":"Schools are offering ways of ‘stacking’ degrees once considered mutually exclusive","isAccessibleForFree":"True","isPartOf":{"@type":["CreativeWork","Product"],"name":"Financial Times","productID":"ft.com:free"},"alternativeHeadline":"Does a masters in management plus an MBA add up?","image":{"@type":"ImageObject","@context":"http://schema.org","url":"https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fd9d5cc42-acb6-4501-ba6c-7e1c1b5705a0.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1","width":1526,"height":859},"author":[{"@type":"Person","@context":"http://schema.org","name":"Seb Murray","url":"https://www.ft.com/stream/48768dc7-8df2-49f5-b6ed-7c0f0ccfdf1a","worksFor":{"@type":"Organization","@context":"http://schema.org","name":"Financial Times","legalName":"The Financial Times Ltd.","logo":{"@type":"ImageObject","@context":"http://schema.org","url":"https://im.ft-static.com/m/img/masthead_main.jpg","width":435,"height":36},"url":"https://www.ft.com","sameAs":["https://www.twitter.com/FT","https://www.facebook.com/financialtimes","https://www.linkedin.com/company/financial-times","https://www.youtube.com/user/FinancialTimesVideos","https://www.instagram.com/financialtimes"]}}],"articleBody":"This year, 40 to 60 masters in management graduates are expected to enrol in the new one-year MBA at London Business School, a streamlined version of the flagship programme, which can be completed in 15 to 21 months.\n\nThis new, shorter MBA, with tuition to cost £75,000, targets those who graduated three or more years ago, normally with a pre-work experience masters in management (MiM) from an accredited institution.\n\nThe one-year LBS MBA was introduced in response to market demand, says Graham Hastie, associate dean of degree education. The MiM, which started out in Europe, has grown in popularity globally, raising questions about its impact on conventional-MBA demand.\n\nDespite targeting different audiences, there has traditionally been little motivation to obtain both degrees, given the overlapping content. Hastie notes that many MiM graduates seek further education, but prefer not to repeat material. “We’re hoping our new product will bridge that gap,” he says. “It’s a stackable product. It gives them a second bite of the cherry.”\n\nLBS is not alone. Several business schools are creating new ways for MiM graduates to earn an MBA in a streamlined timeframe, reducing the overall time and cost. The trend reflects the growing emphasis on life-long learning — the idea that business education is no longer a one-time pursuit but a continuous process of upskilling and reskilling.\n\nIt also reflects the concern that the two-year MBA may have passed its peak. “The MBA market has matured in some world regions, while MiM degrees have seen rapid growth,” says Alfons Sauquet, director of quality services and Equis accreditation at EFMD Global, which accredits schools.\n\nFor decades, MiM and MBA programmes have been seen as mutually exclusive, but the trend of combining both is growing. The MiM targets recent graduates with little or no work experience to provide foundational business knowledge. The MBA, established by Harvard Business School in 1908, is aimed at professionals with several years’ experience — often preparing for senior management roles.\n\nThis year, alumni from the MiM at Iese Business School in Spain are joining its new MiM-MBA dual masters degree. In this programme, the MiM counts as year one of Iese’s 15-to-19-month MBA, so graduates can go directly into the second year of the MBA, skipping the business fundamentals that would have comprised the first year. To qualify, alumni need to have three years’ professional work experience.\n\n“This move reflects one way we are responding to the changing needs of aspiring and current executives, who are looking for ways to stay updated amid periods of rapid change,” says Paula Amorim, Iese’s MBA admissions director.\n\nStudents on the dual-degree programme pay half the standard MBA fees, which are €105,000 for those starting in September 2024, on top of €47,700 for the MiM.\n\nJakob Gebendorfer is among five of Iese’s MiM graduates who will join the second year of the MBA this month. After graduating in 2021, he spent three years in the consulting industry; he felt returning to business school would build his leadership abilities more quickly than continuing to work.\n\n“I have seen throughout my career that MBA holders usually advance quicker and further,” Gebendorfer says, adding that the option to skip the first year of the degree made his choice “a no-brainer”.\n\nThese changes come as the demand for business masters degrees, including MiMs and excluding MBAs, dropped by 3.4 per cent last year. Demand for MBAs fell 4.9 per cent in 2023, following a boom during the Covid pandemic, according to the Graduate Management Admission Council. GMAC’s data shows, however, that full-time MBAs remain the preferred business degree among prospective students, while MiMs rank second.\n\nStarr Marcello, deputy dean for MBA programmes at the University of Chicago Booth School of Business, says gaining a MiM offers students an early entry into the business world, while a subsequent MBA prepares them for leadership roles.\n\nChicago Booth introduced an accelerated MBA in 2020, allowing graduates of its specialised masters programmes (including the MiM) to put six business courses towards an MBA, completing it in 15 months instead of the usual 21. There is no work experience requirement.\n\nAccording to business schools, candidates with both degrees can fast-track their career development. Keith Bevans, executive vice-president of global consultant recruiting at Bain & Company, says MiM graduates are relatively rare at the firm, comprising only 5-7 per cent of applicants. Most are hired at an undergraduate entry level, while MBA graduates move into higher positions with larger starting salaries.\n\nBut Bevans reckons that having both qualifications would signal a strong commitment to a business career and enhance a job candidate’s credibility. “I think it is a positive development, as it gives us a deeper, richer pool of talent to choose from.”\n\nAyushi Saxena, who earned her MiM in 2021 from Duke University’s Fuqua School of Business, then enrolled on the school’s accelerated MBA, graduating in 2022. The programme enables MiM alumni to skip the business fundamentals and go straight into MBA electives — specialised courses — and hands-on projects, graduating in just 10 months.\n\n“The MBA opened doors to more senior roles and increased responsibilities,” says Saxena, currently a senior project manager based in San Francisco at Schneider Electric, the French software and automation company.\n\nGMAC chief executive Joy Jones expects more MiM alumni to make the same move. “With these types of programmes becoming more popular, we might see more business-school aspirants being more confident about taking a MiM as a first step [towards] and an investment in a future MBA,” she says. “It’s no longer an either/or decision.”","wordCount":956,"publisher":{"@type":"Organization","@context":"http://schema.org","name":"Financial Times","legalName":"The Financial Times 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data-concept-id="1543af8b-96bc-4987-aca5-969b80f468f8">Masters in Management</a></span><form action="/myft/add/1543af8b-96bc-4987-aca5-969b80f468f8" data-js-action="/__myft/api/core/followed/concept/1543af8b-96bc-4987-aca5-969b80f468f8?method=put" class="n-myft-ui n-myft-ui--follow" method="GET" data-myft-ui="follow" data-concept-id="1543af8b-96bc-4987-aca5-969b80f468f8" data-myft-ui-variant="followPlusInstantAlerts"><div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following Masters in Management." data-unpressed-text="No longer following Masters in Management."></div><input type="hidden" data-myft-csrf-token="true" value="" name="token"/><button aria-label="Add Masters in Management to myFT" title="Add Masters in Management to myFT" data-alternate-label="Added Masters in Management to myFT: click to manage alert preferences or remove from myFT" aria-pressed="false" data-alternate-text="Added" class="n-myft-follow-button 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class="n-myft-ui__preferences-modal__text" href="/myft/alerts" data-trackable="pop-up-box|contact-preference" data-trackable-context-concept_id="1543af8b-96bc-4987-aca5-969b80f468f8">Manage your delivery channels here</a><span class="n-myft-ui__preferences-modal-error" data-component-id="myft-preference-modal-error"></span><button class="n-myft-ui__preferences-modal__remove-button" data-component-id="myft-preference-modal-remove" data-trackable="pop-up-box|remove-from-myFT" data-trackable-context-concept_id="1543af8b-96bc-4987-aca5-969b80f468f8">Remove from myFT</button></div></div></div></div><h1 class="o-topper__headline"><span class="headline__text">Does a masters in management plus an MBA add up?</span></h1><div class="o-topper__standfirst">Schools are offering ways of ‘stacking’ degrees once considered mutually exclusive</div></div><div class="o-topper__background"></div></div></div><article id="site-content" role="main" class="article article-grid article-grid--no-full-width-graphics" data-content-id="9061e795-b370-4220-a33e-821f143d15c0" data-access-level="free" data-syndicatable="withContributorPayment" data-article-type="no-full-width-graphics" data-cp-content-pipeline="true" data-feature-ads-pg="off"><div class="main-image"><figure class="n-content-image n-content-image--full" data-component="image-set"><picture><source media="(min-width: 700px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ad9d5cc42-acb6-4501-ba6c-7e1c1b5705a0?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1 1x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ad9d5cc42-acb6-4501-ba6c-7e1c1b5705a0?source=next-article&fit=scale-down&quality=highest&width=700&dpr=2 2x" width="1526" height="859"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fd9d5cc42-acb6-4501-ba6c-7e1c1b5705a0.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1" alt="A middle-aged man in a suit sitting comfortably on a cushioned chair" data-image-type="image" width="1526" height="859" loading="eager"/></picture><figcaption class="n-content-picture__caption"><span>Bridging the gap: Graham Hastie, at London Business School, says the one-year, post-MiM MBA gives students ‘ a second bite of the cherry’</span><span> © Latoya Okuneye, for the FT</span></figcaption></figure></div><div class="share-nav" data-trackable="share | top"><div class="share-nav__vertical" data-share-nav-vertical="true" data-component="share-nav"><div data-o-component="o-share" data-o-share-article="true" class="o-share o-share--vertical "><ul data-toolbar="share"><li class="o-share__action share-nav__x-action" data-share="twitter"><a 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o-normalise-visually-hidden" role="region" aria-live="assertive"></span></div><div class="article__content" data-trackable="article-body" data-component="article-body"><div class="article-info"><div class="article-info__time-byline"><p class="article-info__byline"><a class="n-content-tag--author" href="/stream/48768dc7-8df2-49f5-b6ed-7c0f0ccfdf1a" data-trackable="author">Seb Murray</a></p> <time data-o-component="o-date" class="article-info__timestamp o-date" dateTime="2024-09-03T03:30:49.985Z">September 3 2024</time></div><a id="o-comments-count" data-o-component="o-comments" data-o-comments-article-id="9061e795-b370-4220-a33e-821f143d15c0" data-o-comments-count="true" data-o-comments-article-url="https://www.ft.com/content/9061e795-b370-4220-a33e-821f143d15c0" data-o-comments-title="Does a masters in management plus an MBA add up?" class="article-comment-count" title="Jump to comments section" href="#comments-anchor"><span class="o-normalise-visually-hidden">Jump to comments section</span></a><button class="article-print" data-component="print-button" data-trackable="print" title="Print this page"><span class="o-normalise-visually-hidden">Print this page</span></button></div><div class="article__content-sign-up"><div class="article__content-sign-up-topic-title">Unlock the Editor’s Digest for free</div><p class="article__content-sign-up-topic-description"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.</span></p><iframe class="article__content-sign-up-iframe close" scrolling="no" id="signUpIframe" data-prev-url="/register/in-article-sign-up?ft-content-uuid=9061e795-b370-4220-a33e-821f143d15c0"></iframe></div><article id="article-body" class="n-content-body js-article__content-body" data-attribute="article-content-body" data-component="article-content-body"><p>This year, 40 to 60 masters in management graduates are expected to enrol in the new one-year MBA at <a href="https://rankings.ft.com/schools/141/london-business-school/school-info" data-trackable="link">London Business School</a>, a streamlined version of the flagship programme, which can be completed in 15 to 21 months. </p><p>This new, shorter MBA, with tuition to cost £75,000, targets those who graduated three or more years ago, normally with a pre-work experience masters in management (MiM) from an accredited institution.</p><p>The one-year LBS MBA was introduced in response to market demand, says Graham Hastie, associate dean of degree education. The MiM, which started out in Europe, has grown in popularity globally, raising questions about its impact on conventional-MBA demand.</p><p>Despite targeting different audiences, there has traditionally been little motivation to obtain both degrees, given the overlapping content. Hastie notes that many MiM graduates seek further education, but prefer not to repeat material. “We’re hoping our new product will bridge that gap,” he says. “It’s a stackable product. It gives them a second bite of the cherry.”</p><div class="n-content-layout" data-layout-name="card" data-layout-width="inset-left"><div class="n-content-layout__container"><h3 class="n-content-heading-3">Masters in Management Ranking 2024</h3><div class="n-content-layout__slot"><figure class="n-content-image n-content-image--full" data-component="image-set"><picture><source media="(min-width: 700px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ac410fae6-8944-4369-85ea-2d5cb629c350?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1 1x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ac410fae6-8944-4369-85ea-2d5cb629c350?source=next-article&fit=scale-down&quality=highest&width=700&dpr=2 2x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ac410fae6-8944-4369-85ea-2d5cb629c350?source=next-article&fit=scale-down&quality=highest&width=700&dpr=3 3x" width="2288" height="1525"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fc410fae6-8944-4369-85ea-2d5cb629c350.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1" alt="" data-image-type="image" width="2288" height="1525" loading="lazy"/></picture></figure><p>This story is from the MiM report publishing on September 9 </p></div></div></div><p>LBS is not alone. Several business schools are creating new ways for MiM graduates to earn an MBA in a streamlined timeframe, reducing the overall time and cost. The trend reflects the growing emphasis on life-long learning — the idea that business education is no longer a one-time pursuit but a continuous process of upskilling and reskilling.</p><p>It also reflects the concern that the two-year MBA may have passed its peak. “The MBA market has matured in some world regions, while MiM degrees have seen rapid growth,” says Alfons Sauquet, director of quality services and Equis accreditation at EFMD Global, which accredits schools.</p><p>For decades, MiM and MBA programmes have been seen as mutually exclusive, but the trend of combining both is growing. The MiM targets recent graduates with little or no work experience to provide foundational business knowledge. The MBA, established by <a href="https://rankings.ft.com/schools/125/harvard-business-school/programme-portfolio" data-trackable="link">Harvard Business School</a> in 1908, is aimed at professionals with several years’ experience — often preparing for senior management roles.</p><p>This year, alumni from the MiM at <a href="https://rankings.ft.com/schools/130/iese-business-school/school-info" data-trackable="link">Iese Business School</a> in Spain are joining its new MiM-MBA dual masters degree. In this programme, the MiM counts as year one of Iese’s 15-to-19-month MBA, so graduates can go directly into the second year of the MBA, skipping the business fundamentals that would have comprised the first year. To qualify, alumni need to have three years’ professional work experience. </p><p>“This move reflects one way we are responding to the changing needs of aspiring and current executives, who are looking for ways to stay updated amid periods of rapid change,” says Paula Amorim, Iese’s MBA admissions director.</p><p>Students on the dual-degree programme pay half the standard MBA fees, which are €105,000 for those starting in September 2024, on top of €47,700 for the MiM.</p><p>Jakob Gebendorfer is among five of Iese’s MiM graduates who will join the second year of the MBA this month. After graduating in 2021, he spent three years in the consulting industry; he felt returning to business school would build his leadership abilities more quickly than continuing to work.</p><p>“I have seen throughout my career that MBA holders usually advance quicker and further,” Gebendorfer says, adding that the option to skip the first year of the degree made his choice “a no-brainer”.</p><p>These changes come as the demand for business masters degrees, including MiMs and excluding MBAs, dropped by 3.4 per cent last year. Demand for MBAs fell 4.9 per cent in 2023, following a boom during the Covid pandemic, according to the Graduate Management Admission Council. GMAC’s data shows, however, that full-time MBAs remain the preferred business degree among prospective students, while MiMs rank second.</p><p>Starr Marcello, deputy dean for MBA programmes at the University of Chicago Booth School of Business, says gaining a MiM offers students an early entry into the business world, while a subsequent MBA prepares them for leadership roles.</p><p><a href="https://rankings.ft.com/schools/188/university-of-chicago-gsb/programme-portfolio" data-trackable="link">Chicago Booth</a> introduced an accelerated MBA in 2020, allowing graduates of its specialised masters programmes (including the MiM) to put six business courses towards an MBA, completing it in 15 months instead of the usual 21. There is no work experience requirement.</p><p>According to business schools, candidates with both degrees can fast-track their career development. Keith Bevans, executive vice-president of global consultant recruiting at Bain & Company, says MiM graduates are relatively rare at the firm, comprising only 5-7 per cent of applicants. Most are hired at an undergraduate entry level, while MBA graduates move into higher positions with larger starting salaries.</p><blockquote class="n-content-pullquote n-content-pullquote--no-image" aria-hidden="true"><div class="n-content-pullquote__content"><p>Students may take a MiM as a first step towards a future MBA. It’s no longer an either/or decision</p><footer class="n-content-pullquote__footer">Joy Jones, GMAC chief executive </footer></div></blockquote><p>But Bevans reckons that having both qualifications would signal a strong commitment to a business career and enhance a job candidate’s credibility. “I think it is a positive development, as it gives us a deeper, richer pool of talent to choose from.”</p><p>Ayushi Saxena, who earned her MiM in 2021 from <a href="https://rankings.ft.com/schools/114/duke-university-fuqua/school-info" data-trackable="link">Duke University’s Fuqua School of Business</a>, then enrolled on the school’s accelerated MBA, graduating in 2022. The programme enables MiM alumni to skip the business fundamentals and go straight into MBA electives — specialised courses — and hands-on projects, graduating in just 10 months. </p><p>“The MBA opened doors to more senior roles and increased responsibilities,” says Saxena, currently a senior project manager based in San Francisco at Schneider Electric, the French software and automation company.</p><p>GMAC chief executive Joy Jones expects more MiM alumni to make the same move. “With these types of programmes becoming more popular, we might see more business-school aspirants being more confident about taking a MiM as a first step [towards] and an investment in a future MBA,” she says. “It’s no longer an either/or decision.”</p></article><script class="js-magnet-data" type="application/json">{"contentId":"9061e795-b370-4220-a33e-821f143d15c0","annotations":[{"type":"TOPIC","predicate":"http://www.ft.com/ontology/annotation/about","prefLabel":"Masters in 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o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-companies" data-trackable="US Companies">US Companies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-politics-policy" data-trackable="US Politics & Policy">US Politics & Policy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-presidential-election-2024" data-trackable="US Presidential Election 2024">US Presidential Election 2024</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/companies" data-trackable="Companies">Companies</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-3" data-trackable="sub-level-toggle | Companies">Show more Companies</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-3" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/energy" data-trackable="Energy">Energy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/financials" data-trackable="Financials">Financials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/health" data-trackable="Health">Health</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/industrials" data-trackable="Industrials">Industrials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/media" data-trackable="Media">Media</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/professional-services" data-trackable="Professional Services">Professional Services</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/retail-consumer" data-trackable="Retail & Consumer">Retail & Consumer</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/technology-sector" data-trackable="Tech Sector">Tech Sector</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/telecoms" data-trackable="Telecoms">Telecoms</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/transport" data-trackable="Transport">Transport</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/technology" data-trackable="Tech">Tech</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-4" data-trackable="sub-level-toggle | Tech">Show more Tech</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-4" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/artificial-intelligence" data-trackable="Artificial intelligence">Artificial intelligence</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/semiconductors" data-trackable="Semiconductors">Semiconductors</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/cyber-security" data-trackable="Cyber Security">Cyber Security</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/social-media" data-trackable="Social Media">Social Media</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/markets" data-trackable="Markets">Markets</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-5" data-trackable="sub-level-toggle | Markets">Show more Markets</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-5" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/alphaville" data-trackable="Alphaville">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://markets.ft.com/data" data-trackable="Markets Data">Markets Data</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/crypto" data-trackable="Crypto">Crypto</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/capital-markets" data-trackable="Capital Markets">Capital Markets</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/commodities" data-trackable="Commodities">Commodities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/currencies" data-trackable="Currencies">Currencies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/equities" data-trackable="Equities">Equities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-wealth-management" data-trackable="Wealth Management">Wealth Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://etf.ft.com" data-trackable="ETF Hub">ETF Hub</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/fund-management" data-trackable="Fund Management">Fund Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-trading-room" data-trackable="Trading">Trading</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/climate-capital" data-trackable="Climate">Climate</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/opinion" data-trackable="Opinion">Opinion</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-7" data-trackable="sub-level-toggle | Opinion">Show more Opinion</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-7" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/columnists" data-trackable="Columnists">Columnists</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-view" data-trackable="The FT View">The FT View</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/the-big-read" data-trackable="The Big Read">The Big Read</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/obituaries" data-trackable="Obituaries">Obituaries</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/letters" data-trackable="Letters">Letters</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/work-careers" data-trackable="Work & Careers">Work & Careers</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-9" data-trackable="sub-level-toggle | Work & Careers">Show more Work & Careers</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-9" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/business-education" data-trackable="Business School Rankings">Business School Rankings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-education" data-trackable="Business Education">Business Education</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="Europe's Start-Up Hubs">Europe's Start-Up Hubs</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/entrepreneurship" data-trackable="Entrepreneurship">Entrepreneurship</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/recruitment" data-trackable="Recruitment">Recruitment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-books" data-trackable="Business Books">Business Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-travel" data-trackable="Business Travel">Business Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/working-it" data-trackable="Working It">Working It</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/life-arts" data-trackable="Life & Arts">Life & Arts</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-10" data-trackable="sub-level-toggle | Life & Arts">Show more Life & Arts</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-10" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/arts" data-trackable="Arts">Arts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/books" data-trackable="Books">Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/food-drink" data-trackable="Food & Drink">Food & Drink</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/magazine" data-trackable="FT Magazine">FT Magazine</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/house-home" data-trackable="House & Home">House & Home</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/style" data-trackable="Style">Style</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/travel" data-trackable="Travel">Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/personal-finance" data-trackable="Personal Finance">Personal Finance</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-11" data-trackable="sub-level-toggle | Personal Finance">Show more Personal Finance</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-11" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/mortgages" data-trackable="Property & Mortgages">Property & Mortgages</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/investments" data-trackable="Investments">Investments</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/pensions" data-trackable="Pensions">Pensions</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/tax" data-trackable="Tax">Tax</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/banking-savings" data-trackable="Banking & Savings">Banking & Savings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/advice-comment" data-trackable="Advice & Comment">Advice & Comment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/next-act" data-trackable="Next Act">Next Act</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/htsi" data-trackable="HTSI">HTSI</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/special-reports" data-trackable="Special Reports">Special Reports</a></li></ul><h2 id="ft-recommends" class="o-header__drawer-menu-item o-header__drawer-menu-item--heading">FT recommends</h2><ul aria-labelledby="ft-recommends" class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/alphaville" data-trackable="Alphaville">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/ft-edit" data-trackable="FT Edit">FT Edit</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lunch-with-the-ft" data-trackable="Lunch with the FT">Lunch with the FT</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://www.ft.com/tech-asia" data-trackable="#techAsia">#techAsia</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/visual-and-data-journalism" data-trackable="Visual and data journalism">Visual and data journalism</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/newsletters" data-trackable="Newsletters">Newsletters</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/video" data-trackable="Video">Video</a></li><li 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