THE

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

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 INTRODUCTION
CHRIS BLACKHURST
Former City editor, The Independent and London Evening Standard
C
hoosing an MBA is a crucial decision,
right up there with choosing a uni-
versity and undergraduate degree, or
picking a school.
There are, though, critical differences.
MBAs are truly international, with business
schools keen to have overseas students.
Offered worldwide, theres a huge range of
locations and programmes to choose from
the array can appear overwhelming.
Youre older and wiser now, which is just
as well, because the choice is yours alone. To
make it even more difficult, every institution
will tell you theyre the best (not surprisingly
for people who teach marketing and selling,
theyre excellent at promoting themselves).
That is where this handy guide comes in.
Its designed to lead you through the maze
of applying for, and being selected for, a
course leading to that most pivotal of man-
agement qualifications, a Masters in Busi-
ness Administration.
Many successful entrepreneurs do not
have the letters MBA after their names, but
they tend to be dominant characters who
run their own shows their way. The simple
fact is that for the vast majority of ambitious
No other
letters signal
the bearer
knows how
to manage a
business
executives the best way to make the leap to a
higher level is to gain an MBA, because cor-
porate chiefs and management recruitment
specialists look for the letters that signal this
person has the tools theyre seeking.
Forget other degrees: psychology, poli-
tics, history. None of those say the bearer
knows how to manage a business. Thats
why an MBA is worth doing, and why it
usually leads to a greater salary.
But make no mistake: the initial outlay is
expensive both in time and money. The
calculation youre making is that an MBA
will enhance your career, may gain you a
promotion youve longed for, enables you
to seek a senior post elsewhere or even
make an entire career change.
An MBA requires a commitment to stud-
ying, and payment. There are many differ-
ent types of courses available, from one to
two year full-time programmes, to shorter
or part-time. Prices are similarly varied.
This guide will help you decide if an MBA
is for you and if the answer is yes, assist
you in finding the business school and pro-
gramme that is right for you.
Happy hunting.
 MBA
Newcastle University

Transforming individuals to transform the world

We deliver experienced-based learning with a focus on real-world
application. Study full-time in Newcastle or online from anywhere in
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 FOREWORD
Andrew Main Wilson
Chief executive, the Association of MBAs (AMBA)
C
urrently accrediting 224 business
schools in 53 countries, AMBA is the
worlds only MBA-specific accredit-
ing organisation.
To achieve accreditation, a school must
demonstrate that students have a minimum
of three years appropriate and relevant
work experience and that at least 75 per
cent of the institutions teaching staff has a
relevant postgraduate degree, with the ma-
jority holding a doctorate. They also have to
prove that students will receive a minimum
of 500 contact hours, ensuring face-to-face
learning and strong relationship building.
The school must be able to provide
evidence of the quality of teaching, as evi-
denced by relevant management research,
scholarship and consultancy. All of which
demonstrates just how hard it is for a busi-
ness school to earn AMBA-accreditation,
and why fewer than 2 per cent of schools in
the world have achieved this distinction.
As a former director of a major multina-
tional and an owner of my own start-up, I
believe that an MBA can improve your skill
set so that you can embark on a future career
in any organisation, from your own start-up,
The school
must be able
to provide
evidence of
the quality of
teaching
to the worlds largest firms. Over 40,000
students graduate from AMBA-accredited
schools each year, and one of our priorities
is to fully support our graduate members
during the next stages of their careers.
In February, more than 600 MBA students
from AMBA-accredited schools gathered
at the biggest MBA recruitment event in
Europe. Current MBA students from the very
best business schools met with 16 multina-
tional organisations, including Bloomberg,
LOreal and Microsoft, looking to recruit
MBAs for positions within their consulting,
marketing, sales, technology, research and
finance business divisions.
Our dedication to our MBA students
doesnt end at graduation. Students from
AMBA-accredited programmes are eligi-
ble for two years free AMBA membership.
You will have access to career development
resources, MBA recruitment events, and
AMBAs new online community of interna-
tional MBA students and graduates.
Good luck in choosing the right AMBA-
accredited school for your needs. You are
just about to make one of the best invest-
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
Administration (MBA) is simply a
graduate management degree de-
signed to enhance the leadership
skills of experienced executives. It offers
high-level insight into management strat-
egy and analysis, focusing on core areas
such as marketing, operations and finance.
But its clear from student Leigh Fish-
ers experiences that an MBA can offer
much more than that. I learnt so much
about other people and myself, she says.
Fisher gained her MBA from Ashridge
Business School in 2013 and found the
programme transformative. Ive learned
some old lessons again and learned to ap-
ply them differently, she says, going on to
explain: I appreciate people are the key
to everything, from performance to pro-
ductivity; that culture is to be treated with
profound respect, whether organisational,
regional or international; and that change
and its management is much misunder-
stood by high-level decision makers.
MBAs offer this transformative experi-
ence in various forms. They can be stud-
ied full-time, part-time or through blend-
ed learning, which incorporates both
online and on-site study. An MBA is gener-
ally suitable for managers with three years
experience; an Executive MBA for more
senior figures with more than five years
under their belts. In a competitive mar-
ketplace business schools tweak and focus
their programmes to offer unique selling
points, be it in their approach to creative
leadership, business ethics, international
finance or other key areas. As a result no
MBA is the same, but across them all is
the underlying theme of growth: of knowl-
edge, professional networks, confidence
and prospects.
Says Chris Saunders, director of the
full-time MBA at Lancaster University

10 THE OFFICIAL GUIDE TO CHOOSING AN MBA

Management School: Our MBA is about breadth of the MBA sets it apart: as a full-
gaining knowledge about all business areas; time programme can be completed in a
integrating that knowledge, trying it out year, students spend less time away from
in live situations, and expanding thinking the job market and dont face the long-term
and decision-making skills. academic commitment of other high level
The mindful manager course on postgraduate endeavours, such as a PhD.
Lancasters MBA is an example of Basically, an MBA is the fastest
how the qualification can pro- and the most competitive way to
mote growth in this case, of develop solid knowledge and
Our students
self-awareness. It uses phi- understand acquire essential tools for a
losophy, theology, outdoor how they think new career.
experiential elements, vid- and make
eos and individual mentor- decisions THE BIRTH OF THE MBA
ing to help students develop The MBA has become a means
their approach to management to acquire those tools over more
and leadership. than a century of development.
It enables our MBAs to really under- The proto-MBA, an MSc in commerce,
stand how they think, and therefore how launched in 1900 at Dartmouth Colleges
they make decisions, says Saunders, and Tuck School of Business in the US. Har-
how they can change and improve this. vard established the MBA proper in 1908,
For Denis Costigliolo, MBA student at with the first Executive MBA (EMBA) fol-
Brunel Business School, the speed and lowing from the University of Chicagos

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

12 THE OFFICIAL GUIDE TO CHOOSING AN MBA

 Babington-Smith the key skills that Survey found that 84 per cent of alumni
were relevant to his specific goal. I say their graduate management qualifica-
was looking to make a move from the tion offered opportunities for faster career
not-for-profit sector into starting a advancement, while 90 per cent credit it
business, he explains. He chose Imperial with boosting their earning power.
College Business Schools MBA a gener- Graduate management degree-holders
al programme, but one that offers electives consistently tell GMAC their education is a
in the areas he was interested in, namely solid investment and a spur to personal, pro-
innovation and entrepreneurship. It had fessional and financial achievement, even
the perfect blend of teaching entrepre- in up-and-down economies, says Sangeet
neurship as well as generating new spin- Chowfla, president and CEO of GMAC.
off companies each year. A graduate management education isnt
The programme led to his involve- just a degree, its a career catalyst.
ment with fledgling eLearning platform Jazz Phull began a distance learn-
Epigeum, of which he is now a director. ing MBA with Henley Business School
Although I had managed a large organi- and quickly felt the catalysing effect
sation before, the commercial world was a of the course on her career when she
complete unknown to me, he says. But was promoted to lead her firms talent
by understanding the basic prin- acquisition operation in the Asia
ciples I felt I finally knew the Pacific region while still study-
black arts of commercial fi- A graduate ing. I was selected due to my
nance and had the confidence management MBA but also my leadership
to make the leap.
education isnt skills and adaptability, she
While Babington-Smiths
just a degree, says, adding that although
its a career
general programme at Impe- the MBA helped, its no magic
catalyst
rial was right for him, other bullet. I realised that the MBA
schools specialise ideal for was not enough. I needed to un-
those focused on a particular industry derstand the cultural differences and
or sector. The University of Birmingham, ways of working as an HR leader from the
for example, offers specialist programmes west in an eastern environment.
in international business, global banking The effects of the MBA extend beyond
and finance, and strategy and procurement the course content, too. More than half
management; Warwick Business School, of those questioned in the GMAC survey
meanwhile, has a global energy MBA. belong to their business schools alumni
network and reported greater career satis-
THE BENEFITS OF AN MBA faction than those who dont join, suggest-
Whatever MBA incarnation general- ing that the cohort itself and the connec-
ist, specialist, executive students opt tions it offers are a further benefit to the
for, pick the right programme and the MBA experience.
benefits will be clear. Figures from the Rickey Asemota received a Lloyds
Graduate Management Admissions Coun- Scholars MBA Scholarship for Women to
cil (GMAC) 2015 Alumni Perspectives study at London Business School and is

14 THE OFFICIAL GUIDE TO CHOOSING AN MBA

experiencing that people power first hand.
MBA students are so diverse in terms of
international reach and industry and sec-
tor expertise, she says. Youre constantly
seeing things from a different perspective
and developing new skills simply through
studying alongside this exciting group.
The positive impact of an MBA isnt
limited to a single sector and can find
applications in unexpected areas. Pieter
Berrange is a pastor for a congregation
in South Africa and believes his MBA in
strategic marketing from the University
of Hull has done wonders for his work.
My congregation grew by nearly 150 per
cent in the four years since I started adapt-
ing strategic marketing principles to the
ministry, he says.
WHATS INVOLVED?
The precise content of an MBA varies be-
tween schools, so although core modules are
often similar theres no single definition of
what MBA study involves. For students tak-
ing the leadership and the art of judgement
module on the MBA at Warwick, its using
art, literature and drama to gain insight into
the characteristics of a great leader. Auden-
cia students can attend masterclasses from
invited speakers focusing on topical issues
relating to sustainability and ethics.
Ashridge offers live consulting mini-
projects, where students are briefed on
a real business issue, which they have a
limited time to research before presenting
solutions to senior management. Recent
examples have included a trading group in
Abu Dhabi developing a CSR and market-
ing plan for collecting used cooking oil; a
feasibility plan for a biodiesel plant, includ-
ing capital expenditure plans, technology
requirements, risk analysis and a cost
PROFESSOR
JOHN BOARD
Dean of Henley
Business School
M
BAs have evolved as the busi-
ness and social environment
has changed. But the original
aims of the MBA remain: they are still
programmes in general management,
which draw together theory and the
needs of real corporate leadership.
One of the biggest changes are new
MBA programmes focused on one
particular industry, offering the chance
to specialise in the needs of big sectors,
whether oil or financial services.
However, MBAs shouldnt only ad-
dress specific industries, and not just
financial services. MBAs are for anyone.
They should be just as relevant to the
new creative industries and the third
sector as to traditional professions.
MBAs are for people who have
already worked, so participants come
with experience of an industry and its
challenges. This allows MBA pro-
gramme groups to develop each other
rather than simply being taught.
Dont take a MBA because you think
your CV needs one. Take an MBA
because you think you need it. Not all
MBAs are equivalent so pick one that
suits your way of thinking: good pro-
grammes help participants recognise
that their own development and their
ability to lead are intertwined.
The recent crisis revealed that over-
narrow managers are unable to respond
to major issues facing their company.
This the power of real postgraduate
MBA study: well trained people who
understand good business practice and
are able to think creatively about prob-
lems will always be in demand.
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

According to MBA Holders of

graduates, the three most an MBA from an
important areas to learn AMBA-accredited
about on your course are school receive an
entrepreneurship (34%) average salary of

96,661
internationalisation (36.4%)
and
sustainability /
responsibility (16.5%) an 18% rise
compared to
2012

benefit study, says Anthony Mitchell, di-
rector of Ashridges MBA and Masters in
Management (MiM) programmes.
Coupled with a 10,000-word final project,
case study work and an international study
tour, whatever else an MBA like Ashridges
may be, one thing it isnt is easy. As a re-
spected postgraduate qualification the
MBA does need to be academically rigor-
ous, says Mitchell. In todays challenging
business environment, MBAs need to dem-
onstrate that they are relevant and meet the
demands of business management.
Reflecting on her MBA experience,
Leigh Fisher is direct about how tough
it was. She studied full-time and left her
home and family for 12 months; they re-
mortgaged their house to cover the costs.
It was the best and most challenging
thing I have done in my life, she says. It
tested me in every way. I was stretched
physically, psychologically, emotionally.
But, she said: It was absolutely worth
it. Her salary has doubled and the MBA
has opened up the career choices she had
hoped for. The knowledge and experience
I have acquired is of value in todays work-
place, she says. I apply operations, finance
and marketing principles to many situations
every day, and grow in effectiveness.
Her family have noticed the ongoing
personal growth and development she dis-
plays. I have learnt to welcome challenge
back into my life with anticipation and en-
ergy, she concludes. Ive enjoyed leaving
a risk averse, fear filled life behind me. l

16 THE OFFICIAL GUIDE TO CHOOSING AN MBA

 How

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-
ministration (MBA) requires such a
huge investment in time, effort and
money that it pays to do the research
to find the course that may transform your
life as well as your career prospects.
The MBA is a global qualification that was
first developed in America (Harvard Busi-
ness School remains the highest ranked in
the world). It is a qualification designed for
high-flying executives who have already
been in employment for around five years
and want a career step change.
There is a vast range of choice. The
Association of MBAs (AMBA) accredits 224
business schools that offer full-time and
part-time courses. A handful of schools offer
blended courses, which means the MBA
is partly done online.
The most expensive option is the full-time
MBA, which usually takes a year but in the
case of the London Business School (LBS)
can take two years. Most business schools
offer scholarships, but with fees as high as
68,000 for UK schools, potential students
should know before they apply what they
can expect to get from a course.
Most courses are general MBAs with an
emphasis on finance and management, but
some business schools now offer specialist
courses tailored to specific industries such
as fashion, music or public administration
(MPA). Many schools offer elective studies in
specialist sectors alongside the core content
of the MBA.
For those executives that want to stay in
the day job, there are executive MBAs that
are part time. Business schools have differ-
ent patterns of study. Some offer full-time
study for a block of weeks, some offer alter-
native weeks, and others operate on two
days a week every two weeks that might in-
clude Saturdays. The Sad Business School
executive MBA requires students to be on

18 THE OFFICIAL GUIDE TO CHOOSING AN MBA

campus for one week, full-time, every six Business School (LBS), the highest ranked
weeks (17 weeks in total). school in the UK and second only to Har-
Katherine OFlynn, regional accredita- vard in the FTs global rankings, requires
tion director for AMBA, says: You need applicants to have a score of 600 in the
to work out which MBA will fit with your GMAT, a three-and-a-half-hour test of ana-
lifestyle. If you want to remain in work, lytical skills. The school also asks for three
then go for an executive MBA. personal essays.
There are scholarships for gifted If you want a career in consul-
students or students from an If you tancy with one of the big firms
underrepresented section of want to remain you will have to get a place
the population. in work, then at one of the top 20 firms.
AMBA-accredited schools go for an For strategy consultants, you
have to meet industry stand- executive MBA probably have to graduate
ards that include provision of from one of the top 10. Schools
500 hours of direct contact time expect applicants to be clear about
between tutors and students. The why they want to do an MBA. Senior
schools that rank highest in the Financial executives who want to jump ship to anoth-
Timess (FT) business school table rank- er business sector or who want a career in a
ings are broadly based on salary increases different part of their existing business are
achieved by private sector MBA graduates more likely to choose a full-time MBA.
three years after completing the qualifica- Anna Tee, 31, quit her job working
tion are the most selective. The London for the Singapore government before

HOW TO CHOOSE AN MBA 19

 starting an MBA at the Cass Business School as an entertainment lawyer, has not had any
in London. I want to retool myself to work business training.
in the commercial sector, she says. I want I have been wanting to do something
to work in the energy sector and I am inter- like this for about three years and I now
ested in the way technology is transforming wish I had done it sooner. If I had had
the industry. the knowledge I have gained on the MBA
Tee chose Cass because it has a reputa- course it would have saved me a lot of time
tion for a practical approach to the MBA. and money, he says.
I did not want an MBA that was too theo- LBS is an expensive place to study with
retical, she says. Tee has a Cass scholarship fees of 68,000 for the MBA course. Gareth
that pays half of her 36,000 tuition fees. Howells, LBSs programme director, said
The Cass School, ranked 45 in the FTs the school took account of applicants aca-
global table, takes 80 full-time MBA stu- demic ability and their personal motivation.
dents each year. Sionade Robinson, Were interested in people who
the schools associate dean for have a global mindset, he main-
the MBA programme, said the We tains. Only about 10 per cent
school expected applicants to want students of our MBA students come
have spent at least three years to consider from the UK. One of our key
in employment and to have the long term, strengths is that we have 65
completed the GMAT test. not just the nationalities on our courses.
We want students to con-
next job For potential MBA students,
sider the long term, not just the it can be as important to gauge the
next job, says Robinson. They may opportunities for networking as it is
have two or three careers ahead of them. be confident of the content of the core cur-
For those executives who want to stay riculum. Some schools build in networking
working or who cannot afford to give up a as part of the course offer. The LBS has a
salary for a year, the executive MBA is the partnership with Walpole, a group that rep-
best option. Paul Goldin, 48, who is doing resents luxury brands, which brings senior
an executive MBA at the LBS, is a single par- industry figures to the school to act as men-
ent. He currently produces large screen doc- tors and to give masterclasses.
umentaries funded by wealthy investors. The Sad Business School at Oxford
In the first year the course requires him University, 22 in the global rankings, is as
to attend the school on Fridays and Sat- keenly aware of the importance of network-
urdays every two weeks. I do a lot of the ing. Peter Tufano, who arrived in Oxford
work in my own time. I work in the eve- from the Harvard Business School in 2011,
nings and I collaborate with the others in has set out to integrate the school into the
my study group, says Goldin. I needed to university, partly because it creates a wider
do a course that fitted with my work and network for MBA students.
family commitments. We are consciously trying to create a
In his second year, he will choose eight partnership that allows students to meet
elective study areas from a large bank of the maximum number of people across the
choices. Goldin, who used to work full time university. We are bringing in academics

20 THE OFFICIAL GUIDE TO CHOOSING AN MBA

 from other colleges to teach on the contacts to move into the space
MBA in area such as the study of We want industry. He is now the manag-
demography, he says. to take action ing director of Space Angels,
Sad is one of a number of on gender. We an investment fund that con-
business schools taking ac- have 33 per nects private investors with
tion to create a more balanced cent women at aerospace and aviation start-
intake by encouraging more
the moment ups. Before arriving in Oxford
women to apply and encouraging he had managed a property port-
applicants from parts of the world folio for JP Morgan Chase in Seattle.
that are underrepresented. The course introduced me to new ideas
We want to do something about the and I was surrounded by people who open
global mix. We have a target of 10 per cent up your mind to what is possible, he says.
from Africa, which is four times the global As well as looking at the academic con-
average, but we have only between 6 per tent of an MBA, it is worth researching the
cent and 7 per cent right now. placements that are offered. Warwick Busi-
We want to take action on gender. We ness Schools MBA (tuition fees of 34,400)
have 33 per cent women at the moment and includes a week in Vancouver studying sus-
that is not good enough, says Tufano. tainable business and a week in China at
Chad Anderson, 34, an American who a partner business school. Alongside the
took an MBA at Sad in 2012, believes eight core modules students have to choose
the course gave him the confidence and five elective modules. The applied corporate

22 THE OFFICIAL GUIDE TO CHOOSING AN MBA

finance module and the marketing module
can be studied at the Mannheim Business
school in Germany.
Warwick, which is 38 in this years FT
table, also expects MBA students to do a
consultancy project that brings them into
contact with businesses.
Omalola Apampa, 32, who has a scholar-
ship from Warwick that pays 75 per cent
of her fees, has recently returned from the
Vancouver trip.
She said: It gave us a lot of experience
about how business is done in North Ameri-
ca, and it was a huge opportunity to network
with employers.
Financial pressure around three-quar-
ters of full-time MBA students have to find
their own fees and accommodation costs
means potential students need to be confi-
dent about course accreditation and a busi-
ness schools reputation before applying.
The AMBA accredits programmes rath-
er than schools as a whole. Courses are
inspected by an AMBA manager and three
business school deans or directors. Sessions
are held with employers to talk about the
employability and commercial acumen of
the graduates. There are accredited courses
in schools that do not have a high global
ranking and have fees at the lower end of
the spectrum.
The Loughborough University School
of Business and Management has fees of
22,000 for its MBA courses. Andrew Roth-
well, the director of MBA programmes, said
the school has plans to run some courses or
modules from a new London site. It has only
been running an MBA for three years.
It pays to visit schools and to talk to cur-
rent and past students. Networking is key,
so you need to check the likely student pro-
file of the MBA group you will be joining.
Tim
Foster
Sad Business
School, Oxford
T
im Foster, 45, one of the rowing
squad that won gold at the Olym-
pics in Sydney in 2000, credits his
executive MBA at Sad Business School
with giving him the skills to set up his
own company.
When he started the MBA in 2013 he
was head coach of the Swiss national
rowing squad and would fly to Oxford
every six weeks for a weeks intensive
study. He now runs a life-coaching
company.
I had worked in sport for 25 years
and this was an opportunity to re-skill
and to look across the fence and work
out what I needed to make a career
move, he said. He paid the 52,000
fees from his savings and by taking out
loans. The course made him realise that
coaching had developed skills that are
useful in business. I had been manag-
ing people and I had leadership skills,
he said. But there were areas where he
had little previous experience.
For me, financial accounting was
ground zero, but I ended up doing
financial reporting and financial strategy
and I found I could do it, he said. Foster
was inspired by the other students
on the course. I had worried it might
be full of boring bankers, but it was a
eclectic mix of successful people. One
woman owned a film company. We all
brought different skills to the table.
Foster has ambitions to join the man-
agement side of sport. My company
is remarkably successful, but Id like to
bridge business and sport and maybe
become the chief executive of the gov-
erning body of a sport, he said.
HOW TO CHOOSE AN MBA 23
At some schools, you will be asked what you
bring to the institution.
Traditionally demand for MBA gradu-
ates has been strongest in consulting and
finance but business schools now offer
specialist MBAs targeted at other sectors.
Henley Business School offers a music
MBA, Lancaster has an MBA for the air-
line industry and Brunel has an MBA in
healthcare management.
An MBA will give you an edge in the jobs
market. Tom Lovell, UK manager of special-
ist recruitment for Reed, believes an MBA
puts candidates ahead but employers will
also look at work experience.
He says: It is very rare that an employer
will stipulate that applicants must have an
MBA, but the qualification undoubtedly
strengthens your prospects. Employers are
aware of the rigour business schools put in
to selecting MBA students and they factor
that in, but they also want to see an impres-
sive business experience.
MBA graduates are often well connect-
ed because networking has been a key part
of the MBA course.
In the end, the choice of business school
or course is likely to depend on what price
you are willing to pay and what you want
from the course. There is an element of
paying for the prestige of attending a high
ranked institution where the prospects for
networking are greater. However, the top
ranked schools work hard to retain their
reputation and have weathered a recession
that has hit jobs in banking and finance.
The return on investment in terms of
moving into a high-powered job or accel-
erated progression in your existing field is
likely to be substantial. You may also meet
the people who can help propel your career
to a new stage. l
Meghana
Gandhi
The London Business
School, London
M
eghana Gandhi left New York and
her job with the New York City
economic development corpo-
ration to do an MBA at the London
Business School.
I knew I wanted to work in the
fashion industry, but I didnt know
anything about accountancy or market-
ing, says the 29-year-old. I chose the
London Business School because it has
top-notch academic professionals, plus
I wanted to be in London because it is
part of the global fashion landscape.
One of the attractions was that
LBS has developed a programme in
partnership with Walpole, an associa-
tion of more than 100 companies with
luxury brands. The partnership means
senior executives from leading brands
give masterclasses and provide mentors
for students on the MBA programme.
Gandhi helps run the social media for
one of LBSs most popular student run
clubs, the retail and luxury goods club.
She has also been able to immerse
herself in the industry and has done
an internship with the young fashion
designer Emilia Wickstead.
Her decision to study an MBA was
motivated more by wanting to work in
fashion than wanting a huge salary.
From everything I have seen and
heard, salaries in the fashion industry
are not astronomical, she says.
I would say investment banking
would mean higher salaries, but this is
not all about money. I think I could have
a huge impact on a brand, she adds.
Her LBS scholarship pays 30,000
of the schools 64,000 tuition fees.
HOW TO CHOOSE AN MBA 25
 Where

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
been more global. They may have been
raised in a suburb of Bangalore, com-
pleted an undergraduate programme
in Boston, graduated from an MBA in the
hustle and bustle of Hong Kong, then set-
tled into work between Paris and London:
air miles and expat packages are no longer
the preserve of diplomats and the military.
The US continues to attract the most
MBA applications from around the world,
according to the latest statistics from the
Graduate Management Admission Coun-
cil (Gmac), followed by the UK, Canada,
France and India. There are popular
options across six continents, so does it
really matter where you study an MBA?
Professor Pablo Martin de Holan, Dean
of the MBA programme at Emylon busi-
ness school in France, thinks it does.
Location still matters for an MBA stu-
dent. This new millennium and its technol-
ogies are reducing some of the burdens of
location, but being close to the action still
matters, particularly for young profession-
als who chose the MBA to accelerate their
careers or change them.
Martin de Holan says that students
choose France because it has the fifth
largest economy in the world, with a
huge number of multinational companies
operating in a variety of sectors, from
healthcare to hospitality, automobile de-
sign and manufacturing, mass transporta-
tion and defence.
The connections Emylon has to these
and other industries located in the vicinity
of the school allows students who wish to
pursue a career in these fields to immerse
themselves in the realities of that industry,
and to prepare themselves from the early
days of their MBA.
For some, location is important be-
cause they would like to work and perhaps

26 THE OFFICIAL GUIDE TO CHOOSING AN MBA

remain in a country thats not where they capital remains her home, she says that
were born, he says. For others, it is about Paris has a place in her soul.
taking advantage of a locations economic You have to go to a French school to
environment and its different ecosystems, study luxury. It means that I studied along-
like the strength of the luxury industry side remarkable people from countries
in France. around the world.
For this reason, Maryanne Using the knowledge and ex-
I studied
Maina chose an MBA with a perience she gained from her
alongside
focus on luxury strategies at MBA at HEC Paris where 90
remarkable
HEC Paris, heading to the per cent of the student body
people from
French capital famed for is made up of international
around the
the likes of Chanel, Dior and world students Maina is working
Jean-Paul Gaultier. as a consultant on the luxury
But it isnt all about fashion, market in Africa. She says that she
Maina says. Its about finance, man- matched her career aspirations to the
agement, business and branding, specific best MBA for her, and location was an im-
to the luxury industry and where better portant consideration.
than France? Maina is one of many African citizens
Maina, who grew up in Kenya, thought who choose to study an MBA outside
that Paris was beautiful and dreamy, a dif- of the continent. According to the lat-
ferent experience from her youth in the est Gmac report, women now comprise a
vibrant city of Nairobi. While the Kenyan slightly higher percentage of Graduate

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

28 THE OFFICIAL GUIDE TO CHOOSING AN MBA

Universiteit in the Netherlands where the
schools campus features a 13th century
castle on the bank of the river Vecht.
The moment I entered through the
gate, I was amazed by the beauty of the
campus and that was where the story
began, says Smadi.
The only private university in the Neth-
erlands, the school is located on a park-like
estate with a moat that surrounds the castle
where the students have lectures. Smadi,
who is from Jordan, says that its an atmos-
phere that promotes the socially tolerant,
liberal and culturally diverse nature of the
Netherlands that is also reflected in her
MBA class at Nyenrode.
Not only is the Netherlands a safe coun-
try, with both a high quality of living and ex-
cellent standards of education, its economy
is one of the best in Europe. The possibility
of finding a job here is quite high compared
to other countries.
At Nyenrode, 83 per cent of graduates
find a job or start their own company within
six months after graduation. Smadi high-
lights that the diversity of the class helps
empower the students to succeed.
Having different nationalities in the
class teaches us to accept our differences
and embrace them, she says. We learn
that it takes a village of leaders to be suc-
cessful and that collaboration, tolerance
and teamwork are key factors for success in
business and life.
Yolanda Habets, head of the full-time
MBA programme at Vlerick Business
School in Belgium, agrees that the cultural,
linguistic and economics factors make a
big difference when choosing an MBA. She
says that business schools have a responsi-
bility to leverage their physical location to
boost the overall MBA experience.
AMANDA
KOCH SCHICK
The Rotterdam School
of Management
I
applied for an MBA because I want-
ed to move into the corporate sector
and thought the programme would
be a great stepping stone to a more in-
ternational career, says Amanda Koch
Schick, who worked for five years as a
finance manager in the arts and charity
sectors in London before moving to the
Netherlands to study at the Rotterdam
School of Management.
For me, the most important fac-
tors to consider were location, the
programme, the schools academic
reputation and the diversity of the
student body. As most one-year pro-
grammes are based in Europe, I knew
that was where I wanted to be. Also, as
European schools tend to have a very
international outlook in their curriculum
I knew Id be exposed to a competitive
and challenging environment. RSM had
everything that I was looking for.
Location is such an important as-
pect of choosing where to study, espe-
cially when it comes to job hunting, and
applicants should position themselves
where they want to work and where the
business is. Living in the Netherlands
has been great so far. Dutch people are
incredibly friendly, and almost everyone
speaks English! Rotterdam is a very
lively, buzzing city, but its also an
international business hub.
RSM introduced the career devel-
opment aspect right at the beginning,
ensuring your goals remain in focus and
are aligned to what you learn in class.
I have already received advice on my
CV, LinkedIn profile and job-hunting
strategies, she says.
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,

30 THE OFFICIAL GUIDE TO CHOOSING AN MBA

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provided a learning opportunity not avail-
able solely in the classroom.
It is the wide range of courses to help run
your own business that proved so valuable
to Fruzsina Hughes during her MBA at the
Schulich School of Business in Toronto.
With a First-class Honours degree in drama
from the University of Bristol, she complet-
ed the Graduate Scheme at Lloyds Banking
Group to gain business experience, but ulti-
mately aimed to run her own business.
I was looking to apply myself to some-
thing that would satisfy my need to be
imaginative, but also required strong project
managements skills, she says. My choice
was to be a luxury wedding planner, so I was
looking for a business school that would really
embrace my need to be creative and not try
to pigeonhole me into the typical gradu-
ate path of a consultant, or a banker,
says Hughes.
Schulich has not only the diversity of
people, but also the kind of mind-blowing
number of courses you need to equip you to
run your own unique enterprise.
The MBA as a gateway to international
experience and personal and professional
discovery is a trend that is likely to contin-
ue. Taking long-haul flights to reach study
destinations will feel as natural as studying
online, or networking across time zones
from the back of a rickshaw.
Martin de Holan reminds potential
students that an MBA is a personal choice.
He says that a student interested in certain
areas considered world class, in particular
countries, should also pay close attention to
the local strengths of a programme.
The chance of entering a professional
network is higher if a school is close to it.
Even in this global academic playground,
local influence still counts. l
HOPE
FLAVIANO
Vlerick Business
School in Ghent, Belgium
A
fter years working in corporate
auditing I came to realise I wanted
to be sitting on the other side of
the table. I knew an MBA would place
a stamp of approval on my abilities,
while building the skills I lacked, says
globetrotter Hope Flaviano, who is
originally from the Philippines and
has lived in the UAE and Hong Kong
before applying for an MBA at Vlerick
Business School in Belgium.
Id been bitten by the travel bug.
I knew I wanted to study in a country
where English wasnt a first language,
and Europe was my preferred con-
tinent. After experiencing Belgium I
knew it was the friendliest country in
Europe by far, she adds.
But I had other factors to consider.
Coming from a third world country,
value for money was important to me. I
compared courses, looking at costs and
quality of course content. Vlerick ranks
highly for both, making it the obvious
choice. After living around the world,
moving to another new country was no
big deal. Im experiencing more change
through my very diverse classmates!
Hope advises applicants to consider
what they want and where they want
it before applying. I liken my MBA
experience to photography. You want
a picture of a beautiful landscape, but
perhaps the image is a little fuzzy or
the right filter isnt in place. It takes
adjustments to set up the perfect shot
something youll look at afterwards
and be proud of. Thats what Ive done
with my MBA. Ive set all my variables
and now Im getting the results I want.
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
youll need when applying for a place
on an MBA course. It helps if you are
academically brilliant and an out-
standing manager but you dont have to be.
Most schools want at least a 2:1 Bachelors
degree, but the tests they use to assess can-
didates are made up mainly of skills that
can be learned and practised.
MBAs are designed to improve manage-
ment skills, not teach them from scratch,
and most schools want to see at least three
years of management experience, although
they are not looking for the finished article.
Applicants have to demonstrate potential to
be outstanding managers or entrepreneurs,
and also be the sort of student that will be
able to handle an intensive course.
Entry to the top schools is extremely
competitive the London Business School
has well over 3,000 applicants for 400 plac-
es and Hult International Business School
selects around a fifth of applicants. Beyond
the top few, it gets easier, especially at
schools attached to universities that have
the infrastructure and capacity to expand
to meet demand.
Schools often have more than one appli-
cation deadline and there is some evidence
that those who apply in the first round have
a better chance. The earlier the date you pick
the better, especially if you need time to ar-
range a visa or take the Gmat test.
Dont spread yourself too thinly by ap-
plying to a lot of schools in the hope that
at least one or two of them will pick you
out. They will all require essays or personal
statements and most want to interview in
person or virtually, so each application will
be time-consuming. It could also prove
costly as there is usually an application fee
of between 100 and 200. This is on top
of the fee of around 200 to take the Gmat
admission test and practice materials.

34 THE OFFICIAL GUIDE TO CHOOSING AN MBA

YOUR STORY intercultural awareness. So, of course, tai-
Self-reflection and awareness is seen as lor your application to individual schools,
important in a manager and schools will but dont lose sight of your personal story
expect you to see your personality and at- or profile.
tributes emerging throughout the process. Schools are looking for rounded individu-
So its worth getting feedback from col- als, so include any pursuits or achievements
leagues, line managers and friends that help describe you. Entrepre-
and family. Things they say that neurial activity, however small,
are not complimentary can be Self- will be a plus. Also think about
put to use as well. If, for exam- reflection and times at work when you have
ple, people dont think you awareness shown entrepreneurial spirit
listen enough to others then is seen as in a corporate environment.
you have time to change and it important in Be yourself and be honest
might make an example of your
a manager says Michael Lu, Hults vice-
willingness to embrace criticism. president, global marketing. We
Schools may look for similar Gmat are looking for people who work well
scores, but they differ in what they seek in in a team since there is lots of emphasis on
candidates some are more interested in fi- team work in our one-year program. Also
nancial acumen and some, such as Hult In- dont forget to highlight other interest-
ternational Business School, are very keen ing things that you do in your life, such as
on finding people with entrepreneurial working for charities, or creative pursuits
drive and the right soft skills, especially and sport that can demonstrate that you

HOW TO APPLY FOR AN MBA 35

are able to manage work-life balance and CREATE A COMPELLING CV
handle intense competitive situations. Your CV is extremely important in order
Samkelisiwe Peter, 26, an MBA student at to catch the eye of admissions tutors and
Oxford Universitys Sad Business School, it will probably need reworking for read-
won a scholarship on the strength of his ers outside your industry who might not
application, and makes the same point. understand the importance of certain roles
Working on mergers and acquisitions for you have played or aspects of your career.
an investment bank in South Africa after a Admission tutors say beware of jargon and
job in consultancy, he wanted an MBA that keep your CV short and concise. Its worth
could bring the two together and perhaps putting in any interests or achievements
lead his career in a new direction. outside of work if they show characteristics
You need to put together a solid, com- and achievements that add to your story.
pelling and consistent story about your- Highlight the positive parts of your CV
self, he says. It is very easy to and make sure there are no holes or
be someone who tailors their inconsistencies. If there are parts
responses to what they think You need of your CV you are not proud
someone wants to hear, to put together of and have to include then,
when in fact they want to a solid and dont draw attention to them
know why you want to do consistent by trying to explain.
an MBA and why you chose story about Schools will want to see
them and how you are go-
yourself academic transcripts to prove
ing to use the skills to develop. your achievements, such as de-
And that might not be what they gree certificates and for non-English
expect to hear from someone who lives speakers, the level of English competency.
and works in Africa. They will specify the language tests they
will accept but be warned, if they have any
BUILD UP A RELATIONSHIP concerns they will arrange a phone or an on-
The online applications process can be line interview to assess your verbal fluency.
confusing and if you get stuck the best You may also be required to write essays
thing to do is contact the school for clari- about yourself. Schools usually specify the
fication, says Megan Duane, an American essay titles and examples are tell us when
project manager studying for an MBA at you took a big risk, what happened and how
Kingston University in London. did it change you, or tell us about a time
Pick up the phone and call when you when you had a failure or setback, how you
have questions. Also, try to find previous overcame it and what you learned from it.
students on LinkedIn and ask for first
hand experiences about the programme PICK GOOD REFEREES
and the admissions process. Always re- You will need to provide referees who know
search scholarship opportunities, you will your work and can recommend you to the
be surprised what you can find out there programme. It doesnt have to be your senior
even as a postgraduate student, says manager or company boss. It could be a cli-
Duane, 26, from Rochester, New York. ent or former line manager who can judge

HOW TO APPLY FOR AN MBA 37

 your character. Some schools like to see an
academic referee and a professional one.
Referees who have an MBA themselves
may have more understanding of what is
required. If their MBA is from the same
school as the one to which you are apply-
ing, thats obviously a bonus.
SHINE AT THE INTERVIEW
Most candidates are interviewed as it helps
build up a picture. Dana Brown, the direc-
tor of the MBA at Sad, says the interview
is important.
It often gives us good insight into how
a candidate will perform in the classroom,
in teams and among their peers, as well as
indicating their potential for self-reflection
and growth. A willingness to learn actively
and to engage with others is crucial. We
38 THE OFFICIAL GUIDE TO CHOOSING AN MBA
look for leadership potential and ambition
to make a mark in the world, says Brown.
Make sure you have some sensible ques-
tions that go beyond information published
on the schools website or brochure. Megan
Duane says she used the interview to find
out more about class size. Schools I was
looking at back home in the US had class
sizes of 50 to 100. Here at Kingston the most
in any class is 35 and its 13 or even fewer for
some modules, which makes it much easier
for students to share ideas and get feedback
from staff and each other, she says. You
can also ask about the background of other
students will it be a multinational class? It
was important to me to be learning along-
side people from different cultures because
it opens your mind and changes the way you
think and approach things, she says.
YOUR GMAT SCORE
Most competitive entry schools use the
Gmat as a major part of their admissions
process and expect you to have your score
when you start the application process.
Some publish the minimum score they
will accept or the average score of success-
ful applicants.
So what is the Gmat? It is an American
test administered by the Graduate Man-
agement Admission Council (Gmac) that
measures analytical writing and problem-
solving abilities, and addresses data suffi-
ciency, logic and critical reasoning.
Its a computer adaptive test that pro-
vides new questions based on your pre-
vious answers. It contains a 30-minute
analytic writing assessment, 30 min-
utes of integrated reasoning based on
multiple-choice questions and 75 minutes of
multiple-choice questions on maths, prob-
lem solving and data. It also has 75 minutes
of multiple-choice questions to assess verbal
ability including reading, comprehension,
sentence correction and critical reasoning.
The score range is from 200 to 800 and
the average score is in the mid-500s. Most
schools will expect you to be over 600,
though some will accept a lower score
from an otherwise strong applicant and
some, such as Loughborough Universitys
Business School, do not use it at all.
Warwick Business School says it wants
a score above 650 and it has to be a well
balanced score, rather than one made up
of strengths in one area and weaknesses in
another. The London Business School says
the average of the class of 2015 is 695 with
a range of 600-790.
Gmac publishes official practice mate-
rial and some students find that sufficient.
Others prefer to get help from courses
TOP TIPS
Create a timeline applying will
take longer than you think
Plan to spend around 120 hours
on GMAT practice
Apply early, especially if you
need a visa or the school has more
than one admissions cycle
Dont spread yourself thinly
by applying to too many
schools at once
Get to know and engage with
the school visit, speak to
alumni and admissions staff
Have concrete examples
of when you yourself made a
difference rather than your
team or company
Try out your reasons for wanting
to study an MBA on friends
and family to help clarify the
main points
Select your referee carefully
it may help if they have an
MBA, especially from the
same school
Decide on your strengths,
personal skills and personality and
reinforce them consistently
Be honest with yourself and
dont try to second guess what
others want to hear
HOW TO APPLY FOR AN MBA 39
 run by experts in the field such as Be prepared to put in between
Kaplan Test Prep and Princeton Be prepared 120 and 150 hours of prepara-
Review which offer classroom- to put in tion to reach your potential
based and online tutorials. between 120 he says, and be realistic with
The Gmat is only part of and 150 hours your timeline. Many people
the admissions process, but of preparation take the Gmat more than once
an important part because a to improve their scores, so that
low Gmat score is the biggest has to be factored in. Remem-
application killer according to a ber that schools will be told how
2014 Kaplan survey of MBA programs. many times you have taken it in the past five
A high score at least gets you noticed, years, so dont take it too many times unless
says Dennis Yim, the associate director you put in the work to improve, he says.
of Kaplan Test Preps pre-business and Many US schools and a handful in the UK
pre-graduate programmes. will accept scores for the revised General Test
The biggest misconception among (GRE), provided by the assessment company
students is that Gmat is just a test of intel- ETS as an alternative to the Gmat.
ligence, which it is not, he says. Its a maths Thousands of people every year succeed
and verbal reasoning test, but its more than in getting MBA places at good business
that because it also assesses skills of critical schools, so dont look at the competition
thinking and decision making. but at yourself. l

FINANCE
Thousands of people every year invest
large sums in themselves by enrolling on
MBA courses to fast track their careers.
But the banks dont see it like that. Ask
for an education loan and youll be lucky if
they return your phone call.
As a result only 10 per cent of MBA
students are likely to get any kind of bank
loan towards the costs, according to a sur-
vey by AMBA. Around 30 per cent receive
sponsorship from their employers, but half
have to find all the money themselves.
The MBA is one of the most costly
higher education qualifications and,
though the private colleges tend to be the
most expensive, some prestigious UK uni-
versities have upped their fees to nearly
the same level. Universities that dont
appear at the top of the global ranking
are cheaper and can be good value if they
have a good academic reputation.
Costs may sound daunting but they
shouldnt put you off applying to the most
costly schools because they are the ones
with the most money to hand out in schol-
arships, funds that dont have to be repaid.
The cheapest way to get an MBA is to
study through distance learning or to do
a campus-based course part time: that
way you wont have to forgo the monthly
pay cheque. To try and fill the void left by
banks, some schools have developed their
own loan schemes. Others have linked
up with the start-up Prodigy Finance that
persuades individuals to invest in lending
money to students. Students qualify for
loans through Prodigy based on their
estimated future earnings.

40 THE OFFICIAL GUIDE TO CHOOSING AN MBA

WHY DO AN MBA? 41
 Whats

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-
ance work, life and study, invested
a large amount of time and money
in the future, and now you can put
those three significant letters after your
name. MBA. What next?
If youre asking that question, its prob-
ably too late, says Derek Walker, director
of careers at Sad Business School: you
should be thinking about your career tra-
jectory even before you chose which busi-
ness school to apply to. When prospective
students come to Sad for their admission
interview we talk to them about career
transition, to get them thinking before they
start, he says. The one-year programme is
very intensive, and there isnt much time
to explore your career options. We run we-
binars during the summer before students
arrive which flag up career issues and inter-
esting career paths so theyre armed with
some basic facts.
But if youre uncertain at the start of your
MBA programme, youre not alone. Up to
80 per cent of new students at HEC Paris
are undecided, estimates Tony Somers, di-
rector of HECs Career Management Cen-
tre. Even if you think you know where the
MBA will lead you be flexible. Nearly half
of Sad Business Schools MBA students
change direction during their programme,
moving into a different sector, a new type
of role, or setting up their own business.
If you dont know where youre heading,
are you convinced that doing an MBA is
the right decision, despite the eye-water-
ing fees, the wear and tear on your social
life, and being out of the job market for a
year or more if youre doing a full time pro-
gramme? Is it a good investment?
The good news is that theres a buoy-
ant job market for MBA graduates accord-
ing to the latest Graduate Management
Admissions Council (Gmac) Corporate

42 THE OFFICIAL GUIDE TO CHOOSING AN MBA

Recruitment Survey. 80 per cent of re- that the MBA is relevant even in the new
spondents intend to hire MBA talent this technology area.
year, up from 73 per cent in 2013, and there QS topMBA.com also has encouraging
are a large number of opportunities in the news in its latest survey, which found that
utilities and energy sector where MBA jobs business employers forecast 12 per cent
have risen nearly 15 per cent. growth in MBA demand in 2015. Sala-
Lancaster University Business ries have increased by 4 per cent in
School (Lums) reports that 91 per North America and Western Eu-
cent of its MBAs got jobs with- The rope while the inaugural 2015
in three months of graduation average return QS Return on Investment Re-
in 2013, while Doug Gray, on investment port found that the average
director of TalentHawk, an among EU salary for a European MBA
international IT and profes- MBAs is $2.9m graduate is US$91,586. Julie
sional resourcing consultancy Coffman, chair of Bain & Com-
claims that the MBA global panys Global Womens Leader-
employment landscape has never ship Council, forecasts the company
looked better. There has been a significant will hire over 400 MBAs this year.
growth in MBA demand in all sectors. According to QS the average return
In 2014, over 20 per cent of new gradu- on investment (ROI) among European
ates from HEC went into high tech compa- MBAs is US$2.9m over 20 years, and busi-
nies including Amazon and Google in MBA ness schools enjoying a ROI of more than
roles like strategy and marketing proof $3m include IESE and Esade business

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

44 THE OFFICIAL GUIDE TO CHOOSING AN MBA

 recruiters. Says Lindsay Browning, head of
EMEA talent acquisition, LinkedIn is build-
ing relationships with business schools
including Insead, UCD Smurfit and Lon-
don Business school: We offer graduates
a three-month internship and they get to
work on high level, high visibility projects
which are strategic and robust.
An internship is a practical option if your
dream job hasnt materialised by the time
you graduate but plan to do something
which enhances your CV, says Derek Walk-
er. Sad Business School offers new gradu-
ates two fellowships with a high-tech spin-
MBA at Neoma Business School with a off arm of Oxford University. They are paid
long-term aim to move into a more busi- a moderate stipend but get huge exposure
ness-based role. I was determined to take to the whole world of start-ups, spin-offs,
every opportunity to build my networks, so VCs and angel investors. Sad also offers a
I attended conferences and business events one-year fellowship for a new MBA to work
at the school with speakers from industry, in a not-for profit. Employers are inter-
had direct meetings with headhunters and ested in applicants who have done some-
liased with colleagues and their con- thing unusual which broadens their
tacts on LinkedIn. experience before embarking on
After her MBA Sisiu did an in- a new career. A recent graduate
Employers
ternship at Hewlett Packards are interested worked in rural India, creat-
headquarters in Grenoble as in applicants ing sustainable supply chains
a business analyst through a who have done before joining a large Euro-
French government scheme something pean FMCG.
which offers paid internships unusual Opinions are divided about
to MBA graduates. It was very whether you should start using
helpful to have the opportunity to your MBA immediately often
test the waters and decide whether this the need to recoup some of the finan-
was what I wanted to do. I moved to Black- cial outlay is pressing or whether to gain
berry as a manager in global strategy plan- some off-beat experience. But the experts
ning, and my current job as senior manager are unanimous in the necessity to keep
in consumer strategy and planning at Tel- up the networks you acquired at business
efonica UK came directly as a result. I was school. George Illiev, director of develop-
asked through social media whether I was ment markets at the Association of MBAs
interested in the role. The answer had to (AMBA), advises Keep in touch with your
be yes! classmates, keep an eye on what they and
LinkedIn, as well as being a powerful tool fellow alumni are doing via LinkedIn, talk to
for job-seekers, is also one of the top MBA them via email or phone even forwarding

46 THE OFFICIAL GUIDE TO CHOOSING AN MBA

a relevant article to someone unlocks a con-
versation and serendipitous information
may start flowing your way.
AMBA organises events open to the
alumni of all 224 accredited schools (yes you
can attend the networking events of other
schools). Illiev also suggests keeping in
touch with your professors who will be hap-
py to help you resolve a real world prob-
lem and may include it in their research.
Professors are super-connectors who can
link graduates of different generations, sec-
tors and locations.
After graduation you will need to make
the most of your MBA by keeping it fresh
and up to date. In our fast-changing world
the knowledge gained on an MBA can
quickly become stale, says Seb Murray, ed-
itor of BusinessBecause.com. Alumni can
update their learning with online courses
or short executive education programmes
which are often paid for by their employ-
ers. Business schools are expanding their
programme of short courses, for example
56 per cent of Harvards income is gener-
ated from executive education.
Most business schools offer opportuni-
ties to alumni as well as students. Monaco
Business School has an executive coach
and headhunter who works exclusively
with MBA students on job-hunting basics
from how to write a CV to branding, and
the service is also available for alumni on an
ongoing basis. We have recently revolu-
tionised our alumni network, says Dr Ma-
rika Taishoff, director of MBA programmes.
Alumni are invited to seminars, as well as
having access to live-streamed talks.
A key part of the MBA learning is to con-
stantly adapt to change, so make the most
of opportunities and have a flexible outlook.
Before taking her MBA at American
Luisa
Maier
European School of
Management and Technology, Berlin
B
y the age of 24, Luisa Maier found-
ed five start-ups in South Africa
including the Angels of Alexandra
programme which funds schooling for
orphaned children. But her ambition
was to move to the corporate world,
possibly as a consultant.
I wanted to learn more about
business management and build an
international network of contacts, and
saw an MBA at ESMT in Berlin as the
route to take, she says. The business
school offered career guidance and
self development sessions but it was
the group evaluation among my fellow
students which helped me decide. The
consensus was that I was a born entre-
preneur and I should stick to that.
Despite her colleagues advice
Maier applied for a post as a con-
sultant with McKinsey, but got
side-tracked by an offer from an EU
start-up project which turned into a
permanent job. The person I now
work for was my informal mentor
throughout the MBA programme.
Now director of lab and venture
at German Technical Entrepreneur-
ship Centre (GTech) she is maintain-
ing strong links with ESMT and the
current students. Were building a
GTech centre on the business school
campus, and our organisation is very
involved with MBAs ,including finding
them internships.
Maier thought an MBA would lead
her into a corporate career but she
has proved to herself and her MBA
colleagues that her talents are in the
field of entrepreneurship.
WHATS NEXT? 47
University in Washington DC, Melissa Di
Donato wanted to be a doctor or translator,
but her career took off in another direction.
Now a vice-president for the global cloud
computing company Salesforce, Donato is
a passionate advocate for encouraging more
women managers into technology.
Completing an MBA is certainly an
achievement, but its also just the begin-
ning of the rest of your working life youve
got the tools, now you have to use them.
Still looking for that dream job? Work your
alumni networks, check out the specialist
MBA jobsites like MBA-Exchange.com.
and find what you really want to do.
Peter Werre says: its fun to earn mon-
ey, but its much more fun to earn money
doing something you really enjoy. l

First put your

best professional foot Research
forward by having a killer the company
LinkedIn profile. Your profile youre applying
will often be the first thing to, understand its
people find about you online. vision, mission,
Make sure its truly representative culture and
of who you are. Include a full values
profile, passionate and proud Most
achievements, key career interviews are
milestones competency-based.
Check the job description
HANDLING and prepare examples
of your achievements past
THAT JOB behaviour
predicts future
performance
Relax and
breathe slowly!
INTERVIEW
Interviewing is
a nerve-wracking
experience, but it
helps if youre Look
prepared Smile and at your
enjoy the experience. interviewers
Whether or not youre profile
successful you will learn on social
things about yourself that media
you can develop and
tweak, says Lindsay
Browning, head of
talent acquisition,
LinkedIn

WHATS NEXT? 49

WHERE TO STUDY
FT Global MBA rankings
The Financial Times rank-
ings list the best manage-
ment programmes avail-
able for full- and part-time
MBAs, as well as Masters
and online programmes.
rankings.ft.com/
businessschoolrankings
Ashridge Business School
An independent, non-profit
organisation in Herts.
ashridge.org.uk
Lancaster University
Management School
Consistently ranked in the
UKs top four schools.
lancaster.ac.uk/lums/
Brunel Business School
One of the largest schools at
Brunel University, London.
brunel.ac.uk/bbs
Imperial College
Business School
World-leading research and
postgraduate programmes.
imperial.ac.uk
FURTHER INFO
Warwick Business School
One of the worlds most
prestigious business schools.
wbs.ac.uk
Henley Business School
A triple accredited school.
henley.ac.uk
Cass Business School
Ranked 45 in the FTs table.
cass.city.ac.uk
The Said Business School
Part of Oxford University,
and 22 in the global rankings.
sbs.ox.ac.uk
Loughborough University
School of Business and
Management
Often ranked in the top 10
of UK business schools.
lboro.ac.uk
London Business School
Part of University of London.
london.edu
Kingston University
Public research university.
kingston.ac.uk
ENTRY TESTING
Graduate Management
Admission Council (Gmac)
Administers the Graduate
Management Admissions
Test (Gmat), a common
requirement for entry to
AMBA-accredited courses.
gmac.com
Gmat
The official site for the
Gmat, offering all the
information youll need to
prepare and take this well-
regarded examination.
mba.com
FINANCING YOUR MBA
Lloyds Scholars
Provides scholarships to
promote social mobility.
Has a programme aimed at
getting more women into
MBA programmes.
lloyds-scholars.com
Prodigy Finance
An enterprise run by MBA
graduates offering loans to
fund other MBA students.
prodigyfinance.com

THE ASSOCIATION OF MBAS association connecting MBA students

The Association of MBAs (AMBA) is
the international impartial authority on
postgraduate business education. Its
accreditation service is the global standard
for all MBA, DBA and MBM programmes
and it accredits MBA provision at more
than 200 business schools in 70 countries.
It is also the only professional membership
and graduates, accredited business
schools and MBA employers worldwide.
Information on accreditation, membership
and events is available at mbaworld.com.
AMBA offers pre-MBA students an online
guide to choosing an MBA with practical
advice and information on accredited busi-
ness schools at ambaguide.com.

50 THE OFFICIAL GUIDE TO CHOOSING AN MBA

The Loughborough MBA
Inspiring Winners
If your ambition is to become an elite performer
in business the Loughborough MBA will help you
realise your full potential. Scholarships
As an AMBA-accredited MBA from a Top-10 UK business school, worth up to
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We offer two study routes:
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www.lboro.ac.uk/mba

@lborosbe lborosbe
BE IN BRILLIANT COMPANY
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Find out about scholarships & funding
Free advice in our
tailored workshops
Network with other
future MBAs and share
experiences

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Where?
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When?
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Time: 17.30 20.30
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