Powerchex - Pre-employment screening newsletter

ISSUE 54 FEBRUARY 2010	www.powerchex.co.uk

Welcome to this month's Powerchex update:


	Also in this issue • A City Viewpoint • Articles of interest • FSA News • Conferences & Events

New year, new beginnings! Thinking about getting an MBA? This month we are delighted to be hosting an article by Mark Zupan, the dean of the Simon Graduate School of Business at the University of Rochester. Ranked among the top business schools in the world, the Simon School prides itself for its Early Leaders programme which is unique among top-tier MBA schools. In this issue we are also catching up with Patrick, our globe trotting experts as he does his research in a rather unconventional location.

The Value of an M.B.A.
By Mark Zupan, dean, Simon Graduate School of Business, University of Rochester

Should a firm hire employees with Master Degrees in Business Administration? Absolutely!

Most recruiters in the United States, despite current macroeconomic challenges, continue to hire M.B.A.s at roughly the same rate as they did several years ago, according to a 2009 study by the Graduate Management Admission Council (G.M.A.C.). In fact, companies included in the study continued to grow their own graduate management talent by providing good employees with tuition assistance and opportunities to attend part-time and executive M.B.A. programs.

According to the G.M.A.C. study, recruiters found M.B.A.'s have the ability to:

   • Manage change and human capital;
   • Scale and take on higher responsibilities;
   • Make decisions; and
   • Establish business structure, processes and procedures.

In her article "Why Do Companies Prefer MBAs?" Monster.com's contributing writer Jennifer deJong suggests that, "MBAs are sought after for their ability to think critically, deal with ambiguity and solve complex problems."

Clearly, an employee with an M.B.A. offers firms a host of benefits, whether that employee brings the degree to the job, or the company pays for the training.

Read this article in full

		About Mark Zupan Mark Zupan, Dean and Professor of Economics and Public Policy. Dean Zupan assumed his duties at the Simon School on a full-time basis on January 1, 2004. He is responsible for the administrative and academic functions of the Simon School, and serves as the leading advocate of the School's faculty, programs and students to the business community and other external constituencies. Zupan served as dean and professor of economics at the University of Arizona's Eller College of Management from 1997 to 2003. Among his accomplishments at Eller were highly successful fundraising efforts, a record of promoting scholarship, fostering innovation in academic programs and enhanced community outreach. read full biography

A City viewpoint

Patrick Healy Alternative Strategies - A year away from the City
February

In early 2010 there are worse places in the world to be than Australia. Today it is 28°C and the sun is shining in an almost cloudless sky. Shorts and swimwear are the preferred clothing. Even without spending too much time on the beach my tan has progressed from Café au Lait to near Americano. We were in Sydney for New Year and the celebrations were extravagant. The fireworks around Sydney Harbour Bridge cost around $4.5m and the spending was visible in a display that was long and undeniably spectacular. The festivities were good humoured and the impression of optimism was tangible. The feeling in the rest of the country outside of Sydney seems positive also, not just the expected informality (the Prime Minister commentated on the cricket on Boxing Day) but noticeably different from the crunch driven gloom of the northern hemisphere.

For the Lucky Country things are, as they say around here, pretty sweet. The FT also believes that Australia is in the sweet spot with Australian banks amongst the strongest in the world in terms of capital and exposure to credit risks. By a lot of other economic measures Australia is doing well and the Governor of Australia's Reserve Bank felt confident enough to raise interest rates in December, a third successive rise. It will be a lot warmer in the UK before the Bank of England is so sanguine...

Read this article in full

Articles of interest

Finance drives IT contractor jobs recovery Contractor UK, 27th January 2010 Number of financial IT contractors in work halves ComputerworldUK, 27th January 2010 Job Offers in the City down 38% on 2008 Press release, 25th January 2010 Pre-employment health questionnaire ban backed by HR chiefs Personnel Today, 22nd January 2010 Contractors' Questions: Should I admit to CV lies? Contractor UK, 22nd January 2010 IT contractors axed over CV lies Contractor UK, 20th January 2010 More job hunters lying on their CVs thisismoney.co.uk, 19th January 2010 Fighting the fraudsters Securities & Investment Institute Review, 13th January 2010 Signs of recovery offer optimism for new year The Wharf, 13th January 2010 Action taken after personal details found in waste bins Information Commissioner's Office, 11th January 2010 What would you do? Is integrity flexible? - part 1 January 2010 What would you do? Is integrity flexible? - part 2 January 2010 Predictive Compliance In Financial Services Z/Yen Expertise, January 2010 Competition is the best financial regulator - argue Michael Mainelli & Richard D. North The Social Affairs Unit, 28th October 2009

FSA News

SIF's approval process continues to occupy the FSA's agenda 28th January 2010 As part of its supervisory enhancement programme, the FSA places greater emphasis on the role of senior management at firms. Since adopting this approach in 2008, the FSA has carried out 332 significant influence functions (SIF) interviews, with 25 candidates withdrawing from the process. As the crux of the financial crisis becomes more apparent, the FSA is focusing on those at the top who could have prevented it (if they had understood it), but didn't. The Significant Influence Functions consultation requires firms to ensure that their top people -who have the ability to influence the future of a financial firm- have been properly vetted in terms of their competencies and understanding of risk. The FSA has reserved the right to interview (at their offices), any individual who will be occupying such a function. If they find that the applicant does not have the abilities and competencies required, they can (and have) reject the appointment. So far 25 potential appointments have been rejected and the interviews are gathering speed. Firms are well advised, to make sure that during the interviewing and vetting process, documentation to prove competency is obtained and retained. Previous experience, qualifications and personal references can all be used for this purpose. The Consultation Paper can be found on the FSA website at: http://www.fsa.gov.uk/pubs/cp/cp10_03.pdf FSA consults on raising professional standards for all investment advisers FSA, 16th December 2009 Membership of Professional Body - FAQs Chartered Institute for Securities & Investment

Conferences & Events

London HR Connection Event: Doing the right thing - the HR challenge
London HR Connection, London, 3rd February 2010

Discipline, Grievances and Dismissal
JSB, London, 23rd February 2010

Social Media and the Employment Relationship
JSB, London, 3rd March 2010

London HR Connection Event: The Annual Employment Law Quiz
London HR Connection, London, 12th May 2010

Chartered Institute for Securities & Investment
Events Calendar

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