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The Master of Business Administration ('''MBA''') is a Master's Degree in Business Administration , which attracts people from a wide range of academic disciplines. BACKGROUND The MBA designation originated in the United States , emerging as the country Industrialized and companies sought out Scientific Approaches To Management . The first American Business School , Wharton School Of The University Of Pennsylvania , was established in 1881. The Tuck School Of Business , part of Dartmouth College , was the first graduate school of management in the United States. Founded in 1900, it was the first institution conferring advanced degrees ( Masters ) in the commercial sciences, the forebearer of the modern MBA. Founded in 1898, the University Of Chicago Graduate School Of Business , the second oldest U.S. business school, was the first graduate school in 1940 to offer working professionals the Executive MBA (EMBA) program, a mainstay at most business schools today. As the U.S. MBA model emerged at the turn of the 20th century, Europeans developed such business schools as , Karachi was established in 1955 as the first Asian business school by the Wharton School Of The University Of Pennsylvania . In 1957, INSEAD became the first European university offering the MBA degree, followed in 1964 by IESE (first two-year program in Europe), in 1967 by the Cranfield School Of Management and in 1969 by the HEC School Of Management (in French, the École des Hautes Études Commerciales) and the Institut D'Etudes Politiques De Paris . In 1968, the Asian Institute Of Management was founded. The MBA degree has been adopted by universities worldwide, and all six habitable continents have universities offering MBA programs. In Europe, the recent . A European masters degree in Management is therefore equivalent to the American MBA having additional scientific content; for example, a European master of science in management requires writing and defending a master's Thesis . Accreditation Business schools or MBA programs may be accredited by external bodies which provide students and employers with an independent view of their quality, and indicate that the school's educational curriculum meets specific quality standards. The Association To Advance Collegiate Schools Of Business (AACSB) is generally regarded as the accreditation with the highest standards, and covers business schools worldwide. Other U.S. accreditation agencies include the Association Of Collegiate Business Schools And Programs (ACBSP) which typically accredits smaller, private American schools, and the International Assembly for Collegiate Business Education (IACBE). Accreditation agencies outside the United States include the Association Of MBAs (AMBA), a U.K. organization that accredits schools worldwide; the Council on Higher Education (CHE) in South Africa; the European Quality Improvement System (EQUIS) for mostly European and Asian schools; and the Foundation for International Business Administration Accreditation (FIBAA) in Europe. Basic types of MBA programs Full-time MBA programs are the most common, normally lasting two years. Students enter with a reasonable amount of prior real-world work experience and take classes during weekdays like other university students. Accelerated MBA programs are a variation of full time programs, lasting 18 months or less, involving a higher course load. Part-time MBA programs normally hold classes on weekday evenings, after normal working hours. 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. Executive 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 Councilhttp://www.emba.org/ was formed in 1981 to advance executive education. '''s by Postal Mail or Email , non-interactive Broadcast Video , pre-recorded video, live Teleconference or Videoconference , offline or online computer courses. Many respectable schools offer these programs; however, so do many Diploma Mill s. Potential students should check the school's Accreditation before undertaking distance learning coursework. ADMISSIONS CRITERIA Most programs base admission on the Graduate Management Admission Test (GMAT), significant work experience, academic transcripts, essays, references or letters of recommendation, and personal interviews. Schools are also interested in extracurricular activities, community service activities and how the student can improve the diversity and contribute to the student body as a whole. All of these qualifications are important for admission; however, some schools such as Harvard University do not weigh GMAT scores as heavily as other criteria.Harvard eliminated the GMAT from admissions requirements in 1985, finding that the test made no difference in quality of applicants (see FairTest.org GMAT facts ). Harvard reinstated the test in 1996, although they state that "...there is no 'minimum' score requirement, and ... the GMAT is just one piece of data among the many used to evaluate an application" ( Harvard Business School Frequently Asked Questions , retrieved 2007-01-29). Most schools are first concerned with whether or not the applicant can handle the quantity of course work. The GMAT (the quantitative score) and academic transcripts help determine this. Once the school determines that the student can succeed academically, they examine the remainder of the application to evaluate the applicant's experience and leadership abilities. PROGRAM CONTENT Most top MBA programs cover similar subjects within their core required courses. For information about the typical content of an MBA program's core curriculum, see the overview at the topic page. Breadth MBA programs expose students to a variety of subjects, including Economics , Organizational Behavior , Marketing , Accounting , Finance , Strategy , Operations Management , International Business , Information Technology Management , Supply Chain Management , Project Management and government policy. Students traditionally study a wide breadth of courses in the program's first year, then pursue a specialized curriculum in the second year. Full-time students typically seek an internship during the interim. Specialization Many programs allow students to specialize or concentrate in a particular area. Standard concentrations include Accounting , Corporate Strategy , Decision Sciences , Economics , Entrepreneurship , Finance , General Management , Human Resources , International Business , Marketing , Organizational Behavior , Project Management , and Operations Management . Unspecialized MBA programs often focus second-year studies on Strategic Management or Finance . In addition, a program may offer more specialized concentrations such as Asian business, Consulting , sports management, or degrees emphasizing Real Estate or Insurance . Many schools offer unique concentrations available nowhere else. THE MBA DEGREE OUTSIDE THE U.S. Today, MBA and Doctor Of Business Administration (DBA) designations can be found anywhere and even accessed through On-line , Distance Learning or E-learning . Because of the varying standards of MBAs worldwide, many business schools are Accredited by independent bodies, such as the Association Of MBAs and the European Foundation For Management Development . 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 recognised for all MBA, DBA and PEMM programs. AMBA also offer the only professional membership association for MBA students and graduates. UK MBA programs typically comprise a set number of taught courses plus a dissertation or project. Persons holding an MBA from the world's top 50 business schools (according to the list published by the U.K. government 50 Qualifying MBA programmes , Her Majesty's Treasury Pre-Budget Report 2004 (December 2004).) automatically receive the minimum score necessary to qualify for the U.K.'s Highly Skilled Migrant Programme . This program initially entitles the person to a two-year U.K. work permit, after which it can be renewed for an additional three years, if that person is gainfully employed at the time of renewal. Information about the Highly Skilled Migrant Programme , Working in the UK website. Germany Germany was one of the last western countries to adopt the 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 but since 1999, bachelor's and master's degrees have gradually displaced the traditional degrees (see Bologna Process ). Today most German business schools offer the MBA. German MBA degrees should be accredited by the Foundation For International Business Administration Accreditation (FIBAA), the only agency officially recognized by the German ''Akkreditierungsrat'' (accreditation council), the German counterpart to the US-American CHEA . Furthermore, most German States require that universities receive accreditation by an officially recognized accreditation agency, so FIBAA accreditation is mandatory in these states although accreditation by other agencies remains voluntary. All universities themselves must also be recognised by the state (''staatlich anerkannt''), which guarantees that they have the relevant funds to offer education, and are able to award degrees that have value. Ukraine Recently MBA programs appeared in Ukraine where there are now about ten schools of business offering a variety of MBA programs. Two of these are subsidiaries of the strongest European schools of business (OUBS and IBR), while the remaining eight are independent institutions. South Africa In 2004, South Africa’s Council on Higher Education (CHE) completed an extensive re-accreditation of MBA degrees offered in the country. The process was the first of its kind in the world to be undertaken by a statutory body and attracted widespread international media attention for its innovation and thoroughness. Ghana Business schools of the traditional universities such as the University Of Cape Coast , University Of Ghana , and the Ghana Institute of Management and Public Administration (GIMPA) all run a variety of MBA programs. In addition, foreign accredited institutions offer MBA degrees by distance learning in Ghana. India The Indian Institutes Of Management (IIM) are the oldest institutions for management education in India. Gaining admission to any of the IIM schools requires passing the Common Admission Test . The acceptance rate is less than 1%, making the IIMs among the world's most selective schools. Although the institute offers a postgraduate diploma in management rather than an MBA degree, the institute's diploma has gained prestige in India. The Indian School Of Business (ISB), founded by its partners Wharton Business School , Kellogg School Of Management , and London Business School , is a one year, US style Business School in India, focusing on Indian-International Businesses. The school awards a certificate rather than a diploma or degree. Indian School Of Business is not accredited by AICTE or any other legitimate Accrediting body in India. [http://www.isb.edu/pgp/FrequentlyAskedQuestions.Shtml#cre Frequently Asked Questions], ISB website. Pakistan The Institute Of Business Administration (IBA) is the oldest business school outside North America. The Lahore University Of Management Sciences (LUMS) MBA program has instituted exchange programs with other schools in Europe and Asia. The Asian Development Bank recognizes LUMS as a center of excellence and awards full scholarships to MBA applicants from ADB member countries, covering the tuition fees, medical insurance, housing allowance, and other expenses. In addition to LUMS, IQRA University offers MBA degrees in affiliation with several American universities. Rest of Asia International MBA programs are acquiring brand value in Asia. For example, while a foreign MBA is still preferred in South Korea , many students are now studying at one of many "Global MBA" English language programs being offered. In Japan , the Graduate School Of International Corporate Strategy at Hitotsubashi University offers a full-time MBA program taught entirely in English. In Taiwan , the College Of Commerce at National Chengchi University offers the first fully accredited in Taiwan English-taught International MBA Program . Hong Kong and Singapore are also becoming MBA destinations. For North American students who want a different experience, many of these programs offer scholarships and discounted tuition, to encourage an international environment in the classroom. MBA PROGRAM RANKINGS The MBA degree has become one of the most popular masters' degrees. As more universities started offering the degree, differences in the quality of schools, faculty, and course offerings became evident. Naturally, establishing some criteria of quality is needed to differentiate among MBA programs, especially for prospective students trying to decide on where to apply. As MBA programs proliferated, a variety of publications began providing information on them. Some of these consisted of compilations of information gathered from the universities offering the degree, usually published in book form. Eventually periodicals began publishing articles describing various MBA schools and ranking them according to some perceived quality criteria. One of the most prominent of these is '' Business Week '', which devotes a biennial issue to ranking MBA programs. '' Financial Times '', '' The Economist '', '' Forbes '' magazine, '' The Wall Street Journal '', and '' U.S. News & World Report '' also publish MBA program rankings. See the External links section below to view some of these rankings. Different methods of varying validity were used to arrive at rankings of MBA programs. The ''). and 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.Bedeian, Arthur G. Caveat Emptor: The Gourman Report . ''The Industrial-Organizational Psychologist'' (June 2002). In 1977 ''The Carter Report'' published rankings of MBA programs based on the number of academic articles published by faculty. Periodicals based their rankings on interviews with company recruiters who hired MBA graduates, surveys of MBA schools' deans, polls of students or faculty, and a variety of other means. The defunct ''MBA Magazine'' asked deans to vote on the best programs. The methods of obtaining ranks often changed from year to year. Initially, rankings included only a small number of universities consisting of the largest and best known Ivy League and state schools. The ranking of MBA programs has been discussed in articles and on academic Web sites. |
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