MBA Programs

Master of Business Administration (MBA) is a postgraduate degree that is

awarded to students who have mastered the study of business. MBA
programs are considered to be among the most prestigious ones in the
world. Students of MBA programs study the theory and application of
business and management principles. MBA programs equip students with
knowledge that can be applied to a variety of real world business
situations.

An MBA can add an extra competitive edge to any professional resume -

whether you are coming directly from an undergraduate degree or are a
working professional. MBA programs in International Business, MBA
programs in HR, MBA programs in Finance, MBA programs in
Management, MBA programs in IT, MBA programs in Marketing and
many more are applicable to a variety of business areas. MBA programs
will benefit professionals seeking employment in the public, non-profit
and private sectors, or even business ownership.

What is an MBA?

An MBA teaches primarily the quantitative skills required for

management positions, such as accounting, finance, marketing,

statistics, project management, operations research techniques,

analytical decision making, and human resources. Some MBA programs

specialize in a particular area, for example Finance, IT or International

Business, while others are more general. Many students outside of the

business profession pursue an MBA because it gives them the skills to

move into management positions in their original field. For example, many
engineers choose an MBA instead of a technical masters because they

become interested in management after honing their technical skills for a

few years.

Benefits of an MBA

The ability to command a higher salary is the most visible reason to take
an MBA program. A 2012 study by Forbes reported that full-time students
typically found jobs after graduation that paid 50 percent higher than
their earnings before they entered school. Another study of schools in
Virginia found that, 18 months after graduation, the median wages for
MBA graduates was about twice that of graduates with a bachelor’s
degree in business.

In addition to increased earnings, taking an MBA has other benefits, such

as:

 Gaining knowledge about best practices and other aspects of the

business environment that can give you a wider perspective. This
perspective can help you make better decisions and improve your
ability to forge interpersonal relationships as you deal with both
customers and employees.
 Giving you a networking opportunity to meet with people from
other 
industries. In addition to increasing your personal network, you will
also gain insight into how different industries operate and the
issues they face.
 Providing a chance to practice your management and teamwork
skills in a setting with few, if any, consequences for making
mistakes.
 Demonstrating that you are committed to your profession. There is
nothing like an advanced degree to let others know that you are
serious about your career. A side benefit of being a student is that
you may also be eligible for discounts in professional societies
while you are attending school.
 Learning skills that will transfer to other parts of your life. The
management and quantitative skills you learn from an MBA can help
you make better decisions and be more organized in all aspects of
your life. Your MBA skills can also be valuable if you have a passion
 that leads you to a leadership role in an organization outside of your
daily job.

Picking the MBA Program That’s Right for You

There are hundreds of MBA programs, so before you pick one, think about
your goals, interests, and your lifestyle. If your goals and interests are
focused in one area, such as finance, entrepreneurship, or international
business, you may want to pursue a specialized program. Your lifestyle
will also help you decide whether you want to attend school full time, part
time, or pursue an online or distance learning course of study.

 Full Time. Attending school full time typically requires a two-year

commitment. During this time, you will likely not be able to hold
down a full time job, so be sure to factor that into your expenses.
On the other hand, attending school full time allows you to devote
your full attention to your studies and will leave you more time for
family commitments and other pursuits.
 Part Time. Many schools offer part time programs during the
evenings or weekends. Weekend programs are especially popular
among students who must travel for work or who work irregular
hours. The major advantage to part time attendance is that you
don’t have to give up your job, and some employers may even pay
for some or all of your expenses. However, juggling a full time job
with part time studies isn’t for everyone. Part time programs vary
considerably in length. Some programs are very structured and offer
accelerated learning options that can be completed in one year,
while others allow you to proceed at your pace and take whatever
time you need to finish.
 Online and Distance Learning. Online and distance learning MBA
programs are becoming increasingly popular. Many offer
considerable flexibility in schedules and duration and can allow you
to participate in a prestigious program without moving. You do miss
out on networking opportunities and the ability to learn from fellow
students when you study online. However, many distance learning
programs have “cohorts” in a single area, so you can maintain some
of the benefits of in-residence attendance.

Here are some additional things to consider as you choose an MBA

program:
  Costs vary widely, from about $20,000 to up to $60,000 or more at a
top-tier institution. However, the Forbes study found that it typically
takes only about 3.5-4 years to break even on the MBA investment.
 Be sure to select an accredited MBA program. There are dozens of
accreditation bodies such as the Association to Advance Collegiate
Schools of Business in the US and the Association of MBAs in the
UK.

Career Opportunities

The career opportunities with an MBA are nearly endless. Some

graduates choose to remain in traditional businesses within a specific
industry, while others may want to change industries or use their skills to
start up their own company. Many local, state, and federal government
employees also find that an MBA provides the skills they need to move
into higher-level positions and even move from one government agency to
another. Non-profit organizations always need people who are both
passionate and know how to run things. No matter what you choose to
do, you’ll put your MBA skills to good use!
The History Of The MBA

One of the most prestigious degrees in the United States and worldwide is the MBA. The
degree programs are as varied as the institutions that offer them. The school that a
student applies to should depend on what their specialization will be, whether they
choose to go to school full or part-time, and if they want to earn their degree by distance
learning.

The History of the MBA

During the earliest part of the 20th century, the United States started becoming
industrialized. Training in accounting and bookkeeping had been offered in colleges, but
the Industrial Revolution brought about the need for more people to work in different
capacities. Specific standards for business were rapidly being developed. Labor was now
being managed by machinery rather than manually, and the labor force had to evolve to
develop new skills to effectively manage their companies.

Developing Management Techniques

With so many new businesses and revolutionary manufacturing, company owners began
to search for more effective management techniques incorporating science and business
 practices. Colleges and universities had to incorporate degree programs that would
provide students with the skills to succeed in business. Some of the issues which had to
be addressed were divisions of specialization and labor tasks, a hierarchy that’s well
maintained with a compatible relationship between management and employees, and
specific rules that governed each company.
The concept of placing business management on the same level as medicine or law
wasn’t well received early in the 20th century. However, as corporations grew, there
became a need for skilled management professionals, and colleges and universities
started their own business schools. Educators realized that business schools had to
provide formal education to prepare students for leadership positions.
Early MBA Programs
Most undergraduate students seeking careers in business management, enrolled in MBA
programs as soon as they received their undergraduate degree without any prior
business management experience. Students were required to study the core courses that
are part of the first year curriculum today. Core courses are designed to provide students
with basic concepts of business which must be mastered before delving into
specialization. The core curriculum at most colleges included:
 Accounting
 Business Strategy
 Economics
 Finance
 Manufacturing and Production
MBA programs weren’t addressing important issues that were required to successfully
manage a business. Students studying for management positions had to establish a
chain of command and assign employees to specific tasks. Another consideration was
that employers and employees had to learn to effectively communicate for the good of
the company.
Most business professionals perceived business schools in the United States in the 1950s
to be inferior, and felt that MBA degrees weren’t necessary to succeed. To counteract
this belief, colleges and universities restructured their business programs to be more
comprehensive. Programs were reorganized to become similar to the MBA programs
taught in business schools today.
Timeline of MBA Programs
The Wharton School in Pennsylvania founded in 1881, opened the country’s first
business school, but didn’t offer graduate studies. The Haas School of Business at the
University of California in Berkely was founded within a few years of Wharton,
providing students on the west coast with the same opportunities.
The Tuck School of Business at Dartmouth College was the first school that offered an
advanced business degree. The school offered a Master of Science in Commerce degree,
which was the forerunner of the MBA. The Tuck School required students to complete
three years of studies before being admitted to their business school.
The first school to offer an MBA program was Harvard University in Cambridge, MA. It
was established at the Harvard University Graduate School of Administration in 1908.
The university had only 15 faculty members, and a regular class of 33 students. The first
graduating class consisted of 47 students. Today, the school is known as the Harvard
Business School. The Graduate School of Business Administration required students to
complete four years of undergraduate studies before applying to the business program.
Other universities soon began to adopt that policy.
Another famous Massachusetts institution, MIT, established a management and
leadership education program to train corporate executives. The first MBA program for
professionals in the business world was offered at the University of Chicago Booth
School of Business in 1940. The degree was the Executive MBA, and was also offered at
campuses in London and Singapore. The program paved the way for programs that are
offered by the majority of business schools in the United States today.
In 1950, the first MBA degree outside of the United States was awarded to students at
the University of Western Ontario in Canada. The following year, the University of
Pretoria in South Africa began their MBA program.
A big advancement in MBA programs for international students came in 1955 when the
University of Karachi in Pakistan became the first Asian university to offer a program
that was based on the U.S. model. As colleges and universities in European countries
began offering MBA degrees, they modeled their programs after what U.S. universities
offered in their coursework.
The first business school in Europe to offer an MBA program was INSEAD, in 1957. It is
now considered to be one of the finest MBA programs worldwide. The first school to
provide each student with a laptop was the Roy E. Crummer Graduate School of
Business at Rollins College in Florida. In 1986, it was required by the college for each
student to have access to a laptop to complete the program.
One of the reasons that so many students choose to pursue MBA degrees is to be able to
earn higher salaries, but studies have shown that during a recession, more students
apply to MBA programs because their belief is that their job prospects won’t be as
limited if they earn the degree.
Differing Views About MBA Programs
The Carnegie and Ford Foundations conducted studies in 1959. The conclusion was that
the programs weren’t broad enough, were too narrow in their focus, and closely
resembled vocational programs. The institutions that offered MBA programs started to
change the focus of the programs to be more theoretical. They expanded to include more
research to expand on student skills.
During the 1990s, other studies concluded that the programs were too focused on
theory, and that graduates didn’t have the necessary skills to compete in the corporate
world. In spite of the controversy, more than 100,000 MBAs are earned every year. The
demand for quality MBA programs shows no signs of abating.
The Evolution of the MBA Worldwide
MBA programs gradually evolved to include applications which MBA graduates could
effectively use in the business world. More practical business skills and ethics are now
taught in business schools around the world. For more than 100 years students have
been enrolling in MBA programs, and today the MBA has become one of the most
valuable assets a business graduate can possess.
Thousands of students around the world enroll in MBA programs every year to advance
their education, to effectively compete in the corporate world, and to attain executive
positions. The typical MBA program in the United States can be completed in two years.
MBA programs weren’t taught in colleges and universities in Europe until the 1960s.
The program in other countries is usually completed in 10-12 months, and has made a
 drastic evolution within the last two decades. The coveted degree program is now being
taught in colleges in countries around the world.
Developments in the 21st Century
In the 21st century, the Harvard Business School continues to be a pioneer in the field of
business administration. In 2014, 913 undergraduate students enrolled in the MBA
program at Harvard. Many faculty members at Harvard have written books on business
administration, authored academic papers, and have written numerous articles for print
and online business publications.
The MBA program at Harvard provides students with the foundation of general
management and skills needed to compete in the corporate world. The core courses as
well as field study are required for all MBA students. Personal leadership skills, global
immersion, and developing and marketing a microbusiness are all part of the
curriculum.
The Executive Education program at Harvard has an annual enrollment 9,891, and
focuses on more than 80 business programs which prepare business professionals to
advance their careers. Comprehensive, focused programs in leadership include:
 Business Operations
 Business Ventures
 Customer-Centric Strategies
 Entrepreneurship
 Globalization
 Health Care
 Innovation
 Management
 Marketing & Sales
 Social Enterprise
 Strategy
The average student pursuing an MBA degree is a working professional, approximately
36 years old. The majority of students are women. Most have at least 11 years of business
experience. And have an average GMAT score of 540. The average Undergraduate GPA
is 3.2. Academic background percentages include:
 Business/commerce: 58 percent
 Economics: 4 percent
 Engineering: 12 percent
 Graduate or multiple degree holders: 13 percent
 Humanities: 1 percent
 Life sciences: 9 percent
 Math/computer science: 5 percent
 Physical sciences: 5 percent
 Social science: 6 percent
Even though students can complete the program within a shorter period of time, the
quality of the program hasn’t been compromised, and an MBA degree is a major asset to
any business professional.
Flexible Options For MBA Students
Some recent changes have occurred in how MBA curriculums are structured. MBA
programs offer more flexible options today than ever before. In past years, students
enrolled in MBA programs had to go to school full-time. Today, most professionals want
to go back to school to earn their degree without quitting their jobs. Technology has
advanced rapidly, and more options are available, including going to school part-time
while maintaining a regular work schedule.
Some students now choose to enroll in degree programs that allow that to study part-
time while still being employed. A part-time degree program generally takes about two
and a half years to complete. This may vary, depending on the school. Modular and
international degree programs allow a student to study for a specific period, and then
return to work.
A number of hybrid programs are now available that make it easier to complete the
program. Some allow most of the coursework to be completed online, while group
projects and labs are completed on campus. Still others may allow students to complete
the program entirely online.
In previous years, it took two years for a student in the United States to complete an
MBA program. This can now be accomplished in approximately 14–18 months. This
largely depends on certain factors including, the school, the program, and whether the
student is enrolled in a traditional program on campus or is studying online.
Updated MBA Curriculums
Today, curriculums have expanded to include human resources, statistics, and
technology and information systems. Although most colleges or universities require
students in an MBA program to take all of the core courses during their first year, some
schools have eve allowed for more flexibility with the core curriculum.
In some schools, students have the option of scheduling electives that coincide with
their specialization during their first year. This allows them to take the remaining core
courses during their second year. However, it’s important to make sure that there aren’t
any scheduling conflicts with required courses and electives.
One of the most popular ways to earn a degree is by distance learning. A lot of major
colleges and universities offer MBA programs with specializations which may include e-
commerce, finance, economics, or human resources. Courses are becoming more
interactive and may include video conferencing. The programs that are available vary by
institution. Some institutions provide MBA programs that are entirely online and may
be completed in as little as 12 months.
MBA Programs in Developing Countries
MBA degree programs have come a long way since they were first incorporated into
college and university curriculums. One of the ways in which MBA students, graduates
and professionals in business are making a difference is to help people with economic
projects in developing countries. It’s a productive way to help people to improve their
lives by helping them to develop businesses and products.

From Wikipedia, the free encyclopedia

 Jump to navigationJump to search

The Master of Business Administration (MBA or M.B.A.) degree originated in the United States in

the early 20th century when the country industrialized and companies sought scientific approaches
to management.[1] The core courses in an MBA program cover various areas of business such
as accounting, applied statistics, business communication, business ethics, business
law, finance, managerial economics, management, entrepreneurship, marketing and operations in a
manner most relevant to management analysis and strategy.
Most programs also include elective courses and concentrations for further study in a particular area,
for example accounting, finance, and marketing. MBA programs in the United States typically require
completing about sixty credits, nearly twice the number of credits typically required for degrees that
cover some of the same material such as the Master of Economics, Master of Finance, Master of
Accountancy, Master of Science in Marketing and Master of Science in Management.
The MBA is a terminal degree and a professional degree.[2][3] Accreditation bodies specifically for
MBA programs ensure consistency and quality of education. Business schools in many countries
offer programs tailored to full-time, part-time, executive (abridged coursework typically occurring on
nights or weekends) and distance learning students, many with specialized concentrations.

Contents

 1History
 2Accreditation
o 2.1United States
o 2.2Other countries
 3Programs
 4Admissions criteria
 5Content
o 5.1Exit examination
 6Honor societies
 7Careers
 8Europe
o 8.1History
o 8.2Bologna Accord
o 8.3Accreditation standards
o 8.4Austria
o 8.5Czech Republic
o 8.6France and French speaking countries
o 8.7Germany
o 8.8Italy
o 8.9Poland
o 8.10Portugal
o 8.11Spain
o 8.12Switzerland
o 8.13Ukraine
o 8.14United Kingdom
 9Africa
o 9.1Nigeria
 o 9.2South Africa
o 9.3Ghana
o 9.4Kenya
 10Asia-Pacific
o 10.1Bangladesh
o 10.2India
o 10.3Malaysia
o 10.4Singapore
o 10.5Japan
o 10.6Pakistan
o 10.7Australia
o 10.8New Zealand
o 10.9South Korea
 11Program rankings
 12Criticism
 13See also
o 13.1Related graduate business degrees
 13.1.1Executive
 13.1.2Doctoral
 14References
 15Further reading
 16External links

History[edit]
The first school of business in the United States was The Wharton School of the University of
Pennsylvania established in 1881 through a donation from Joseph Wharton [4]. In 1900, the Tuck
School of Business was founded at Dartmouth College[4] conferring the first advanced degree in
business, specifically, a Master of Science in Commerce, the predecessor to the MBA. [5]
The Harvard Graduate School of Business Administration established the first MBA program in
1908, with 15 faculty members, 33 regular students and 47 special students. [6][7] Its first-year
curriculum was based on Frederick Winslow Taylor's scientific management. The number of MBA
students at Harvard increased quickly, from 80 in 1908, over 300 in 1920, and 1,070 in 1930. [8] At
this time, only American universities offered MBAs. Other countries preferred that people learn
business on the job.[8]
Other milestones include:

 1930: First management and leadership education program for executives and mid-career
experienced managers (the Sloan Fellows Program at the Massachusetts Institute of
Technology).[9][10]
 1943: First Executive MBA (EMBA) program for working professionals at the University of
Chicago Booth School of Business.[11] Chicago was also the first business school to establish
permanent campuses on three continents in Chicago (USA), Barcelona (Europe), and Singapore
(Asia). Most business schools today offer a global component to their executive MBA. Since the
program was established, the school has moved its campuses and is now based in Chicago,
London, and Hong Kong.
 1946: First MBA focused on global management at Thunderbird School of Global
Management.[12]
 1950: First MBA outside of the United States, in Canada (Richard Ivey School of
Business at The University of Western Ontario),[13] followed by the University of Pretoria in South
Africa in 1951.[14]
 1955: First MBA offered at an Asian school at the Institute of Business Administration
Karachi at the University of Karachi in Pakistan, in collaboration with the Wharton School of
the University of Pennsylvania.[15]
 1957: First MBA offered at a European school (INSEAD).[16]
 1963: First MBA offered in Korea by Korea University Business School (KUBS). [17]
 1986: First MBA program requiring every student to have a laptop computer in the classroom
at the Roy E. Crummer Graduate School of Business at Rollins College (Florida).[citation
needed]
 Beginning with the 1992–1993 academic year, Columbia Business School required all
incoming students to purchase a laptop computer with standard software, becoming the first
business school to do so.[18][19]
 1994: First online executive MBA program at Athabasca University (Canada).[20]
The MBA degree has been adopted by universities worldwide in both developed and developing
countries.[21]

Accreditation[edit]
United States[edit]
Business school or MBA program accreditation by external agencies provides students and
employers with an independent view of the school or program's quality, as well as whether the
curriculum meets specific quality standards. The three major accrediting bodies in the United States
are:

 Association to Advance Collegiate Schools of Business (AACSB),

 Accreditation Council for Business Schools and Programs  (ACBSP), and
 International Assembly for Collegiate Business Education  (IACBE).[22]
All of these groups also accredit schools outside the US. The ACBSP and the IACBE are
themselves recognized in the United States by the Council for Higher Education
Accreditation (CHEA).[23] MBA programs with specializations for students pursuing careers in
healthcare management also eligible for accreditation by the Commission on the Accreditation of
Healthcare Management Education (CAHME).
US MBA programs may also be accredited at the institutional level. Bodies that accredit institutions
as a whole include:

 Middle States Association of Colleges and Schools  (MSA),

 New England Association of Schools and Colleges  (NEASC),
 Higher Learning Commission(HLC),
 Northwest Commission on Colleges and Universities  (NWCCU),
 Southern Association of Colleges and Schools  (SACS), and
 Western Association of Schools and Colleges  (WASC).[24]
Other countries[edit]
Accreditation agencies outside the United States include the Association of MBAs (AMBA), a UK-
based organization that accredits MBA, DBA and MBM programs worldwide, government
accreditation bodies such as the All India Council for Technical Education (AICTE), which accredits
MBA and Postgraduate Diploma in Management (PGDM) programs across India. Some of the
leading bodies in India that certify MBA institutions and their programs are the All India Council for
Technical Education (AICTE) and the University Grants Commission (UGC). A distance MBA
program needs to be accredited by the Distance Education Council (DEC) in India. The Council on
Higher Education (CHE) in South Africa, the European Foundation for Management
Development operates the European Quality Improvement System(EQUIS) for mostly European,
Australian, New Zealand and Asian schools, the Foundation for International Business
Administration Accreditation (FIBAA), and Central and East European Management Development
Association (CEEMAN) in Europe.
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Programs[edit]
Full-time MBA programs normally take place over two academic years (i.e. approximately 18 months
of term time). For example, in the Northern Hemisphere they often begin in late August or early
September of year one and continue until May or June of year two, with a three to four month
summer break in between years one and two. Students enter with a reasonable amount of prior real-
world work experience and take classes during weekdays like other university students. A typical
full-time, accelerated, part-time, or modular MBA requires 60 credits (600 class hours) of graduate
work.[25]
Accelerated MBA programs are a variation of the two-year programs. They involve a higher course
load with more intense class and examination schedules and are usually condensed into one year.
They usually have less down time during the program and between semesters. For example, there is
no three to four-month summer break, and between semesters there might be seven to ten days off
rather than three to five weeks vacation. Accelerated programs typically have a lower cost than full-
time two-year programs.
Part-time MBA programs normally hold classes on weekday evenings after normal working hours, or
on weekends. Part-time programs normally last three years or more. The students in these programs
typically consist of working professionals, who take a light course load for a longer period of time
until the graduation requirements are met.
Evening (second shift) MBA programs are full-time programs that normally hold classes on weekday
evenings, after normal working hours, or on weekends for a duration of two years. The students in
these programs typically consist of working professionals, who can not leave their work to pursue a
full-time regular shift MBA. Most second shift programs are offered at universities in India.
Modular MBA programs are similar to part-time programs, although typically employing a lock-step
curriculum with classes packaged together in blocks lasting from one to three weeks.
Executive MBA (EMBA) programs developed to meet the educational needs of managers and
executives, allowing students to earn an MBA (or another business-related graduate degree) in two
years or less while working full-time. Participants come from every type and size of organization –
profit, nonprofit, government – representing a variety of industries. EMBA students typically have a
higher level of work experience, often 10 years or more, compared to other MBA students. In
response to the increasing number of EMBA programs offered, The Executive MBA Council was
formed in 1981 to advance executive education.
Full-time executive MBA programs are a new category of full-time 1 year MBA programs aimed at
professionals with approx. 5 years or more. They are primarily offered in countries like India where
the 2-year MBA program is targeted at fresh graduates with no experience or minimal experience.
These full-time executive MBA programs are similar to 1 year MBA programs offered by schools like
Insead and IMD.
Distance learning MBA programs hold classes off-campus. These programs can be offered in a
number of different formats: correspondence courses by postal mail or email, non-
interactive broadcast video, pre-recorded video, live teleconference or videoconference, offline or
online computer courses. Many schools offer these programs.
Blended learning programs combine distance learning with face-to-face instruction. [26] These
programs typically target working professionals who are unable to attend traditional part-time
programs.[27]
MBA dual degree programs combine an MBA with others (such as an MS, MA, or a JD, etc.) to let
students cut costs (dual programs usually cost less than pursuing 2 degrees separately), save time
on education and to tailor the business education courses to their needs. This is generally achieved
by allowing core courses of one program count as electives in the other. Some business schools
offer programs in which students can earn both a bachelor's degree in business administration and
an MBA in five years.
Mini-MBA is a term used by many non-profit and for-profit institutions to describe a training regimen
focused on the fundamentals of business. In the past, Mini-MBA programs have typically been
offered as non-credit bearing courses that require less than 100 hours of total learning. However,
due to the criticisms of these certificates, many schools have now shifted their programs to offer
courses for full credit so that they may be applied towards a complete traditional MBA degree. This
is to allow students to verify business related coursework for employment purposes and still allow
the option to complete a full-time MBA degree program at a later period, if they elect to do so.

Admissions criteria[edit]
Many programs base their admission decisions on a combination of undergraduate grade point
average, academic transcripts, entrance exam scores, a résumé containing significant work
experience, essays, letters of recommendation, and personal interviews. Some schools are also
interested in extracurricular activities, community service activities or volunteer work and how the
student can improve the school's diversity and contribute to the student body as a whole.
The Graduate Management Admission Test (GMAT) is the most prominently used entrance exam
for admissions into MBA programs. The Graduate Record Examination (GRE) is also accepted by
almost all MBA programs in order to fulfill any entrance exam requirement they may have. [28] Some
schools do not weigh entrance exam scores as heavily as other criteria, and some programs do not
require entrance exam scores for admission. In order to achieve a diverse class, business schools
also consider the target male-female ratio and local-international student ratios. In rare cases, some
MBA degrees do not require students to have an undergraduate degree and will accept significant
management experience in lieu of an undergraduate degree. In the UK, for example an HND or even
HNC is acceptable in some programs.
Depending on the program, type and duration of work experience can be a critical admissions
component for many MBA programs.[29] Many top-tier programs require five or more years of work
experience for admission.[30][31]
MBA admissions consulting services exist to counsel MBA applicants to improve their chances of
getting admission to their desired Business Schools. These services range from evaluating a
candidate's profile, GMAT preparation, suggesting the schools to which they can apply, writing and
editing essay, conducting mock interviews as preparation for MBA admission interviews, as well as
post-MBA career counseling.
Content[edit]
In general, MBA programs are structured around core courses (an essentially standard curriculum [32]
[33]
) and elective courses that (may) allow for a subject specialty or concentration. [34] Thus, in the
program's first year (or part), students acquire both a working knowledge of management functions
and the analytical skills required for these, while in the second year (part), students pursue elective
courses, which may count towards a specialization. (Topics in business ethics may be included at
the generalist or specialist level.) After the first year, many full-time students seek internships. The
degree culminates with coursework in business strategy, the program capstone.
A dissertation or major project is usually a degree requirement after the completion of coursework.
Many MBA programs end with a comprehensive exit examination; see below.
For Executive MBA programs, the core curriculum is generally similar, but may seek to leverage the
strengths associated with the more seasoned and professional profile of the student body,
emphasizing leadership, and drawing more from the specific experience of the individual students. [35]
[36]

Programs are designed such that students gain exposure to theory and practice alike. [37] Courses
include lectures, case studies, and team projects; the mix though, will differ by school [38] and by
format. Theory is covered in the classroom setting by academic faculty, and is reinforced through
the case method, placing the student in the role of the decision maker. Similar to real world business
situations, cases include both constraints and incomplete information. Practical learning (field
immersion) often comprises consulting projects with real clients, and is generally undertaken in
teams[citation needed] (or "syndicates"). The practical elements (as well as the case studies) often
involve external practitioners—sometimes business executives—supporting the teaching from
academic faculty. (See Business school #Use of case studies and #Other approaches.)

MBA Course Structure

Accounting, economics (managerial

economics, aggregate
Analytical economics),organizational behavior,
quantitative analysis (operations
research and business statistics).
Core
Financial management, human
resource management, marketing
Functional
management, operations
management.

Business ethics, corporate social

Ethics
responsibility, corporate governance.

Electives Common broad electives

include: entrepreneurship, international
business, management information
systems, business law, market
research, organizational
design, negotiations, international finance, project
 management, managing non-profits and real
estate investing. Additionally, many other elective
options of a more specialized nature are offered by
various institutions.

Strategic management and business
Strategy
leadership.
Capstone Research
Research methodology and dissertation/major
project.

Common MBA Specializations/Concentrations

Accounting, entrepreneurship, finance (including corporate
finance and investment management), international
business, healthcare administration, human
resources, management information systems, management
science, marketing, operations management, organizational
design, project management, real estate, risk
management and strategy, among others.

As above, courses begin with underlying topics [32] and then progress to more advanced functional
topics where these are applied; see aside.
The analytic skills required for management are usually covered initially. The accounting course(s)
may treat financial and management accounting separately or in one hybrid course. Financial
accounting deals mainly in the preparation of financial statements while management accounting
deals mainly in analysis of internal results. Managerial economics is a technical course that mainly
focuses on product pricing as influenced by many micro-economic theories and principals, while the
aggregate or macro-economics course deals with topics like the banking system, the money supply,
and inflation. Operations Research and statistics are sometimes combined as "Managerial Decision-
Making" or "Quantitative Decision-Making"; organizational behavior and human resource
management may similarly be combined. In many programs, applicants with appropriate background
may be exempt from various of the analytical courses.
As regards the functional courses, some programs treat the curricula here in two parts: the first
course provides an overview, while the second revisits the subject in depth (perhaps as
specializations); alternatively, the first addresses short-term, tactical problems, while the second
addresses long-term, strategic problems (e.g., "Financial Management I" might cover working capital
management, while part II covers capital investment decisions). An Information
systems / technologycourse is increasingly included as a core functional course rather than an
elective. Ethics training is often delivered with coursework in corporate social responsibility and
corporate governance. Note that courses here, although technical in content are, ultimately, oriented
toward corporate management. (For example, the principal finance course may cover the
technicalities of financial instrument valuation and capital raising, but is in fact focused
on managerial- and corporate finance.) Technically-oriented courses, if offered, will be via a
specialization.
Programs may also include (coursework-based) training in the skills needed at senior levels of
management: soft skills, such as (general) leadership and negotiation; hard skills, such
as spreadsheets and project management; thinking skills such as innovation and creativity. Training
in areas such as multiculturalism and corporate social responsibility is similarly included. Company
visits (including overseas travel), and guest lectures or seminars with CEOs and management
personalitiesmay also be included. These, with the core subjects, provide the graduate with breadth,
while the specialty courses provide depth.
For the business strategy component, the degree capstone, the focus is on finding competitive
advantage and the long-term positioning and management of the entity as a whole. Here, the key
functional areas are thus synthesized or integrated into an overall view and the strategy course
depicts how the various sub-disciplines integrate to tell one continuous story with each discipline
complementing the others. Corresponding training in business leadership may also be scheduled
and participation in a business simulation or game is also a common degree requirement. "Strategy"
may be offered as a sequence of courses, beginning in the first part (planning) and culminating in
the second (execution), or as a single intensive course, offered during the second part. Some
programs offer a specialization in "strategy", others in management consulting which substantially
addresses the same issues.
The MBA dissertation (or thesis in some universities) will, in general, comprise the following in some
combination:[39] a discussion of the literature, providing a critical review and structuring of what is
known on a given topic, with a view to addressing a specific problem; a case study that goes beyond
simple description, containing the analysis of hitherto unpublished material; a test of the application
or limitations of some known principle or technique in a particular situation, and / or suggested
modifications. As an alternative to the dissertation, some programs instead allow for a major project.
[40]
 Here (part-time) students will address a problem current in their organization; particularly in
programs with an action learning orientation, these may be practically oriented.[40] Most MBA
programs require additional course work in research methodology, preceding the dissertation or
project. Some programs allow that the research component as a whole may be substituted with
additional elective coursework.
Exit examination[edit]
Many MBA programs culminate in a comprehensive exit examination. The national standardized
exam known as the Major Field Test for MBAs (MFT-MBA) has been administered in the MBA
programs of over 300 U.S. universities. [41] The MFT-MBA aims to assess skills, knowledge, and
reasoning ability within the domain of standard MBA curriculum. [33] It is administered by Educational
Testing Service. Another prominent option for comprehensive exit exams is the Common
Professional Component Comprehensive Exam for MBAs (CPC COMP Exam for MBAs) owned by
Peregrine Academic Services.[42] Many programs choose to administer their own in-house exam
rather than a standardized test.

Honor societies[edit]
Honor societies recognize individuals for high achievement in MBA programs. These honor societies
include:

 Beta Gamma Sigma - membership requires one to be in the top 20% of their program's class
after completing half of the program.[43]
 Delta Mu Delta - membership requires one to be in the top 20% of their program's class and
have a GPA of at least 3.6 after completing half of the program. [44]
 Financial Management Association - membership requires one to have a 3.5 overall GPA, or
a 3.5 GPA in finance and finance-related courses, after completing half of the program. [45]
 T10 - membership requires one to have scored in the top 10% in the country on a national
comprehensive MBA exam.[46]
Careers[edit]
An MBA prepares individuals for many types of careers. According to a survey by the Graduate
Management Admissions Council, 64% of year 2012 MBA graduates used their MBA to change
careers.[47] Some of the more common jobs an MBA prepares one for include:

 Business analyst or strategist

 Business development analyst, associate, or manager
 Director (of a department)
 Entrepreneur/founder
 Financial analyst
 Management consultant
 Marketing associate, analyst, or manager
 Portfolio manager
 Project, product, or program manager
 Operations analyst, associate, or manager[48][49]

Europe[edit]
Main article: List of business schools in Europe

History[edit]
In 1957, INSEAD (French name "Institut Européen d'Administration des Affaires", or European
Institute of Business Administration) became the first European university offering the MBA degree,
[50]
 followed by EDHEC Business School in 1959 and ICADE in 1960 (who had started offering in
1956 a "Technical Seminary for Business Administration"), [51] ESADE[52] and IESE Business
School (first two-year program in Europe) in 1964,[53] UCD Smurfit Business School and Cranfield
School of Management in 1964, Manchester Business School and London Business School in 1965,
The University of Dublin (Trinity College), the Rotterdam School of Management in 1966, the Vlerick
Business School in 1968[54] and in 1969 by the HEC School of Management (in French, the École
des Hautes Études Commerciales) and the Institut d'Etudes Politiques de Paris. In 1972, Swiss
business school IMEDE (now IMD) began offering a full-time MBA program, followed by IE Business
School (in Spanish, Instituto de Empresas) in 1973, and AGH University of Science and Technology
in Cracow, Poland in 1974. In 1991, IEDC-Bled School of Management became the first school in
the ex-socialist block of the Central and Eastern to offer an MBA degree.
Bologna Accord[edit]
In Europe, the recent Bologna Accord established uniformity in three levels of higher education:
Bachelor (three or four years), Masters (one or two years, in addition to three or four years for a
Bachelor), and Doctorate (an additional three or four years after a Master). Students can acquire
professional experience after their initial bachelor's degree at any European institution and later
complete their masters in any other European institution via the European Credit Transfer and
Accumulation System.
Accreditation standards[edit]
Accreditation standards are not uniform in Europe. Some countries have legal requirements for
accreditation (e.g. most German states), in some there is a legal requirement only for universities of
a certain type (e.g. Austria), and others have no accreditation law at all. Even where there is no legal
requirement, many business schools are accredited by independent bodies voluntarily to ensure
quality standards.
Austria[edit]
In Austria, MBA programs of private universities have to be accredited by the Austrian Accreditation
Council (Österreichischer Akkreditierungsrat). State-run universities have no accreditation
requirements, however, some of them voluntarily undergo accreditation procedures by independent
bodies. There are also MBA programs of non-academic business schools, who are entitled by the
Austrian government to offer these programs until the end of 2012 (Lehrgang universitären
Charakters). Some non-academic institutions cooperate with state-run universities to ensure legality
of their degrees.
Czech Republic[edit]
January 1999 saw the first meeting of the Association of the Czech MBA Schools (CAMBAS). The
association is housed within the Centre for Doctoral and Managerial Studies of UEP, Prague. All of
the founding members of the association to have their MBA programs accredited by partner
institutions in the United Kingdom or United States of America. [55]
France and French speaking countries[edit]
In France and in the Francophone countries such as Switzerland, Monaco, Belgium, and Canada,
the MBA degree programs at the public accredited schools are similar to those offered in the Anglo-
Saxon countries. Most French Business Schools are accredited by the Conférence des Grandes
Écoles, which is an association of higher educational establishments outside the mainstream
framework of the public education system.
Germany[edit]
Germany was one of the last Western countries to adopt the MBA degree. In 1998,
the Hochschulrahmengesetz (Higher Education Framework Act), a German federal law regulating
higher education including the types of degrees offered, was modified to permit German universities
to offer master's degrees. The traditional German degree in business administration was
the Diplom in Betriebswirtschaft (Diplom-Kaufmann) but since 1999, bachelor's and master's
degrees have gradually replaced the traditional degrees due to the Bologna process. Today most
German business schools offer the MBA. Most German states require that MBA degrees have to be
accredited by one of the six agencies officially recognized by the
German Akkreditierungsrat[56] (accreditation council), the German counterpart to the American CHEA.
The busiest of these six agencies (in respect to MBA degrees) is the Foundation for International
Business Administration Accreditation (FIBAA). All universities themselves have to be institutionally
accredited by the state (staatlich anerkannt).
Italy[edit]
Italian MBAs programs at public accredited schools are similar to those offered elsewhere in Europe.
Italian Business Schools are accredited by EQUIS and by ASFOR.
Poland[edit]
There are several MBA programs offered in Poland. Some of these are run as partnerships with
American or Canadian Universities. Others rely on their own faculty and enrich their courses by
inviting visiting lecturers. Several MBA programs in Poland are also offered in English.
Portugal[edit]
Several business schools offer highly ranked MBA programs in Portugal. Portuguese MBA programs
are increasingly internationally oriented, being taught in English.
Spain[edit]
Spain has a long history in offering MBA programs with three MBA programs frequently being
ranked in the Top 25 worldwide by several international rankings. Spanish MBAs are culturally
diverse and taught in English.
Switzerland[edit]
There are several schools in Switzerland that offer an MBA as full-time, part-time and executive
education programs. Some business schools that offer MBA programs with specializations such as
Finance and Healthcare, technology management, and others. As a country with four different
national languages (German, French, Italian and Romansh), [57] Switzerland offers most of its
programs in English to attract international students to the country.
Ukraine[edit]
Recently MBA programs appeared in Ukraine where there are now about twenty schools of business
offering a variety of MBA programs. Three of these are subsidiaries of European schools of
business, while the remaining institutions are independent. Ukrainian MBA programs are
concentrated mainly on particulars of business and management in Ukraine. For example, 2/3 of all
case studies are based on real conditions of Ukrainian companies. [58]
United Kingdom[edit]
The UK-based Association of MBAs (AMBA) was established in 1967 and is an active advocate for
MBA degrees. The association's accreditation service is internationally recognised for all MBA, DBA
and Masters in Business and Management (MBM) programs. AMBA also offer the only professional
membership association for MBA students and graduates. UK MBA programs typically consist of a
set number of taught courses plus a dissertation or project.

Africa[edit]
The Financial Times in its Executive Education Rankings for 2012 included 5 African business
schools.
Nigeria[edit]
Business schools administered as colleges within the traditional universities offer a variety of MBA
programs. In addition, a few standalone business schools allied with foreign business schools exist
in Nigeria.
South Africa[edit]
See also: List of business schools in South Africa and League tables of South African business
schools

In 2004 South Africa's Council on Higher Education (CHE) completed an extensive re-accreditation
of MBA degrees offered in the country.[59]
Ghana[edit]
Business schools of the traditional universities run a variety of MBA programs. In addition, foreign
accredited institutions offer MBA degrees by distance learning in Ghana.
Kenya[edit]
See also: Education in Kenya

MBA programs are offered in many public and private universities.

Students choose to specialize in one of the following areas: Accounting, Finance, Entrepreneurship,
Insurance and Human Resources. The course takes 4 semesters of about 4 months each.
Asia-Pacific[edit]
Main article: List of business schools in Asia

International MBA programs are acquiring brand value in Asia. For example, while a foreign MBA is
still preferred in the Philippines, many students are now studying at one of many "Global MBA"
English language programs being offered. English-only MBA programs are also offered in Hong
Kong, Indonesia, Malaysia, Singapore, South Korea, Taiwan, and Thailand. For international
students who want a different experience, many Asian programs offer scholarships and discounted
tuition to encourage an international environment in the classroom.
Rankings have been published for Asia Pacific schools by the magazine Asia Inc. which is a regional
business magazine with distribution worldwide. The importance of MBA education in China has
risen, too.[60]
Bangladesh[edit]
Bangladesh was one of the first countries in Asia to offer MBA degree. There are now more than 50
business schools in Bangladesh offering the MBA, predominantly targeting graduates without any
work experience. Most MBAs are two years full-time. There is little use of GMAT. The Business
Schools conduct their own admission tests instead. Classes are taught in English.
India[edit]
There are many business schools and colleges in India offering two-year MBA or PGDM programs
accredited by AICTE or UGC.
The Indian Institutes of Management are among the world's most selective schools according to
Bloomberg magazine.[61] They offer a post graduate degree in management. There are 20 IIMs in
total, 12 of which were established after the year 2010. [citation needed]
Malaysia[edit]
Malaysia is one of the pioneer country in South East Asia to offer MBA programs. Both public and
private universities offers MBA degrees. Most MBAs are in full-time mode and part-time mode. All
MBA degrees are conducted in English.
Singapore[edit]
Singapore is South East Asia's leading financial hub. Its competitive educational system starts from
primary schools to universities and eventually post-graduate studies such as EMBA programs. [62]
Japan[edit]
In Japan 2 business schools offer the accredited MBA degree (AACSB, AMBA or EQUIS). The
concept of an MBA is still not considered mainstream as traditional companies still perceive that
knowledge and learning with respect to business and management can only be effectively gained
through experience and not within a classroom. In fact, some companies have been known to place
recent MBA recipients in unrelated fields, or try to re-acclimate their Japanese employees who have
spent years overseas earning the degree. As a consequence, academic institutions in Japan are
attempting to reinvent the perception of the MBA degree, by taking into account the local corporate
culture.[63]
Pakistan[edit]
Pakistan first offered an MBA program outside the United States in 1955 in collaboration with the
University of Pennsylvania. Now in Pakistan, there are 187 Universities/Institutes which are
recognized by the Higher Education Commission of Pakistan, offering MBA programs to students
and professionals.[citation needed]
Australia[edit]
Main article: List of business schools in Australia

In Australia, 42 Australian business schools offer the MBA degree (16 are AACSB, AMBA or EQUIS
accredited[64]). Universities differentiate themselves by gaining international accreditation and
focusing on national and international rankings. Most MBAs are one to two years full-time. There is
little use of GMAT, and instead each educational institution specifies its own requirements, which
normally entails several years of management-level work experience as well as proven academic
skills.[65]
Graduate Management Association of Australia carries out ratings for Australian MBAs and annually
publishes Australian MBA Star Ratings. The Financial Review Boss carries out biennial rankings of
Australian MBAs.[66]
New Zealand[edit]
In New Zealand, most universities offer MBA classes, typically through part-time arrangement or
evening classes. Only two universities offer full-time programs to international students - University
of Otago (Otago MBA) and Auckland University of Technology (AUT). The Otago MBA is the longer
established of the two, offering a 240 points program while AUT MBA is a 180-point program.
South Korea[edit]
Korean universities offer full-time and part-time MBA programs that usually consist of a two-year
curriculum. The first MBA program was offered in 1963 by Korea University Business School
(KUBS). In 2007, the Korean Government established "BK21," a project that supports Korean
universities in order to develop their competitiveness in the global MBA market. Korea University
Business School topped the evaluation of BK21 professional business graduate schools for six
consecutive years. In the meantime, only two universities in Korea ranked in the "2015 Global Top
100 Executive MBA (EMBA) Rankings" conducted by UK Financial Times (Korea University
Business School and Yonsei University ranked 27th and 45th worldwide, respectively).

Program rankings[edit]
See also: List of United States business school rankings, Australian MBA Star Ratings,
and Rankings of business schools in South Africa

Since 1967, publications have ranked MBA programs using various methods. [67] The Gourman
Report (1967–1997) did not disclose criteria or ranking methods, [68] and these reports were criticized
for reporting statistically impossible data, such as no ties among schools, narrow gaps in scores with
no variation in gap widths, and ranks of nonexistent departments. [69] In 1977 The Carter
Report ranked MBA programs based on the number of academic articles published by faculty,
the Ladd & Lipset Survey ranked business schools based on faculty surveys, and MBA
Magazine ranked schools based on votes cast by business school deans. [67]
Today, publications by the Aspen Institute, Business Week, The Economist, Financial
Times, Forbes, Quacquarelli Symonds, US News & World Report, and the Wall Street Journal make
their own rankings of MBA programs. Schools' ranks can vary across publications, as the
methodologies for rankings differ among publications:

 The Aspen Institute publishes the Beyond Grey Pinstripes rankings which are based on the

integration of social and environmental stewardship into university curriculum and faculty
research. Rankings from a small sample of well-known schools are calculated on the amount
of sustainability coursework made available to students (20%), amount of student exposure to
relevant material (25%), amount of coursework focused on stewardship by for-profit corporations
 (30%), and relevant faculty research (25%).[70] The 2011 survey and ranking include data from
150 universities.[71]
 Business Week's rankings are based on student surveys, a survey of corporate recruiters,
and an intellectual capital rating. [72]
 The Economist Intelligence Unit, published in The Economist, surveys both business schools
(80%) and students and recent graduates (20%). Ranking criteria include GMAT scores,
employment and salary statistics, class options, and student body demographics. [73]
 Financial Times uses survey responses from alumni who graduated three years prior to the
ranking and information from business schools. Salary and employment statistics are weighted
heavily.[74]
 Forbes considers only the return of investment five years after graduation. MBA alumni are
asked about their salary, the tuition fees of their MBA program and other direct costs as well as
opportunity costs involved. Based on this data, a final "5-year gain" is calculated and determines
the MBA ranking position.[75]
 Quacquarelli Symonds QS Global 200 Business Schools Report compiles regional rankings
of business schools around the world. Ranks are calculated using a two-year moving average of
points assigned by employers who hire MBA graduates. [76]
 U.S. News & World Report incorporates responses from deans, program directors, and
senior faculty about the academic quality of their programs as well as the opinions of hiring
professionals. The ranking is calculated through a weighted formula of quality assessment
(40%), placement success (35%), and student selectivity (25%). [77]
 UT-Dallas Top 100 Business School Research Rankings ranks business schools on the
research faculty publish, similar to The Carter Report of the past.[78]
 The Wall Street Journal, which stopped ranking full-time MBA programs in 2007, based its
rankings on skill and behavioral development that may predict career success, such as social
skills, teamwork orientation, ethics, and analytic and problem-solving abilities. [79]
The ranking of MBA programs has been discussed in articles and on academic websites. [80] Critics of
ranking methodologies maintain that any published rankings should be viewed with caution for the
following reasons:[81]

 Rankings exhibit intentional selection bias as they limit the surveyed population to a small
number of MBA programs and ignore the majority of schools, many with excellent offerings.
 Ranking methods may be subject to personal biases and statistically flawed methodologies
(especially methods relying on subjective interviews of hiring managers, students, or faculty).
 Rankings use no objective measures of program quality.
 The same list of schools appears in each ranking with some variation in ranks, so a school
ranked as number 1 in one list may be number 17 in another list.
 Rankings tend to concentrate on representing MBA schools themselves, but some schools
offer MBA programs of different qualities and yet the ranking will only rely upon information from
the full-time program (e.g., a school may use highly reputable faculty to teach a daytime
program, but use adjunct faculty in its evening program or have drastically lower admissions
criteria for its evening program than for its daytime program).
 A high rank in a national publication tends to become a self-fulfilling prophecy.
 Some leading business schools including Harvard, INSEAD, Wharton and Sloan provide
limited cooperation with certain ranking publications due to their perception that rankings are
misused.[82]
One study found that ranking MBA programs by a combination of graduates' starting salaries and
average student GMAT score can approximately duplicate the top 20 list of the national publications,
and concluded that a truly objective ranking would use objective measures of program quality and be
individualized to the needs of each prospective student. [81] National publications have recognized the
value of rankings against different criteria, and now offer lists ranked different ways: by salary,
GMAT score of students, selectivity, and so forth. While useful, these rankings have yet to meet the
critique that rankings are not tailored to individual needs, that they use an incomplete population of
schools, may fail to distinguish between the different MBA program types offered by each school, or
rely on subjective interviews.

References[edit]

1. Jump up^ "Andreas Kaplan: A school is "a building that has four walls…with tomorrow
inside": Toward the reinvention of the business school".  Business
Horizons. doi:10.1016/j.bushor.2018.03.010.
2. Jump up^ "Getting Your Master's Degree". Peterson's. 6 December 2013. Retrieved  6
October  2014. A master's degree comes in only two options: a professional, or "terminal" master's
degree, or an academic master's degree...A terminal degree is a means to an end; it will prepare you
for entrance into a specific type or group of jobs. A terminal degree implies there is no need for any
further education, thus the word "terminal." Degrees from professional master's programs are usually
marked by specific initials that denote their area of specialty, such as a Master of Business
Administration (M.B.A) or Master of Library Science (M.L.S.) degree...Conversely, an academic
degree centers on research and scholarly studies in a specific area. These degrees are more likely to
lead to continued education at the doctoral level where you can specialize in a very specific area of
that field...
3. Jump up^ Maier, Christopher (2005).  Complete Book of Graduate Programs in the Arts and
Sciences. New York: Random House. p.  4.  ISBN  0-375-76432-1. "PhD" and "terminal degree" are
not synonymous. A number of master's degrees lead students directly to, well, the end of the formal
educational line. One such example is the MFA, which is earned by practicing artists in fields such as
creative writing, visual arts, and theater. In the world of business administration degrees, an MBA is
terminal. Although a little research might turn up a handful of PhD options in the creative arts or
business, these are different monsters; they don't take away from the fact the person with the MFA or
the MBA has a terminal degree.
4. Jump up^ "Tuck School of Business History".  Tuck.dartmouth.edu. Retrieved  2013-07-26.
5. Jump up^ Donald Stabile (1 January 2007).  Economics, Competition and Academia: An
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American Culture. New York: Pantheon Books. p. 288.
9. Jump up^ "The Sloan Legacy".  London.edu.
10. Jump up^ "MIT's contributions to business and economics".  boston.com. 15 May 2011.
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