QTEM’s “John Nash Cohort” during the 2023 graduation at the Grand Place of Brussels. QTEM (Quantitative Techniques for Economics and Management) partners with 21 universities in four continents to turn data analysts into data storytellers and business decision makers. Courtesy photo
In a world where business increasingly looks to big data to help craft their strategies, companies need employees that can crunch and analyze all that data. As importantly, they need people who can tell stories with what the data is telling them.
Since 2012, the QTEM (Quantitative Techniques for Economics and Management) Master’s Program has worked to bridge the gap between quants and poets, teaching students to translate data analysis into compelling stories used to make strategic business decisions.
Today, the network includes 21 top-tier business schools and universities on four continents and in 16 countries. It has an alumni class of nearly 600. It’s now working to expand its network of elite business institutions (50% of their current members are triple accredited), particularly outside of Europe as well as its corporate partners.
“Our focus is at the crossroads of hard and soft skills,” Laurent Gheeraert, QTEM’s managing director, tells Poets&Quants.
“We like to call our students the translators. They can explain what a machine is telling us and, equally important, what it isn’t. They also translate the needs of managers into data-driven solutions.”
Laurent Gheeraert
QTEM is open to exceptional students enrolled at one of its partner institutions. These students earn a Master’s degree at their home university along with the QTEM degree – a strong signal to employers that they have both the data analysis and quantitative chops required for today’s businesses, as well as the storytelling skills required to take strategic action. According to its 2022-2023 annual report, 75% of QTEM alumni had found a job before graduating, and 92% found a job within three months of graduating.
QTEM students must complete five requirements to earn the QTEM degree. First, they must have a minimum GMAT score of 650 and be selected through a competitive process. Partner schools accept 40 QTEM students each year. Students also have to take a required level of quantitative and analytical courses throughout the program, must complete a corporate qualitative internship (preferably abroad), and complete at least one international exchange with a QTEM partner school.
QTEM students must also complete the network’s Global Business Analytics Challenge (GBAC) which includes an in-depth data challenge.
Poets&Quants recently sat down with Gheeraert, QTEM’s managing director as well as professor of finance at Solvay Brussels School and Economics and Management, to talk about how the network helps turn quants into data storytellers.
Our conversations has been edited for length and clarity.
The network was initiated by Solvay Brussels School, which is part of the University of Brussels. While we prefer to talk as a network, historically, the initiative did come from here. We had a team consisting of one economics professor, a colleague of mine, and one business professor, which was me.
My background is in corporate finance. So, I like quants, I enjoy applying quantitative techniques to other fields of economics or management. That’s part of the history, and it’s fascinating because topics like big data and AI, you might not think apply to fields like HR management, but they are actually making a big impact there too.
What we do at QTEM is connect a network of academic and corporate partners. We currently have 21 academic partners. The value we offer to students at these institutions is an excellent training in quantitative techniques. They have access to a panel of courses from across these 21 universities.
If you’re a master’s student at one of these institutions, you’re eligible to join the network. Each university can select up to 40 students per year. If you’re one of those students, you gain access to courses, you can do one or even two exchanges at any of the partner institutions, and you are part of the QTEM alumni network.
After graduation, you receive your degree from your home university, but you also earn the QTEM degree, which confirms that you met QTEM’s rigorous standards. This includes doing at least one international exchange, ensuring you’re globally minded and an open minded student.
You also have to take quantitative courses while not neglecting soft skills. Otherwise, QTEM would be a network of IT or engineering schools. Our focus is at the crossroads of hard and soft skills. We like to call our students the translators. They can explain what a machine is telling us and, equally important, what it isn’t. They also translate the needs of managers into data-driven solutions.
For example, a student who’s an excellent coder but can’t explain their work or make solid business recommendations based on their analysis wouldn’t be a fit for QTEM. They might be great in IT or engineering, but QTEM is more focused on management decision-making.
QTEM student finalists answer questions from the jury and audience during the QTEM 2023 Data Challenge. Courtesy photo
There’s a shortage of data translators in the industry. As a result, our students usually get a job very quickly, often before graduation. It’s not just because they’re the best of the best, though it’s quite competitive to enter the network. But I also simply think it’s because our students have competencies that are rare. They’re not only fascinated by data but also about convincing management why the data matters – whether it’s signaling the right or wrong direction for the company.
Another requirement of QTEM is group work. To receive the QTEM degree, in addition to their master’s degree, students must participate in the QTEM Data Challenge (QTC). In this challenge, students are given an anonymized data set from an industry partner. Sometimes they’re provided with a specific question from the company, and other times they have to generate insights themselves.
Each year, at our annual event, the three best teams present their work, and it’s fascinating to see the level of investment and effort they put into this. The teams are usually diverse in both skill sets and culture – some members might be more focused on data, while others excel at communication or providing recommendations. We aim for diverse teams in terms of interests and nationalities, mixing, for example, a Japanese student with a German and a Canadian.
When we invite the top teams to our annual event, we offer a stipend to help them attend and defend their case. And often, it’s their first time meeting face-to-face.
Exactly. That’s one of the soft skills we aim to teach – how to collaborate digitally and across cultures, even when you don’t know each other.
The students received a large, anonymized dataset on client behavior and habits. The task was to provide insights into customer patterns – essentially, how Cartier could better understand its own customers. There were two main sources of value here: the data crunching itself, but also the fact that we brought a younger generation close to Cartier’s management.
The final presentation was amazing. I believe there were three or four teams, each with three members. Cartier’s management told us they gained genuine insights from the teams – some ideas that made them think deeply about their next steps.
In fact, Cartier organized a closed-door session afterward. They wanted to have a private lunch with the students, so they arranged a meeting between the management and the teams. What Cartier appreciated most was the small numbers and the high quality of interaction. They had a very privileged engagement with a select group of profiles that they were particularly interested in.
QTEM Data Challenge finalist 2023 receiving first prize check from Corporate Representatives. Courtesy photo
At the moment, we have around 15 corporate partners with companies such as Cartier, Deloitte, EY, and McKinsey & Company. We’ve recently invested in expanding this network.
Most of our partners are multinational companies, but we also have nonprofit partners such as the British Red Cross. Our partners come from various sectors, including industrial companies, consulting firms, and banks.
We’re currently working with industries where it’s clear that data is essential, but we’re also aiming to expand into sectors where data is maybe underutilized. That’s one of our goals, because some of our students aren’t necessarily looking to work for large companies like they might have 15 or 20 years ago. While some still prefer that route, others are interested in working for smaller companies or even starting their own businesses.
We are present on four continents. This includes IRabat Business School in Africa, HEC Montréal in North America, and several partners in China and Waseda University in Tokyo in Asia. We are also partnered with several universities in Europe.
We are targeting growth of our academic network, particularly the non-European zones. We would like to expand in the Americas – both North and South America – as well as Asia. There are many excellent schools in these regions, but some have different educational systems such as two-year masters versus one-year masters or even three-year masters. We’re evolving our offerings to cater to these various educational systems. In order to expand in these regions, we are working on extra flexibility.
I actually studied at Darden Business School, University of Virginia, so I have experience with the U.S. system. For the U.S., the challenge is simple: many programs are post-experience, meaning students typically work before returning for an MBA.
Also the fact that maybe we have a different view on what it means to be an international student. In U.S. universities, for example, they often organize study tours abroad for a week, and then students return. At QTEM, we’re more of the mindset of immersing students in another country for a semester, which is usually four to five months abroad.
There’s also the issue of fees. Students who pay $50,000 or more for their MBA expect to get the full value from staying at their home institution. Even though QTEM doesn’t ask for extra money, students may not want to take time away from their MBA experience on an international exchange.
The high cost of education in the U.S. also leads students to expect an immediate return on investment, so extending their studies for a longer master’s program can be challenging. Most students want to finish their MBA and jump straight into work.
Most QTEM students choose their international exchanges based on their academic interests, the professors they want to meet, and the industries they want to explore. It is quite different from typical exchange programs where decisions might be based on something like the average temperature of the location.
QTEM opens doors to opportunities student wouldn’t typically have access to. We offer a course database with over 1,000 unique courses. And, because QTEM promotes the value of our students as data translators, they are highly sought after by many companies. We organize corporate events and connect students with industry professionals through workshops on specific topics. For example, we currently have a lot of focus on analytics for sustainability, which deals with rare events that have major consequences, like climate-related issues.
Our corporate partners also recruit students directly, and we provide guidance on how to market themselves to employers.
Another key value is the network they build with other students. They can connect with each other through our growing Alumni Association, which now has ambassadors in many major cities. The president is very young, having just graduated, but they’re already building strong ties across the community.
QTEM graduates minutes before the proclamation from the Balcony of the Grand Place townhall in Brussels. Courtesy photo
First, I’d say it offers better learning opportunities. A university can specialize in one quantitative field but can’t be specialized in all areas. When QTEM started, we analyzed the course offerings of different schools and reached out to deans at institutions that complemented each other. It was a very analytical approach, and that laid the foundation for QTEM.
Second, our students don’t just learn from courses – they learn from each other and from students all around the world through programs like the QTEM Data Challenge. They also meet with international companies, corporations, and nonprofits.
The exchange opportunities are also key, as we are quite selective about the universities we partner with. Half of our members are triple-accredited, which is a very exclusive club. We target the top schools in each country for quantitative decision-making.
Because of this, QTEM students often have access to exchange destinations they wouldn’t have as regular students. In fact, QTEM students have a better chance of getting their first-choice destinations due to the strong agreements we have with these top universities.
Finally, a big benefit is personal branding. When you’re on stage in front of Cartier’s management, you gain a lot of visibility. Or when you have lunch with the head of a McKinsey office, it helps extend your professional network and builds interpersonal visibility.
The GBAC is a mandatory training for QTEM students and includes the QTEM Data Challenge. It includes two online courses:The first is on data science, with a section on the foundations of machine learning. These courses were developed in collaboration with a few of our academic partners. The goal is to offer content that isn’t redundant with what students are already learning at their home universities.
The second online course focuses on data presentation and multicultural collaboration. The name is a bit long, but it covers teamwork and storytelling. This course is taught by alumni from the QTEM network, many of whom have experience in consulting, and they teach students how to convey a message and build a storyline based on data.
And then the last part is the QDC. We also provide links to extra preparation materials. This shows something important about QTEM: the GBAC isn’t just about data science; it’s also about storytelling and effectively communicating your message. We use a grading system called the ABC metrics: A for analytical skills, B for business skills, and C for communication skills. So, you can’t be really weak in any one of the three. That wouldn’t be a QTEM student.