Introduction. London Business School; Judge Institute, Cambridge An MBA (Master of Business Administration) is a postgraduate course which
teaches students advanced business skills. MBA courses are not suitable for recent
graduates (a specialist masters degree may be a suitable alternative). Usually
you are expected to have 3 or more years of work experience. The average age of
people on full-time MBA programmes is about 27.
This page is intended to help people who are in the early stages of considering
whether to take an MBA course. The focus is on UK schools, but some information
is also provided about US and European schools. CHOOSING AN MBA COURSE
These fairs give you a chance to meet representatives of business schools, collect
application forms or prospectuses, and ask about course details and costs Below are some of the key factors to consider when choosing a business school:
Structure of course
Full-time MBA courses typically last between 1 year and 2 years.
- 1-year courses are the most common type in the UK. Short courses are cheaper
and more intensive than longer ones, but the majority of your time may be spent
on "core" skills rather than on electives.
- 2-year courses are normal in the US, and there are some in the UK too. Longer
courses are more expensive, but may allow you to specialise more.
Part-time MBA courses are more variable in length. If you want to take this
type of course, think carefully about how you will be able to balance conflicting
requirements of your job, family and study.
Distance learning MBA courses are becoming more common. Not that this way of
studying requires a lot of self-discipline, and that the parts of the course
involving teamwork can become time-consuming.
Accreditation
You may want to check if the course and/or school has been accredited. This
can give you some reassurance about the quality of the education provided.
- The Association of MBAs (AMBA) is the main accreditation body for MBA
courses in the UK: http://www.mbaworld.com - EQUIS is a quality assurance scheme for business schools, run by the
European Foundation for Management Development (EFMD): http://www.efmd.be - AACSB (Association to Advance Collegiate Schools of Business) is
the main accreditation body for MBA courses in the US: http://www.aacsb.edu
Be careful to avoid bogus business schools (bogus means "false,
not real or not legal"). For information about this see: Course/Bogus-Schools
Cost
MBAs are expensive, so the cost of the course may be an important factor to
consider.
- Average fees for full-time 1-year courses at accredited schools in the UK
in 2004 are about £15,000
- Distance learning courses are perhaps one-third cheaper
- 2-year courses are of course more expensive (as well as the fees charged,
consider the lost potential income)
- Fees may be lower for schools in less popular locations; living costs may
vary too
- Ask you company if it would be prepared to sponsor you on a full-time or part-time
MBA programme
Course content
Although the core subjects studied at business schools may be similar, there
are important differences between the courses:
- Schools place different emphasis on lectures, case studies, computer-based
simulations and personal study.
- The range of available electives can vary. You may want to look for courses
offering particular electives if there are specialist skills you wish to acquire.
- Some courses (usually the 2-year ones) incorporate a period of work experience.
- Some courses expect more intensive study than others. You may want to ask
about the typical number of hours worked per week.
Do not rely too much on the name of the course. Titles such as "International
MBA" or "European MBA" may be chosen mainly for marketing purposes.
Profile of classmates
At business school you can learn a lot from fellow classmates, and will also
be able to build up a network of contacts which may help you in the future.
It is therefore important to assess the type of people you will be working with:
- What is the academic strength of the students? Average GMAT score is one measure
that is often used to assess this.
- How much diversity is there in the backgrounds of students? You may benefit
if there are people on the course from many different work backgrounds (although
it can of course also be helpful to have a few from a similar field to your
own).
- What is the nationality mix of students? Working with people from different
parts of the world may help you if you work in an international field of business.
You may wish to visit the school and ask to join a lecture or class so that
you can assess the atmosphere.
Location
The location of the business school may be an important factor:
- If you are doing a part-time MBA while you are working and need to commute
to the school regularly.
- If you are interested in applying to a particular employer after the MBA,
you may want to choose one of the schools from which the company recruits.
League tables / MBA websites
You may wish to check a school's ranking in annual MBA league tables. Some of
the companies which produce tables are:
- the Financial Times: http://news.ft.com/management/mba
- the Economist Intelligence Unit: http://www.which-mba.com
- Business Week: http://www.businessweek.com/bschools
Ranking reports may give you some useful information about the strengths or
weaknesses of schools and the quality of students which they attract, but do
not pay too much attention to the exact positions.
The above websites also contain a lot of further information about MBA courses,
including discussion forums. Other sites to look at include:
- Studylink: http://mba.studylink.com
- Hobsons: http://www.mba.hobsons.com
