The EIU rankings measure 'value creation', an area that the HKUST programme puts a lot of emphasis on, and as such is ranked at No10 in terms of future career development for students, and at No3 in 'personal development and educational experience'.

Most recently, it has been ranked as No17 MBA in the world by The Financial Times.

The programme has also made many 'firsts' in terms of innovations since it was started 17 years ago. These include: the first to be accredited by the Association to Advanced Collegiate Schools of Business; first to be accredited by the European Quality Improvement System; and it's a member of the Graduate Management Admission Council who own the Graduate Management Admission Test.

The school is also a member of the Partnership in International Management - a consortium of leading international business schools that was founded in 1973.

'We are pleased that these rankings confirm what we have achieved,' said Leonard Cheng Kwok-hon, acting dean of the HKUST Business School. 'And that is excellence in terms of programme delivery, programme design, the student body and the faculty who teach them.'

Faculty members come from 15 countries and include professors from Asia who have been trained in the west, and western professors who specialise in Asian business.

At the heart of the programme's host of benefits is its geographic location and proximity to the emerging markets of the east, which provides students with perfect opportunities to fully understand the region. Various programme electives appeal to anyone wishing to focus their attention on business development in the mainland.

Eighty-four per cent of the full-time student body are international students, giving all of them the opportunity to network and to build lasting relationships with other professionals from across the globe.

Setting the HKUST MBA apart from similar institutions in the United States and Europe is its relatively small intake of students. With class sizes of about 60, the HKUST can offer personal attention to each student.

'The international aspect of our course is really important. We have students from as far away as Latvia and South America, and they bring a new dimension to the class.

'In recent years the variety of students and knowledge in a class has become a vital dimension of MBA training. The reason for this is simple - we are living in a world that is becoming more international and more global,' Professor Cheng said.

He said the success that the HKUST Business School had achieved since its inception was down to the high standards that the school aimed to meet.

'We have come a long way from our beginnings, and our programme has succeeded because we set high goals for ourselves.

'When we started out we wanted to be among the best in the world and we have done that. We wanted to be among the top 10 in the region, and we have far exceeded that goal to become No 1.'

The success was continuing because 'as our reputation and name gets stronger and stronger, so does our student body. This means that we are constantly improving across all aspects'.

Steven DeKrey, director of the MBA programme, said: '[The HKUST MBA] started with a five-year partnership with UCLA, so we had a lot of western influences. But over the years we have 'Asianised' the programme and customised it to fit our market.'

Professor DeKrey explained that the 'Asianisation' was an ongoing process intended to meet the needs of the school's graduates.

'Despite the fact that they come from all over the world, the students are here because of the growth in Asia and particularly in China. They want to find out about the region, so we are doing more to take the lead in this area.

'We do not look to the west to find out how we should do things [with the programme], we look to our own market'

The full-time programme is unique as it offers two options: a one-year programme and a 1? year programme.

'The latter gives students the opportunity to spend half a year in a different location at one of our 50 worldwide partners,' Professor DeKrey said. Many of the HKUST's partners are located in China, Europe and the US.

More local students opt for the part-time course. 'The part-time programme takes place on Saturdays and some evenings for the electives,' said Professor DeKrey.

'The students are drawn from the Hong Kong professional worker population and we get a lot of diversity. Many students work in business and finance, we have engineers and even social scientists. But the group is very select. Only about one in five applicants gets on to the programme, and we take in about 130 each year.

'It's a two-year course and the students work hard. The first year is all on campus, so the students can get to know the faculty better. The second year is either on campus or at our downtown facility in the Hong Kong Club building. We have a harbour view floor with two classrooms and lounge space - it has been a real enhancement to the programme.'

Looking forward, students of the HKUST MBA will learn and develop a variety of skills that will help them in various aspects of their future careers. The skills taught are based on a review undertaken by the HKUST business school that aims to find out exactly what attributes and qualities employers look for in MBA graduates.

As Professor DeKrey explained: 'A former senior executive from Shanghai conducted a survey of the recruiters for us. We found out from them exactly what they looked for in candidates, and at the forefront of this were excellent leadership and interpersonal skills.

'We are moving to these areas as a programme. Leadership is hard to teach, so what we do is experiential in some cases, and we have strong faculty members who are developing these programmes.

'We also do project courses that are taught by former executives. One of these is the former president of Wal-Mart China, and another is the former president of PepsiCo Asia-Pacific, who is teaching the 'Marketing in China' course.'

Ultimately, HKUST graduates leave armed with an array of skills, experience and knowledge to equip them to excel in their chosen business fields.

Professor Cheng said: 'The truly successful ones will rise up and be highly successful in their own professions. They will posses qualities that enable them to take on all projects successfully.

'They will have strong interpersonal, teamwork and leadership skills and be excellent strategic thinkers.'