AUCA Alumnus, Cholponbek Jumashukurov: How a school boy from Cholpon-Ata became the first Kyrgyzstani with an MBA degree from Harvard

March 5, 2015

The interview of Cholponbek Jumashukurov has gained “wow” effect. Our new hero belongs to the category of a self-made men and women who fought their way to the top and shaped their own fate. Some of his secret to success is perseverance and diligence, not social origins or bank account. Cholponbek is the first Kyrgyzstani to hold a MBA degree from Harvard. From 2006 to 2008, this young professional studied at one of the most prestigious universities in the world. Eight years later, he came back home – he always longed for his homeland. Today, Cholponbek Jumashukurov works for an investment fund and is actively involved in public activities – with his team, he supervises several schools, donates scholarships for the best school-leavers and shares his experience on how to enroll into MA courses of the world’s top universities.

MBA – Master of Business Administration – is a professional degree in management. MBA is great investment of time and resources; it requires persistence and thirst for knowledge. Cholponbek, alumnus of Harvard Business School convinced us about it.

“Hi, I’m Cholponbek!” – The young businessman welcomes us with a smile. He leads the way to his office, a small luminous room with two desks and one bookshelf with professional literature in English. Working zones are arranged in open space mode. Cholponbek and his assistant work together in one office. Our hero sits down at the worktable.

Please, tell us about your childhood.

I was born and raised in Cholpon-Ata, a beautiful resort town in Issyk-Kul region. I am the eldest of three siblings. For my parents, education was a priority. My dad worked as a civil engineer, my mom was a school teacher. She taught mathematics. In Soviet times, dad mainly worked in constructions. After the collapse of the Soviet Union, he lost his job and started a small business. When I graduated from the university in Bishkek and truly established myself as a professional in auditing company, dad became the mayor of our hometown. My mom worked 33 years as a teacher. Now, my parents are retired and live in Bishkek. They always prioritize on our education and insisted us to learn English. I started to improve my English skills when an American volunteer from Peace Corps came to teach English at our school.

I think the upbringing of my parents deeply influenced my personality. I also liked to explore the world, read various books. Our home was always full of books. One of my favorite writers is Dale Carnegie.

Was it the library of your father?

Yes, my father loved reading all kinds of books, including fictions; I read a lot of them too. It was fascinating.

How well did you do at school?

My parents were very strict. I had to study very well and to get “A’s”. I always got high marks on all subjects. Only in music and drawing, I had “B’s”. There was nothing I could do about it. I was just not gifted (he smiles).

But your talent is definitely in a different area…

Obviously, yes. I remember, if I had “B”, my parents would not let me in (smile). As I said before, our family was very strict on education.

The ACCELS program also played a key role in my life. In my 11^th grade at school, I received full scholarship to study in the United States for one year. I had heard about the program for the first time when I was in 8^th grade. I always wanted to participate. But it was quite difficult. Too many talented and gifted children dreamed about it too. I tried my luck in my 9^th grade. Even though I passed the first round I failed because my English was not good enough. I learned my lesson. I studied harder. Every day, I learned 10 new words, and banned radio and TV. As a result, I increased my vocabulary, and in 10^th grade, I submitted my application again and won a scholarship. I moved to Montgomery, in Alabama.

When I came back home, I had learned English; seen the world; and felt more confident about myself. I entered AUK – American University of Kyrgyzstan, the former name of AUCA.

What lessons did you learn from your trip to the United States?

When I moved there, I was only 15 years old. There, I learned how to speak English fluently, and returned home as a more independent person. I lived one year far away from my family, and had to make decisions on my own. I became a young man, who knows what he wants in life. After that trip, I realized that I wanted to study business and do business.

What year did you enter AUK?

In 1998. It was the first years of the university. Before it was the Kyrgyz-American Department at the Kyrgyz National State University, after that it became the American University of Kyrgyzstan, and later, when I was graduating, our university was renamed as the American University of Central Asia. There, I studied Business Administration. AUCA was a great springboard for me. I made a lot of friends, with whom I still keep in touch.

During my junior year at AUK, I familiarized with the program of the German government for student's exchange. After an intensive preparation, including on my German language skills, I applied. I was lucky and won the scholarship and entered a German university. I studied one year in Germany and then returned home.

What did you study?

Microeconomics. It was very hard to study economics in German. When I came back to Kyrgyzstan, I registered in senior year. And after graduation in 2002, I was hired by ATF Consulting auditing company. We audited projects, inspected banks and companies. It was the perfect auditing school for me.

How did the Kyrgyz market look like 12 years ago?

The national market wasn’t as developed as it is today. Mainly banks ordering auditing services and taking loans from international organizations asking for audits.

How long was that first work experience?

A year and a half. Then, I was hired by McKinsey – one of the leading international companies providing services in administrative consulting. I had to move to Moscow and worked there for two years and a half. I regularly traveled to CIS countries where we had various projects and needed to consulted large private companies and state organizations.

At McKinsey, I earned experience in consulting large organizations, in business-analytics and I learned different business models.

“I was lucky to enter four universities. It took me a long time to choose between Stanford and Harvard”

How did you enter the Business School of Harvard?

When I was studying in AUK, I came across an article about MBAs in the Russian magazine “Dengi” (“Money” in Russian).  There were interesting records about universities with salaries of alumni and other information and interviews of students and alumni of Harvard and other leading universities. It triggered my interest and I started to read everything possible about MBAs. I realized that entrance exams were still quite long way. I wasn’t necessarily planning to enter Harvard. There were many other prestigious universities and I had just started my preparation.

While I was working for McKinsey Company, my supervisor encouraged me to take a MBA. At that time, I had already worked two years in the consulting company. In Harvard, it is common, that candidates have already worked in various business structures, consulting companies, investment banks, etc. I submitted my application while working at McKinsey. The process included filling in an online-form, CV, essay writing, recommendations, TOEFL and GMAT tests. When I passed GMAT test the first time, my results were too low. After two months, I took the test again and passed. I passed TOEFL test without any difficulties. After that, I had a phone interview.

What other universities did you applied to?

I applied to Stanford and Wharton Schools of Business in USA, French Business School INSEAD and Harvard.

What universities accepted you?

I was lucky. I was accepted to all four universities. It took me a long time to choose between Stanford and Harvard.

What made you choose Harvard?

Harvard is a brand in its own. Education is also more structured. It was a hard choice – both of them are the best (smile).

So it is possible to enter Harvard?

Yes, of course! There is nothing impossible in life. But you need to be prepared to work hard. Harvard is well-known, but there are other excellent universities in the world: Yale School of Management, Princeton University, Business School of Columbian University, leading London School of Business and many others. With perseverance, you can enter any of them.

Of course, you will have to make sacrifices too. It is difficult to study, prepare for exams and tests, and have fun at the same time.

There are various paths in life. First, you have to decide whether or not you need a MBA. Each path is special on its own way. No matter what life path you choose, you have to dedicate 100 percent of your efforts to achieve your goal. An MBA takes a lot of time and costs money. You’ll have to take loans for your education, which you will have to reimburse for several years. My education cost me 45K USD per year, and only for tuition. There were also extra living expenses. I was lucky to have a scholarship, but I still needed a loan to pay for half of my tuition fees.

When I completed my MBA, I was in debt. For my studies in Harvard, I took a loan for 15 years.

Was it difficult to study there?

I was overloaded the first year, and then it became easier. I liked the courses. In my second year, I took a lot of courses related to investments. The faculty was really strong. Michael Porter was one of our teachers.

Actually, the hardest step is the selection process, studying there is much easier. Most enrolled students graduate from the university.

What did you do after graduation?

In 2008, after graduation, I stayed in the US and started to work for Farallon Capital investment fund. I worked 5 years with them. There, I worked with investments in the US, South America and East Europe. I often travelled to Moscow. I learned a lot. I had never worked in the investment field before. So I learned how to analyze companies and about the macroeconomics of various countries.

Now you live in Bishkek. Why did you decide to come back?

Last year, I came back with my family to Kyrgyzstan. We always intended to return home. Once I had gained enough experience, reimbursed my loans and saved up some money, we decided to come back. I don’t need too much for living a good life. Regardless of wealth, what you really need is to have a home, sleep in one bed and eat three meals a day. You won’t be able to eat more even if you become richer. You can’t buy the true respect of your friends or the coziness at home either! I wanted to contribute to society. I could have been useful in San Francisco, but I think I can be much more useful here, in Kyrgyzstan. Also, we wanted to be closer to our families, relatives, and friends. This is also very important.

When I told my supervisors I wanted to return home, they were very surprised, but supported me. We made an agreement: I will represent their interests and carry out consultations on investments in CIS from Bishkek. And that is how I started my own investment activities.

“We don’t want to attract grants from international organizations, self-financing is more important for us”

Why investments?

This is what I know best. We audit various projects. Our aim is not just to give capital; we help companies with their strategy, and consult organizations about international market entry. But, the main purpose of the fund is to find investments.

With what business structures do you cooperate?

We only entered the market 8 months ago. At the moment our fund invested in several small projects: one in public catering, the other in export of domestic merchandises. We are currently examining other projects. It should be an active business, which is already profitable. And if it needs capital for expansion, we are ready to examine it.

You are also involved in public activities. What exactly do you do?

I always wanted to be useful and make some contributions to society. I like sharing my knowledge. I already made several presentations about international universities. I visit schools, meet with students, show examples of success and award scholarships to the best school-leavers. Last year, I visited 5 schools in Ysyk-Köl, Naryn, Talas regions.

In 2009, our team created ProKG professionals club (www.prokg.kg). Now, the club counts 35 members, and is open to all professionals who want to support our country. We share knowledge and help young people, future leaders of Kyrgyzstan. “My school” is one of our projects. It began in 2010. Our idea is that during fall, alumni go back to their school and tell senior students about their successful career. The aim is to show that hard work and persistence can be enough to enter university and have a good career. The three students of the school with the highest points in Kyrgyz national exam will receive scholarship. We generate funds for scholarship from our own means. Last year, we spent over 100 000 soms. We are not seeking grants from international organizations, self-financing is more important for us. Now we are supervising 8 schools and we are planning to add more.

Is your former school in this list?

Yes, it is already part of the program. I was happily surprised to see children with desire and ardor to learn. There are always a handful of school children with more vivid eyes, very interested, and asking a lot of questions. Obviously, these children have a great potential. When you see that thirst for knowledge, it is inspiring.

 

And about your personal life, can you tell us about it?

I’m married. We married before moving to the US. We have two kids of seven and two years old.

What are your plans for the near future?

We are going to stay here, in Kyrgyzstan. Now I’m busy with my job, and I want to develop this business. Today, Kyrgyzstan provides a lot of possibilities. We can do anything we want and where we want. I like this place. Of course, nothing is easy, but we owe to try.

Do you think that Haward educational standards are applicable here, in Kyrgyzstan?

I think they could apply very widely in Kyrgyzstan. In the US, students learn about business models, business strategies, marketing, and so on. They are already applying all of them. Here, there are virgin soils. Whether a young professional get a job with same wage as in international companies here? Probably not, but it is possible to launch new and profitable business here.

I couldn’t return to my homeland in 2008, because I had to reimburse my loans. I could only come back after 6 years. It is fine that some people want to live abroad. It is better to get experience abroad after postgraduate studies. The market value of young specialists increases in Kyrgyzstan following a career abroad. Theoretical knowledge is not enough, practical experience is important too.

I always longed for home. I was having a good career in the company I worked for, and I could have stayed there and be promoted. But I just thought I have enough experience and knowledge to use for the benefit of my homeland. I’m much more useful here than in California.

“Many people are wrong when they say that our economy is small”

And how are your knowledge and experience perceived here?

The most importantly is the way you think. You just have to apply your knowledge and experience. Just start your business, take the lead!

You lived abroad many years. How has Kyrgyzstan changed these last 10 years?

The country has become richer. Many businesses have been launched. Many people are wrong when they say that our economy is small. There are plenty of new buildings, cafés, trade centers, banks. It shows us that the economy is growing despite the fact that our country has been through two revolutions during last 10 years. Our country is doing better and better. Of course, there are lots to do still, but I’m sure, we are moving in right direction.

Please, could you share your wishes with our readers?

I would like to give several advices to those who want to take a master’s degree abroad. First, you have to know how much you really want it, because preparations will require huge efforts and time. You also have to be prepared to stay there. This is definitely not an easy decision to take. Also, always keep in mind that there is nothing impossible. When I studied in AUK, I attended one press-conference with Nurbek Turdukulov, who was the head of Areopag at the time. He was talking about the key factors of success, and said that when he was teenager he realized one thing: he wasn’t as gifted as other children, he couldn’t sing, he wasn’t good in sports and so on. The only thing he had was his diligence. I remembered his words. Diligence can compensate the lack of talents. After several years, he said that all things are possible!  That’s why you have to set high targets. Believe me, everything is can become real: enter Harvard, Yale, Princeton, European and Asian universities. You have one great advantage, you are from Kyrgyzstan and there are not so many rivals in the region. My third and last advice: one of the best investments you will ever make is in your education. So, when you want to spend your money, always spend on your education: buy books, enroll in local courses, and choose activities which help you become better. Knowledge earns long-term benefits.

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