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The winning Formula for success? – CNN

Do you need to be a jockey to ride a horse? Do you need to be a doctor to run a hospital?

Maybe not in all cases, but a new study suggests that you will be more successful in management if you have skills specific to your realm of operations.

These days the trend is very much toward professional managers — executives who swap industries as they please.

However, in the rarified world of Formula One at least, it appears that it pays to employ from within. And with an average annual team budget of $173 million, there is pressure to get it right.

“Former top drivers, such as Jean Todt, consistently turn into successful Formula One bosses — even when we account for factors such as the resources available to each team,” says Amanda Goodall of Britain’s Cass Business School.

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