Poppin over to Moscow: A starchy English education is a booming export industry

Poppin over to Moscow: A starchy English education is a booming export industry

Nov 18th 2013 | From The World In 2014 print edition

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In 2014 Hollywood will celebrate the 50th birthday of “Mary Poppins”, an adaptation of a children’s book about a magic nanny. The film was released on August 27th 1964 and starred Julie Andrews, a reassuringly well-spoken English actress, as the eponymous governess. Arriving in London by flying umbrella, Mary Poppins proceeds to reform the dysfunctional banking family that employs her. The film’s producer, The Walt Disney Company, enjoyed an even happier ending: “Mary Poppins” has made $640m (adjusted for inflation) at the box office. Half a century later, young Britons have found a different way to make money from a starchy English education. For graduates of the country’s best universities, bagging a berth at a law firm or bank is harder than it once was. Britain’s economy is sluggish, and in London international high-flyers compete for the top posts. Arts graduates grumble that all the good jobs require degrees in maths, science or economics these days. They are increasingly drawn to the tutoring and governess agencies scattered across the plusher parts of London. No shortage of work here: the Mary Poppins treatment is one of the country’s booming export industries.

 

Recruitment starts with an interview. Flying umbrellas are not essential; instead, talent-spotters look for clipped tones, a degree from an ancient university (preferably Oxford or Cambridge) and a dash of English eccentricity—“not too much, though,” reports one modern-day Mary, “they don’t like outright weirdos.” Ability to teach or bring up children comes fairly low down the list: “They gave me much more guidance on how to dress than on how to educate,” says another.

If successful, the candidate is invited to apply for jobs. At the exclusive end of the market the locations are exotic and the clients colourful. Three months to spare? Join a Kazakh adolescent on his father’s yacht in Antibes; history lessons in the morning, jet-skiing in the afternoon. Want to see the world? The emir’s daughter needs a companion for a gap year. Need money for your doctorate? Olga, an ambitious actress, will fly you to Moscow once a month for lessons in English etiquette.

But the work can be tough, too. The wealthy of the emerging world may want their children whittled into models of English poise and manners, but they (and their offspring) sometimes treat their staff badly. On his first day, one tutor was shooed away from the front door of a stately home by a butler and told to use the servants’ entrance. Another, a recent Oxford graduate, recalls a miserable summer in Saudi Arabia—the other staff envied him, his employers looked down on him and his young charge insisted on taking his French lessons while playing golf.

Yet obnoxious clients are not enough to discourage the young, globe-trotting Poppinses. Demand for their services exceeds supply; some boast they earn more than their friends in conventional graduate jobs: £1,000 ($1,650) a week if they are lucky. But then a spoonful of sugar always did help the medicine go down.

Unknown's avatarAbout bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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