Master of Business Administration

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"MBA" redirects here. For other uses, see MBA (disambiguation).
A Master of Business Administration (MBA; also Master's in Business Administration)
is a postgraduate degree focused on business administration.  The core courses in an MBA
[1]

program cover various areas of business administration such as accounting, applied

statistics, human resources, business communication, business ethics, business
law, strategic management, business strategy, finance, managerial
economics, management, entrepreneurship, marketing, supply-chain management,
and operations management in a manner most relevant to management analysis and
strategy. It originated in the United States in the early 20th century when the country
industrialized and companies sought scientific management. [2]

Some programs also include elective courses and concentrations for further study in a

particular area, for example, accounting, finance, marketing, and human resources, but an
MBA is intended to be a generalized program. MBA programs in the United States typically
require completing about forty to sixty credits (sixty to ninety in a quarter system), much
higher than the thirty credits (thirty-six to forty-five in a quarter system) typically required for
degrees that cover some of the same material such as the Master of Economics, Master of
Finance, Master of Accountancy, Master of Science in Marketing and Master of Science in
Management.
The MBA is a terminal degree, and a professional degree.  Accreditation bodies specifically
[3][4]

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]

the Tuck School of Business was founded at Dartmouth College  conferring the[6]

first advanced degree in business, specifically, a Master of Science in Commerce, the

predecessor to the MBA. [7]

The Harvard Graduate School of Business Administration established the first MBA program

in 1908, with 15 faculty members, 33 regular students and 47 special students.  Its first-
[8][9]

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]

preferred that people learn business on the job. [10]

Other milestones include:

  1930: First management and leadership education program
for executives and mid-career experienced managers
(the Sloan Fellows Program at the Massachusetts Institute of
Technology). [11][12]

 1943: First Executive MBA (EMBA) program for working

professionals at the University of Chicago Booth School of
Business.  Chicago was also the first business
[13][non-primary source needed]

school to establish permanent campuses on three continents

in Chicago (USA), Barcelona (Europe), and Singapore (Asia).
Most business schools today offer a global component to
their executive MBA. Since the program was established, the
school has moved its campuses and is now based in
Chicago, London, and Hong Kong.
 1946: First MBA focused on global management
at Thunderbird School of Global Management. [14][non-primary source needed]

 1950: First MBA outside of the United States, in Canada

(Ivey Business School at The University of Western Ontario),
 followed by the University of Pretoria in South Africa in
[15]

1951. [16]

 1953: First MBA offered at an Asian school at the Indian

Institute of Social Welfare and Business Management in
Calcutta. [17]

 1957: First MBA offered at a European school (INSEAD). [18]

 1963: First MBA program offered in the Spanish-speaking

world by ESAN- Graduate School of Business in Perú (South
America), under the direction of the Stanford Graduate
School of Business, United States. Sponsored by the USAID-
United States Agency for International Development, at the
request of former President John F. Kennedy, which
organizes the main business schools in the United States to
study and explore the possibilities of developing
management education projects in Latin America. Thus, on
July 25, 1963, la Escuela de Administración de Negocios
para Graduados-ESAN was founded, within the framework of
an agreement between the governments of Peru and the
United States to offer the Master's program in Business
Administration for interested applicants from all over Latin
America. [19]

 1963: First MBA offered in Korea by Korea University

Business School (KUBS). [20][non-primary source needed]

 1986: First MBA program requiring every student to have a

laptop computer in the classroom at the Roy E. Crummer
Graduate School of Business at Rollins College (Florida).
 Beginning with the 1992–1993 academic year, Columbia
[21]

Business School required all incoming students to purchase

a laptop computer with standard software, becoming the first
business school to do so. [22][23]

 1994: First online executive MBA program at Athabasca

University (Canada). [24][non-primary source needed]

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:

 Association to Advance Collegiate Schools of

Business (AACSB),
 Accreditation Council for Business Schools and
Programs (ACBSP), and
 International Assembly for Collegiate Business
Education (IACBE). [26]

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]

healthcare management also eligible for accreditation by the Commission on the

Accreditation of Healthcare Management Education (CAHME).
US MBA programs may also be accredited at the institutional level. Bodies that accredit
institutions as a whole include:

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

 New England Association of Schools and Colleges (NEASC),
 Higher Learning Commission (HLC),
 Distance Education Accrediting Commission (DEAC),
 Northwest Commission on Colleges and
Universities (NWCCU),
 Southern Association of Colleges and Schools (SACS), and
 Western Association of Schools and Colleges (WASC). [28]

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.
This section needs additional citations for verification. Please help improve this
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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]

more years of work experience for admission. [33][34]

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]

well as the case studies) often involve external practitioners—sometimes business

executives—supporting the teaching from academic faculty. (See Business school#Use of
case studies and #Other approaches; and Business education#Postgraduate
education generally.)
MBA Course Structure

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.

Business ethics, corporate social

Ethics
responsibility, corporate governance.

Common broad electives

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

Strategy Strategic management and business leadership.

Capstone
Research methodology and dissertation/major
Research
project.

Common MBA Specializations/Concentrations

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

As above, courses begin with underlying topics  and then progress to more advanced
[35]

functional topics where these are applied; see aside.

The analytic skills required for management are usually covered initially. The accounting
course(s) may treat financial and management accounting separately or in one hybrid
course. Financial accounting deals mainly in the interpretation (and preparation) of financial
statements while management accounting deals mainly in the analysis of internal results.
The economics course covers managerial economics, a technical course that mainly focuses
on product pricing as influenced by microeconomic theory, and aggregate-
or macroeconomics, which deals with topics like the banking system, the money supply, and
inflation. Operations Research and statistics are sometimes combined as "Managerial
Decision-Making" or "Quantitative Decision-Making"; organizational behavior and human
resource management may similarly be combined. In many programs, applicants with
appropriate background may be exempt from various analytical courses.
As regards the functional courses, some programs treat the curricula here in two parts: the
first course provides an overview, while the second revisits the subject in-depth (perhaps as
specializations); alternatively, the first addresses short-term, tactical problems, while the
second addresses long-term, strategic problems (e.g., "Financial Management I" might
cover working capital management, while part II covers capital investment decisions).
An Information systems / technology course is increasingly included as a core functional
course rather than an elective. Ethics training is often delivered with coursework in corporate
social responsibility and corporate governance. Note that courses here, although technical in
the content are, ultimately, oriented toward corporate management. (For example, the
principal finance course may cover the technicalities of financial instrument valuation
and capital raising, but is in fact focused on managerial finance and financial management.)
Technically-oriented courses, if offered, will be via a specialization.
Programs may also include (coursework-based) training in the skills needed at senior levels
of management: soft skills, such as (general) leadership and negotiation; hard skills, such
as spreadsheets and project management; thinking skills such as innovation and creativity.
Training in areas such as multiculturalism and corporate social responsibility is similarly
included. Company visits (including overseas travel), and guest lectures or seminars with
CEOs and management personalities may also be included. These, with the core subjects,
provide the graduate with breadth, while the specialty courses provide depth.
For the business strategy component, the degree capstone, the focus is on
finding competitive advantage and the long-term positioning and management of the entity
as a whole. Here, the key functional areas are thus synthesized to an overall view; the
strategy course depicts how the various sub-disciplines integrate to tell one continuous story,
with each discipline complementing the others. Corresponding training in business
leadership may also be scheduled and participation in a business simulation or game is also
a common degree requirement. "Strategy" may be offered as a sequence of courses,
beginning in the first part (formulation) and culminating in the second (execution), or as a
single intensive course, offered during the second part. Some programs offer a
specialization in "strategy", others in management consulting which substantially addresses
the same issues.
The MBA dissertation (or thesis in some universities) will, in general, comprise the following
in some combination:  a discussion of the literature, providing a critical review and
[43]

structuring of what is known on a given topic, to address a specific problem; a case

study that goes beyond simple description, containing the analysis of hitherto unpublished
material; a test of the application or limitations of some known principle or technique in a
particular situation, and/or suggested modifications. As an alternative to the dissertation,
some programs instead allow for a major project.  Here (part-time) students will address a
[44]

problem current in their organization; particularly in programs with an action

learning orientation, these may be practically oriented.  Most MBA programs require
[44]

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:

 Beta Gamma Sigma - membership requires one to be in the

top 20% of their program's class after completing half of the
program. [47]

 Delta Mu Delta - membership requires one to be in the top

20% of their program's class and have a GPA of at least 3.6
after completing half of the program.
[48]

 Financial Management Association - membership requires

one to have a 3.5 overall GPA, or a 3.5 GPA in finance and
finance-related courses, after completing half of the program.
[49]

 T10 - membership requires one to have scored in the top

10% in the country on a national comprehensive MBA exam.
[50]

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]

 Business analyst or strategist

 Business development analyst, associate, or manager
 Market research analyst
 Managing Director (of a department)
 Investment banker
 Entrepreneur/founder
 Financial analyst, associate, or manager
 Management consultant
 Marketing associate, analyst, or manager
 Portfolio manager
 Healthcare administrator, analyst, or manager
 Project analyst or strategist
 Product analyst, associate, or manager
 Program analyst, associate, or manager
 Operations analyst, associate, or manager [52][53]

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]

in Europe) in 1964,  UCD Smurfit Business School and Cranfield School of Management in

[57]

1964, Manchester Business School and London Business School in 1965, The University of

Dublin (Trinity College), the Rotterdam School of Management in 1966, the Vlerick Business
School in 1968  and in 1969 by the HEC School of Management (in French, the École des
[58]

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]

France and French-speaking countries

In France and the Francophone countries such as Switzerland, Monaco, Belgium, and
Canada, the MBA degree programs at the public accredited schools are similar to those
offered in the Anglo-Saxon countries. Most French Business Schools are accredited by
the Conférence des Grandes Écoles.
Germany
Germany was one of the last Western countries to adopt an MBA degree. In 1998,
the Hochschulrahmengesetz (Higher Education Framework Act), a German federal law
regulating higher education including the types of degrees offered, was modified to permit
German universities to offer master's degrees. The traditional German degree in business
administration was the Diplom in Betriebswirtschaft (Diplom-Kaufmann/Diplom-Kauffrau) but
since 1999, bachelor's and master's degrees have gradually replaced the traditional degrees
due to the Bologna process. Today most German business schools offer an MBA.
Most German states require that MBA degrees have to be accredited by one of the six
agencies officially recognized by the German Akkreditierungsrat  (accreditation council), the
[60]

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]

programs in English to attract international students to the country.

Ukraine
Recently MBA programs appeared in Ukraine where there are now about twenty schools of
business offering a variety of MBA programs. Three of these are subsidiaries of European
schools of business, while the remaining institutions are independent. Ukrainian MBA
programs are concentrated mainly on particulars of business and management in Ukraine.
For example, 2/3 of all case studies are based on real conditions of Ukrainian companies. [62]

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]

universities in Singapore have top MBA programs; Singapore Management

University has triple accreditation, National University of Singapore is top 20 in the world
according to the Financial Times MBA ranking  and Nanyang Business School is ranked top
[69]

100 regarding The Economist. In addition, many international institutions such

as INSEAD, ESSEC, EDHEC and others have a campus in Singapore where MBA
programs, among others, are offered.
Japan
In Japan, 2 business schools offer an accredited MBA degree (AACSB, AMBA, or EQUIS).
The concept of an MBA is still not considered mainstream as traditional companies still
perceive that knowledge and learning with respect to business and management can only be
effectively gained through experience and not within a classroom. In fact, some companies
have been known to place recent MBA recipients in unrelated fields, or try to re-acclimate
their Japanese employees who have spent years overseas earning the degree. As a
consequence, academic institutions in Japan are attempting to reinvent the perception of the
MBA degree, by taking into account the local corporate culture.[70]

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]

Today, publications by the Aspen Institute, Business Week, The Economist, Financial

Times, Forbes, Quacquarelli Symonds, US News & World Report, and the Wall Street
Journal make their own rankings of MBA programs. Schools' ranks can vary across
publications, as the methodologies for rankings differ among publications:

 The Aspen Institute publishes the Beyond Grey

Pinstripes rankings which are based on the integration of
social and environmental stewardship into university
curriculum and faculty research. Rankings from a small
sample of well-known schools are calculated on the amount
 of sustainability coursework made available to students
(20%), amount of student exposure to relevant material
(25%), amount of coursework focused on stewardship by for-
profit corporations (30%), and relevant faculty research
(25%).  The 2011 survey and ranking include data from 150
[78]

universities. [79]

 Business Week's rankings are based on student surveys, a

survey of corporate recruiters, and an intellectual capital
rating.
[80]

 The Economist Intelligence Unit, published in The Economist,

surveys both business schools (80%) and students and
recent graduates (20%). Ranking criteria include GMAT
scores, employment and salary statistics, class options, and
student body demographics.  The Economist withdrew from
[81]

the MBA rankings business after releasing its 2022

ranking.  [82]

 Financial Times uses survey responses from alumni who

graduated three years prior to the ranking and information
from business schools. Salary and employment statistics are
weighted heavily. [83]

 Forbes considers only the return of investment five years

after graduation. MBA alumni are asked about their salary,
the tuition fees of their MBA program, and other direct costs
as well as opportunity costs involved. Based on this data, a
final "5-year gain" is calculated and determines the MBA
ranking position. [84]

 Quacquarelli Symonds QS Global 200 Business Schools

Report compiles regional rankings of business schools
around the world. Ranks are calculated using a two-year
moving average of points assigned by employers who hire
MBA graduates. [85]

 U.S. News & World Report incorporates responses from

deans, program directors, and senior faculty about the
academic quality of their programs as well as the opinions of
hiring professionals. The ranking is calculated through a
weighted formula of quality assessment (40%), placement
success (35%), and student selectivity (25%). [86]

 UT-Dallas Top 100 Business School Research

Rankings ranks business schools on the research faculty
publish, similar to The Carter Report of the past. [87]

 The Wall Street Journal, which stopped ranking full-time MBA

programs in 2007, based its rankings on skill and behavioral
development that may predict career success, such as social
skills, teamwork orientation, ethics, and analytic and problem-
solving abilities. [88]

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]

with caution for the following reasons:

[90]

 Rankings exhibit intentional selection bias as they limit the

surveyed population to a small number of MBA programs and
ignore the majority of schools, many with excellent offerings.
  Ranking methods may be subject to personal biases and
statistically flawed methodologies (especially methods relying
on subjective interviews of hiring managers, students, or
faculty).
 Rankings use no objective measures of program quality.
 The same list of schools appears in each ranking with some
variation in ranks, so a school ranked as number 1 in one list
may be number 17 in another list.
 Rankings tend to concentrate on representing MBA schools
themselves, but some schools offer MBA programs of
different qualities and yet the ranking will only rely upon
information from the full-time program (e.g., a school may
use highly reputable faculty to teach a daytime program, but
use adjunct faculty in its evening program or have drastically
lower admissions criteria for its evening program than for its
daytime program).
 A high rank in a national publication tends to become a self-
fulfilling prophecy.
 Some leading business schools including Harvard, INSEAD,
Wharton and Sloan provide limited cooperation with certain
ranking publications due to their perception that rankings are
misused. [91]

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]

Related graduate business degrees

Further information: Business education § Postgraduate education

 Master of Accountancy (MAcc or MAcy) / Master of

Professional Accountancy (MPA, or MPAcc), a postgraduate
degree in accounting
 Master of Business Communication (MBC)
 Master of Commerce (MCom or MComm), a postgraduate
business degree usually focused on a particular area
  Master of Economics (M.Econ./M.Ec.)
 Master of Enterprise (MEnt), a postgraduate, technology &
enterprise-based qualification
 Master of Bioscience Enterprise (MBioEnt), a postgraduate
degree focused on the commercialization of biotechnology
 Master of Finance (MFin), a postgraduate degree in finance
 Master of Health Administration (MHA), a postgraduate
health administration degree
 Master of International Business (MIB), a postgraduate
degree focused on International Business
 Master of Management (MM), a postgraduate business
degree
 Master of Science in Management (MSM), a postgraduate
business management degree
 Master of Marketing Research (MMR) a postgraduate degree
focusing on research in the field of marketing
 Master of Nonprofit Organizations (MNO or MNPO), the
postgraduate degree for philanthropy and voluntary
sector professionals
 Master of Public Administration (MPA), a postgraduate public
administration degree
 Master of Social Science (MSS), a postgraduate degree
 Master of Project Management (MSPM or MPM), a
postgraduate project management degree
 Masters of Management: Co-operatives and Credit Unions, a
post-graduate degree for co-operative and credit union
managers
 Master in Sustainable Business (MSB)
 Master of Real Estate (MScRE), a postgraduate degree
focusing on real estate.
 Master of Information Management (MIM), a postgraduate
degree focusing on information management.
Executive

 Executive Master of Science in Business

Administration (Executive MScBA), a postgraduate degree
focusing advanced-level conceptual foundation in a student's
chosen field such as operational excellence in the
biotech/pharma industry.
Doctoral

 Doctor of Business Administration (DBA), a doctorate in

business administration
 Doctor of Management (D.M.)
 PhD in Management (PhD), a business doctoral degree
 D.Phil in Management (D.Phil), a doctorate in business
 Engineering Doctorate (EngD), A professional doctorate in
the UK involving a management thesis and taught MBA
courses

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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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