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OFFICIAL
GUIDE TO
CHOOSING
AN MBA
2015
2015
CONTENTS THE OFFICIAL
GUIDE TO
CHOOSING
AN MBA
WHAT IS AN MBA? 10
HOW TO CHOOSE 18
WHERE TO STUDY 26
HOW TO APPLY 34
WHATS NEXT? 42
Printed by Polestar UK Print Limited, 2 Wyncolls Road, Severalls Business Park, Colchester, Essex C04 9HU
THE OXFORD
BROOKES GLOBAL MBA
Ranked 7th globally in the QS Distance Online MBA Rankings 2014
NPD 5087
INTRODUCTION
No other
letters signal
the bearer
knows how
to manage a
business
CHRIS BLACKHURST
Former City editor, The Independent and London Evening Standard
C
hoosing an MBA is a crucial decision, executives the best way to make the leap to a
right up there with choosing a uni- higher level is to gain an MBA, because cor-
versity and undergraduate degree, or porate chiefs and management recruitment
picking a school. specialists look for the letters that signal this
There are, though, critical differences. person has the tools theyre seeking.
MBAs are truly international, with business Forget other degrees: psychology, poli-
schools keen to have overseas students. tics, history. None of those say the bearer
Offered worldwide, theres a huge range of knows how to manage a business. Thats
locations and programmes to choose from why an MBA is worth doing, and why it
the array can appear overwhelming. usually leads to a greater salary.
Youre older and wiser now, which is just But make no mistake: the initial outlay is
as well, because the choice is yours alone. To expensive both in time and money. The
make it even more difficult, every institution calculation youre making is that an MBA
will tell you theyre the best (not surprisingly will enhance your career, may gain you a
for people who teach marketing and selling, promotion youve longed for, enables you
theyre excellent at promoting themselves). to seek a senior post elsewhere or even
That is where this handy guide comes in. make an entire career change.
Its designed to lead you through the maze An MBA requires a commitment to stud-
of applying for, and being selected for, a ying, and payment. There are many differ-
course leading to that most pivotal of man- ent types of courses available, from one to
agement qualifications, a Masters in Busi- two year full-time programmes, to shorter
ness Administration. or part-time. Prices are similarly varied.
Many successful entrepreneurs do not This guide will help you decide if an MBA
have the letters MBA after their names, but is for you and if the answer is yes, assist
they tend to be dominant characters who you in finding the business school and pro-
run their own shows their way. The simple gramme that is right for you.
fact is that for the vast majority of ambitious Happy hunting.
MBA
Newcastle University
C
urrently accrediting 224 business to the worlds largest firms. Over 40,000
schools in 53 countries, AMBA is the students graduate from AMBA-accredited
worlds only MBA-specific accredit- schools each year, and one of our priorities
ing organisation. is to fully support our graduate members
To achieve accreditation, a school must during the next stages of their careers.
demonstrate that students have a minimum In February, more than 600 MBA students
of three years appropriate and relevant from AMBA-accredited schools gathered
work experience and that at least 75 per at the biggest MBA recruitment event in
cent of the institutions teaching staff has a Europe. Current MBA students from the very
relevant postgraduate degree, with the ma- best business schools met with 16 multina-
jority holding a doctorate. They also have to tional organisations, including Bloomberg,
prove that students will receive a minimum LOreal and Microsoft, looking to recruit
of 500 contact hours, ensuring face-to-face MBAs for positions within their consulting,
learning and strong relationship building. marketing, sales, technology, research and
The school must be able to provide finance business divisions.
evidence of the quality of teaching, as evi- Our dedication to our MBA students
denced by relevant management research, doesnt end at graduation. Students from
scholarship and consultancy. All of which AMBA-accredited programmes are eligi-
demonstrates just how hard it is for a busi- ble for two years free AMBA membership.
ness school to earn AMBA-accreditation, You will have access to career development
and why fewer than 2 per cent of schools in resources, MBA recruitment events, and
the world have achieved this distinction. AMBAs new online community of interna-
As a former director of a major multina- tional MBA students and graduates.
tional and an owner of my own start-up, I Good luck in choosing the right AMBA-
believe that an MBA can improve your skill accredited school for your needs. You are
set so that you can embark on a future career just about to make one of the best invest-
in any organisation, from your own start-up, ment decisions of your life!
What
IS AN MBA?
CEOs swear by MBAs to supercharge careers. But
what does taking one involve? Heres the lowdown...
by RUSS THORNE
O
n the surface, a Masters in Business and its management is much misunder-
Administration (MBA) is simply a stood by high-level decision makers.
graduate management degree de- MBAs offer this transformative experi-
signed to enhance the leadership ence in various forms. They can be stud-
skills of experienced executives. It offers ied full-time, part-time or through blend-
high-level insight into management strat- ed learning, which incorporates both
egy and analysis, focusing on core areas online and on-site study. An MBA is gener-
such as marketing, operations and finance. ally suitable for managers with three years
But its clear from student Leigh Fish- experience; an Executive MBA for more
ers experiences that an MBA can offer senior figures with more than five years
much more than that. I learnt so much under their belts. In a competitive mar-
about other people and myself, she says. ketplace business schools tweak and focus
Fisher gained her MBA from Ashridge their programmes to offer unique selling
Business School in 2013 and found the points, be it in their approach to creative
programme transformative. Ive learned leadership, business ethics, international
some old lessons again and learned to ap- finance or other key areas. As a result no
ply them differently, she says, going on to MBA is the same, but across them all is
explain: I appreciate people are the key the underlying theme of growth: of knowl-
to everything, from performance to pro- edge, professional networks, confidence
ductivity; that culture is to be treated with and prospects.
profound respect, whether organisational, Says Chris Saunders, director of the
regional or international; and that change full-time MBA at Lancaster University
WHAT IS AN MBA? 11
Booth School of Business in 1943 reveal the true nature of management. We
but it would be 1957 before the MBA arrived believe that management is not an art, and
in Europe, via Insead Business School. it is not a science, he says. It is a practice,
As the world has evolved, so too has and only practice will make you better.
the MBA (albeit clunkily at times: when
Rollins College became the first to STAYING RELEVANT
offer students laptops in 1986, profes- However much students practice, a com-
sors would wheel a cart of them into mon criticism levelled at the MBA is that it
the classroom at the beginning of les- struggles to remain relevant to todays busi-
sons). What was initially a golden ticket nesses. At Audencia Nantes School of Man-
to a senior corporate role is now seen a agement, Paul McDonagh, director of the
little differently, suggests Pablo Martin MBA in responsible management, says that
de Holan, dean of MBA programmes at the relevance of an MBA depends partly
Emlyon. Today, the MBA is perceived as on the reputation among employers of the
a career accelerator. MBAs are associated school conferring it, and also whether or not
with managerial skill and expertise, and it prepares a manager for a successful career.
are used by managers as a mechanism to Traditional MBAs based on the classic
improve their abilities. core subjects such as finance, marketing,
The difference for De Holan is strategy and human resources are in
that where MBAs were once all danger of being out of touch with
you needed to get ahead, now Business a corporate world in constant
theyre one of many require- evolves so fast; flux, he says. Today, business
ments. MBAs are still a sign
managers evolves so fast that managers
of distinction, a visa on your
also need to be need to master not only the
adaptable and
passport that lets you enter a key skills but also be adaptable,
innovative
country you have always dreamt open and innovative.
of, he says. They open many Good schools will stay in touch
doors. But after that, each person has with the business world in order to cre-
to show they possess the skills needed to ate the managers it needs. We are in close
perform the task required of them. contact with our corporate partners, says
To make sure students leave not just with McDonagh. Indeed it was in part under
the qualification, but the skills to apply its their impulsion that we redesigned our
lessons to businesses in the real world, MBA. The result is a programme intended
Emlyons teaching style is based around ac- to create independent, responsible leaders
tion learning. It enables insight by exposing who will be in demand. We know this ap-
students to situations requiring a decision, proach is relevant to companies as it was
De Holan explains. Analytical rigour is very the companies themselves who came to
important, but it has to be complemented us, says McDonagh. Our graduates are
by the capacity to implement that decision being trained to initiate change within
because in the real world, very often the companies and the recruiters themselves
optimal solution is not the one you can recognise the need for them.
implement. For De Holan, an MBA can Meanwhile, an MBA gave David
WHAT IS AN MBA? 15
The
greatest hiring
demand for business
school talent is MBA
graduates, with
63%
96% 72% of MBA graduates
from AMBA-accredited
of employers of employers schools received a
worldwide believe expecting to hire bonus or commission last
that hiring graduate MBA alumni in 2015 year. The average sum
business school (up from 69% received
alumni creates value last year) was 50,873
for their firms
96,661
internationalisation (36.4%)
and
sustainability /
responsibility (16.5%) an 18% rise
compared to
2012
benefit study, says Anthony Mitchell, di- It was the best and most challenging
rector of Ashridges MBA and Masters in thing I have done in my life, she says. It
Management (MiM) programmes. tested me in every way. I was stretched
Coupled with a 10,000-word final project, physically, psychologically, emotionally.
case study work and an international study But, she said: It was absolutely worth
tour, whatever else an MBA like Ashridges it. Her salary has doubled and the MBA
may be, one thing it isnt is easy. As a re- has opened up the career choices she had
spected postgraduate qualification the hoped for. The knowledge and experience
MBA does need to be academically rigor- I have acquired is of value in todays work-
ous, says Mitchell. In todays challenging place, she says. I apply operations, finance
business environment, MBAs need to dem- and marketing principles to many situations
onstrate that they are relevant and meet the every day, and grow in effectiveness.
demands of business management. Her family have noticed the ongoing
Reflecting on her MBA experience, personal growth and development she dis-
Leigh Fisher is direct about how tough plays. I have learnt to welcome challenge
it was. She studied full-time and left her back into my life with anticipation and en-
home and family for 12 months; they re- ergy, she concludes. Ive enjoyed leaving
mortgaged their house to cover the costs. a risk averse, fear filled life behind me. l
TO CHOOSE
Before embarking on an MBA you need to work out
which course and school will fit with your lifestyle
by GERALDINE HACKETT
S
tudying for a Masters in Business Ad- can take two years. Most business schools
ministration (MBA) requires such a offer scholarships, but with fees as high as
huge investment in time, effort and 68,000 for UK schools, potential students
money that it pays to do the research should know before they apply what they
to find the course that may transform your can expect to get from a course.
life as well as your career prospects. Most courses are general MBAs with an
The MBA is a global qualification that was emphasis on finance and management, but
first developed in America (Harvard Busi- some business schools now offer specialist
ness School remains the highest ranked in courses tailored to specific industries such
the world). It is a qualification designed for as fashion, music or public administration
high-flying executives who have already (MPA). Many schools offer elective studies in
been in employment for around five years specialist sectors alongside the core content
and want a career step change. of the MBA.
There is a vast range of choice. The For those executives that want to stay in
Association of MBAs (AMBA) accredits 224 the day job, there are executive MBAs that
business schools that offer full-time and are part time. Business schools have differ-
part-time courses. A handful of schools offer ent patterns of study. Some offer full-time
blended courses, which means the MBA study for a block of weeks, some offer alter-
is partly done online. native weeks, and others operate on two
The most expensive option is the full-time days a week every two weeks that might in-
MBA, which usually takes a year but in the clude Saturdays. The Sad Business School
case of the London Business School (LBS) executive MBA requires students to be on
T
contact with businesses. im Foster, 45, one of the rowing
squad that won gold at the Olym-
Omalola Apampa, 32, who has a scholar-
pics in Sydney in 2000, credits his
ship from Warwick that pays 75 per cent executive MBA at Sad Business School
of her fees, has recently returned from the with giving him the skills to set up his
Vancouver trip. own company.
She said: It gave us a lot of experience When he started the MBA in 2013 he
about how business is done in North Ameri- was head coach of the Swiss national
ca, and it was a huge opportunity to network rowing squad and would fly to Oxford
every six weeks for a weeks intensive
with employers.
study. He now runs a life-coaching
Financial pressure around three-quar- company.
ters of full-time MBA students have to find I had worked in sport for 25 years
their own fees and accommodation costs and this was an opportunity to re-skill
means potential students need to be confi- and to look across the fence and work
dent about course accreditation and a busi- out what I needed to make a career
ness schools reputation before applying. move, he said. He paid the 52,000
fees from his savings and by taking out
The AMBA accredits programmes rath-
loans. The course made him realise that
er than schools as a whole. Courses are coaching had developed skills that are
inspected by an AMBA manager and three useful in business. I had been manag-
business school deans or directors. Sessions ing people and I had leadership skills,
are held with employers to talk about the he said. But there were areas where he
employability and commercial acumen of had little previous experience.
the graduates. There are accredited courses For me, financial accounting was
ground zero, but I ended up doing
in schools that do not have a high global
financial reporting and financial strategy
ranking and have fees at the lower end of and I found I could do it, he said. Foster
the spectrum. was inspired by the other students
The Loughborough University School on the course. I had worried it might
of Business and Management has fees of be full of boring bankers, but it was a
22,000 for its MBA courses. Andrew Roth- eclectic mix of successful people. One
well, the director of MBA programmes, said woman owned a film company. We all
brought different skills to the table.
the school has plans to run some courses or
Foster has ambitions to join the man-
modules from a new London site. It has only
agement side of sport. My company
been running an MBA for three years. is remarkably successful, but Id like to
It pays to visit schools and to talk to cur- bridge business and sport and maybe
rent and past students. Networking is key, become the chief executive of the gov-
so you need to check the likely student pro- erning body of a sport, he said.
file of the MBA group you will be joining.
M
Henley Business School offers a music eghana Gandhi left New York and
her job with the New York City
MBA, Lancaster has an MBA for the air-
economic development corpo-
line industry and Brunel has an MBA in ration to do an MBA at the London
healthcare management. Business School.
An MBA will give you an edge in the jobs I knew I wanted to work in the
market. Tom Lovell, UK manager of special- fashion industry, but I didnt know
ist recruitment for Reed, believes an MBA anything about accountancy or market-
puts candidates ahead but employers will ing, says the 29-year-old. I chose the
London Business School because it has
also look at work experience.
top-notch academic professionals, plus
He says: It is very rare that an employer I wanted to be in London because it is
will stipulate that applicants must have an part of the global fashion landscape.
MBA, but the qualification undoubtedly One of the attractions was that
strengthens your prospects. Employers are LBS has developed a programme in
aware of the rigour business schools put in partnership with Walpole, an associa-
to selecting MBA students and they factor tion of more than 100 companies with
luxury brands. The partnership means
that in, but they also want to see an impres-
senior executives from leading brands
sive business experience. give masterclasses and provide mentors
MBA graduates are often well connect- for students on the MBA programme.
ed because networking has been a key part Gandhi helps run the social media for
of the MBA course. one of LBSs most popular student run
In the end, the choice of business school clubs, the retail and luxury goods club.
or course is likely to depend on what price She has also been able to immerse
herself in the industry and has done
you are willing to pay and what you want
an internship with the young fashion
from the course. There is an element of designer Emilia Wickstead.
paying for the prestige of attending a high Her decision to study an MBA was
ranked institution where the prospects for motivated more by wanting to work in
networking are greater. However, the top fashion than wanting a huge salary.
ranked schools work hard to retain their From everything I have seen and
reputation and have weathered a recession heard, salaries in the fashion industry
are not astronomical, she says.
that has hit jobs in banking and finance.
I would say investment banking
The return on investment in terms of
would mean higher salaries, but this is
moving into a high-powered job or accel- not all about money. I think I could have
erated progression in your existing field is a huge impact on a brand, she adds.
likely to be substantial. You may also meet Her LBS scholarship pays 30,000
the people who can help propel your career of the schools 64,000 tuition fees.
to a new stage. l
TO STUDY
Benefit from a new economic environment, different
ecosystems and diverse cultures when relocating
by MATT SYMONDS
T
he modern business student has never ogies are reducing some of the burdens of
been more global. They may have been location, but being close to the action still
raised in a suburb of Bangalore, com- matters, particularly for young profession-
pleted an undergraduate programme als who chose the MBA to accelerate their
in Boston, graduated from an MBA in the careers or change them.
hustle and bustle of Hong Kong, then set- Martin de Holan says that students
tled into work between Paris and London: choose France because it has the fifth
air miles and expat packages are no longer largest economy in the world, with a
the preserve of diplomats and the military. huge number of multinational companies
The US continues to attract the most operating in a variety of sectors, from
MBA applications from around the world, healthcare to hospitality, automobile de-
according to the latest statistics from the sign and manufacturing, mass transporta-
Graduate Management Admission Coun- tion and defence.
cil (Gmac), followed by the UK, Canada, The connections Emylon has to these
France and India. There are popular and other industries located in the vicinity
options across six continents, so does it of the school allows students who wish to
really matter where you study an MBA? pursue a career in these fields to immerse
Professor Pablo Martin de Holan, Dean themselves in the realities of that industry,
of the MBA programme at Emylon busi- and to prepare themselves from the early
ness school in France, thinks it does. days of their MBA.
Location still matters for an MBA stu- For some, location is important be-
dent. This new millennium and its technol- cause they would like to work and perhaps
WHERE TO STUDY 27
Management Admission Tests (Gmat) tak- I visited ESMT and knew this was the
en by African citizens. school for me, she says. In the heart of
Martin de Holan advises MBA candidates Berlin, the most green capital in Europe,
to evaluate the qualities of the location of the buses run on time and everything is in
their chosen MBA, and see if they match order. Its not like Russia where you can be
with their own objectives, keeping surprised at any moment.
in mind that the best MBA is not Budaeva finds that living in Ber-
necessarily the highest ranked, Tolerance lin is comfortable and costs are
but the one that matches the and teamwork much more reasonable than
needs of the candidate. are key factors in the Russian capital. Going
Lidia Budaeva found that for success back to Russia is now her last
her needs were best catered in business option, as she fears new sanc-
for across the border in Ger- and life tions in the country will destroy
many, at the European School the investment banking sector in
of Management and Technology Moscow. Instead, shed like to stay in
(ESMT) in Berlin where the MBA class Germany. She enjoys living in a city where
consists of 63 students from 34 countries. she knows whats going to happen, and can
Having worked in investment banking in enjoy the parks and youthful atmosphere.
Moscow, Budaeva wanted to leave Russia But a city campus in a start-up breeding
for an MBA in mainland Europe. She chose ground isnt what every MBA candidate
Germany, to learn about business in one of looks for. Yasmeen Smadi is a student on
the strongest economies on the continent. the MBA programme at Nyenrode Business
WHERE TO STUDY 29
All top business schools offer MBA pro- standing of how a business works par-
grammes that are global in their approach, ticularly at an international level. He was
but their physical location does have an working at a time when the company was
effect on the student experience, the beginning to focus on emerging markets,
delivery and access provided to the corpo- making acquisitions and inroads. The reali-
rate network. sation that how the business operated was
Habets says that studying in Belgium, for what he found most interesting ignited the
example, gives MBA students a real Euro- idea of pursuing an MBA.
pean experience. From multination- Having decided to study for an
als, including the worlds biggest MBA, the first place I looked was
consultancies and consumer Belgium the University of Cape Town. Id
brands, to innovative start- provides been fortunate enough to visit
ups in areas like pharma and access to South Africa a few times and
biotech, Belgium provides
opportunities so studying here actually in
access to opportunities across
across many
an emerging market felt
industries
many industries. Habets high- like the ideal location and
lights the great cities that the opportunity, he says.
country is home to, from Antwerp, I compared it with the vari-
one of the worlds biggest ports, and Brus- ous MBA formats on offer in Europe
sels, where the cost of living is far lower and the US as well as in Asia, and
than many other European capitals. reached out to current students and
Brussels has a unique status as the capi- alumni. In every instance I received a
tal of Europe with some of the most criti- response with well-balanced views on the
cal governmental and non-governmental strengths and weaknesses of the school.
organisations in the world, she says. Applying to a business school outside
Its a strategically important city for the traditional geographical areas for an
large international companies and has a MBA, it was reassuring for Pedrick to know
rich culinary tradition, as well as great beer that the Cape Town GSB was accredited.
and chocolate. And with a location at the Its presence in the FT MBA ranking
heart of Europe, it is less than two hours reinforced the peer comparison with other
by train to Paris, London, Amsterdam and schools at a global level. His experience
Cologne, and within easy travel distance to proved to be very positive.
everything else that Europe has to offer. Most learning came from undertaking
But with Africa and Asia recording the my studies as an international student and
strong economic growth of recent years, in particular undertaking them in South
schools in these regions are seeing increased Africa. Doing an MBA outside my home
interest from international students. country offered me a completely differ-
In 2009, Thomas Pedrick was working ent perspective on how I approached and
in the production department of a London thought about business.
publishing house, negotiating print runs in Additionally, the complex context of
China, organising the shipment of books South Africa, included in each subject but
to the US and generally gaining an under- also very much a part of everyday life,
Executive MBA
Ranked in the worlds top 20 by the Financial Times, study
in bursts of residential teaching over three years, while you
apply what you learn directly to your day job.
Mhg]hnmfhk^Zg]k^`blm^krhnkbgm^k^lm%
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or email f[ZXa^ei9la^ ^e]'Z\'nd
provided a learning opportunity not avail- HOPE
able solely in the classroom. FLAVIANO
It is the wide range of courses to help run
your own business that proved so valuable Vlerick Business
to Fruzsina Hughes during her MBA at the School in Ghent, Belgium
Schulich School of Business in Toronto.
A
With a First-class Honours degree in drama fter years working in corporate
auditing I came to realise I wanted
from the University of Bristol, she complet-
to be sitting on the other side of
ed the Graduate Scheme at Lloyds Banking the table. I knew an MBA would place
Group to gain business experience, but ulti- a stamp of approval on my abilities,
mately aimed to run her own business. while building the skills I lacked, says
I was looking to apply myself to some- globetrotter Hope Flaviano, who is
thing that would satisfy my need to be originally from the Philippines and
imaginative, but also required strong project has lived in the UAE and Hong Kong
before applying for an MBA at Vlerick
managements skills, she says. My choice
Business School in Belgium.
was to be a luxury wedding planner, so I was Id been bitten by the travel bug.
looking for a business school that would really I knew I wanted to study in a country
embrace my need to be creative and not try where English wasnt a first language,
to pigeonhole me into the typical gradu- and Europe was my preferred con-
ate path of a consultant, or a banker, tinent. After experiencing Belgium I
says Hughes. knew it was the friendliest country in
Europe by far, she adds.
Schulich has not only the diversity of
But I had other factors to consider.
people, but also the kind of mind-blowing Coming from a third world country,
number of courses you need to equip you to value for money was important to me. I
run your own unique enterprise. compared courses, looking at costs and
The MBA as a gateway to international quality of course content. Vlerick ranks
experience and personal and professional highly for both, making it the obvious
discovery is a trend that is likely to contin- choice. After living around the world,
moving to another new country was no
ue. Taking long-haul flights to reach study
big deal. Im experiencing more change
destinations will feel as natural as studying through my very diverse classmates!
online, or networking across time zones Hope advises applicants to consider
from the back of a rickshaw. what they want and where they want
Martin de Holan reminds potential it before applying. I liken my MBA
students that an MBA is a personal choice. experience to photography. You want
He says that a student interested in certain a picture of a beautiful landscape, but
perhaps the image is a little fuzzy or
areas considered world class, in particular
the right filter isnt in place. It takes
countries, should also pay close attention to
adjustments to set up the perfect shot
the local strengths of a programme. something youll look at afterwards
The chance of entering a professional and be proud of. Thats what Ive done
network is higher if a school is close to it. with my MBA. Ive set all my variables
Even in this global academic playground, and now Im getting the results I want.
local influence still counts. l
WHERE TO STUDY 33
How
TO APPLY
Good planning, preparation, essay and interview
techniques are all vital ingredients of an application
by LIZ LIGHTFOOT
T
ime and confidence are two things selects around a fifth of applicants. Beyond
youll need when applying for a place the top few, it gets easier, especially at
on an MBA course. It helps if you are schools attached to universities that have
academically brilliant and an out- the infrastructure and capacity to expand
standing manager but you dont have to be. to meet demand.
Most schools want at least a 2:1 Bachelors Schools often have more than one appli-
degree, but the tests they use to assess can- cation deadline and there is some evidence
didates are made up mainly of skills that that those who apply in the first round have
can be learned and practised. a better chance. The earlier the date you pick
MBAs are designed to improve manage- the better, especially if you need time to ar-
ment skills, not teach them from scratch, range a visa or take the Gmat test.
and most schools want to see at least three Dont spread yourself too thinly by ap-
years of management experience, although plying to a lot of schools in the hope that
they are not looking for the finished article. at least one or two of them will pick you
Applicants have to demonstrate potential to out. They will all require essays or personal
be outstanding managers or entrepreneurs, statements and most want to interview in
and also be the sort of student that will be person or virtually, so each application will
able to handle an intensive course. be time-consuming. It could also prove
Entry to the top schools is extremely costly as there is usually an application fee
competitive the London Business School of between 100 and 200. This is on top
has well over 3,000 applicants for 400 plac- of the fee of around 200 to take the Gmat
es and Hult International Business School admission test and practice materials.
FINANCE
Thousands of people every year invest are cheaper and can be good value if they
large sums in themselves by enrolling on have a good academic reputation.
MBA courses to fast track their careers. Costs may sound daunting but they
But the banks dont see it like that. Ask shouldnt put you off applying to the most
for an education loan and youll be lucky if costly schools because they are the ones
they return your phone call. with the most money to hand out in schol-
As a result only 10 per cent of MBA arships, funds that dont have to be repaid.
students are likely to get any kind of bank The cheapest way to get an MBA is to
loan towards the costs, according to a sur- study through distance learning or to do
vey by AMBA. Around 30 per cent receive a campus-based course part time: that
sponsorship from their employers, but half way you wont have to forgo the monthly
have to find all the money themselves. pay cheque. To try and fill the void left by
The MBA is one of the most costly banks, some schools have developed their
higher education qualifications and, own loan schemes. Others have linked
though the private colleges tend to be the up with the start-up Prodigy Finance that
most expensive, some prestigious UK uni- persuades individuals to invest in lending
versities have upped their fees to nearly money to students. Students qualify for
the same level. Universities that dont loans through Prodigy based on their
appear at the top of the global ranking estimated future earnings.
NEXT?
An MBA isnt an automatic golden ticket. You need to
plan your career trajectory the earlier, the better
by WIDGET FINN
Y
ouve survived the struggle to bal- But if youre uncertain at the start of your
ance work, life and study, invested MBA programme, youre not alone. Up to
a large amount of time and money 80 per cent of new students at HEC Paris
in the future, and now you can put are undecided, estimates Tony Somers, di-
those three significant letters after your rector of HECs Career Management Cen-
name. MBA. What next? tre. Even if you think you know where the
If youre asking that question, its prob- MBA will lead you be flexible. Nearly half
ably too late, says Derek Walker, director of Sad Business Schools MBA students
of careers at Sad Business School: you change direction during their programme,
should be thinking about your career tra- moving into a different sector, a new type
jectory even before you chose which busi- of role, or setting up their own business.
ness school to apply to. When prospective If you dont know where youre heading,
students come to Sad for their admission are you convinced that doing an MBA is
interview we talk to them about career the right decision, despite the eye-water-
transition, to get them thinking before they ing fees, the wear and tear on your social
start, he says. The one-year programme is life, and being out of the job market for a
very intensive, and there isnt much time year or more if youre doing a full time pro-
to explore your career options. We run we- gramme? Is it a good investment?
binars during the summer before students The good news is that theres a buoy-
arrive which flag up career issues and inter- ant job market for MBA graduates accord-
esting career paths so theyre armed with ing to the latest Graduate Management
some basic facts. Admissions Council (Gmac) Corporate
WHATS NEXT? 43
schools in Barcelona, Spain; Insead and The MBA enabled me to move from hotel
EDHEC in France; and Cranfield, Impe- management to the retail industry where
rial, Oxford and Warwick in the UK. Ive been for 15 years. Now I want to share
These figures sound very positive, but my experiences and help the new cohort of
Mansoor Iqbal, deputy editor of TopMBA. MBA students. Its a two-way benefit, en-
com, adds a cautionary note. New MBAs hancing my skills by coaching people in a
should be realistic with salary expecta- very different environment from my normal
tions. Depending on your industry, that business life. Ive also gained experience in
six-figure pay cheque will come eventually working with different cultures, because
but its not going to fall into your lap. Be the students are from all over the world,
patient, not greedy. which is useful for international work.
Dont expect to land that dream job as Victoria Bressers, career and personal
soon as you graduate, seconds Somers. We development adviser at Nyenrode, adds
frequently see MBAs achieving their ideal that bringing alumni and students together
employment in the second post after gradu- is also useful for recruitment. Close con-
ation. Prospective employers dont count it tact allows the coaches to keep an eye on
against you if you go back to your old com- the graduate talent pool, giving them an
pany for a while, or do an internship be- opportunity to recruit the most suitable
fore moving into your new career prospects and tailor their graduate
of choice. Alumni roles to the applicants need.
Leading business schools helping European business schools
now focus on preparing current MBA have been much slower than
their students for that major students is a their US counterparts in
change of direction, often two-way building up alumni commu-
using alumni volunteers to benefit nities but in the age of social
bring a whiff of reality to the media a strong alumni network
classroom. Nyenrode Business is an invaluable asset for develop-
School includes peer group working as ing your career. An active and flourishing
a compulsory part of the MBA programme. alumni community should be one of the cri-
Groups of around six students meet a facili- teria in choosing a business school, for the
tator from the alumni community regularly contacts you make there will be with you
to seek guidance on career plans, build up for life. According to Gmac, 59 per cent
their job-seeking skills and get practical ad- of alumni belong to their business school
vice from those who have been there and association and they tend to rate their
done it. level of career success higher than non-
Peter Werre, a consultant in Excellent members. Insead has 23,000 MBA alumni
Supply Management at the international re- working in 171 countries hows that for a
tailer Royal Ahold, became involved in the contact book?
scheme three years ago. When I was doing Networking and a successful internship
my MBA at Nyenrode in 1998 an alumnus after her MBA led to a change of career di-
talked to us about what real business life rection for Monica Sisiu. She had worked
was like and it made an impression on us. in marketing in Roumania, but did an
B
schools). Illiev also suggests keeping in y the age of 24, Luisa Maier found-
ed five start-ups in South Africa
touch with your professors who will be hap-
including the Angels of Alexandra
py to help you resolve a real world prob- programme which funds schooling for
lem and may include it in their research. orphaned children. But her ambition
Professors are super-connectors who can was to move to the corporate world,
link graduates of different generations, sec- possibly as a consultant.
tors and locations. I wanted to learn more about
After graduation you will need to make business management and build an
international network of contacts, and
the most of your MBA by keeping it fresh
saw an MBA at ESMT in Berlin as the
and up to date. In our fast-changing world route to take, she says. The business
the knowledge gained on an MBA can school offered career guidance and
quickly become stale, says Seb Murray, ed- self development sessions but it was
itor of BusinessBecause.com. Alumni can the group evaluation among my fellow
update their learning with online courses students which helped me decide. The
or short executive education programmes consensus was that I was a born entre-
preneur and I should stick to that.
which are often paid for by their employ-
Despite her colleagues advice
ers. Business schools are expanding their Maier applied for a post as a con-
programme of short courses, for example sultant with McKinsey, but got
56 per cent of Harvards income is gener- side-tracked by an offer from an EU
ated from executive education. start-up project which turned into a
Most business schools offer opportuni- permanent job. The person I now
ties to alumni as well as students. Monaco work for was my informal mentor
throughout the MBA programme.
Business School has an executive coach
Now director of lab and venture
and headhunter who works exclusively at German Technical Entrepreneur-
with MBA students on job-hunting basics ship Centre (GTech) she is maintain-
from how to write a CV to branding, and ing strong links with ESMT and the
the service is also available for alumni on an current students. Were building a
ongoing basis. We have recently revolu- GTech centre on the business school
tionised our alumni network, says Dr Ma- campus, and our organisation is very
involved with MBAs ,including finding
rika Taishoff, director of MBA programmes.
them internships.
Alumni are invited to seminars, as well as
Maier thought an MBA would lead
having access to live-streamed talks. her into a corporate career but she
A key part of the MBA learning is to con- has proved to herself and her MBA
stantly adapt to change, so make the most colleagues that her talents are in the
of opportunities and have a flexible outlook. field of entrepreneurship.
Before taking her MBA at American
WHATS NEXT? 47
University in Washington DC, Melissa Di ning of the rest of your working life youve
Donato wanted to be a doctor or translator, got the tools, now you have to use them.
but her career took off in another direction. Still looking for that dream job? Work your
Now a vice-president for the global cloud alumni networks, check out the specialist
computing company Salesforce, Donato is MBA jobsites like MBA-Exchange.com.
a passionate advocate for encouraging more and find what you really want to do.
women managers into technology. Peter Werre says: its fun to earn mon-
Completing an MBA is certainly an ey, but its much more fun to earn money
achievement, but its also just the begin- doing something you really enjoy. l
WHATS NEXT? 49
FURTHER INFO
WHERE TO STUDY Warwick Business School ENTRY TESTING
FT Global MBA rankings One of the worlds most Graduate Management
The Financial Times rank- prestigious business schools. Admission Council (Gmac)
ings list the best manage- wbs.ac.uk Administers the Graduate
ment programmes avail- Management Admissions
able for full- and part-time Henley Business School Test (Gmat), a common
MBAs, as well as Masters A triple accredited school. requirement for entry to
and online programmes. henley.ac.uk AMBA-accredited courses.
rankings.ft.com/ gmac.com
businessschoolrankings Cass Business School
Ranked 45 in the FTs table. Gmat
Ashridge Business School cass.city.ac.uk The official site for the
An independent, non-profit Gmat, offering all the
organisation in Herts. The Said Business School information youll need to
ashridge.org.uk Part of Oxford University, prepare and take this well-
and 22 in the global rankings. regarded examination.
Lancaster University sbs.ox.ac.uk mba.com
Management School
Consistently ranked in the Loughborough University FINANCING YOUR MBA
UKs top four schools. School of Business and Lloyds Scholars
lancaster.ac.uk/lums/ Management Provides scholarships to
Often ranked in the top 10 promote social mobility.
Brunel Business School of UK business schools. Has a programme aimed at
One of the largest schools at lboro.ac.uk getting more women into
Brunel University, London. MBA programmes.
brunel.ac.uk/bbs London Business School lloyds-scholars.com
Part of University of London.
Imperial College london.edu Prodigy Finance
Business School An enterprise run by MBA
World-leading research and Kingston University graduates offering loans to
postgraduate programmes. Public research university. fund other MBA students.
imperial.ac.uk kingston.ac.uk prodigyfinance.com
www.lboro.ac.uk/mba
@lborosbe lborosbe
BE IN BRILLIANT COMPANY
At the Accredited MBA Fair 2015
Meet admissions teams from top AMBA
accredited business schools
Find out about scholarships & funding
Free advice in our
tailored workshops
Network with other
future MBAs and share
experiences
Where?
The Cumberland Hotel,
London, W1H 7DL ( Marble Arch)
When?
THURSDAY 16 April 2015
Time: 17.30 20.30
Also on 29 October 2015 at The Montcalm Hotel, W1H 7TW
Sponsored by
#AMBAfair