Eliomaria Narducci studied a master in management at Frankfurt, graduating in 2015. A year later he became CEO of the Italian Chamber of Commerce for Germany – at the age of just 24. Courtesy photo
Eliomaria Narducci was in love. It changed his life — but not the way he expected.
While an undergraduate student at SDA Bocconi School of Management in Milan, Italy, Narducci, smitten by a love interest in Germany, traveled regularly to see her in Frankfurt.
It was the beginning of a journey that would see Narducci, at 24, become CEO of the Italian Chamber of Commerce in Germany — the youngest ever to hold his position, and one of the youngest CEOs in all of Europe.
MAKING THE MOST OF OPPORTUNITY
“As Italians would say, there is always a name behind every decision,” Narducci tells Poets&Quants. “In my case this name was blonde and with blue eyes.
“Apart from the jokes, thanks to her I had a chance during my bachelor in Bocconi, where I also applied for a MiM program, to travel regularly to Frankfurt and to better get to know the city and understand the opportunities.”
While in Frankfurt enrolled in the master’s in management at Frankfurt School of Finance and Management, Narducci learned German and served as the B-school’s Student Council speaker — and that’s where he met his future employer, the Italian Chamber of Commerce for Germany. ITKAM supports enterprises and organizations across the German and Italian markets.
After graduating in 2015, Narducci started work at ITKAM as a project manager. Just one year later he became CEO.
GRADUATE BUSINESS DEGREES: A BOON TO INTRAPRENEURS, TOO
There’s plenty of talk these days about what B-school can do for entrepreneurs. But for much longer, business school has been about achieving advancement in established companies. Narducci is one of the up-and-coming graduates in Europe and the United States who are showing that for young and determined professionals, a graduate business degree can be a springboard to rapid career success — as much a boon to those focused on intrapreneurship as those planning entrepreneurship.
Graduate degrees are not necessary to reach the C-suite, as many leading CEOs can personally attest. But those same CEOs will also tell you that MBAs and other master’s degrees aren’t likely to hurt a candidate’s prospects for upward mobility. The Financial Times has dedicated an entire site to tracking the pipeline from MBA to the top of heap; U.S. News has one, too. A well-known poll in 2018 showed that a third of the world’s top CEOs have MBAs; more recently, an online survey by consultancy MBA Crystal Ball showed that the once widely held view of the MBA as a stepping stone to leadership is still shared by many — but not universal by a long shot.
Sameer Kamat, CEO of MBA Crystal Ball, wrote a few years ago about how many CEOs of Fortune 500 companies had MBAs: 40 from Harvard Business School, 13 from Wharton, 10 from Stanford GSB, etc. “The ten colleges with the most alumni in the top job at Fortune 500 companies,” he wrote, “were Harvard University, Cornell University, Pennsylvania State University, Texas A&M University, the U.S. Military Academy, the University of Notre Dame, the University of Wisconsin-Madison, Princeton University, Stanford University, and Miami University.” In December 2021, Kamat updated his 2018 story with new poll results, after asking respondents their view of the best degree to become a CEO — MBA, engineering, or specialized master’s.
The poll received 5,142 responses from around the world, and while 28% chose MBA, more than half — 51% — said degree is irrelevant.
“We had assumed that the MBA degree would grab the highest share,” Kamat writes, “but we were wrong.”
‘I NEVER HAVE A DOUBT I MADE THE RIGHT CHOICES SO FAR’
Eliomaria Narducci was motivated to go to Germany to attend graduate school and pursue an MiM — Europe’s most popular graduate business degree — not only for love but because of the employment landscape in his home country. “At the time, the youth unemployment in Italy was at its peak and I decided I wanted to boost my career choosing a country where I could have the most chances,” he says. “Germany remains as of today still very competitive for this perspective.”
He says his subsequent success has very much been a result of the Frankfurt School’s so-called “three days” model, where students gain not only theoretical knowledge in class but also hands-on experience working three days a week for a company.
“The experience and knowledge that the students receive translates immediately after the study program into a high rate of employability,” Narducci says. “The fact that many discussions among students and professors within the classes are held by students with a working experience enriches the know-how. The international environment allows for enlarging the view on the topics given the exchange of experiences in different parts of the world.
“I cannot really tell what would have happened have I not gotten the degree and I can tell you I almost never ask myself the ‘what if’ questions. My studies have definitively made me think always in terms of the future and in making forecasts. I never have a doubt I made the right choices so far.”
See the next pages for interviews with other young CEOs who credit their rapid success to graduate business school. And read P&Q‘s Q&A with Eliomaria Narducci on page 4.
Elsa Ebbersten, director of operations at Xtremepush and a Trinity MBA
Examples abound of young Europeans parlaying their B-school experiences into high leadership positions. Claudio Martay completed the MiM program at ESMT Berlin in 2017, then went to work in a number of roles at Uber and i2x before joining Gorillas, a grocery delivery service operating throughout Europe’s big cities. Martay, who only recently turned 30, has been chief of staff and chief financial officer at Gorillas since September 2021.
Nursultan Dyussebayev earned his MBA from Nazarbayev University in Kazakhstan and shortly afterward, at just 29, became vice-president of products for VEDOM, which creates products and applications using AI. Dyussebayev, now 30, has helped VEDOM develop an array of products, including an app that helps “sneaker lovers” find where to buy shoes based on photos, and compare prices to find the best deals.
Elsa Ebbersten, director of operations at Xtremepush, landed the role when she was 30 years old. Elsa studied an MBA at Trinity Business School in Ireland, graduating in 2021. She was already working at Xtremepush, a company focused on multichannel engagement and experience, and moved into the operations chief’s role as soon as she finished her degree.
“I wanted to get an MBA to challenge myself academically,” Ebbersten tells P&Q. “My motivation was mainly to prove to myself that I was able to perform at a high level in a setting outside of my comfort zone. I considered a couple of other great business schools here in Ireland, such as UCD Smurfit, but I strongly felt that the consultancy project structure of the Trinity MBA excited me the most and therefore I put all my energy into applying for Trinity alone.”
Q&A with Elsa Ebbersten, MBA from Trinity Business School
How did the Trinity MBA change the course of your career? Where do you think you would be right now if you had NOT gotten the degree?
As a professional, I have always been highly driven, with my sight set on becoming a senior leader within the technology industry. Completing the MBA did not change my ambitions, however, it gave me the perspective and skills to fully understand the path that will lead me to where I aim to go.
At Xtremepush, we have sustained very high growth for most of the company’s existence, and for us to fulfill our business needs we are reliant on bringing on and developing people who contribute significant value to the organization. Due to this high-growth technology environment, I would most likely have had the same opportunities available to me even without an MBA, solely based on the value I add to the business. But on a personal level, it would have been difficult for me to truly immerse myself in those opportunities without the huge confidence boost I gained from completing the MBA. So while I didn’t need the technical skills to progress in my current organization, I would not have had the right mindset without the MBA.
Have you ever encountered someone telling you that you are too young to go to graduate business school? Too young to be operations director? Too young for other things? What is your message to others who might be in a similar situation as yours?
Never to my face. I think the technology industry is generally quite welcoming to younger people as long as they add clear value, potentially more so than other industries. Being a young female in a technology leadership position you sometimes feel that you have to “prove yourself” to a higher degree than your male peers — however, some of that pressure might be self-imposed.
My advice to anyone feeling that they are not taken seriously because of their age, or gender, is to become hugely confident in the value they add — very few people can seriously argue age over quantitative results.
Finally, where do you think you will be in three, four, five years — still at Xtremepush? — and are you interested in getting another graduate degree?
In three years from now, I will be the proud operational leader of Xtremepush as we become the global leader of our MarTech segment (customer data and engagement platforms). It is a truly fantastic thing when you join an organization whose journey and ambition excite you as an employee. And as an ever-learning leader, it is a great environment to grow and strengthen our teams and culture.
I would not necessarily go back for another graduate degree — I don’t think I can top the challenge I faced with the Trinity MBA (!). I would however engage with executive education from business school. As a leader, it is important to never get stagnant and keep challenging our own perspectives.
Emilia
Emilia Malmi earned a master’s degree in finance from Aalto University School of Business in Espoo, Finland, in 2017. She took a job in investment banking for Nordea, the largest financial services group in the Nordic region, right out of school; after about three years, she joined Bob W, which rents out short-stay apartments as a smarter and more sustainable alternative to hotels and other rentals.
Malmi started at Bob W as associate director of real estate in October 2020; just nine months later, at the age of 28, she was promoted to CEO.
“I applied to Aalto because of its good reputation, the location of the campus, and the good exchange study opportunities,” Malmi tells P&Q. “I was fully committed into getting into Aalto and did not apply to other schools. I wouldn’t say it changed the course of my career, but I rather believe the degree opened up my initial career opportunities, mainly an entry-level position in investment banking.”
Q&A with Emilia Malmi, master in finance graduate of Aalto University School of Business
Why did you decide to get a masters of finance, and why did you choose the school you ultimately decided to attend? What schools besides Aalto did you apply to?
I applied to study finance already in my bachelor’s degree, as I found it the most interesting subject based on the introductory course. I had always enjoyed math, and liked how the course work was often in the form of case studies. I also had the perception that the finance industry has many different career opportunities and that finance opens doors to a variety of other possibilities as well.
Continuing to pursue the master’s of finance at Aalto was an easy decision since I had really enjoyed the bachelor’s studies and already experienced also the career opportunities it could open through my first internships.
Where do you think you would be right now if you had NOT gotten the degree?
The best part of a finance degree is that although there are certain career paths that are more common than others for finance graduates, I still think it is a useful degree for anyone in the business world, from entrepreneurs to employees of large corporates. Finance is always part of decision making and running any business.
The finance degree definitely equipped me with a great general, theoretical basis to take and apply in daily work. One of the main takeaways from studies was however the people, and I have both life-long friends as well as a vast network of contacts which have been originated during the studies.
Have you ever encountered someone telling you that you are:
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Too young to go to graduate business school?
No, in Finland it’s common to do a masters right after the undergraduate/bachelor’s degree.
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Too young to be operations director?
No. I started off at Bob W in a different role, part of the real estate team, and was able to prove my capabilities within the company as well as voice my own future interest towards operations before being promoted to my current position. Quite the opposite actually, everyone has been extremely supportive.
What is your message to others who might be in a similar situation as yours?
Trust your gut and don’t stress too much about what you should be doing or what will lead to a certain outcome. Things do tend to sort themself out, usually unexpectedly, so always keep an open mind. Work hard, stay humble, but definitely don’t sell yourself short.
Where do you think you will be in three, four, five years, and are you interested in getting another graduate degree?
The story of Bob W has only started, so I can definitely see myself growing together with the company during the next couple of years.
Currently I am enjoying being part of building a young company and very hands-on in daily operations, so for now I don’t see myself jumping back to a more theoretical environment to pursue another degree.
Eliomaria Narducci: “I proved with my daily work and dedication that results can be reached by working hard”
Q&A with Eliomaria Narducci, MiM graduate of Frankfurt School of Finance & Management
How did the Frankfurt MiM change the course of your career? Where do you think you would be right now if you had NOT gotten the degree?
Regarding my current career step, I have a lot to thank to the Frankfurt School. I got in contact with my current employer, ITKAM, because of an event with the former Italian Minister of Justice co-organised by ITKAM at the Frankfurt School. In that occasion I was able to meet some of the representatives of the Italian community in Germany, the diplomatic and public organizations as well as the top managers, professionals and entrepreneurs working between the two countries.
It all began with a question. I went to that conference as FS Student Council’s speaker representing the university. In 2015 the youth unemployment in Italy was at record levels. Because of my role at the FS and my personal experience of expatriating to find better opportunities, I asked the minister, who was explaining during the conference the new Italian reforms, what was the government agenda for the younger generations. From this question a debate started, and I was asked what Italy could learn from my international experience that could help improving the situation in the country. I have explained that in Germany I was given immediately the possibility to work together with very experienced professionals and that, it is the mix of knowledge and vision of experienced people, together with the energies and willingness to do and to make mistakes of the younger generations, that makes the organizations go forward and improve. My speech was actually heard. Soon I was invited for lunch by the president of the Italian Chamber of Commerce for Germany who offered me the possibility of starting a collaboration with them.
Prof. Emanuele Gatti, former CEO EMEALA & Global Chief Strategist of Fresenius Medical Care, was in 2015 just appointed president of the Italian Chamber of Commerce for Germany. ITKAM was facing in that moment one of the toughest crises even experienced in more than 100 years of existence. I remember clearly that during that lunch Prof. Gatti explained to me the problems that led to the crises. He could not hire anybody given the situation, but he said to me, “I think you are the right person to work on this challenge, if you are interested you have carte blanche, you can start tomorrow.” I remember going home and calling my family to elaborate on the offer. My dad said that this story was so interesting that he wished to see the end of it. Then he paused and said, “Remember that in this home if anybody of us ever has a problem, a pasta plate will always be granted!” I quit at Norma Group and started as a “consultant” by ITKAM.
The situation I found upon my arrival at ITKAM was as described by President Gatti. The objective operational difficulties and the total lack of liquidity were the results of bad management and recent reforms to the system of the Italian Chambers of Commerce that led to losses accumulated in the previous years. The first months at the chamber were tough. I had to restructure the whole organization from the fundamentals while the business was still running at continuous losses. We were losing subsidies and our main clients at the same time. We were cutting costs while developing and generating new revenues streams. I was restructuring the debts of ITKAM during the days we had to move the offices from the old and not functional ones. The daily busy schedule was accompanied by the writing of the master theses, at night, when nobody was around in the office. At the end of 2015 we recorded the first break-even after years. In February of 2016 the supervisory board of the ITKAM appointed a 24 years old, newly graduated, as CEO of the chamber. The restructuring of ITKAM continued for the next years, and is a successful story resulting in a revenue growth rate of 50% since 2016.
Did you ever encounter someone telling you that you are too young to go to graduate business school? Too young to be CEO? Too young for other things? What is your message to others who might be in a similar situation as yours?
The first words that come in my mind to answer this question are responsibility and determination. Obviously, I was given the responsibility to restructure an organization that was older than 100 years old and with very important relationships both with the public and private sectors. At the same time, being 24 years old, I wanted to prove to everybody that I could make it. As I entered ITKAM as a project manager, I realized which were the real problems that created the difficult financial situation. I wrote down a restructuring plan and I was not afraid to present it to the board. It has been accepted. I must add that without the trust of some key employees of ITKAM who worked together with me since the start, the project would have been much more difficult. These people became afterwards the managers of the chamber.
I recall that when I was playing basketball at a young age, although I am almost 2 meters tall, there came a moment when I was told I was too short. Then, when at 17 years old I moved to study abroad, I was told I was too foreign for doing certain things, and definitively during my career I was told several times I was too young for the job. I always gave the same answer, I ignored those comments and I proved with my daily work and dedication that results can be reached by working hard.
Where do you think you will be in three, four, five years, and are you interested in getting an MBA or other graduate degree?
As of today, ITKAM continues in its historical role as reference point for economic relationships between Italy and Germany. We operate among politics, public administrations, business associations, and companies. The chamber is composed of three business units: the activities of the association such as conferences, seminars, and networking; the public-funded projects such as those aiming at promoting “Made in Italy” in Germany; the internationalizations projects between the two countries funded by Italian and German ministries, regions, public organizations, and the European Union; and lastly the consultancy to small and medium-sized enterprises that want to export in Italy or Germany. In 2020, the pandemic had a very hard impact on the chamber, but we were able, thanks to our business model, to soften the effects of the decreasing revenues given by the difficulties of both Italian and German firms to export. We are continuing working, always trying to develop new projects that can help the recovery of the German and Italian economies.
I am particularly proud of the achievements of ITKAM and of the team composing it today. 2020 and 2021 were also years of great changes for me. Suddenly I stopped flying to all of our offices in Germany, Italy, and Brussels. The conferences and meetings all around Europe became digital. Unexpectedly, I had less busy schedules. There is a personal project that I started a couple of years ago that I am happy I could work on this last year. The current situation, despite the great negative impacts, is allowing me to work on my Ph.D. in economics, management and accounting from LIUC Università Cattaneo that I hope I will soon finish, with my thesis on the topic of internationalization.
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