The Most Lucrative MBA Career Consultants versus small-business owners.

The Most Lucrative MBA Career
Consultants versus small-business owners.

For more, read “Which MBAs Make More: Consultants or Small-Business Owners?”

MALTAway offers a MASTER BUSINESS ADMINISTRATION (MBA)  with 2 different programmes and time commitment and dedication…low cost, high return 

maltaway surf

Compensation is, of course, more than money. It includes other aspects such as: how much you enjoy your career, whether it provides fulfillment, how much flexibility you get and how much influence you have over what you do and when you do it.

In our work studying entrepreneurship-through-acquisition (EtA) — in which individuals purchase an existing small business to own and run themselves — we’ve found that most graduating MBA students agree that being the CEO of a small firm dominates traditional post-MBA careers like consulting, investment banking, private equity, and the like on these non-pecuniary dimensions. Owners of small businesses can set their own hours, make their own management decisions, and take pride in the ownership of their work.

Also, as we explained in an earlier article, we believe that being an established CEO of a small firm involves much less angst than being a senior member of a consulting, investment banking, or private equity firm.

So, the remaining question about being a small firm CEO is the monetary reward; if the money is nearly the same, then the compensation as a small business CEO dominates other careers.

To ground our analysis, let’s assume that the alternative to being a small firm CEO is to follow a traditional post-MBA career and recognize that, at best, we can only compare expected paths because everyone’s experience will be different. So, we begin by assuming that the traditional path offers cash compensation equal to the average starting salary. (It might be tempting to turn to the highest starting salary paid, which typically goes to the graduate with the most experience in the most competitive market, who often earns crazy money their first year. But these are rare occurrences, and we believe that using the average yields a more accurate outcome.)

That average is actually hard to nail down, however. Some large sample surveys report that MBAs nationwide have an average starting salary of about $100K. Graduates from so-called elite schools make more, with some estimates of elite school average starting salaries in the $150K range.  The relative compensation of a traditional career and entrepreneurship through acquisition hinges on salaries in the next 10 years and the carry from deals with investors who provided money to acquire the business. These are of course unknown and highly dependent on the job and the success of the small business itself.  But here is a sketch based on the information we have at hand.

We’ll assume the salary in a traditional post-MBA job grows at a 12% compound annual growth rate (CAGR) so that it more than triples in the first 10 years, which is in line with post-MBA salary surveys we’ve done here at the Harvard Business School.  We’ll also assume the cash compensation for a new CEO of a small business starts off at the average post-MBA salary, and its growth is generally tied to the performance of the company — both of which are typical from our experience as board members of these types of companies.  Because we generally argue that those searching for a small business to buy should target slow-growing dull businesses, we’ve put this at 5% per year.  The chart below shows that over the first 10 years of employment, the cash compensation from the traditional job dominates.


But the annual cash compensation only provides part of the pecuniary payoffs of the purchase of a small business because the entrepreneur also has a significant ownership interest in the company.  The size of that ownership interest varies on how they structured their funding throughout the process, but for now let’s assume the entrepreneur has a 20% carried interest in the acquired company. (That means that the CEO keeps 20% of any cash distribution after the investors’ investment is returned and they are paid a preferred dividend.)  The value of that carried interest, of course, depends on the performance of the business, its size, amount of debt used to finance the acquisition and the eventual pricing of a subsequent sale.

To make the analysis tractable, we’ll make some simplifying conservative assumptions: we’ll assume no growth in the business and, because there is no growth, we’ll assume that the selling multiple exactly equals the purchase multiple. We’ll also assume the entrepreneur acquired a $1.5 million EBITDA company for 4x paying $6 million and using 50% debt financing.

To keep things simple, we’ll take advantage of our assumptions of no growth and a constant multiple and ignore the actual timing of the cash flows. That means that, in this example, the purchase price and the eventual selling price will be the same so that the debt and the equity investment can be assumed to be repaid at the sale. This leaves us only with the cash flows that occur between the purchase and the eventual sale.

In this example, the annual cash flow is $1.5 million; the debt is half of the purchase price, or $3 million; and the interest on that debt (assuming a 5% interest rate) is $150,000 annually. This leaves $1,350,000 to be split 80%/20% between the investors and the CEO. The CEO’s implicit annual cash flow from the carried interest is therefore 20% of $1,350,000, or $270,000.

Add this to the cash salary and the entrepreneurship through acquisition path dominates the traditional post-MBA career path, as shown in the chart below.


What happens if we take into account the timing of the cash flows? The usual timing of cash flows is that the debt gets repaid first, then the equity investors get their investment plus preferred return second, next the entrepreneur gets paid 20% of the preferred return, and lastly, the remaining cash flows are split 80% for the investor and 20% for the CEO.  The bank and investors get paid off before the CEO gets any cash for the carried interest. But the advantage to the traditional path in the early years is very much offset by the impressive EtA cash flows that occur once the carry starts getting paid and even more so upon exit (which we’ve assumed in year 10 in this example).  Here is the revised comparison:

maltaway malta mba

Analytical readers may think this is a great opportunity to compute the present values of the two paths, perhaps using different discount rates the reflect the perceived risks of the two paths (the present values are close at 15% for the traditional path and 25% for the EtA path) in hopes of determining which path offers the highest compensation. (We recognize that some believe that the EtA path is more risky and thus would assign a higher discount rate. We are not so sure of that.) We don’t advise that approach. Instead, we think you should recognize that there are a lot of differences that we haven’t fully modelled. On one side of the coin, there are likely tax advantages from the EtA payouts and increases from growing the acquired business. On the traditional path side of the coin, there might be pensions or bonuses that we’ve not captured.

Overall, we think that this financial analysis shouldn’t be used to show that one path dominates another. To us, it shows that the compensation is reasonably similar across the two paths; certainly individual variations in experiences will dominate any systematic differences. With money out of the calculus, and the general assessment from MBA graduates that the non-pecuniary aspects of being a small business CEO dominate those of more traditional careers, we imagine that more graduating MBA students will choose the EtA path.

Of course, being a small firm CEO doesn’t appeal to everyone so the decision turns, as we think it should, on whether you appreciate and will thrive in a small business environment.


MALTA. where high education combine Medsea lifestyle

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After Brexit, MALTA place 1st in computing and science graduates

In the context of a strong investment in the global market of EDUCATION, which has seen for a long time the leadership of the United Kingdom, Malta looks like the new and competitive alternative, thanks to infra-structural investments and more and more extended and qualified international community present on the island….now MALTAway offers great solutions for Individuals and Corporations as well with MBA Full & Executive & English Courses … from Brexit to MALTA to keep anglo-saxon way in EU

From MALTAwinds …. With 15% of Computing and Science graduates, Malta is technically at the top of the pile in the whole of the EU in this sector since the UK, which placed first with 17% is now no longer an EU member having voted for Brexit a week ago. Malta also registered a large share of female graduates as regards Education with 80% of graduates being women although this was just about the EU average.

Almost 5 million tertiary education students graduated in the European Union (EU) in 2014: 58% were women and 42% men.

Male dominated education fields are Engineering, manufacturing and construction (where men account for 73% of the graduates in this field) and Science, mathematics and computing (58%).

On the other hand, four out of five graduates in Education are women (80%). Another field where women are largely over represented is Health and welfare, with 75% female graduates.

One in three graduates studied social sciences, business or law

The largest share of graduates in all Member States studied Social science, business and law. In Bulgaria, this field was followed by nearly half of all graduates (49%). It accounted for a large share also in Luxembourg (46%), Cyprus (44%) and Lithuania (43%).

One in five graduates in Romania, Austria, Finland (all 21%) and Germany (20%) received their diplomas in Engineering, manufacturing and construction.

The share of graduates in Health and welfare was particularly high in Belgium (25%), where one in four graduates was in this field, and exceeded 20% also in in Sweden (23%), Denmark (21%) and Finland (20%).

Humanities and arts were popular in the United Kingdom and Italy (both 16%). In the United Kingdom, 17% graduated in Science, mathematics and computing. This field had a relatively large share also in Malta (15%) and Germany (14%). By far the largest share of Education graduates was in Luxembourg (26%).

80% of Education graduates are women

In all Member States, there were more women among tertiary education graduates than men (58% of graduates were women at EU level). The share of female graduates was particularly high in Estonia and Poland (both 66%). The most balanced gender distribution was observed in Germany (51%) and Ireland (52%).

Engineering, manufacturing, and construction is clearly dominated by men at the EU level (73% of the graduates in this field are men) and in all the Member States. The share of male graduates in this field ranged from 61% in Poland to 85% in Ireland. Science, mathematics and computing is another male field in most Member States – apart from Romania (41% of the graduates in this field are men), Portugal (43%), Cyprus (46%), Italy (47%) and Bulgaria (50%). The highest share of male graduates in Science, mathematics and computing was in Netherlands (73%), well above the EU level (58%).

Women are over represented in Education in all the Member States – their share in this field in the EU was 80% and ranged from 62% in Luxembourg to 97% in Romania. Also in Health and welfare, female graduates dominated both on the EU level (75%) and in all the Member States, with the highest share in Estonia (90%) and the lowest in Cyprus (65%).


The best MBA programs, part time, full time, on line

The best MBA programs, part time, full time, on line

An MBA can be a shortcut for ascending the career ladder and boosting your salary. While attending one of best b-schools in the world can be an attractive option,  for some working professionals it’s not feasible, making a part time Executive MBA programs a great alternative.

Here in MALTA, in partnership with a UK University, we have a great VALUE solutions for Professional and Executive with a part time Executive MBA or a full time MBA program for global students looking to achieve an internationally recognised and distinctive qualification at a super competitive model and price

Alternatively, you can choose one of these online MBA programs, US based and much more expensive

U.S. News & World Report recently released their ranking of the best online MBA programs, evaluating schools based solely on data related to their distance education MBA programs in five categories: student engagement, admissions selectivity, peer reputation, faculty credentials and training, and student services and technology. (You can read a full breakdown of the methodology here.) Note that because of multiple ties, the ranking only goes through No. 15.

Temple University’s online MBA program took the top spot, followed by Indiana University at Bloomington, and University of North Carolina at Chapel Hill.

Read on for the rest of the 19 best online MBA programs in the country, according to U.S. News.

MASTER BUSINESS ADMINISTRATION (MBA) a MALTA : una nuova sfida competitiva e innovativa con Maltaway

MASTER BUSINESS ADMINISTRATION (MBA) a MALTA : una nuova sfida competitiva e innovativa con Maltaway

Nel quadro di forte investimento nel mercato globale dell’ EDUCATION, che ha visto per lungo tempo la leadership del Regno Unito, MALTA si presenta come nuova e competitiva alternativa, grazie agli investimenti infra-strutturali e alla sempre più estesa e qualificata comunità internazionale presente.

Che tu sia un Neo Laureato, un Professionista, un Manager, oppure un’ AZIENDA interessata ad investire nel proprio capitale umano con corsi di alta qualificazione ai prezzi più competitivi in Europa e nel mondo, con MALTAway trovi una soluzione innovativa.

Education related tag cloud illustration

Education related tag cloud illustration

MALTAway offre servizi di HIGHER EDUCATION di alto contenuto e livello per chi vuole mettersi in gioco con esperienze coinvolgenti che stimolano il confronto e la crescita personale, offrendo una differenziazione e capacitá competitiva del proprio CURRICULUM in un mercato del lavoro sempre più demanding, competitivo, globale.

Con MALTAway puoi realizzare quello che è sempre stato il tuo sogno e una ormai irrinunciabile necessità nel mondo lavorativo, con un’esperienza accademica, professionale e personale in un paese di lingua Inglese e un contesto decisamente internazionale.



Corsi di inglese qualificati a partire da 1 settimana o con periodi di lunga permanenza (fino a 12 mesi ed oltre) rivolti a tutti coloro che desiderano migliorare il proprio inglese in un contesto altamente qualificato o che necessitano prepararsi agli esami per certificazioni (IELTS o altre) o per raggiungere il livello di conoscenza necessario per l’ammissione a percorsi Universitari internazionali e MBA




Il Master in Business Administration è una specializzazione manageriale post laurea riconosciuto a livello internazionale e altamente qualificante e distintivo nel mondo lavorativo.

MASTER BUSINESS ADMINISTRATION (MBA)  con 2 differenti programmi e impegni, un Executive MBA e un Full Time MBA, con il conseguente ottenimento di un titolo accademico rilasciato da una riconosciuta e qualificata Università Inglese con un livello 7 del Quadro Europeo delle Qualifiche, il più elevato se si esclude la qualificazione accademica del PhD o Dottorato di Ricerca

6 Avanzata in un ambito lavorativo o di studio, che presuppone una comprensione critica di teorie e principi. Avanzate, che dimostrino padronanza e innovazione necessarie a risolvere problemi complessi ed imprevedibili in un ambito specializzato di lavoro o di studio. Laurea, diploma accademico di I livello;
7 Altamente specializzata, che può costituire l’avanguardia della conoscenza in un ambito lavorativo o di studio, come base del pensiero e/o di ricerca originale. Consapevolezza critica delle problematiche legate alla conoscenza in un campo e all’interfaccia tra campi diversi. Problem solving specializzato necessario nella ricerca e/o nell’innovazione, al fine di sviluppare nuove conoscenze e procedure e per integrare conoscenze provenienti da ambiti diversi. Laurea magistrale, diploma accademico di II livello, master universitario di I livello, diploma accademico di specializzazione (I), diploma di perfezionamento o master (I);
8 Livello conoscitivo più avanzato in un ambito lavorativo o di studio e all’interfaccia tra campi. Tecniche più avanzate e specializzate, tra cui la sintesi e la valutazione, necessarie per risolvere problemi complessi della ricerca e/o dell’innovazione e per estendere e ridefinire le conoscenze esistenti o la pratica professionale. Dottorato di ricerca, diploma accademico di formazione alla ricerca, diploma di specializzazione, master universitario di II livello, diploma accademico di specializzazione (II), diploma di perfezionamento o master (II).

MBA full time della durata di 12 mesi

si rivolge principalmente a Laureati, Professionals e Managers, già in possesso di una laurea di 1 livello, che intendano ottenere una qualificazione internazionale riconosciuta e distintiva per inserirsi o consolidarsi nel mondo lavorativo, frequentare un contesto internazionale e acquisire un’ottima conoscenza e padronanza della lingua inglese

Requisiti richiesti:

  • bachelors degree (pari alla laurea triennale) con una buona valutazione finale
  • conoscenza inglese minimo IELTS 6.0


Corsi di Managing Human Capital and Leadership, Marketing Management, Financial Analysis, Management and Entrepreneurship, Strategic Management, Research Methodologies ,Strategic and International Marketing , Corporate Finance , Financial Markets ,Investment Analysis ,International Business e Marketing Management.


MBA part time per EXECUTIVES della durata di 18 mesi

 si rivolge ad Executives, gia’ in possesso di una esperienza lavorativa, che intendano conciliare la formazione con l’impegno professionale per acquisire una qualificazione di valore per i contenuti e per le relazioni con docenti e managers, imprenditori e professionisti internazionali. I corsi consentono di accrescere le competenze e tecniche manageriali, sviluppare le capacita’ di visione e innovazione, maturare una crescita professionale e personale. Il corso si svolge principalmente dal Venerdí pomeriggio alla Domenica sera, in media ogni 6 settimane.

Requisiti richiesti:

  • bachelors degree o rilevante esperienza manageriale
  • conoscenza inglese minimo IELTS 6.0
  • appropriato livello di esperienza professionale


Corsi di Managing Human Capital and Leadership, Marketing Management, Financial Analysis, Management and Entrepreneurship, Strategic Management, Research Methodologies, Corporate Finance , International Business, International Marketing Management.

I costi dei corsi MBA sono molto competitivi con fee compresi tra 6.000 e 7000 euro.

Per maggiori informazioni, dettagli e approfondimenti CONTATTARE MALTAway, che vi seguirà nella fase di valutazione , domanda ed iscrizione e per la permanenza a MALTA con la propria divisione MALTAway TRAVEL 

Relocation: education and school guide

Relocation: education and school guide

Designed to support parents embarking on an international assignment or a relocation to another area in their country of origin, this substantial, 232-page publication will be an invaluable resource for relocating families and the HR decision-makers, global managers and relocation professionals who support and advise them.

Maltaway serve and assist you with a holistic 360° approach including school as well…just ask


Moving is a stressful business, even if you have done it many times before. For employees, there is the challenge of getting to grips with their new role and work commitments and understanding the nuances of the business culture in their new location. For partners, there can be concerns around finding employment and settling the family.

For parents with accompanying children, sourcing appropriate school places is paramount; without the reassurance of a school place, they may even refuse the assignment or relocation move.

Moving with a family isn’t easy, but with the right information and support, parents can make informed choices and give their children opportunities that will widen their horizons and help them to become global citizens. We don’t claim to have all the answers, but we can reassure parents that there are education options to meet their needs, and experienced professionals within schools and experts across the globe who can help them make the right choices for their individual circumstances.

For HR, global managers and employers, understanding changes in education systems and the complexities of curricula, domestically or in regions around the world, can be bemusing. This guide will help them deal confidently with parents who need school places in their new location and who require support to enable them to take up an international assignment or a domestic relocation move.

It will also help them to understand the education and family issues involved, and to make fair and informed decisions that support their organisation’s talent and enable them to function as effectively as possible in the new location from the outset.

For relocation professionals, the guide will support the work they do in sourcing schools and accommodation for families relocating to a new area. It’s another tool to help them guide families through the transition and change that are inevitable in moving and establishing a new network and sense of home.–coming-soon

Basic English Video: When to use “me”, “myself” and “I”

Basic English: When to use “me”, “myself” and “I”

MALTAway ti offfe le migliori e selezionate (da noi) scuole di Inglese a Malta e nel mondo, per privati, bimbi, teenagers, studenti, universitari, scuole, famiglie, imprese, executives e senza alcun aggravio di costi che molte agenzie fanno invece pagare

Qui a Malta ti abbiniamo anche un’offerta di Corsi di Inglese con splendidi  hotels e un programma di 1 o 2 settimane o per i più volenterosi un mese e anche 3, per trasformare la tua vacanza in un investimento…. meglio a Malta che nella scuola sotto casa e ti costerà anche di meno

EDUTAINMENT   Education + Entertainment in un ambiente interculturale … da sempre e questo video non è che il punto di partenza…. Have EDUFUN !!!

Me, myself, and I. You may be tempted to use these words interchangeably, because they all refer to the same thing. But in fact, each one has a specific role in a sentence: ‘I’ is a subject pronoun, ‘me’ is an object pronoun, and ‘myself’ is a reflexive or intensive pronoun. Emma Bryce explains what each role reveals about where each word belongs.

What is education for? The beauty of a PhD is that it is a place where individuals can immerse themselves in learning without focusing on where this will take them.

Building social capital isn’t the focus of most education systems. The beauty of a PhD path is that it is a place where individuals can immerse themselves in learning without focusing on where this will take them.

Last year, Mark Carney, Governor of the Bank of England, gave a speech in London called “Inclusive capitalism: creating a sense of the systemic.”

Carney’s 2014 speech is worth reading in full, but it is his remark that “we need to recognise the tension between pure free market capitalism, which reinforces the primacy of the individual at the expense of the system, and social capital which requires from individuals a broader sense of responsibility for the system” that resonates most strongly. Carney then goes on to say, “a sense of self must be accompanied by a sense of the systemic,” a theme threaded throughout much of the speech.

As an entrepreneur, it matters to me that every ambitious person with the talent, imagination and drive to turn ideas into reality is provided with opportunities to succeed. This is what makes capitalism an “engine of broadly shared prosperity,” and that is the reason for countless innovations that have changed how we live. Indeed, although we cannot guarantee the outcomes of such efforts, we should be confident that capitalism can help all people flourish regardless of their age, race, gender, place of birth or level of education.

However, in looking at how our public conversations about education are transforming, it is deeply worrisome that we are focusing on the wrong things, moving farther and farther away from a world where equal opportunity between individuals is possible. In a society where education is seen as a means to a job, and where higher education is seen as a path to a particular kind of employment, we miss what education is actually for. Moreover, the things that contribute to the full development of a person, such as an appreciation for philosophy, science and history, fall to the wayside as we place greater emphasis on subjects with short-term returns.

When a person focuses on achieving a particular end goal, they narrow themselves to the opportunities for exploration and experimentation around them. The beauty of higher education is that it is a place where individuals can immerse themselves in learning without focusing on where this will take them. The writing and ideas of Aristotle, Nussbaum, Sen and Oakeshott might not help students achieve particular outcomes, but they contribute to the development of a particular kind of person. It is regrettable that in most conversations I have on this topic, most people give a funny look when the words “intrinsic value” or “philosophy” are uttered.

Equally, I have found the same to be true in terms of how young people think about careers. Constantly focusing on the “next step,” we fail to reflect on the whys and for what purposes we are working. It is only after dropping out of Oxford, working as a sous-chef, living as an amish farmer and dabbling in governmental and advertising work that David Ogilvy founded the ad firm Ogilvy & Mather – at the age of 37. Had Ogilvy cared about short-term career prospects, he would have joined a consultancy.

Along with issues such as climate change and artificial intelligence, inclusive capitalism is among the most pressing of our time. But we will only re-instil trust in capitalism, and develop an inclusive society built on equal opportunity, if individuals possess what Carney calls “a sense of self… accompanied by a sense of the systemic.” Developing a sense of self requires thinking about who we are, a question that requires experience gained over many years through consistent introspection. But we cannot predict, optimize or aim at this experience; Bandura is right when he writes that many of the most influential moments in a person’s life arise through the most trivial of circumstances.

There are thankfully positive examples to which we can refer: in late July 2015, close to 120 young leaders from across North America converged in Calgary, each representing their city hubs in the Global Shapers network. A specific example that comes to mind is Arjun Gupta, curator of the Toronto Hub which has raised over $1 million for the Sick Kids Hospital and built multiple successful companies – demonstrating the curiosity, selflessness and drive we should see out of society’s young leaders.

Broadly stated, education is a means to developing an inclusive society over the long-term. However, it can only take place through a renewed focus on teaching what is fundamentally important. Focusing on jobs and short-term success is what leads us to pursue growth for the sake of growth; a deeper appreciation for learning allows us to ask what growth is for.

We need business leaders like Carney, as well as Lynn de Rothschild and Paul Polman, who continue to ask basic and yet fundamental questions regarding the purpose of wealth. Business should be seen as a vocation, as they have already written. But we also need university presidents and provosts, politicians and civil servants doing the same. “What is education for?”, “What kinds of people do we wish to develop?” and “How do we collectively engage in this dialogue?” might not contribute to GDP, but they will help us build a more powerful engine in the long-term, and more importantly, a society where equality of opportunity exists.

Study compares the expat costs of a child’s education, great opportunity in MALTA

Study compares the expat costs of a child’s education, great opportunity in MALTA

A new report has balanced the costs UK expats face when deciding whether to send their children to boarding schools in Britain or to private schools in their host countries.

Ask to Maltaway for the best school and UNI fees in MALTA, local cost of living and the best way to transfer money around the world

According to a report in the Daily Telegraph, the survey by currency transfer specialists FXcompared Intelligence found that the average cost of boarding schools in Britain currently stands at £31,000 a year.

Boarding fees at the likes of Eton, Harrow and Winchester all exceed £34,000 a year, while leading day schools regularly charge more than £20,000.

By comparison, average fees at the top 50 US boarding schools stand at a little under £35,000 while private school fees for day pupils range from £13,000-£32,000.

International schools in popular expat locations such as New York, Washington, DC, and Boston, cost around £21,000 a year – the same as Switzerland – while the figure for such schools in Canada and the UAE averages around £11,000.

International schools in Hong Kong cost £16,000, while the figure is £18,000 in Singapore.

Of course, many expats in English-speaking countries, such as the US, Canada and Australasia, choose to send their children to one of the very good local, public schools.

The report quotes figures the Independent Schools Council indicating that there are more than 31,000 foreign and British students whose parents live abroad, in UK independent schools.

Some of these schools charge higher fees for overseas students, adding between eight to 25 per cent to the charges.

Daniel Webber, managing director of FXCompared, said, “There are steadily increasing numbers of pupils in the UK whose parents live overseas, part of a billion pound market for international boarders at UK schools.

“It is important that people take the time to consider how they transfer the money from abroad for school fees. Using the right methods can save around £10,000 from Years 4 to 13, meaning that a full term is basically free.”

Sara Sparling, a consultant at Anderson Education, which assists British expats place their children, said they often choose the UK because they believe the standard of education is good and it will provide stability especially in the lead up to GCSEs or A-levels.

“If your children have been living overseas for some time, they may take time to acclimatise to British culture,” she told theTelegraph.

“Boarding in the UK, particularly in the sixth form, is a popular option. Students have the opportunity to gain independence in a safe and secure environment and to adapt to life in the UK before progressing to university.”



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