Choosing the right MBA Choosing the right MBA has never been tougher. With over 1500 business schools in the US and Europe alone and new ones opening almost daily across the globe, identifying the right school to match your goals and aspirations is not easy. Only a fraction will be suitable. Get it right and the rewards will be immense. Get it wrong – you’ll have wasted an opportunity of a lifetime. “Today, an MBA is the most prestigious qualification in the world” says Nunzio Quacquarelli, Director of World MBA Tour. “It offers the potential for talented young professionals to place themselves in the shop window for the highest paying recruiters in the world”. But success post-MBA depends on you making the right decisions pre-MBA. “Remember your whole MBA experience and your life post-MBA could be vastly different depending on your choices of the type of MBA and the school you attend” says Dr. Joern Meissner, Academic Director of Manhattan Review. Taking an MBA is like buying a house – it can cost you a vast amount, plunge you in to serious debt but should in the long term pay off handsomely. So how should you go about identifying the right school? By Jeremy Bradshaw NWK_06_03_06_EURO 22/2/06 2:06 pm Page 1
Transcript
Choosing the right MBAChoosing the right MBA has never been tougher. With over1500 business schools in the US and Europe alone and newones opening almost daily across the globe, identifying the rightschool to match your goals and aspirations is not easy. Only a fraction will be suitable. Get it right and the rewards will beimmense. Get it wrong – you’ll have wasted an opportunity of a lifetime.
“Today, an MBA is the most prestigious qualification in theworld” says Nunzio Quacquarelli, Director of World MBA Tour.“It offers the potential for talented young professionals to placethemselves in the shop window for the highest paying recruitersin the world”.
But success post-MBA depends on you making the rightdecisions pre-MBA.
“Remember your whole MBA experience and yourlife post-MBA could be vastly different depending onyour choices of the type of MBA and the school youattend” says Dr. Joern Meissner, AcademicDirector of Manhattan Review.
Taking an MBA is like buying a house –it can cost you a vast amount, plunge youin to serious debt but should in the longterm pay off handsomely.
So how should you go aboutidentifying the right school?
By Jeremy Bradshaw
NWK_06_03_06_EURO 22/2/06 2:06 pm Page 1
Focus on MBAWork out your goals
First, before you begin, make sure your career-related goals andpersonal considerations are well-defined. Identify a range of schools thatmeet your needs, and compile a select list to which you will apply.Eliminate any schools that do not closely match your personal andprofessional goals.
“Find an MBA program that meets your academic and career goals,and matches your expectations - in terms of class size, academic support,curriculum, and career services” says Grady G. Gauthier of the Universityof California, Riverside Extension
“You should look for credibility. So either the programme or theuniversity should be renowned” says Professor Bill Rees, Director of theAmsterdam Business School. “Look at who actually teaches in the areain which you want to specialise.You may learn a lot more being supervisedin a research project run by a star marketing researcher than by studyingan MBA specialising in Marketing where they are just taking you throughthe text books.”
Research is vital. Start by requesting brochures, looking at a school’swebsite, and making direct contact with an admissions office. “If at allpossible, arrange for a campus visit and talk to current students to get aninsider’s view” says Dr Meissner.
Remember quality countsSecond, choose only schools and programs known for their high
quality - as these give the best benefits in terms salary hikes, jobopportunities, personal development, and know-how skills. “Good schoolquality and reputation are assurances of a return on investment upon
graduation; low-quality programs are not likely to offer the kinds ofbenefits and opportunities high-quality programs do”, according to asurvey by the UK Association of MBAs, based on interviews with 6000students who graduated in 2004.
You get what you pay Third, do not let the cost of the top schools deter you from applying to
them. Frequently the more expensive a school is, the better the quality itsprogram and the better the return will be on your investment. A schoolwith lower tuition fees may suggest a quicker return on investment. Butthe best returns tend to come from the top schools where the fees areamong the highest. Why? Largely, because in the eyes of the highestpaying employers, there is no substitute for the top quality MBA programsin the top schools.
Financial helpFourth, remember help with funding the cost of your MBA can come
in many forms. You may be lucky enough to get support from youremployer – 50 per cent of MBA graduates had all their course fees bytheir workplace last year, according to AMBA. Otherwise consider othersources of funding. Some schools will provide positions as teachingassistants and in return pay you or as in the case of Tanaka BusinessSchool at Imperial College, London, reduce your fees.
“Look at those progams that have made deals with banks that arewilling to extend good lending parameters to finance the MBA education”,advises Dr. Joern Meissner of Manhattan Review. “Get a nice internshipand lock in a job early. The sign-on bonus and summer savings alone can
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sometimes pay for the second year education.”Consider too applying for a scholarship or grant from the school itself.
But note the criteria for these can vary greatly. Some business schoolstarget participants from particular countries. For example, EdinburghBusiness School gives four scholarships for applicants from SouthAmerica and Africa. The Indian School of Business has two awardssponsored by the Anand Group and Novartis - only available to women.
One of the newest sources of scholarships is the internationalbusiness school information fair, the World MBA Tour. In addition tomeeting Admissions Directors from over 300 business schools,candidates who visit the fair in 2006 will qualify to apply for overUS$1,300,000 of exclusive scholarships from schools such as Wharton,Politecnico di Milano, Instituto de Empresa, Nijenrode and AshridgeBusiness School.
LifestyleFifth, do not forget that taking an MBA can have a major impact on
not just your finances but on your lifestyle, your family, and on where youlive. You need to weigh up how important factors such as geography,location and course flexibility are for you.
If a top priority is to gain international experience or exposure toforeign cultures you may find a school overseas attractive. This hasbecome increasingly popular as on top of the benefits of a specificprogram, the added dimension of studying in a foreign country can be ofimmense value. If programs located on one campus appear too limiting, aspecialist school like the World Mediterranean MBA, based in Marseille,may be the answer. It runs a nine month course that rotates studentsevery six weeks from one city to another along the Mediterranean.Students take classes in seven countries in cities as varied as Beirut, Milanand Casablanca.
If you need to study from home and at your own speed consider anOnline MBA. This can you all the flexibility you require. However, there aredrawbacks. “Online MBAs do not allow students to benefit from the ideasand approaches of other participants”, says Dr Trevor J Johnson, Dean ofLausanne Business School. You also miss out on the networking andschmoozing as well as courses on presentation skills and negotiating.
Online MBA programs vary in their quality of delivery and content. Soit is vital you shop around and research your program and schoolthoroughly before committing.
Alternatively you might consider taking an Executive MBA.These part-time courses allow students to continue working and so do not create thesame financial pressures as a full time course. They are also attractive toemployers who are keen to benefit from an employee’s participation in anMBA course and eager to retain their services. According to JeanettePurcell, CEO of AMBA, Executive MBA programs are expected to eclipsefull-time MBAs in the near future. But they are not for the faint-hearted –as you need to set aside at least 15-20 hours each week for some
Online MBA programs vary in theirquality of delivery and content.
So it is vital you shop around andresearch your program and school
thoroughly before committing
The University of Edinburgh Management School holds both EQUISand Association of MBAs accreditation.
combination of classroom work, computer and research efforts, andcourse assignments.
Getting in - GMAT Sixth, before applying for a school, consider “Have I got what it takes
to get in to this program?”With many schools reporting an increase in applicant numbers for
their 2006 programs, competition for places at leading schools is fierce.Most schools will require you to take the GMAT (Graduate ManagementAdmissions Test) as part of the admissions process. Whilst the GMATaverage at many of the top schools is above 670, the range of scoresaccepted by the schools is often from 600 to 740.
“Beware of courses that are too easy to enter”, says Professor BillRees, Director of Amsterdam Business School. The better the in-take in toyour year, the better your network and the more stimulating you will findthe course.
Remember too, that, a great GMAT score does not guaranteeacceptance – it is just one of a number of criteria used to ensure yoursuitability for the program. “A candidate has to display a level of motivation
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Focus on MBA
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and thoughtfulness and convince the school of their academic excellence,their professional potential, and the personal contribution that they canmake to the program”, says Matt Symonds, Co-Founder and Director, ofWorld MBA Tour.
CultureSeventh, ask yourself “Will I fit in to the culture of the school?”No two B-Schools are alike. Schools like Harvard stress competition,
others emphasise teamwork like IMD in Lausanne. Some B-schools areextremely demanding, a number have become “MBA ‘lite’” as theystruggle to maintain intake, warns Professor Rees. “A good school shouldbe a work hard, play hard experience.”
According to Dr. Francois d'Anethan, Dean of United BusinessInstitutes, Brussels:
“The philosophy or culture of a business school is almost as - if notmore - important than its curriculum, alumni network or its ability tosecure job placements. The MBA program is not just a program, it's anexperience. It's about working together, sharing experiences andknowledge, it's about teaming up with fellow students from all walks oflife, it's about communicating with a great diversity of professors and it'sabout growing personally.”
RankingsEighth, take a look at the ranking league tables and a school’s
accreditation.Rankings can and do play a key role in simplifying the process of
choosing a school. The results are often confusing and conflicting. This
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Managing Director or 2nd year Masters student?
>> session commenced 22:05
> jan says: hey early bird, how is it going?
> kim says: it’s tougher than i thought
> jan says: have you seen the Newsweek ad?
> kim says: i did
> jan says: it’s a bit obvious. filofax = flexible schedule... (yawn)
> kim says: but that’s really important to people. plus it shows online meetings. loads of people think you just study alone behind your computer.
> jan says: ok, but you must admit the time zone thing is twee...
> kim says: true, but there are more than 100 nationalities studying and networking online
> jan says: and the work appointments changing...
> kim says: well, that’s a fact of life. no specific class times means i have coped with the unexpected. if my workload increases, i can make adjustments. and if my work schedule changes i can speed up my programme.
> jan says: flexible again... yeah, yeah.
> kim says: flexibility isn’t just about time. the programme structure lets me customise the masters to meet my needs.
> jan says: as long as people understand how demanding it is
> kim says: look my boss says he can’t believe i really am a student and yet he loves the new cost efficiency proposal i put together.
> jan says: it’s not just the instructors – my classmates are even tougher!
> kim says: well, it’s the liverpool masters degree. what do you expect?
> jan says: and don’t you just love those group discussions?
> kim says: oh, i know, there’s no hiding place. sorry got to go need to ask lynn about our team project. she’ll be online now.
> jan says: good luck. keep enjoying it. you’ll miss it when you graduate...
NWK_06_03_06_EURO 22/2/06 3:54 pm Page 6
MBAFocus on
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infuriates some business school deans – as an institution’s rankingcrucially depends on the criteria used by the list maker. Some rely on postMBA salary data, others a school’s reputation amongst recruiters, anumber on opinion data from graduates.
Sometimes there is hardly any difference between two schools andyet they could be ranked thirty places apart. No wonder Ronald S.J.Tuninga, Director Dean, Maastricht School of Management, warns “it cantake a degree in market research to understand some of the rankings!”
Professor Bill Rees of Amsterdam Business School agrees, addingthat rankings are of limited value because “they agree only on which arethe top half-dozen schools - below that applicants are their own”.
Flawed or not, “rankings are here to stay” says Matt Symonds.That’s why his company, QS, which runs the www.topmba.com website,has compiled its own list of “best” schools. But, the more ranking lists proliferate and differ, the less attention students are likely to pay themin future.
AccreditationA growing trend for schools to seek accreditation, says Ping Shek, a
successful London-based financier who recruits MBA graduates. “Thispartly is a reaction to the on-going controversy over rankings tables and
partly because accreditation can be a genuinely helpful way of assessingthe quality of a Business School.”
AMBA’s Jeanette Purcell says accreditation will become the norm asthe MBA market evolves. “The next ten years will see some businessschools close down their MBA programme,” says Purcell. “Theunaccredited MBA does not have a future”.
AMBA itself has accredited around 40 of the 118 business schools inthe UK and 26 on the European continent. The AACSB (the AmericanAssembly of Collegiate Schools of Business) which was founded in 1916is the oldest accreditation body. It has accredited 424 schools worldwide.EQUIS (European Quality Improvement System) has accredited 84institutions in 28 countries.
Some schools are accredited by all three. Others by none. “If a schoolhas not been through accreditation it does not mean the school is notgood” says Jonathan Slack of the Association of Business Schools. It maybe that a particular business school does not feel it needs the credibilitythat comes from accreditation. But as accreditation gathers pace, saysPing Shek, those MBA programmes from lesser well-known schools mayattract fewer quality students and have worse recruitment profiles. TheMBA market will just assume – rightly or wrongly – that such institutionsdo not meet accreditation requirement.
No one else to blame but…In the end, your choice of business school comes down to you.
If, after all your research, you remain undecided, try a SWOT analysis.That, after all, is what your professor would teach you in your first lessonat business school. �
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