Peter elected to join the Executive MBA program run by HKUST in conjunction with the high-profile US school, Kellogg. So why did he turn down the chance to study back in the USA, the country that is widely credited with inventing the concept of business education? “I think there is a tendency at some US business schools to focus on preparing for domestic business leadership. I wanted a program that fostered global business leadership skills so that I could have the advantage of being able to compete both at home and in the international business arena.”

For Derek Chan, looking to move on from his position with the Hong Kong Stock Exchange, the decision to study for an MBA in Hong Kong rather than overseas was closely linked to his future career plans in the region. “I chose to study at HKUST because of the reputation of its MBA program, but also because I wanted to develop a network of local contacts that would support the development of my career, as well as enriching my social life.” For Derek, the decision certainly seemed to be the right one. He now works as an Executive Director with the Tai Fook Securities Group and maintains close links with the business school and its alumni group.

However, while schools in Hong Kong are becoming increasingly successful in attracting students from both local and overseas markets, recent figures from the World MBA Tour, the largest international program of business school fairs, suggest that over a third of potential MBAs will chose to study abroad.

“Despite the tightening of visa restrictions for students, the USA still appears to be the most popular destination,” says Afshan Khan, who manages the Asian fairs of the World MBA Tour. “The UK is also a very popular option because of the strong profile of its top schools and because of the close historic ties between the two areas, while Australian schools are also attracting a growing number of applicants.”

One Hong Kong student, who opted for a UK school is Fiona Fu, who took an MBA at the Cranfield School of Management outside London. “I’d already studied in England and had then stayed on to work as a project manager,” she says. “Coming from an engineering background I could see that I would need to develop commercial and financial skills if I wanted to progress into a senior management role. What attracted me about Cranfield was the fact that it had such a diverse mix of international students. Working in such an environment has helped me learn how to deal with people from a really broad range of backgrounds and cultures. And it’s provided me with friends and contacts all around the world who will stay with me throughout my career.”