The Master of Business Administration Degree (MBA) is the most popular business qualification in the world, and is fast becomming a prerequisite for management positions.
The MBA is by its nature a general management qualification. A programme usually consists of a core curriculum covering the functional areas of management, including information systems, finance and accounting, and human resources, to name a few. The second stage of the course is usually made up of a choice of electives (optional courses), to allow the student to either continue with general studies or to specialise in a particular subject or area. All this is taught through a variety of means, for example, lectures, study groups and case studies.
The qualification began in the US about 90 years ago. Today, well over 1000 business schools, universities and other institutions across the world offer the MBA, and these can differ vastly according to tradition and background. There are also innumerable methods of study, for example, full-time, part-time, modular and distance learning. With this bewildering choice on offer, how can a potential student decide which is the best programme for them?
Undertaking an MBA course is a large commitment both in terms of time (full-time programmes run for one or two years) and money (good quality courses cost in the region of œ15,000 to œ20,000). Therefore, before selecting an MBA programme, it is important to ask yourself why you are pursuing the qualification in the first place.
The main reasons quoted by students for choosing to embark upon this route of study are for an increase in salary; to open new career opportunities; to further a career and to extend personal networks. A good quality course will allow for all of these by developing participants' personal skills at the same time as extending their knowledge base in the general management disciplines in the context of global business. The MBA is an educational course, and as such should challenge students' assumptions and attitudes. Furthermore, knowledge accrued on the course should be highly transferable to the world of work. The courses which achieve this most effectively bring together top quality faculty with students from a variety of backgrounds who possess a wealth of experience and ambition (at Cranfield, for example, students on the full-time programme have an average of nine years' business experience). The combination produces the best possible educational experience which broadens horizons and equips the individual to embrace challenge and change in the future.
Each individual will have their own personal circumstances and requirements, but as an initial guide, this simple checklist of points to consider may assist when embarking on choosing an institution and programme:
Is the institution accredited by a national or international body?
In the case of UK schools, the relevant body is the Association of MBAs (AMBA). The American Assembly of Collegiate Schools of Business (AACSB) is the US accrediting body. Also, what is the research rating and teaching quality of the MBA? Many countries have independent assessments of research and teaching quality. In England, the latter is assessed by the Higher Education Funding Council for England (HEFCE).
How many full-time faculty does the institution employ, and is it large enough to sustain a varied programme?
How many teaching hours does the programme include?
UK courses can range from 28 to 42 taught weeks, so make sure you are getting value for money.
What is the size of the course?
Bear in mind that larger courses have the potential of bringing you into contact with more people and therefore extending your network.
What is the learning environment - is it competitive or collaborative? Is teaching and learning technology incorporated into the programme?
Some courses, for example, offer group software such as Lotus Notes for study support.
What is the cost of the programme?
You will also need to look beyond the course itself to consider if it really will enhance your career prospects. Find out what the reputation of the MBA is with recruiters. Do multi-national companies and consultancies recruit at the institution?
How extensive is the network of alumni or past students, and do they actively support the programme?
This is just a sample of questions that you need to answer. Some of the information you will require can be found in guides to MBAs and business schools. For detail on individual institutions, consult their course brochures. At the same time, you should also talk to friends and colleagues who have completed an MBA for their impressions. Once you have arrived at a shortlist of schools, if at all possible you should visit them. This may not be necessary if you are considering a distance learning programme, however, if you are going to spend a significant amount of time at the place of study you need to see what it is like for yourself. Schools will be more than happy to see you and you will be able to ask all your questions direct. Ask to sit in on a lecture and see the dynamics of the class for yourself. Then at the end of the day, ask yourself if were you stimulated and excited by what you saw.
Remember, an MBA is more than a brand name - it is an experience of a lifetime - so choose wisely, and good luck!
