Professional Documents
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Master of Business Administration: "MBA" Redirects Here. For Other Uses, See
Master of Business Administration: "MBA" Redirects Here. For Other Uses, See
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.
An "Executive MBA", or EMBA, is a degree program similar to an MBA program that is
specifically structured for and targeted towards corporate executives and senior managers
who are already in the workforce. [5]
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 8.6Finland
o 8.7France and French-speaking countries
o 8.8Germany
o 8.9Italy
o 8.10Poland
o 8.11Portugal
o 8.12Spain
o 8.13Switzerland
o 8.14Ukraine
o 8.15United 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 10.4Nepal
o 10.5Singapore
o 10.6Japan
o 10.7Pakistan
o 10.8Australia
o 10.9New Zealand
o 10.10South Korea
o 10.11China
11Program rankings
12Criticism
o 12.1Related graduate business degrees
12.1.1Executive
12.1.2Doctoral
13References
14Further reading
15See also
History
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 . In 1900,
[4]
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. At this time, only American universities offered MBAs. Other countries
[10]
1951. [16]
The MBA degree has been adopted by universities worldwide in both developed and
developing countries.
[25]
Accreditation
United States
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. Currently the three major accrediting bodies
in the United States are:
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). MBA programs with specializations for students pursuing careers in
[27]
Other countries
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
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.
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 downtime 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 (part-time) 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 one year MBA programs
aimed at professionals with approximately five years or more. They are primarily offered in
countries like India where the two-year MBA program is targeted at fresh graduates with no
experience or minimal experience. These full-time executive MBA programs are similar to
one 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. These
[29]
programs typically target working professionals who are unable to attend traditional part-time
programs. [30]
MBA dual degree programs combine an MBA with others (such as an MS, MA, MEng, or
a JD, etc.) to let students cut costs (dual programs usually cost less than pursuing two
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 to 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
Many programs base their admission decisions on a combination of undergraduate grade
point average, academic transcripts, entrance exam scores (for example, the GMAT or the
GRE test score), a résumé containing significant work experience, essays, letters of
recommendation, group discussions, 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. Some schools do not weigh entrance exam scores as heavily as other criteria,
[31]
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 (Higher National Diploma) or
even HNC (Higher National Certificate) 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. Many top-tier programs require five or
[32]
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 essays, conducting mock interviews as preparation for MBA
admission interviews, as well as post-MBA career counseling. [citation needed]
Content
In general, MBA programs are structured around core courses — an essentially standard
curriculum — and elective courses that (may) allow for a subject specialty or
[35][36]
concentration. Thus, in the program's first year (or part), students acquire both a working
[37]
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. [38][39]
Programs are designed such that students gain exposure to theory and practice alike.
Courses include lectures, case studies, and team projects; the mix though, will differ by
[40]
school and by format. Theory is covered in the classroom setting by academic faculty, and
[41]
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 (or "syndicates"). The practical elements (as
[42]
Accounting, economics for
management, organizational
Analytical
behavior, quantitative analysis (operations
research and business statistics).
Core
Financial management, human resource
Functional management, marketing management, operations
management.
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 and then progress to more advanced
[35]
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
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. The MFT-MBA aims to
[45]
assess skills, knowledge, and reasoning ability within the domain of standard MBA
curriculum. It is administered by Educational Testing Service. Another prominent option for
[36]
comprehensive exit exams is the Common Professional Component Comprehensive Exam
for MBAs (CPC COMP Exam for MBAs) owned by Peregrine Academic Services. Many [46]
programs choose to administer their own in-house exam rather than a standardized test.
Honor societies
Honor societies recognize individuals for high achievement in MBA programs. These honor
societies include:
Careers
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. Some of the more common jobs an MBA prepares one for include:
[51]
Europe
Main article: List of business schools in Europe
History
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, followed by EDHEC Business School and Antwerp Management
[54]
School in 1959 and ICADE in 1960 (who had started offering in 1956 a "Technical Seminary
for Business Administration"), ESADE and IESE Business School (first two-year program
[55] [56]
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 bloc of the Central and Eastern to
offer an MBA degree.
Bologna Accord
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
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
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 the legality of their degrees.
Czech Republic
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 the United States of America. [59]
Finland
In Finland, Master of Business Administration degrees are awarded by business schools
of Aalto University, Hanken, University of Turku, University of Vaasa and University of Oulu.
In Finnish this degree is called kauppatieteiden maisteri. Universities of applied sciences
award degrees which in Finnish are called tradenomi (YAMK) but use the same English title
"Master of Business Administration" as the ones awarded by business schools. Both
degrees are recognized as higher education degrees in Finland, yet only the business
school graduates are typically referred as "masters". [citation needed]
German counterpart to the American CHEA. The busiest of these six agencies (with 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
Italian MBA programs at public accredited schools are similar to those offered elsewhere in
Europe. Italian Business Schools are accredited by EQUIS and by ASFOR.
Poland
There are several MBA programs offered in Poland. Some of these are run as partnerships
with European, 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
Several business schools offer highly ranked MBA programs in Portugal. Portuguese MBA
programs are increasingly internationally oriented, being taught in English.
Spain
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
Several schools in Switzerland offer an MBA as full-time, part-time, and executive education
programs. Some business schools 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), Switzerland offers most of its
[61]
United Kingdom
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
recognized for all MBA, DBA, and Masters in Business and Management (MBM) programs.
AMBA also offers 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
The Financial Times in its Executive Education Rankings for 2012 included 5 African
business schools.
Nigeria
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
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. [63]
Ghana
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. [citation needed]
Kenya
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
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.[64]
Bangladesh
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. Sensibly there is little use of GMAT. The Business Schools conduct their own
admission tests instead although the rationale for this instead of providing introductory
courses and certifications is unclear. Classes are taught in English.
India
See also: List of MBA schools in India
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 is among the world's most selective schools according
to Bloomberg magazine. They offer MBA degrees. There are 20 IIMs in total.
[65] [66]
Malaysia
Both public and private universities offer MBA and EMBA degrees. Most MBAs are in full-
time and part-time modes. All MBA degrees are fully conducted in English.
Nepal
In recent years, universities in Nepal are providing both general MBA for freshers and
Executive MBA for working professionals. Apart from this, there is distance learning center
that are providing online MBA course assosicated with abroad universities. [67]
Singapore
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
MBA programs. Singapore has different MBA programs of high standing. The 3 national
[68]
Pakistan
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. [71]
Australia
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 ). Universities differentiate themselves by gaining international
[72]
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. [73]
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. [74]
New Zealand
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 - the 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
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).
China
In 1990, the Academic Degrees Office of the State Council formally approved the
establishment of MBA degrees and piloted MBA education. In 1991, the Academic Degrees
Office of the State Council approved 9 domestic colleges and universities to carry out MBA
education pilot work. Since then, mainland China has successively approved more
institutions for MBA education training unit. At present, a total of 229 colleges and
universities have opened MBA programs in the system, with a total of more than 500
programs. [citation needed]
Program rankings
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.
The Gourman Report (1967–1997) did not disclose criteria or ranking methods, and
[75] [76]
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. In 1977 The Carter Report ranked MBA programs based on the number of
[77]
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. [75]
universities. [79]
The ranking of MBA programs has been discussed in articles and on academic websites.
Critics of ranking methodologies maintain that any published rankings should be viewed
[89]
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. National
[90]
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.
Criticism
Articles have been written about public perceptions of the crisis, ranging from schools'
acknowledgment of issues with the training students receive to criticisms of the MBA's
[92][93]
role in society. After the financial crisis of 2007–2010, the media raised questions
[94][95] [who?]
about the value and content of business school programs. Prior to the financial crisis,
graduates had reportedly tended to go into finance after receiving their degrees. As
[92]
financial professionals are widely seen as responsible for the global economic meltdown,
anecdotal evidence suggests new graduates are choosing different career paths. Deans at
[96]
top business schools have also acknowledged that media and public perception of the MBA
degree shifted as a result of the financial crisis.
[93]
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Further reading
Patterson, Sarah E.; Damaske, Sarah; Sheroff, Christen
(June 2017). "Gender and the MBA: differences in career
trajectories, institutional support, and outcomes". Gender &
Society. 31 (3): 310–
332. doi:10.1177/0891243217703630. PMC 5915327. PMID
29706689.
Silbiger, Steven. "The 10 Day MBA".
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