| Master's
in Business Administration (MBA)
Table
of Contents
Other
Related Degrees
Curriculum
Accreditation
Length of MBA Programmes
Other Types
of Programmes
Choosing an MBA
School
Admission
Financing
Additional Resources
The
MBA in the US is traditionally a two-year (full-time
study), professional master’s degree providing
general training in business administration/management
for students holding a first degree, not necessarily
in business.
Other
Related Degrees
Other
related postgraduate degrees in the business field
are the Master of Science in Business Administration
(MS), Doctor of Philosophy in Business (PhD), Doctor
of Business Administration (DBA) and Doctor of Commercial
Sciences (DCS). The MS is designed to provide a high
level of competence in a specialised field for students
holding bachelor’s degrees in business or related
fields. The PhD, DBA and the DCS are intended for
those planning to teach at the university level or
to undertake research.
Curriculum
Core
Subjects
The
MBA consists of two components: the core and the elective
courses. The core is made up of a group of courses
designed to provide fundamental business skills. They
are the basis of the MBA and therefore are taught
first. Most universities will have some compulsory
subjects from the core courses. Usually in the second
year an MBA programme will offer concentration in
one or a combination of the core subjects. The core
can include or be a blend of the following subjects:
-
Economics
Human resource management
-
Microeconomics
Information management and technology
-
Finance/Accounting
Marketing and marketing strategies
-
Quantitative
business analysis Organisational and operational
management
-
The
amount of time allotted to each subject, as well
as the required courses, will vary from school
to school.
Elective
Subjects
Elective
subjects complement the core courses and also vary
greatly between MBA programmes. Some electives are
core subjects at a more advanced level. Among the
elective courses you may see are the following:
-
Distribution
and logistics Leadership
-
Manufacturing
issues Taxation
-
Multinational
accounting Entrepreneurship
Some
electives are related to specific areas of business
like property management, health administration, and
educational administration. Other electives are much
broader business-related subjects such as international
law, environmental policies and computer studies.
Accreditation
Unlike
many other countries, the establishment and maintenance
of educational standards in the US are not the responsibility
of a federal education ministry. The US has a system
of voluntary non-governmental evaluation called accreditation.
There
are two main types of US voluntary accreditation:
institutional and professional. Regional accreditation
is the most important type of institutional accreditation
and is carried out by regional commissions which collectively
serve most of the institutions chartered or licensed
in the US. Professional accreditation is carried out
by specialised accrediting professional bodies in
such fields as law, social work and nursing, and generally
applies to schools or departments within an institution.
The
main body concerned with the accreditation of US academic
programmes in business administration and management
is the AACSB-International
Association for Management Education. AACSB accredits
over 300 US bachelor’s, master’s and doctoral
programmes.
AACSB
accreditation indicates that a business school has
met AACSB standards in areas such as the adequacy
of faculty resources, qualifications of the faculty,
design and content of the curriculum, quality of entering
students and the adequacy of library, computer, classroom
and other support facilities.
Business
programmes may not be accredited by AACSB either because
they have been recently established, because they
have not sought accreditation or because they have
not met accreditation prerequisites or standards.
The fact that a business programme does not have AACSB
accreditation does not necessarily mean that the programme
is deficient. Questions about the absence of accreditation
should be addressed to the administration of the school
not to AACSB.
International
students considering studying at US business programmes
that do not hold AACSB accreditation should base their
decision on whether enrolment in an unaccredited programme
will have an effect on the careers they plan to pursue
upon returning to their home country. Many governments
and private firms have established procedures for
the recognition of degrees earned outside of the home
country. It is important, therefore, for international
students to investigate the regulations that will
affect their employment opportunities at home before
they select US business programmes to which they will
apply.
Length
of MBA Programmes
Degree
requirements and the length of the programmes vary
depending on the school and the design of the programme.
The traditional MBA programme, studied full-time,
takes two academic years. During the summer months
students are encouraged to complete an internship.
It is possible to arrange vacation work through the
programme (see employment placement services
below).
One-year
programmes
One-year
MBA programmes are offered to business undergraduates
who have already completed the basic business courses
and have some work experience. It is possible to pursue
a one-year MBA course with little previous work experience
as long as the core business course requirements have
already been completed. However, many business schools
will require that applicants to one-year MBA programmes
have two to five years of work experience. One-year
programmes are more intensive and sometimes entrance
is more competitive than for two-year programmes,
as they bring down the cost of an MBA. It is also
possible to obtain an MBA in conjunction with an undergraduate
business degree. You would then graduate with two
degrees in five years. Check with individual institutions
to find out the exact requirements and allowances
for each.
Part-time
Programmes
Part-time MBA programmes are less accessible
for international students because of visa regulations
that require students to be enrolled full-time. There
is an exception, however, for spouses of F-1 visa
holders, who can enrol in part-time study. Many people
choose to pursue a part-time MBA because they would
like to further their education without having to
give up employment. Many students are able to fund
their degree, partially or in full, in this way. Part-time
studies last for more than two years and can take
up to ten years for some students. Part-time course
content varies depending on the individual institution.
Part-time students will still complete the core MBA
courses, but may have limited elective choices. Night
and weekend classes are often typical for part-time
programmes.
Other
Types of Programmes
Open/Distance
Learning
These programmes are becoming more available
and practical as advances in computer technology allow
students to learn via the Internet and videoconferencing.
Distance courses may also include seminar visits,
weekend sessions and summer school. Please visit our
Distance
Learning web page for more information.
On-line
MBA
As
with other MBA courses, the on-line course varies
with each university. The bulk of the degree is done
via the Internet. Because physical presence at an
institution is not required, self-motivation is key
to successfully completing an on-line MBA. If you
choose to pursue an on-line MBA, you can expect to
conduct your course independently, communicating with
professors and fellow students via email and on-line
discussion groups.
Executive
MBA Programmes
These
programmes are for individuals within the upper levels
of management, who have considerable work experience.
The curriculum differs from regular MBA programmes
in that the programme provides peer group experience.
The curricula are streamlined and often operate outside
of conventional business hours. In addition to the
universities themselves, there is an Executive MBA
Council within the AACSB, which can answer questions
about such programmes.
Choosing
an MBA School
Typically,
an MBA will require you to forego two years' salary
in addition to spending considerable time and money
applying to programmes. It makes sense, therefore,
to do careful research when selecting programmes.
Give particular consideration to your future professional
career and make a personal choice based on factors
that are important to you. The EAS Reference Library
and Fulbright Technology Centre have business school
directories. Rankings of business schools are available
but should not be heavily relied upon as they are
unofficial, subjective and can be misleading. In choosing
a programme, prospective applicants may want to consider
the following criteria:
Competitiveness
There
is a wide range of selectivity between business schools,
and you need to take into account your own competitiveness
as an applicant. In most MBA guides, you can find
out how many applicants there were to individual programmes
the previous year and how many were actually accepted.
Included in some statistics are the grade point averages
and average GMAT scores achieved by US students. Some
schools do not like to publish this information so
as to encourage a variety of applicants. The more
competitive a school is the less likely it is going
to grant credit for business courses taken elsewhere.
Costs
and Availability of Financial Aid
This
varies between state-supported schools and private
schools and between international students and US
students (See the Financing Section below). Be sure
to take into consideration the availability and affordability
of living.
Teaching
Methods
Some
schools favour the case-study method, studying
actual problems encountered by real corporations.
Alternatively, there are schools that use a quantitative
and analytical approach, concentrating on theory rather
than on practice. As the MBA is a professional degree,
you may want to research how prospective employers
view different programmes and their design. Most schools
offer specialisations, and these may affect
the direction of your future career.
Employment
Placement Services
As
mentioned above, employment or internships are an
encouraged element in particular programmes. In this
case you must apply for Curricular Practical Training
through your designated school official. As an international
student on an F-1 student visa, if you find work directly
related to your field of study during the summer vacation
or directly after your completed studies that is not
required by the programme, you may apply for Optional
Practical Training for a maximum of 12 months.
For
more detailed information, contact the designated
school official who is usually found in the International
Student Services Office. Optional practical training
may not be extended. Beyond 12 months, any permission
to work in the US becomes a matter of discussion with
the company concerned and the Immigration and Naturalization
Service. Some students may enter the US with a J-1
Exchange Visitor visa, e.g. Fulbright Award grantees
(see below). In these cases the responsible officer
for the exchange programme may request, on behalf
of the J-1 student, permission for academic training
for an initial 18 months after his/her programme.
An additional six months, making a total of 24 months
can also be applied for in a similar fashion.
Size
and Make-up of Classes
Some
universities opt to have small intimate classes while
others use large lectures for general subjects. If
you choose an on-line or distance course, you will
not even be in a classroom. As classes in the US system
are interactive, you will learn from both the experiences
of your professors as well as those of your classmates.
It is therefore wise to look at any statistics available
about your prospective classmates.
Admission
Admission
factors include your academic record, Graduate Management
Admission Test (GMAT) scores, previous work experience,
letters of recommendation and application form with
essays.
Academic
Record
A
bachelor's degree is required and a leading business
school is unlikely to accept less than a 2:1 these
days. Until recently, business schools have been fairly
flexible about degrees because they put almost equal
weight on other factors. The undergraduate field of
study is not stipulated (if you are doing a traditional,
two-year MBA), nevertheless business schools might
require upon entry, an understanding of the principles
of economics, accountancy and mathematical competence
up to calculus level. Students with deficiencies in
these areas may compensate with background reading,
or by taking special summer courses.
Chartered
accountants and HND holders are occasionally accepted
as holding degree equivalency. In this case the admission
decision would rest heavily on your GMAT score and
work experience. Students with these qualifications
are advised to contact a number of institutions and
enquire how their qualifications would be viewed and
whether it is worth applying. In this situation, it
is advisable to have a GMAT score before you contact
an institution.
GMAT
Scores
The majority of business schools require
results from the Graduate
Management Admission Test (GMAT). The current
test is administered as a computer adaptive test (CAT)
comprised of 75 minutes for 37 quantitative questions,
75 minutes for 41 verbal questions and 60 minutes
for two analytical writing questions. No prior knowledge
of business is required. It is strongly recommended
that you prepare for the test before you take it.
Scores range from 200-800. Some schools require a
minimum GMAT score, but many do not so as to attract
a variety of applicants.
Registration
information is available on-line
and also from the US Educational Advisory Service
(please send an A4 SAE with postage for 97 grams and
a note requesting the GMAT bulletin). Test preparation guides and
a list of test training
courses offered in the UK are available from our
office.
Work
Experience
Though
not mandatory, many business schools look for candidates
that have at least two to five years full-time work
experience. Business schools are looking for signs
of maturity and initiative, and your experience, therefore,
does not necessarily have to be in business, though
it does usually have to be at a managerial level.
Students with experience in the business world, though,
do have an advantage and from the school's point of
view, are likely to be able to contribute more to
class discussion, which becomes especially important
to a school using the case study teaching method.
Work placements completed during an undergraduate
degree do not count towards the work experience requirement.
Letters
of Recommendation
One
or more letters of recommendation are generally required
and if possible should be written by both previous
or current employers and professors. The letters should
be specific, stating precise skills and achievements.
Application
Forms
The
application forms are usually several pages in length.
Many business schools provide lengthy forms and pay
considerable attention to the way in which the candidate
presents him/herself. Self-evaluation is usually a
component and a batch of short essays will be required
(see below).
Many
schools have made it possible for students to apply
on-line. This can be done either through an on-line
application or an application done through a network
service agency that manages a school's on-line applications.
We have compiled a small list of web sites that have on-line
application services. Applying on-line allows
students to save on postal costs as well as to reduce
the time taken to send and receive application information
and materials.
Essays
Application essays will usually ask you to
explain your goals, analyse your work experience,
describe significant achievements in your life and/or
give you a business scenario that you must analyse.
EAS offers an Application
Essay Review service, which allows you to meet
with an educational adviser for a private 30-minute
review.
Financing
Many
business students are self-financing so it is worth
taking into account that tuition costs differ widely
between institutions and can be more than $20,000
per year. You must also consider living, books and
personal costs. After personal resources, the other
main types of financial aid include scholarships from
independent foundations, financial aid awarded by
the individual business schools and loans.
A
list of awards offered by independent foundations
for UK nationals is available in the EAS
Guide to Postgraduate Study in the USA. The Fulbright
Commission awards scholarships
for MBA candidates who want to study in the US.
The EAS also has financial aid directories available
in its reference library that list other possible
sources of scholarships.
Business
schools themselves are sometimes able to offer partial
scholarships, assistantships or loans, but financial
aid is limited. Some schools have begun to offer guaranteed
loans to those accepted to the programme. Peterson's
six volume set of guides to graduate study and their
CD-ROM alternative, GradSearch (available in
the EAS), can help you locate business schools with
financial aid available.
Many
banks offer education loan schemes either for postgraduate
or specifically MBA study (e.g. NatWest, Citibank
and HSBC). Students with work experience may qualify
for the Association
of MBA’s loan scheme. Details can be obtained
from AMBA at 15 Duncan Terrace, London N1 8BZ, Telephone:
020 7837 3375 or visit www.mba.org.uk.
Other
MBA Loan and Award Schemes for Study in the US
The
AAUW Education Foundation
Email: aauw@act.org
Offers a specific MBA award for women in their last
year.
Can
HELP (part of International Education Finance
Corporation)
Loan programmes for international students who have
a loan co-signed by a creditworthy US citizen.
GATE
Student Loan Program
Repayment only after the MBA degree is complete
MEFA
Loan Program
Email: info@mefa.org
For international students attending one of the over
80 colleges and universities in Massachusetts.
Global
Grants
Service that matches scholarships and international
students.
Norwest
For international students pursuing a graduate business
degree. Write to Norwest Bank/HEMAR Insurance Corp.,
GMAC, 2400 Broadway, Suite 320, Santa Monica, CA 904404-3064
USA. Tel: 001 703 749 0131.
Sallie
Mae
Email: collegeanswer@slma.com
Offers loans for postgraduate business students enrolled
in or admitted to an approved postgraduate business
school programme (i.e. business administration, marketing,
accounting, economics, taxation, Executive MBA, etc.)
Please
also visit our Loans for Study in the US and Funding
for Postgraduate Study web pages for more information
on financial aid opportunities.
Additional
Resources
Other
On-Line Resources
The
following web sites may be useful with your MBA research:
www.about.com
Use the search tool to find extensive MBA information.
www.gmat.org
Homepage of the test administrators for the GMAT,
including web sites to various MBA web sites.
www.managementcourses.com
Comprehensive information about executive and senior
management courses.
www.mbainfo.com
Comprehensive source of information about MBA programmes.
Database to search for MBA programmes all over the
world.
www.mbazone.com/
MBA Zone was originally created by students at Wharton
Business School. This site provides information for
students before, during and after taking an MBA programme.
www.merlinfalcon.co.uk/mba/mba.shtml
Merlin Falcon MBA Guide and a list of programmes available
by country.
www.petersons.com/mba
Peterson's MBA search.
www.thembatour.com
The MBA Tour presents MBA fairs around the world.
www.unicorn.us.com/guide
Official MBA Guide.
Off-Line
Resources
The US Educational Advisory Service's reference
library contains several directories concerning business
education in the US, catalogues for US universities
and business schools, test preparation guides for
reference use and for sale, publications that rank
business schools, business magazines and many other
resources. You are welcome to consult these materials
during our opening
hours.
Specific
resources for business education available in the
EAS reference library:
-
Business
Week: Guide to the Best Business Schools.
New York: McGraw-Hill.
-
Game
Plan for Getting into Business Schools. New
Jersey: Peterson's.
-
Guide
to Graduate Management Programs in the USA.
British Columbia: EI Education International,
Ltd.
-
How
to Get Into the Top MBA Programs. New Jersey:
Prentice Hall.
-
Marketing
Yourself to the Top Business Schools. New
York: John Wiley & Sons, Inc.
-
MBA
Programs. New Jersey: Peterson's.
-
The
Best Business Schools. New York: Random House,
Inc.
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