On 3 July, the Lauder Business School community came together to celebrate one of the most meaningful milestones in academic life as we honored the IBA Class of 2026. Surrounded by proud families, friends, faculty, and staff, our graduates marked the beginning of an exciting new chapter.

We were honored to welcome Univ. Prof. Mag. Dr. Martin Kocher, Governor of the Oesterreichische Nationalbank, as guest speaker. In his address, Dr. Kocher characterized graduation as a time for joy and reflection, but most importantly, as a "day of aspiration."

The Power of Community and Luck

Dr. Kocher imparted a crucial reminder to the graduates: "almost nothing in life is achieved alone."

He noted that behind every successful career in sports, business, or the arts, there are two key ingredients: the right team of supportive friends and family, and a necessary amount of luck.

Drawing on his background as an economist, he explained that true success is not born from "perfect rationality" or flawless forecasting, but rather from curiosity, resilience, and the lifelong ability to learn.

Embracing an Unpredictable Path

Looking toward the future, Dr. Kocher reassured graduates that it is perfectly normal not to know exactly where they will end up in five or ten years.

He shared his own unpredictable career trajectory as an example, explaining that he almost studied physics before pivoting to economics, which unexpectedly led him to roles as a researcher, a politician, and ultimately the head of monetary policy.

His story served as a powerful testament to the importance of seizing chances as they arise in life.

Cooperation Over Pure Incentives

A major highlight of Dr. Kocher's speech was his perspective on how to manage and motivate people. He warned against the "illusion" that a successful environment can be engineered through monetary incentives alone.

Instead, he stressed that social norms, fairness, and human relationships are far more powerful drivers.

Because our society's largest challenges can only be solved collectively, he urged the graduates to prioritize cooperation in whatever field they enter.

Guiding Principles for the Future

To help the graduating class navigate an inherently uncertain world, Dr. Kocher left them with four core pieces of advice:

Question assumptions: While academic theories and models are helpful, the real world is incredibly complex; always be willing to question the assumptions behind your models.

Understand people: Develop a deep understanding and compassion for what drives others and what they truly want.

Invest in relationships: Strive to work as a community in every job you undertake.

Work hard: Seize the day, because in the long run, dedication always pays off.

Dr. Kocher concluded his remarks by urging the graduates to choose courageously and, above all, to choose to do things together.

Prof. (FH) Mag. Julius Dem, MBA, Director of Studies for the International Business Administration Bachelor's program (and newly revealed undercover Swiftie) beautifully echoed these sentiments in his closing remarks, advising the new alumni to lead with integrity, stay passionately curious, and never forget to appreciate their family and friends.

Congratulations to the IBA Class of 2026—we cannot wait to see where your aspirations take you.