A Master of Business Administration (MBA also Master in Business Administration) is a professionalpostgraduate degree focused on business administration.[1] The core courses in an MBA program cover various areas of business administration; elective courses may allow further study in a particular area but an MBA is normally intended to be a general program. It originated in the United States in the early 20th century when the country industrialized and companies sought scientific management.[2]
MBA programs in the United States typically require completing about forty to sixty semester credit hours, much higher than the thirty semester credit hours typically required for other US master's degrees that cover some of the same material. The UK-based Association of MBAs accreditation requires "the equivalent of at least 1,800 hours of learning effort", equivalent to 45 US semester credit hours or 90 European ECTS credits, the same as a standard UK master's degree. Accreditation bodies for business schools and 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.[3]
History
In 1900, the Tuck School of Business was founded at Dartmouth College[4] offering the first advanced degree in business: the Master of Science in Commerce, a predecessor of the MBA.[5] The first MBA was launched eight years later, at the Harvard Graduate School of Business Administration, with 15 faculty members, 33 regular students and 47 special students.[6][7] Its first-year curriculum was based on Frederick Winslow Taylor’s theory of scientific management. The number of MBA students at Harvard increased quickly, from 80 in 1908, over 300 in 1920, and 1,070 in 1930.[8] At this time, only American universities offered MBAs, although business schools offering other qualifications had existed in Europe since the 18th century.[8][9]
1957: First MBA in Europe, and the first one-year MBA, offered by INSEAD.[14][15]
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.[16]
1963: First MBA offered in Korea by Korea University Business School (KUBS).[17][18]
Globally, the three most important accreditations of MBA programs and business schools are the Association to Advance Collegiate Schools of Business ((AACSB), Association of MBAs (AMBA), and the EFMD Quality Improvement System (EQUIS), with holding all three of these being known as triple accreditation.[21] Of these, AMBA offers programmatic accreditation for MBAs and other graduate degrees, while the others take a broader view, offering accreditation of the school rather than the MBA program (EFMD also offers programmatic accreditation, separately from EQUIS).[22][23][24]
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:
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.
Blended learning programs combine distance learning with face-to-face instruction.[28] These programs typically target working professionals who are unable to attend traditional part-time programs.[29]
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.[30] Some schools do not weigh entrance exam scores as heavily as other criteria, 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, a Higher National Diploma (HND) or even Higher National Certificate (HNC) 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.[31] Many top-tier programs require five or more years of work experience for admission.[32][33]
MBA admissions consulting services have been increasingly used by prospective MBA applicants to improve their chances of admission. They are most common in the U.S., with as many as one-quarter of applicants using these services in 2016,[34] though they have been gaining popularity elsewhere, including India[35] and Canada. Consultants can provide basic coaching including help with program selection, mock interviews, and essay proofreading, though some will provide other services like writing essays from scratch. The use of consulting services is frowned upon by many business schools' admissions committees, and applications can be hurt by looking like they were written with a consultant, such as by having a high level of writing compared to the candidate's speech or not appearing unique. Some also express concern that they give an unfair advantage to students who can afford the services' high costs.[36][37][38]
Content
In general, MBA programs are structured around core courses - an essentially standard curriculum [39][40] - and elective courses that may allow for a subject specialty or concentration.[41] Thus, in the program's first year (or part), students acquire both a working 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.[42][43]
Programs are designed such that students gain exposure to theory and practice alike.[44] Courses include lectures, case studies, and team projects; the mix though, will differ by school[45] and by format. Theory is covered in the classroom setting by academic faculty, and 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").[46] The practical elements (as well as the case studies) often involve external practitioners—sometimes business executives—supporting the teaching from academic faculty. (See Business school §Case studies and § Other approaches; and, generally, Business education §Postgraduate education.)
As outlined, courses begin with underlying topics[39] and then progress to more advanced 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.
With these as underpin, the course then covers the core management functions, and, in turn, allows students to select from further advanced topics as appropriate. 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 - generally - courses here, although technical in scope, are, ultimately, oriented toward corporate management. (For example, the principal finance course may cover the technicalities of financial instrument valuation and capital raising, but does so from the perspective of managerial finance, as opposed to investment banking.) 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:[47] a discussion of the literature, providing a critical review and 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.[48] Here (part-time) students will address a problem current in their organization; particularly in programs with an action learning orientation, these may be practically oriented.[48] Most MBA programs require 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.[49] The MFT-MBA aims to assess skills, knowledge, and reasoning ability within the domain of standard MBA curriculum.[40] It is administered by Educational Testing Service. Another prominent option for comprehensive exit exams is the Common Professional Component Comprehensive Exam for MBAs (CPC COMP Exam for MBAs) owned by Peregrine Academic Services.[50] Many 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.[51]
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.[52]
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.[53]
T10 - membership requires one to have scored in the top 10% in the country on a national comprehensive MBA exam.[54]
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.[55] Some of the more common jobs an MBA prepares one for include:
Business analyst or strategist
Business development analyst, associate, or manager
Financial Times, in its Executive Education Rankings for 2012, included five African business schools.
Nigeria
In 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.
In South Africa, South Africa's Council on Higher Education (CHE) completed an extensive re-accreditation of MBA degrees offered in the country in 2004.[58]
Ghana
In Ghana, business schools of the traditional universities run a variety of MBA programs. Foreign accredited institutions offer MBA degrees by distance learning in Ghana.[citation needed]
MBA programs in Kenya 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 four semesters of about four months each.
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 Asia Inc., which is a regional business magazine with distribution worldwide. The importance of MBA education in China has risen, too.[59]
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.
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]
In India, MBA degree is a 2-year postgraduate qualification designed to equip students with advanced business skills and knowledge. It typically covers a wide range of subjects including finance, marketing, human resources, operations, and strategy. One can get MBA degree online as well as offline.
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.[60] They offer MBA degrees. There are 21 IIMs in total.[61]
Japan
In Japan, two 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.[62]
Malaysia
In Malaysia, the MBA degree is highly valued by employers for its emphasis on practical skills and strategic thinking. It is often seen as a pathway to career advancement and increased earning potential.
Admission requirements for MBA programs in Malaysia typically include a bachelor's degree from a recognized institution, relevant work experience, and sometimes, standardized test scores such as the GMAT or GRE.
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.[63]
Pakistan
Pakistan first offered an MBA program outside the United States in 1955 in collaboration with the University of Pennsylvania in Philadelphia. 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.[64]
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.
Following the Franks Report in the UK in 1963, a number of British business schools were established in the 1960s offering MBA courses (initially called MSc courses at most institutions until rebranded in the 1970s), mostly at the new plate glass universities and former colleges of advanced technology that had become universities since 1960.[72] The two major schools set up by the UK government as a direct result of the report were London Business School, which offered an MBA from 1966, and Manchester Business School, which opened in 1965 but did not offer an MBA until 1967.[72][73] Both of these were two year courses, despite Franks' recommendation to pursue one-year master's degrees, and were initially called MScs rather than MBAs. The first course to actually bear the title of MBA was the 12-month course launched by the University of Strathclyde in 1966.[72] Many other 12-month master's courses also started in the 1960s, including at Aston (as a diploma until 1975),[74]Bradford (1968),[75]City (1966),[76]Cranfield (1968),[72]Durham (1967)[77] and Warwick (1968).[78]
The Association of MBAs was established in Britain in 1967 as the Business Graduates Association. It started accrediting British MBAs in 1983, expanding this to cover international schools and distance learning MBAs in 1990.[81] Twelve UK business schools formed the Conference of University Management Schools (now the Chartered Association of Business Schools) in 1971.[82]
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
In the Czech Republic, the first meeting of the Association of the Czech MBA Schools (CAMBAS) was held in January 1999. 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.[84]
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]
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. Most German business schools now 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[85] (accreditation council), the 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
In Italy, 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),[86] Switzerland offers most of its 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.[87]
United Kingdom
The United Kingdom-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. AMBA accreditation requires "the equivalent of at least 1,800 hours of learning effort", the same as a standard UK master's degree.[88][89]
In Australia, 42 Australian business schools offer the MBA degree (16 are AACSB, AMBA or EQUIS accredited[90]). Universities differentiate themselves by gaining international 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.[91]
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.
Since 1967, publications have ranked MBA programs using various methods.[93] The Gourman Report (1967–1997) did not disclose criteria or ranking methods,[94] 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.[95] In 1977 The Carter Report ranked MBA programs based on the number of 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.[93]
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%).[96] The 2011 survey and ranking include data from 150 universities.[97]
Business Week's rankings are based on student surveys, a survey of corporate recruiters, and an intellectual capital rating.[98]
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.[99] The Economist withdrew from the MBA rankings business after releasing its 2022 ranking.[100]
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.[101]
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.[102]
Quacquarelli SymondsQS 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.[103]
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%).[104]
UT-Dallas Top 100 Business School Research Rankings ranks business schools on the research faculty publish, similar to The Carter Report of the past.[105]
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.[106]
The ranking of MBA programs has been discussed in articles and on academic websites.[107] Critics of ranking methodologies maintain that any published rankings should be viewed with caution for the following reasons:[93]
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).
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.[108]
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.[93] National 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[109][110] to criticisms of the MBA's role in society.[111][112] After the Great Recession, the media[who?] raised questions about the value and content of business school programs. Prior to the 2007–2008 financial crisis, graduates had reportedly tended to go into finance after receiving their degrees.[109] As financial professionals are widely seen as responsible for the global economic meltdown, anecdotal evidence suggests new graduates are choosing different career paths.[113] Deans at top business schools have also acknowledged that media and public perception of the MBA degree shifted as a result of the Great Recession.[110]
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.
A business school is a higher education institution or professional school that teaches courses leading to degrees in business administration or management. A business school may also be referred to as school of management, management school, school of business administration, college of business, or colloquially b-school or biz school. A business school offers comprehensive education in various disciplines related to the world of business.
The Association of MBAs (AMBA) is a global organisation headquartered in London, UK. It was founded in 1967 with the primary objective of accrediting Master of Business Administration (MBA) programs.
The Aalto University School of Business, is the largest business school in Finland. Founded in 1911, it is the second oldest business school in Finland and one of the oldest business schools in the Nordic countries. The school became part of Aalto University on 1 January 2010. It has been previously known as the Helsinki School of Economics, the Helsinki School of Economics and Business Administration, and during 2010–2012 the Aalto University School of Economics.
International Institute for Management Development (IMD) is an independent academic institute with campuses in Lausanne, Switzerland and Singapore. IMD is well known for its MBA program, which is taught in English and consistently ranked among the best in the world. In 2024, it named David Bach as its new president.
The Darden School of Business is the graduate business school of the University of Virginia, a public research university in Charlottesville, Virginia. The school offers MBA, PhD, and Executive Education programs.
Warwick Business School (WBS) is the business school of the University of Warwick and an academic department within the Faculty of Social Sciences. It was established in 1967 as the School of Industrial and Business Studies. The business school offers undergraduate, and postgraduate degree programs, and non-degree executive education for individuals and companies.
Indian Institute of Management Indore is an autonomous public business school located in Indore, Madhya Pradesh in India. Founded in 1996, IIM Indore is the sixth institute in the Indian Institute of Management (IIM) system and was named as an institute of national importance in 2017 along with the other IIMs.
The QUT Business School is one of six faculties at the Queensland University of Technology. It is home to the QUT Graduate School of Business, as well as four-discipline focused schools; the School of Accountancy, the School of Advertising, Marketing and Public Relations, the School of Economics and Finance, and the School of Management. In 2015, the QUT Business School had enrolled a total of 8,971 students across the faculty, including 2,962 international students.
University of Bradford School of Management is an international business school located in Bradford, West Yorkshire, England. It was established in 1963 and is one of the oldest business schools in the UK, celebrating its 60th anniversary in 2023. The school is triple accredited by AACSB, AMBA and EQUIS.
SDA Bocconi School of Management was founded in 1971 and is the graduate business school of Bocconi University in Milan and Rome, Italy. SDA Bocconi is triple accredited by the AACSB, EQUIS, and the AMBA. SDA Bocconi offers various MBA programs, specialized master’s degrees, as well as executive education, professional development, and professional certification programs. The business school also regularly engages in commissioned research projects. SDA Bocconi School of Management, in addition to its main campus in Milan, Italy maintains a presence in Mumbai, India called the SDA Bocconi Asia Center.
The University of Connecticut (UConn) School of Business is the University of Connecticut's graduate and undergraduate public business school. It spans across four campuses, with the main campus located in Storrs, Connecticut.
The A. B.Freeman School of Business is the business school of Tulane University, located in New Orleans, in the U.S. state of Louisiana. The school offers undergraduate programs, a full-time MBA program and other master's programs, a doctoral program, and executive education. It was a charter member of the Association to Advance Collegiate Schools of Business in 1916. The school was named in honor of A. B. Freeman, a former chairman of the Louisiana Coca-Cola Bottling Co. and a prominent New Orleans philanthropist. The school is known in the finance community as the publisher of Burkenroad Reports.
The Martin Tuchman School of Management is the business school of New Jersey Institute of Technology (NJIT), in Newark, New Jersey.
Mannheim Business School (MBS) is the umbrella organization for management education at the University of Mannheim. The school offers four international MBA programs: the Mannheim Master of Business Administration, the Mannheim Executive MBA, the ESSEC & MANNHEIM Executive MBA and the MANNHEIM & TONGJI Executive MBA. The Mannheim Master of Accounting and Taxation program and the Mannheim Master in Management and Analytics program complete the MBS degree portfolio. Non-degree offerings include Executive Education and Digital Learning. Its legal form is a gGmbH, a non-profit Ltd, whose shareholders are the Prechel Foundation and the University of Mannheim.
The Graduate School of Management is the business school of Saint Petersburg State University. GSOM offers undergraduate, graduate, and postgraduate programs taught in English and Russian. It is consistently ranked among the top business schools in Europe. GSOM's Master in Management degree is the only MiM program in Russia ranked by the Financial Times and The Economist.
IÉSEG School of Management is a French grande école, private and graduate business school, established in 1964 in Lille, France. IÉSEG School of Management is a member of the private Université Catholique de Lille consortium, the largest private university in France in terms of student population and endowment. The school has two campuses, one in Lille and one in Paris. IÉSEG holds the "Triple Crown" of international business school accreditations: EQUIS, AACSB, and AMBA.
The School of Economics and Business (UL SEB) (Slovene: Ekonomska fakulteta Univerze v Ljubljani), part of the University of Ljubljana, has been a pioneer in business education since its establishment in 1946. It was one of the first faculties in the country to establish new internationally comparable Bologna 3+2 programs in 2005.
The Antai College of Economics and Management (ACEM) is the business school of Shanghai Jiao Tong University, a public university in Shanghai, China. It was founded in 1918 as the School of Transportation Management and renamed the School of Management in 1931. The school offers both undergraduate and postgraduate programs, including a full-time MBA program, various executive education programs, and multiple PhD programs.
NUCB Business School is a private graduate business school in Japan which was established in 1990 by the Kurimoto Educational Institute. The school offers an Executive MBA program, an MBA program, M.Sc. programs, and executive education programs.
Quantic School of Business and Technology, also known as Quantic, is an online private business school based in Washington, D.C. Founded as Smartly Institute by Tom Adams in 2016, the school offers accredited executive degree programs through its proprietary mobile-first learning platform and is known for its unique pedagogy that uses gamified active learning methods.
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↑ Lúcia Lima Rodrigues; Delfina Gomes; Russell Craig (2004). "The Portuguese School of Commerce, 1759-1844: a reflection of the "Enlightenment"". Accounting History. 9 (3): 53–71. doi:10.1177/103237320400900304.
↑ "EQUIS". EFMD Global. 12 February 2018. Retrieved 16 March 2024.
↑ Brink, Kyle E.; Smith, Clair (2012). "A Comparison of AACSB, ACBSP, and IACBE Accredited U.S. Business Programs: An Institutional Resource Perspective". Business Education & Accreditation. 4 (2): 1–15. SSRN2144954.
↑ Alon, Ilan and John R. McIntyre, eds. (2005), Business and Management Education in China: Transition, Pedagogy and Training, Singapore: World Scientific.
↑ "Kaplan A.: European Management and European Business Schools: Insights from the History of Business Schools, European Management Journal, 2014". European Management Journal. 32: 529–534. doi:10.1016/j.emj.2014.03.006.
↑ "History". Antwerp Management School. Retrieved 20 August 2024.
↑ Stewart, Matthew (25 March 2009). "RIP, MBA". CNBC.
↑ Parker, Martin (27 April 2018). "Why we should bulldoze the business school". The Guardian. Retrieved 24 May 2018. There are 13,000 business schools on Earth. That's 13,000 too many. And I should know – I've taught in them for 20 years
↑ Stossel, John (19 June 2009). "The New Normal". 20/20. ABC News.
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