Wednesday, February 14, 2007

A-Z of MBA

The Masters of Business Administration (MBA) is traditionally simply a general introduction to business management, however over time it has grown arms and legs and terminology which may confuse and confound. There follows a brief a-z following which you should be able to discuss MBAs with the best of them. A blaggers guide if you will:

Accreditation: The most valuable MBAs will normally have been accredited by an independent body such as the Association of MBAs (AMBA) or the AACSB.

Basics: In addition to specialities all MBAs should cover the basics of business, accounting, forecasting and legal aspects.

Corporate: Apt to follow basics, some MBA programmes are for employees of a single company with some tailoring of content or structure to suit the company's requirements. They should still cover the broad basics. Should.

Distance learning: Every year the number of courses available via distance learning increases. The ease and effectiveness of these courses increases even more quickly. Watch out for a review of available distance learning MBA courses coming soon on BusinessSchoolGuide.

EMBA : The EMBA is targetted at executives, those with some real world experience rather than being fresh from University. The focus of the course can be more motivational than skill building.

Fees: Fees for a typical full-time programme can cost from £10,000 to more than £60,000 on a more prestigious course.

GMAT: The Graduate Management Admission Test (GMAT) is a test of general skills and abilities that you have acquired over time. A key admission criteria for any MBA course.

Hard work: MBA courses are hard work. The shorter the course, the harder the work is likely to be. Studying part-time whilt staying at work makes the finances easier, and keeps your boss happier - but unless you actually work that 36 hour week finding the extra 15-20 for study can be a stress.

International: The globalisation of business has led the globalisation of MBAs, many now offering multi-campus courses spanning the globe.

Jobs: Most MBA students are aiming to improve their careers, either through promotion or a total gear shift. The spread of potential careers is much broader than in the past.

Kaplan: Several publishers, such as Kaplan and Peterson's, offer practice GMAT tests online and to buy: GMAT Tool Kit

Languages: Some schools prefer students to have a second language. Most schools offer language training, although an MBA and a language will be a tougher year than just an MBA - consider splitting the two.

Modular courses: Students doing a modular MBA alternate study blocks at school with periods of time back with their employer, making life easier for the employer but extending your studies.

Networking: Most MBA students are networkers by nature, but it's still worth checking out your Universit alumni network services first.

Options: The heart of an MBA will cover all the functions involved in managing a business, from accounting, human resources and IT to marketing, operations and sales. At a few schools, this core makes up the whole programme.

Part time: Part-timers can usually take up to five years to complete their studies via classes in the evenings and weekends.

QAA: The Quality Assurance Agency (QAA) is the UK government agency charged quality assurance in higher-education.

Rankings: The Financial Times, Business Week and Wall Street Journal are just some of the publications that rank business schools and courses. Rankings mean nothing if the course is wrong. But they still rule!

Specialist MBAs: A growing number of schools now offer specialised MBAs which in addition to the core subjects, focus on one specific area such as finance, IT, environment or very niche industry specific topics.

Tests: Embarking on an MBA is an embarkment on a wave of tests. So if you don't test well, get some practice in first, otherwise it could be one expensive year!

University: Some schools make better use of their university links than others. How good is the library. How many bars on campus.

Validation: Some students study for MBAs at teaching institutions not authorised to award their own degrees. In these cases, the programme will be validated by another business school.

Which MBA? As well as Business School Guide, a number of other sources can help you choose. A Critical Guide to the World's Best MBAs by George Bickerstaffe (FT Prentice Hall) has a good reputation.

X: OK, I give up, can't think of an X. Answers in comments!

Youth: The typical graduating age of an MBA student in the US is 28, but 30 in Europe. Students on part-time courses tend to be older for obvious reasons like family committments.

Zzz: The noise remote learning students make during study time if they don't cut down the commitment at work while achieving their MBA. You can't burn both ends guys, well you CAN, but not for long.

So there you have it. Go talk!


Further reading:

AMBA - MBA course ranking overview

Business Week - 2006 Full-Time MBA Program Rankings

The Guardian Unlimited - 'Know the way to an MBA'

Financial Times - Global MBA Rankings 2007

College Journal - MBA Center from the Wall Street Journal



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