Bolstered by a strategic partnership with Duke Fuqua, Nazarbayev University Graduate School of Business (NUGSB) in Kazakhstan has built a leading EMBA program for Central Asia.
Dana Iskakova has an MBA resume you’d expect for any number of prestigious business schools around the world: More than nine years experience in strategic brand positioning, corporate communications, and event management. Leadership roles in major national and international projects, including senior manager of marketing and communication at National Company Astana Expo. Co-founder and manager of an international PR firm.
But where she earned her MBA might surprise you: Nazarbayev University Graduate School of Business (NUGSB) in Kazakhstan.
Dana Iskakova, MBA ’22
Many business schools in Central Asia and the former Soviet Union focus on teaching and operate under heavy government oversight. NUGSB, on the other hand, has full autonomy and a mission to lead in academic research. The school and its parent university have been built from scratch to set a standard for higher education in the region.
And from day one, NUGSB had an ace up its sleeve: a strategic partnership with Duke University’s Fuqua School of Business.
“The partnership played a major role in my decision to attend NUGSB. Initially, I was considering other schools in the U.S.,” Iskakova tells P&Q.
“When I discovered that Nazarbayev University had a strategic partnership with Duke, it immediately felt like the perfect choice. It allowed me to stay close to my family during a challenging time while still receiving an education aligned with top international standards. Looking back, it was one of the best decisions I’ve ever made.
BUILDING A NEW KIND OF BUSINESS SCHOOL
Nazarbayev University was founded in 2010 by then-President Nursultan Nazarbayev with a bold vision: to create a world-class research institution that would raise the bar for higher education in Kazakhstan and beyond. At the time, top students left for Europe or the U.S. for their education and many never returned. Nazarbayev and others wanted to build a university to train students who would put their talents to work for Kazakhstan.
The university was granted full autonomy to operate independently from the country’s Ministry of Education, a unique structure from traditional Kazakhstani universities.
To build a university from the ground up, founders sought partnerships with some of the world’s leading academic institutions – including the University of Cambridge, the National University of Singapore, the University of Wisconsin-Madison, Colorado School of Mines and others. It partnered with Duke Fuqua in 2009 to develop its Graduate School of Business.
“These were top-tier institutions that have brand recognition, that have some of the best researchers and professionals in the world, and they asked them to walk alongside them to create this institution,” says Robert Olinger, assistant dean for institutional collaboration at Duke who has worked with NUGSB since the beginning.
“Building an educational institution in the post-Soviet Union has tremendous challenges, so I believe that this group really thought deeply about how they would truly be able to transform the educational system (in Kazakhstan).”
Fuqua was a natural fit. It was one of the first Western business schools to go to the post-Soviet Union in the mid-1980s during Perestroika, Mikhail Gorbachev’s reform policy to restructure the economy and government. It led management training programs in the region, following a strong institutional desire to play a positive role in the world while establishing a presence in emerging economies such as Russia, India, China, and Latin America.
As part of the partnership with NUGSB, Fuqua has lent its expertise in everything from curriculum development, course design, and faculty recruitment. Its faculty teach courses at NUGSB – less so now than in the early years – while also advising NUGSB research scholars and co-authoring studies. Fuqua also plays a key role in admissions, quality assurance, and keeping academic standards high.
While some of the university’s original partnerships have since dissolved or became less active, the business school’s strategic partnership is still intact, extending at least through 2026.
“I think our partnership ended up being quite unique, because I think we understood the assignment,” Olinger says.
Nazarbayev University Graduate School of Business EMBA students spend 10 days at Duke Fuqua and take courses there as part of their program.
NUGSB’S PIONEERING EMBA
Today, NUGSB offers a full-time MBA with a cohort of between 20 to 25 students. It recently launched a hybrid delivery format with online classes during the week and in-person classes on the weekends, to allow Kazakhstani students to stay in the work force if they choose or need to. It also offers a Master of Finance, a Masters in Engineering Management (MEM) in collaboration with its engineering school, and a PHD in Business Administration. It launched a Bachelor of Business Administration last year with nine students.
But its flagship remains its Executive MBA program, launched in 2013 with deep involvement from Duke Fuqua. It was the first program NUGSB launched to address major gaps in Kazakhstan’s business landscape. Then, Fuqua faculty taught all the courses, Olinger says. A key factor in its success was that it permitted dual-language study with courses taught in English and simultaneously translated into Russian.
“In the first cohort we had 17 students. Most of them we had to get from the university itself, and others came because the Prime Minister and President were telling people, ‘You have to join this program,’” Olinger says. “It was a really cool class. One of the people is now the Minister of Energy. Another used to be the head legal officer on their sovereign wealth assets. We have people in that class who are all over the place. Some of them are in government. Some of them are entrepreneurs now.”
ATTRACTING KAZAKHSTAN’S TOP TALENT
The 2025 EMBA cohort has 38 executives averaging 15 years of professional experience across industries such as oil and gas, finance, and hospitality. Along with their NUGSB EMBA degree, students receive a Duke certificate in global management and gain access to the Fuqua alumni network.
Students also complete a 10-day residency at Duke, taking two courses there each year – a key recruiting tool for the region’s top talent.
“Developing an Executive MBA program is extremely challenging because you need to get these top executives in top positions in companies to commit weekends to come to campus,” says Joep Konings, dean of NUGSB since 2022.
“Now, 10 years down the road, it’s one of the most successful programs in all of Central Asia. That Duke experience is a very important leverage.”
Students in the NUGSB Financial Markets Lab.
Iskakova agrees.
“I encouraged a friend, a top manager at a major company in Kazakhstan, to join the Executive MBA program at NUGSB. They were initially considering other prestigious U.S. schools, but I emphasized the value of building a strong local network. With NUGSB, they could stay with their family, keep their management role, and apply their knowledge directly to current business challenges,” she tells P&Q.
“Plus, they’d have a platform to discuss these challenges with peers – top consultants in their industries at no cost. And with the Duke partnership, NUGSB stands among the top programs. I’m proud they enrolled, knowing this program will give them the right tools and network for their career.”
CREATING REAL WORLD IMPACT
NUGSB’s EMBA program attracts some of Kazakhstan’s most accomplished professionals, many of whom go on to make significant contributions in industries like energy, finance, and technology.
“These are top-tier executives who, after completing the program, often launch new ventures or drive major transformations within their companies,” Konings says.
Joep Konings, NUGSB dean
One graduate built a multimillion-dollar solar energy business, a major achievement in a country historically reliant on oil and gas. Another founded a chain of medical centers specializing in traditional Chinese medicine.
The school’s influence extends beyond individual success stories. Advancing women’s leadership is another key impact in a traditionally male-dominated space. The full-time MBA is typically 60% female while the EMBA is around 20 to 30%, Konings says.
“But those who do enroll are among the most ambitious and capable professionals in the region,” he says. “These women command respect. You walk into a room full of executives, and it looks intimidating, but they hold their own. They are going to be the ones who redefine leadership in this region.”
Further, about half of EMBA graduates go into entrepreneurship – launching businesses in sectors like solar energy, healthcare equipment, and the restaurant industry – even if they initially work in state-owned or corporate positions.
“When I arrived in 2016, I noticed a shift happening. More professionals were speaking English, more companies were adopting global best practices, and you could feel a real transformation in the business culture,” says Konings, who originally joined Nazarbayev University as part of the Economics Department before transitioning to the business school. There he has played a key role in boosting research intensity, faculty engagement, and strengthening the school’s partnership with Duke University.
Iskakova sees it too, and not just from the EMBA graduates, but from the other business programs as well.
“The program is not just about theory. It emphasizes practical, real-world application, preparing students to make immediate contributions to their industries,” she tells P&Q.
“I’ve seen the impact of this firsthand. Many of my classmates are business owners and industry leaders, and it’s inspiring to see them apply what they’ve learned to their companies. Whether in technology, retail, consulting, or manufacturing, they are leveraging their MBA experience to optimize operations, refine strategies, and scale their businesses sustainably.”
Along with their NUGSB EMBA degree, students receive a Duke certificate in global management and gain access to the Fuqua alumni network.
FUTURE OF THE PARTNERSHIP
NUGSB’s partnership with Duke University was always designed so that the school would eventually stand on its own two feet. But Konings sees areas on which the two can continue a partnership beyond 2026. NUGSB now has about 28 faculty with room to grow, and the Fuqua partnership is critical for recruitment as well as research development.
One of the most promising areas he sees for future collaboration is in sustainability and climate change.
“Kazakhstan is an energy-rich country – oil, minerals, commodities – but Kazakhstan stands nowhere in terms of their climate change policy. They are thinking about it and trying to implement certain things, so I think there is a big gab the business school can help fill.”
Of course, Duke University will be a key player. Leveraging resources such as Fuqua EDGE – its Center for Energy, Development, and the Global Environment – NUGSB aims to integrate sustainability into its curriculum, expand research initiatives, and develop business leaders capable of driving climate-conscious change in Kazakhstan and Central Asia.
Konings also wants to increase the business school’s visibility and reputation around the region.
“Kazakhstan does not realize what kind of a top-notch business school we have with NUGSB,” he says. “The world does not know it. Europe does not know it.”
BUILDING AN NUGSB ALUMNI NETWORK
Iskakova’s career trajectory after completing her NUGSB MAB in 2022 is a good example.
Dana Iskakova spent a full semester at Duke University as an MBA student at NUGSB.
She took on a leadership role as Chief Marketing Officer at one of Kazakhstan’s largest companies, significantly raising her salary. She also launched her own company, Myshyraq, which makes sustainable waxless candle centerpieces. Not only did she apply lessons on pricing strategy, data-driven decision making, and negotiations, her MBA gave her the confidence to strike out on her own.
“My experience at NUGSB was transformative. Studying both locally and internationally, including a semester at Duke, provided top-tier academic training, a diverse peer network, and lifelong professional relationships,” she tells P&Q. “The challenging yet rewarding curriculum played a key role in my growth.”
Looking ahead, Iskakova wants to help build an alumni network at NUGSB in the image of the one she has experienced at Duke. She volunteered at a Duke Alumni Reunion and was both amazed and inspired to see graduates from 60 years ago show up to engage with the school. While that’s almost a foreign concept in Kazakhstan, NUGSB’s small but growing network are starting to engage.
“I hope that Nazarbayev University GSB will also build a community of dedicated alumni who stay in touch, support each other, and continue to contribute to the school’s growth,” she says.
“People are the heart of this program – motivated, ambitious, and inspiring. This experience reinforced the importance of lifelong learning and adaptability. I truly believe NUGSB is shaping Kazakhstan’s current and future business leaders.”
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