Latest news with #ShemaraWikramanayake
Forbes
26-05-2025
- Business
- Forbes
Beyond The Ivy League: Is Your MBA Investment A Risky Bet?
NEW YORK, NEW YORK - SEPTEMBER 24: Shemara Wikramanayake, CEO, Macquarie Alum of Harvard Business ... More School, speaks at the Bloomberg Global Business Forum on September 24, 2024 in New York City. (Photo byfor Bloomberg Philanthropies) An MBA from Harvard Business School. The name alone conjures images of unparalleled prestige, a guaranteed golden ticket to a future of leadership, influence and success. But what if that golden ticket just got revoked? Imagine this: You've poured your life savings, sacrificed years, and battled through gruelling admissions to secure a coveted spot at Harvard Business School. Now, you're an international student, and suddenly, the very foundation of your dream – your ability to legally reside and study in the U.S. – is under fire. This isn't a hypothetical scenario; it's the harsh reality unfolding at the 389-year-old institution. The Department of Homeland Security has revoked Harvard's certification to host international students, at the time of publication it has been granted a temporary restraining order to continue enrolling international students while the case proceeds. For nearly 7,000 international students – over a quarter of Harvard's entire enrolment – their future is a legal battleground, shrouded in the "incomprehensible" chaos that now defines our world. For MBA candidates, especially, this is a wake-up call. Harvard Business School (HBS) relies on a staggering 50% international student body to fuel its renowned case learning methodology and foster the diverse perspectives crucial for future leaders. What happens when that wellspring of global talent is threatened? Your MBA isn't just a degree; it's a massive investment. With tuition fees pushing $100,000 annually, you're not just buying an education; you're buying a promise of return on investment. But what if that promise is fracturing before your eyes? The landscape of higher education is no longer a stable, predictable terrain, where the profile is dominated by the pedigree of the United States market. The proliferation of strong offerings from international universities demonstrate the battleground, where universities are increasingly commercialized, and students are the consumers. The days of simply "transferring knowledge" are over. Today, it's about teaching you how to think, how to evaluate, and how to critique in a world defined by volatility, uncertainty, complexity, and ambiguity (VUCA). Or, as the newer model suggests, a world that is Brittle, Anxious, Nonlinear, and Incomprehensible (BANI) developed by Jamais Cascio, a futurist and researcher affiliated with the Institute for the Future Hong Kong University, already recognized as the "Most International University in the World" in 2023, isn't waiting politely. They're actively poaching Harvard's potential candidates, offering a stark alternative to the unfolding drama in Cambridge, Massachusetts. To add insult to injury they are accessing candidates through the Harvard Alumni Club in Hong Kong. Patti Brown, interim Associate Dean MBA Programs and Executive Degrees at Said Business School, University of Oxford and a veteran in international higher education, doesn't mince words: "The United States has long been considered the safe bet for business education… But with shifting dynamics, it's worth asking—is the U.S. still the best place to invest in their future hopes and ambitions?" This isn't just about where you get your degree; it's about the very quality of your leadership development. In a BANI world, effective leaders don't just respond to chaos; they cultivate organizational cultures that generate innovative solutions. This demands continuous learning, embracing diverse perspectives, and cultivating pluralistic thinking. As Brown emphasizes, "Growth and innovation in business education will come not only from standalone business schools, but also from universities that integrate business learning with the broader academic ecosystem." The MBA of the future isn't a one-size-fits-all generalist program. It's about personalization, technology, and, crucially, employability. Generalist programs risk obsolescence, Kevin Ellis, Former Senior Partner EMEA PwC UK and keynote speaker at the 2025 AMBA Global Conference explains the seismic shifts around business education in the university sector; 'For many years, PwC and similar firms relied on an apprenticeship model, where new MBA hires learned on the job under the guidance of senior staff. The organisational structure resembled a pyramid, with a large base of junior employees performing foundational tasks that provided essential learning opportunities.' He continues to explain how AI is a major disrupter to this model; 'Many of the routine and menial tasks once assigned to junior staff are now automated, leading to a more diamond-shaped structure. With fewer entry-level roles, organisations are hiring fewer graduates. Clients increasingly demand faster, more cost-effective solutions, leaving little room for the traditional on-the-job learning curve. In this new environment, MBA programs must adapt by integrating foundational professional skills into the academic experience. Core competencies such as strategic thinking, AI-assisted research, and analytical reasoning—skills traditionally developed through workplace experience—must now be built into the curriculum. AI is, in many ways, outsourcing cognitive effort; graduates must learn to complement it with critical thinking and human judgment.' Business Schools need bold hairy strides rather than incremental steps to ensure their students have the opportunity to future-proof their careers. In today's fight for talent attracting international students is not simply about money, its a strong indicator of the robustness of the global influence, and soft power of the country hosting business schools. Business schools remain the bastion of a country's global influence and thought-leadership and bedrock for innovation and growth. Brown states; "Our experience indicates that the majority of MBA candidates now enter the program with a solid grounding in the core disciplines traditionally covered in business education. At Oxford Saïd Business School, we draw on the cutting-edge research and interdisciplinary expertise of faculty from across the University of Oxford to curate a curriculum that responds to the rapidly evolving needs of our students and the global business landscape. As the motivations for pursuing an MBA have shifted—no longer centred solely on traditional career paths such as consulting—we are actively engaging with the question: how can we best equip our graduates to make a meaningful and lasting impact on the world.' So, as you weigh your options for an MBA when considering business schools, ask yourself: Are you chasing a fading legacy, or are you investing in a future-proof education that equips you to thrive in a world where even the most venerable institutions are proving to be "brittle" and "incomprehensible"? The choice you make now could define your entire leadership career.
Sky News AU
19-05-2025
- Business
- Sky News AU
Macquarie Bank waters down diversity, equity and inclusion language after Donald Trump implements anti-woke agenda
An Australian-based multinational bank has eased back on using language promoting its diversity, equity and inclusion practices as Donald Trump's crackdown forces major companies to ditch the policies. The US President swept into office and signed an executive order 'terminating radical DEI preferencing in federal contracting and directing federal agencies to relentlessly combat private sector discrimination'. Macquarie Bank, an ASX-listed investment banking group headquartered in Sydney with operations in the US, has since watered down its DEI language as some major companies back away from the practices. In its report for the year ended March 31 2025, Macquarie has consolidated its DEI objectives under its sustainability section and does not mention the phrase 'diversity, equity and inclusion' at any point. Macquarie's report for the 12 months up to March 31 2024, in comparison, has its own four-page DEI section. The 2025 report also omits specific references to some DEI efforts by the bank in the US that it had outlined in its 2024 report. 'In the US, we offered targeted leadership development programs for Black, Latinx and Asian talent to accelerate their careers and implement strategies to increase contribution and personal growth,' Macquarie said in its 2024 report. Macquarie also outlined 24 partnerships with non-profits it established to bolster its DEI efforts in this report, however, this is not present in the 2025 report. Despite this, there are references to Macquarie's 'Reconciliation Action Plan' and discussions of gender equity in terms of female pay and representation in both reports. Macquarie's 2024 report has a brief section noting the bank has 'been recognised by external community partners as a leading LGBTQ+ inclusive organisation' and referenced its 'perfect score' on the Human Rights Campaign's Corporate Equality Index in the US. However, the 2025 report fails to mention this or give any details regarding LGBTQ+ workers at Macquarie. While Macquarie has eased back on language associated with DEI, the bank's CEO Shemara Wikramanayake stressed the company aims to build diverse teams to reflect the communities it serves in the recent report. 'Our approach has always been, and we remain committed to, fostering an inclusive culture that welcomes a range of ideas and perspectives, values the contributions of all of our people, and which empowers individuals to deliver to their greatest potential,' Ms Wikramanayake wrote in her note to shareholders. It also mentioned the importance of diversity on its board and noted the company's 'Workforce Diversity Policy' which defines Macquarie's 'diversity commitment'. According to the 2025 report, the company's board remuneration committee receives reporting on the commitment annually and covers under-represented groups at Macquarie, including women across senior leadership levels. The softening of DEI language by Macquarie comes after some major companies began rolling back these practices after the US President's inauguration. Google scrapped plans for hiring targets it established in 2020 in the wake of the killing of George Floyd. Its parent company Alphabet removed any mentions of diversity in its annual report released in February and scrapped a commitment to DEI initiatives which have appeared in every report between 2021 and 2024. McDonald's US head office has backed down from its DEI initiatives, however its Australian branches did not follow suit. Trump's anti-DEI agenda and his 2024 election win was cited as a 'cultural tipping point' by Meta boss Mark Zuckerberg when he announced plans to abolish 'biased' fact-checking on his social media platforms.
Yahoo
12-05-2025
- Business
- Yahoo
Macquarie Group reports 5% profit growth in FY 2025
Macquarie Group has reported a net profit after tax of A$3.71bn ($2.37bn) for the financial year (FY25) ending 31 March 2025, marking a 5% increase compared to the previous year. The profit for the second half of the financial year was A$2.1bn ($1.34bn), reflecting a 30% rise from the first half of the year. The group's net operating income reached A$17.2bn ($11.02bn) in FY25, up 2% from the prior year, while operating expenses remained stable at A$12.14bn ($7.78bn). Notably, international income constituted 66% of the total income for the group. Assets under management stood at A$941bn, up from A$938.3bn a year earlier. The company attributed this growth to 'increased fund investments and net asset valuations', which outweighed the impact of 'asset divestments and outflows in equity strategies'. The Macquarie Asset Management division reported a net profit contribution of A$1.61bn, a 33% increase from A$1.2bn a year ago. The banking and financial services division contributed a net profit of A$1.38bn, an 11% increase from A$1.2bn in the previous year, supported by growth in the loan portfolio and deposits. Macquarie Capital's net profit contribution was A$1.04bn, remaining stable compared to A$1.05bn in the previous year. Macquarie Group managing director and CEO Shemara Wikramanayake said: 'Against a backdrop of ongoing market and economic uncertainty, Macquarie's client franchises remained resilient over the past year, delivering new business origination and underlying income growth, contributing to our history of unbroken profitability.' As of 31 March 2025, Macquarie employed 19,735 individuals, a 5% decrease from the previous year, while approximately 243,000 people were employed across managed fund assets and investments. Last month, Macquarie Asset Management (MAM), a division of Macquarie Group, reached an agreement to sell its North American and European public investments business to Japan's Nomura for approximately A$2.8bn ($1.8bn) in an all-cash transaction. "Macquarie Group reports 5% profit growth in FY 2025" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Sydney Morning Herald
09-05-2025
- Business
- Sydney Morning Herald
Macquarie chief's pay cut to $24m as ‘millionaires' factory' rakes in $3.7b
Senior Macquarie Group bankers including chief executive Shemara Wikramanayake have received a smaller share of profits in response to the corporate watchdog's move to slap licence conditions on the bank over repeated compliance failings. As Macquarie reported $3.7 billion in full-year profits on Friday, the investment bank known as the 'millionaires' factory' for its bumper pay packets also revealed how much it had paid its top executives. The results came days after the Australian Securities and Investments Commission (ASIC) said it had imposed extra licence conditions on the Sydney-based bank after 'multiple and significant' compliance failures in its futures and its derivatives trading areas. Macquarie's annual report said the board had taken into account 'risk and regulatory matters' when setting pay, particularly ASIC's licence conditions, and this had been reflected in awarding executives including Wikramanayake and the chief executive of Macquarie Bank Limited (MBL), Stuart Green, a lower profit share. Wikramanayake's pay for the full year dropped to $24 million, from $25.3 million the previous year, as the profit share awarded to the CEO dropped 5 per cent. Despite the lower profit share for Green, his overall pay edged up from $5.1 million to $5.2 million. Loading The chair of Macquarie's board remuneration committee, Jillian Broadbent, said the board had considered both financial factors – including the bank's higher profits, return on equity and dividends – and non-financial factors, when setting pay. 'The board takes MBL's obligations as a licensed entity seriously and acknowledges there are areas where we can further improve compliance,' Broadbent said. The report said that among the group's most senior executives, total comparable key management personnel awarded profit share had increased 3 per cent to $82.3 million. Wikramanayake last year topped The Australian Financial Review 's list of the country's highest-paid chief executives.
The Age
09-05-2025
- Business
- The Age
Macquarie chief's pay cut to $24m as ‘millionaires' factory' rakes in $3.7b
Senior Macquarie Group bankers including chief executive Shemara Wikramanayake have received a smaller share of profits in response to the corporate watchdog's move to slap licence conditions on the bank over repeated compliance failings. As Macquarie reported $3.7 billion in full-year profits on Friday, the investment bank known as the 'millionaires' factory' for its bumper pay packets also revealed how much it had paid its top executives. The results came days after the Australian Securities and Investments Commission (ASIC) said it had imposed extra licence conditions on the Sydney-based bank after 'multiple and significant' compliance failures in its futures and its derivatives trading areas. Macquarie's annual report said the board had taken into account 'risk and regulatory matters' when setting pay, particularly ASIC's licence conditions, and this had been reflected in awarding executives including Wikramanayake and the chief executive of Macquarie Bank Limited (MBL), Stuart Green, a lower profit share. Wikramanayake's pay for the full year dropped to $24 million, from $25.3 million the previous year, as the profit share awarded to the CEO dropped 5 per cent. Despite the lower profit share for Green, his overall pay edged up from $5.1 million to $5.2 million. Loading The chair of Macquarie's board remuneration committee, Jillian Broadbent, said the board had considered both financial factors – including the bank's higher profits, return on equity and dividends – and non-financial factors, when setting pay. 'The board takes MBL's obligations as a licensed entity seriously and acknowledges there are areas where we can further improve compliance,' Broadbent said. The report said that among the group's most senior executives, total comparable key management personnel awarded profit share had increased 3 per cent to $82.3 million. Wikramanayake last year topped The Australian Financial Review 's list of the country's highest-paid chief executives.
