Can Nazarbayev University’s Business School Become Central Asia’s Premier MBA Destination?

Some fun — and germane — facts about Kazakhstan:

1. It’s the world’s ninth-largest country, according to the World Bank, with a surface area of more than 2.7 million square kilometers. It is home to around 20 million people.

2. Within that vast space, the landlocked country is rich in mineral resources, including more than 99 elements of Mendeleyeev’s periodic table. One element in particular is of international interest: According to the World Nuclear Association, Kazakhstan is the world’s leading producer of uranium, the heavy metal used in nuclear energy production.

3. But Kazakhstan also has vast oil reserves: It is the world’s ninth-largest crude oil exporter.

All this is relevant to this next fact: Nazarbayev University Graduate School of Business, based in Kazakhstan’s capital city of Nur-Sultan (formerly Astana) and home to a full-time MBA with deep ties to an elite U.S. B-school, is vying to be a major regional player in producing business talent that capitalizes on the country’s massive advantages and opportunities.

A SELECTIVE & AMBITIOUS MBA COHORT

Nazarbayev University is ranked in the top 24% in the Times Higher Education worldwide rankings, and in the top 10 of Eurasia. Since its founding in 2014, NUGSB has been the premier business school in Central Asia.

Chief among the B-school’s achievements — and assets — is its academic alliance with Duke University’s Fuqua School of Business, a partnership now in its 12th year that blends Fuqua’s world-class expertise with Kazakhstan’s rising economic ambitions. From admissions strategy to career development, the collaboration is more than just an exchange — it’s a blueprint for cultivating the next generation of business leaders on an international stage.

In a 2022 conversation, Joep Konings, the dean of NUGSB, discussed the school’s ambitions for growth and its strong ties with the prestigious Fuqua School. The touchpoint is the NUGSB MBA program, a two-year program with a recently introduced evening-and-weekend option that allows busy professionals to earn the MBA in 17 months while continuing their career growth.

“Our MBA program is quite tough because it’s designed with our strategic partner, the Fuqua School of Business at Duke,” Konings told Poets&Quants. The schools’ rigorous selection process ensures that only the most motivated and high-achieving students gain entry; past graduates have gone on to launch successful startups and secure top positions in major industries.

Students come from diverse backgrounds, spanning government, financial institutions, and various business sectors. Notably, in past 60% of the class has consisted of women, reflecting Kazakhstan’s increasing emphasis on female entrepreneurship and leadership.

“Traditionally, MBAs and engineering have been male-dominated, but we see a shift. Female entrepreneurship is a big trend here in Kazakhstan,” says Konings, who became interim dean in 2019 after serving as subject group head of economics at the University of Liverpool Management School. He earned his Ph.D. in Economics at the London School of Economics in 1994, where he was a student of Nobel prize winner Christopher Pissarides.

AIMING FOR REGIONAL LEADERSHIP

Challenges for the school are many. Most of NUGSB’s student body is Kazakh, and the school is looking to expand its international intake, particularly from neighboring countries like Pakistan, Kyrgyzstan, Uzbekistan, and China. But B-schools in China and India offer more established programs, attracting Central Asian students who might otherwise consider NUGSB.

With an MBA enrollment of around 50 students, the school has deliberately maintained a small size to prioritize quality. Expansion plans have been in place for years, but have not yet borne fruit. “We want to double our MBA cohort while maintaining excellence,” Konings said three years ago; the cohort remains the same size. Increasing international student numbers and achieving AACSB accreditation — which the school has been seeking, unsuccessfully, since 2018 — are critical parts of this growth strategy.

Future growth plans also include introducing evening and modular MBA programs, developing a Data Science-focused MBA track, and increasing corporate partnerships and regional business impact.

A STRONG PARTNERSHIP WITH DUKE FUQUA

Perhaps the single most distinguishing feature of NUGSB is its close partnership with Duke’s Fuqua School of Business — a relationship that extends beyond admissions to faculty evaluation, research collaborations, and student exchange programs. The partnership also provides training for NUGSB’s staff and facilitates joint research efforts.

“Our MBA students participate in an international residency at Duke, taking courses there as part of their curriculum,” Konings adds.

NUGSB’s MBA, Executive MBA, and Master in Finance programs were designed in collaboration with Duke Fuqua to meet international business education standards. Curricula are regularly updated with input from Duke, Duke faculty members actively participate in NUGSB’s teaching and mentoring programs, and NUGSB professors visit Duke University for research collaboration and faculty training.

The international residency finds students in the three programs spending 10 days on the Duke campus taking classes taught by Duke profs, attending networking events, and generally getting exposure to international business environments.

“It’s a real advantage for them,” Shari Hubert, associate dean of admissions at Fuqua, told P&Q, “but it’s also an opportunity for us to engage with a dynamic, emerging market.”

ENTREPRENEURIAL FOCUS & INNOVATION

NUGSB benefits from its Duke Fuqua partnership, but as the school matures, it must establish its own academic credibility beyond Duke’s influence. Similarly, Kazakhstan’s economic landscape is shifting away from a reliance on natural resources toward a more diversified, innovation-driven economy, and NUGSB wants to play a key role in this transition by, among other things, fostering entrepreneurship.

“There are a lot of startups in Kazakhstan, and we collaborate closely with the university’s startup incubator, which provides seed money to promising ventures,” Konings says. Recognizing the need for diverse and sustainable business models, the school emphasizes social entrepreneurship and female-led startups.

Data science is another priority area for the school’s future. With access to advanced data infrastructure, Bloomberg labs, and a growing emphasis on fintech, NUGSB seeks to ensure that its graduates are equipped with cutting-edge analytical skills. “We are looking at a data science-focused MBA as a potential spinoff of our existing program,” Konings said in 2022, but the program has yet to manifest.

A RISING BUSINESS HUB

For those unfamiliar with Kazakhstan, NUGSB presents a unique opportunity to study in a rapidly developing region with significant economic potential. The school’s proximity to the Astana Financial Center and business districts enhances opportunities for collaboration with industry leaders.

Despite its location away from traditional B-school hotspots, NUGSB remains well-connected globally. “People say we’re isolated, but in five hours, I can be in Frankfurt, Dubai, or Istanbul,” Konings says. “Nur-Sultan is a dynamic city with a young, ambitious population. It’s a great place to live and work.”

DON’T MISS HOW DUKE FUQUA HELPED TO BUILD A TOP B-SCHOOL IN KAZAKHSTAN