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So you want to be an MBA?
What is the MBA and if you are thinking of doing it, what are
the main considerations you should take into account? Bharat
Thakrar who did his MBA at the University of London (Imperial
College) answers typical questions posed by individuals
thinking of applying for an MBA.
What is it and what does it stand for?
MBA stands for Master of Business
Administration and is the highest and arguably the
toughest general management qualification obtainable. It is
also one of the few educational qualifications that are
recognized internationally in a large number of countries.
Is the popularity of the MBA justified?
While it is often regarded as the passport to career success,
a high profile job and a good salary and it is true that many
MBA's go on to run large corporations (for example, Lain Valance, chairman of BT is an MBA from a leading UK school)
the job market place in the Nineties, however, has become
highly competitive and unemployment amongst MBA's is now not
uncommon. The popularity of MBA's
has led to a large number of academic institutions offering
MBA courses and it is important to acknowledge the wide
difference in the content and reputation of the respective
courses.
What are major types of MBA's?
The traditional management program is the generalist MBA
typically developed on the American model and offered by
institutions such as the London Business School and Manchester
Business School. Recently however many business schools have
also introduced specialist courses aimed at meeting the
requirements of specific organizations or groups of
individuals. Examples include Henley which runs a
Project Management MBA; City University which has
several specialist courses including MBA
in Finance, MBA in Marketing as well as MBA in Information
Technology Management and Imperial
College which has a special MBA program in Innovation as
well as a Civil Service MBA.
What factors should I take into account when choosing an
MBA program?
The type of MBA most suited to you will depend on a number of
factors including your age,
educational background, work experience; your ambitions; the
amount of time you can devote and your financial circumstances.
Part-time or distance learning or specialist MBA courses are
most appropriate for individuals in mid-career. A
two-year full time MBA is more suitable for a person in
his/her mid-20's with ambition to work in Investment Banking,
Consulting Marketing or eventually in General Management.
Going to a European school such as INSEAD in France or IMD in
Switzerland will enhance your European credentials as well as
your prospects of working on the continent, whereas graduating
from a top US business school, such Harvard, Stanford or UCLA
will increase your chances of finding employment in North
America. Above all before
embarking on an MBA, especially if you are already employed,
be clear about your long-term career objectives and choose the
program, which is in the line with your objectives.
What are the typical costs of MBA programms?
Doing an MBA full-time doesn't
come cheap, especially if you decide to go to a top
international school. A two-year full-time MBA course in the
USA could easily cost you $ 80,000.
Budget to spend at least 25,000
pound for a year's course at INSEAD. Fees at London and
Manchester Business Schools have risen sharply in recent
years, even for part-time courses. The shorter
part-time specialist courses however tend to be cheaper but
they are also less reputable. One solution is to convince your
employer to sponsor you another is to apply for a grant but
these are increasingly hard to obtain. Some of the banks do
offer a low interest loan to MBA students.
What are the entry requirements for MBA programms?
These vary greatly and as would be expected, are directly
related to the school's reputation and demand for places. At
the top business schools, an upper second honours degree is a
pre-requisite. A GMAT test, which tests your
proficiency in English and Math's,
has been a standard requirement for most of the business
schools and a minimum score of 600 (out of a
possible 800) is widely regarded as an essential requirement.
Some of the application forms can also be rather daunting -
requiring short essay type responses and references are
usually taken.
Where can I obtain more information?
The MBA Handbook (by Shelia
Cameroon) is a good source of information. The
association of MBA's (AMBA, 15 Duncan Terrace, London, N1 8EZ)
also provides a useful list of approved MBA courses and
produces a number of MBA related publications. Finally most of
the schools have information sessions or open evenings for
interested candidates where they get an opportunity to ask
questions, talk to current students, etc. Telephone
the school or check the papers (e.g. The Sunday Times) for
date and times of these sessions. It is highly advisable to
attend before making an application - they are well worth the
effort.
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