Submit the FORM
and let me know your preferences. I can advise you on selecting
the course and the university and help make your admission process
easy and rewarding.
This service is offered FREE OF COST!
|
MBA v/s Executive MBA
The MBA and the Executive MBA, or EMBA, are two different (often very different)
ways of taking an MBA. However, at most top business schools the actual degree
awarded is exactly the same. The basic difference is the students at which they
are aimed.
The regular MBA, whether full-time or part-time, is aimed at students relatively
early in their careers, with perhaps three years of work experience. Often they
are interested in changing their career direction and are looking for the MBA
to help them do that.
The EMBA, on the other hand is aimed at “students” with considerable
work experience, often as much as 10 years and frequently more. They will be
relatively highly placed in their organisations and as such looking for career
enhancement rather than a career change. In fact, many EMBA participants are
sponsored and paid for by their employers.
Because they are geared to the needs of senior working managers, the content
and scheduling of EMBA programmes can vary considerably from a regular MBA.
For a start, they are almost always part time, with classes typically held on
Fridays and Saturdays (to split the load between participant and employer)--though
there are often large components of residential work and foreign field trips.
Unlike the regular MBA's traditional structure of required core courses in functional
areas (such as finance, marketing and operations) followed by specialised elective
courses, EMBA programmes tend to concentrate on a thematic approach with not
much elective choice.
However, many business schools have used their EMBA programmes to experiment
with teaching methods, particularly online learning, and this can make them
very stimulating. The programmes are usually innovative and closely related
to experience rather than classroom speculation. The opportunity to share classes
with highly experienced senior managers is one of the principal attractions
of such programmes.
They are also increasingly global in scope, with classes held in various locations
around the world and intervening periods spent in online learning and group
work. EMBAs are expensive, though, with the average programme costing just over
US$50,000 in 2006.
The EMBA is not without its critics, however. It is argued, for example, that
it is really a form of intensive executive education with the letters MBA added
on to act as an incentive. Nevertheless, at their best, EMBAs offer an opportunity
for highly motivated and experienced executives to come into contact with leading
business academics.
So, choosing between an MBA and an EMBA will very much depend on your circumstances.
Though it is not unusual for EMBA participants to pay their own way (ie not
be sponsored by their company) you should you choose this route only if you
are very confident that you will be able to hold your own in classroom of experienced
and mature executives. If your work experience is limited and you are relatively
young, then the regular MBA would probably me a more appropriate choice.
One note of caution, though. Some business schools, particularly in Europe,
call the part-time version of their regular MBA an “Executive MBA”.
This is not what is being referred to above. The term EMBA as used here refers
only to programmes aimed at middle-level to senior executives with at least
10 years’ work experience.
MBA v/s M.Sc. Management
The first thing to realise is that the two are very different types of programme
(though they share some similarities). The second is that even within MScs in
management there are differences in emphasis depending on which school you look
at.
In much of Europe—and especially the UK—the MSc in Management is
seen as a programme to be undertaken almost immediately following a first (undergraduate)
degree and as such does not demand the levels of work experience usually asked
for of MBA applicants.
The MSc at Lancaster University Management School (LUMS) is a good example of
this. The one-year full-time programme is described as a “conversion course”
for recent graduates who have no experience of management. To be honest, the
content and structure of the 12-month full-time programme is very similar to
an MBA, with courses in areas such as statistical techniques, finance and operations,
in-company projects and a final dissertation.
For anyone without work experience who wants an MBA-type programme and similar
types of opportunities in the job market (though probably at a slightly lower
level) this type of degree is an option definitely worth exploring.
The other type of MSc in Management, however, is quite different—much
more theoretical and academic. Typical examples are offered at Queen’s
University School of Business in Canada, and INSEAD, in France.
Queen’s describes its 12-month MSc as “not an MBA…but an advanced-level
conceptual foundation in one of several specialities (accounting, finance, management
information systems, marketing, organisational behaviour, management science,
and managerial economics) that requires highly focused research." Its rather
verbose description hints at its prime goal, which is to prepare students for
entry to PhD programs—though some graduates do follow careers in consulting
and research analysis.
Similarly, at INSEAD, the MSc in Management corresponds to the first two years
of the PhD programme. Students who graduate successfully can go into the third
year of the PhD.
Obviously, this variation on the MSc in Management is largely for those who
want to follow an academic career in management education. So, while the MSc
in Management is definitely something worth considering, make sure you choose
the right type.
How essential the Specialization?
Specialised MBA programmes, which offer the degree in clearly defined areas
such as arts management, sports management, or even football management, are
one of the fastest-growing sectors of the MBA market.
At present they are typically offered by smaller business schools, who are eager
to secure a highly visible niche in a very competitive and overcrowded market.
But as a recent report by CNN pointed out, the bigger schools—still wedded
to the traditional generalist MBA—are watching closely to see if specialised
degrees can attract a significant proportion of applicants. If so, they are
likely to follow suit.
Of course, even though the traditional MBA is touted as a preparation for a
career in general management, which is why students take courses in all the
major management disciplines such as finance, marketing and operations, it has
always been possible to customise it through a judicious choice of elective
courses. Indeed, many leading schools in the US offer (some even insist on)
a “major” in a particular area, linking elective courses in one
subject such as marketing.
Specialist MBAs, however, are slightly different in setting out from the start
to deliver a programme completely geared to a function or industry, though it
may contain some general management inputs.
A good example is the “Wine MBA”, offered appropriately enough by
the Bordeaux Business School in France. This part-time programme is closely
geared to the wine industry and is designed for students already working in
it or with a strong desire to do so. It is delivered in co-operation with other
schools in Australia, California and Chile, covering four of the world’s
most important wine areas.
In this respect, specialised MBAs have a lot in common with the specialised
masters programmes offered by leading business schools alongside their MBA programmes.
Probably one of the best known and successful of these is the Masters in Finance
offered by London Business School in the UK. Another leading London school,
the Cass School of City University offers over 20 specialist masters programmes
in areas such as insurance and risk management, logistics, and charity management.
So, to answer your question, are specialized MBAs worth considering? The answer,
as always, is that it depends. If a particular programme is well supported by
the relevant industry sector then it may well be. But remember that the industries
and companies involved may be quite local to the school offering the degree.
Also, recruiters in general tend to have limited name recognition of business
schools and, in the US particularly, this may be confined to the top 20 business
schools. The rule of thumb that it’s not having an MBA but where you get
it that counts applies to specialised programmes as well.
But given that, if the school is reasonably well known, the programme is solid
and your career ambitions are well thought through then an specialised MBA is
probably well worth considering. The MBA market is currently in a state of considerable
flux and many observers believe that speculation and niche building is the direction
of the future for all MBA programmes
Accreditation Issues
A decade or so ago many leading business schools tended to shun the formal accreditation
process, preferring, as they then said, that “the market” do any
accrediting needed.
That has changed, mainly due to the increased globalisation of business schools
and their MBA and executive education clientele.
Although there are a number of accreditation bodies around the world, the three
main ones are the US-based Association to Advance Collegiate Schools of Business
(AACSAB International); EQUIS, the accreditation arm of the European Foundation
for Management Development (efmd) in Brussels; and the UK’s Association
of MBAs (AMBA).
AACSB is the oldest of the groups, founded in 1916 by a group of leading US
universities to accredit bachelors, masters and doctoral degree programs in
business administration and accounting. At that time its name was an acronym
for the Association of American Collegiate Schools of Business. AMBA set up
in 1967, mainly as a UK organisation, to accredit MBA programmes as a prerequisite
for a soft loan programme for MBA students. EQUIS started in the mid-1990s,
largely as a response to increasing activity in Europe by AACSB International.
Of these, only AMBA restricts its accreditation to only MBA programmes. AACSB
International and EQUIS both accredit the institution as a whole rather than
individual programmes.
Though nominally geographically based, these three bodies are increasingly international
in scope, all accrediting business schools well outside their own regions. And
that is increasingly the point about accreditation. Business schools with global
ambitions need accreditation systems that are attractive to international students.
For example, many schools in Europe seek AACSB International accreditation because
it provides a reassurance to students from North America who will be familiar
with it.
Even so, accreditation is still not without its critics. The main grouse is
that the accreditation process (usually carried out by “peer review”,
ie a visit by a team of academics from other business schools) tends to focus
on the inputs (quality of faculty, facilities and so on) rather than outputs
(does it produce better managers?).
There is also concern at the cost (schools pay for being accredited), especially
when they may have to host three separate accrediting bodies (as well as their
own national accreditation system).
Whether three competing international accrediting bodies can be sustained into
the future or whether some form of mutual recognition or even merger will occur
remains to be seen. Certainly there are signs of increasing, if perhaps a little
cautious, co-operation between them.
For the moment, however, the discerning prospective student should ensure that
the school of his or her choice is accredited by at least one.
MBA v/s Job Market
Though the MBA is highly vocational in nature in that it provides training in
general management or, via, a specialised MBA or elective concentration, in
a particular discipline, it is still an academic degree. As such, some recruiters
treat it more as a sign of having attained a certain level of academic and intellectual
attainment than as training for a particular job.
Classic recruiters of MBA graduates such as management consultants and investment
banks (though their recruitment has been severely curtailed in recent years)
have traditionally acted in this way. Having recruited an MBA graduate they
would typically put him or her through a lengthy and detailed induction process.
Even so, they will still look at your previous work experience.
In other industries, your background work experience may be seen as much more
important. One view might be, for example, that an MBA is simply icing on the
cake and that your having worked six or seven years in a particular discipline
or function such an engineering might be what makes you attractive.
This, of course, can make it difficult for graduates who want to change their
career. One of the best ways to do this is via the internship in the middle
of a two-year programme or project work in a shorter MBA. Getting some experience
of the area you want to change to is good for you and signals your interest
and commitment to recruiters.
So, in short, recruiters will take great interest in what you have done in the
past.
US v/s European MBA
In fact, duration probably is the biggest difference between European and US
MBA’s. The MBA is an American invention and the US model sets the standard
for what it teaches. If a programme does not include such core subjects as accounting,
finance and marketing, plus a range of related electives or specialisations,
then it isn’t an MBA. In that respect, all MBAs are more or less the same.
That said, there are one or two differences in the American and European models
that are worth mentioning.
One of these is that many European schools, particularly in the UK, often demand
a final written thesis often based on research carried out within a company.
This is comparatively rare in the US, where degrees are generally awarded solely
on results achieved in taught courses.
The other, which is linked to the duration of a programme, is the company internship.
This time, spent inside a company between the first and second years of a two-year
degree, is an essential aspect of the American MBA experience - particularly
now that it is so linked to the final job search. In Europe, it is almost unknown.
Do the different approaches make a difference? Is one better than the other?
It depends on what you want. European MBAs involve a shorter time out of the
job market and, consequently, are cheaper. US MBAs allow the luxury of a much
more relaxed second year (the first year is very intensive) with more time for
specialisation and reflection. To reverse a well-known British saying: you make
your choice and pay your money.
One Year v/s Two Years MBA
The differences between two-year and one-year MBA programmes reflect the traditional
time taken for a master's degree in various regions (two years in North America,
one year in Europe).
Generally speaking, schools with a one-year programme (and note that "one
year" can mean anything from 10 to 16 months) argue that there is little
difference in terms of areas covered and time spent in class compared with a
two-year programme. Certainly while the first year of a two-year programme is
a very intensive experience, the second - which is is given over to elective
courses and job hunting - is much less so.
Overall, given schools with similar reputations, there is not that much to choose
in terms of what you learn and the quality of the experience. The main advantage
of a two-year programme is the internship (job experience within a company)
between the two years. This is particularly important if you are using an MBA
to change career. An internship, which is often a vital first step to a full-time
job, allows you to gain experience in the area you want to move to. As the questioner
points out, if you are not planning a significant career chance and have considerable
work experience a one-year programme might be more appropriate.
In the end it all comes down to personal circumstances and choice. A one-year
programme is ideal for a quick career boost but a two-year programme allows
better opportunities for career change and is also reckoned by many students
to be a more worthwhile educational and personal development experience since
it allows more time for reflection.
Work Experience for Admission
Do all good colleges require work experience for admission? The short answer
to this is: yes. There are some schools in the US that take students directly
from undergraduate courses and some schools in Europe (such as Southampton in
the UK) have experimented with MBA degrees aimed at recent graduates with little
or no work experience but what are often referred to as "top-tier"
school now universally insist on some work experience, usually varying between
two and four years.
Interestingly, though, work experience is very loosely defined. IT does not
have to be managerial experience, or even experience in business. Business schools
are always delighted when they can point to a full-time MBA class that contains
former marines, jet pilots, ballet dancers and medical doctors.
Because the course work in an MBA (particularly case studies) deals with real
business life students will get much more out of it if they have some experience
of "real life" beyond the classroom. A classroom full of students
with a reasonable amount of work experience makes for a much better educational
experience. It enriches both teaching and learning. Students learn from each
other, and teaching staff can use students' personal experiences to bring theory
to life. Similarly, students with little or no experience can be a significant
drawback since they do not have much personal knowledge to contribute either
to discussions of case studies or in small group work.
Career Change
Would an MBA help me to change career? Many students study for an MBA as a way
of changing career. However, while they see the MBA as a way of reinventing
themselves, most business schools’ careers services advise that although
an MBA can add qualities, it cannot change you.
The MBA does teach new techniques, skills or knowledge, but what it does best
is reinforce existing strengths and experience. Many recruiters endorse this
view. To most of them an MBA means nothing by itself, except as a sign of intellectual
prowess. The degree assumes relevance only in the context of an individual’s
past experience and future potential.
Most recruiters, especially in the industrial sector, are concerned as much
with experience as with the simple possession of an MBA. The view of an MBA
as a way of broadening an individual so that he or she is able to take on a
more strategic or analytic role, rather than a purely functional one, may often
be confined to a company’s own existing managers whom they sponsor on
part-time or executive MBAs. As a newly minted graduate from a full-time programme,
an experienced engineer with an MBA may be an attractive engineer but perhaps
a less attractive marketing manager.
There are alternatives to the MBA. The UK’s specialist masters degrees
in finance, for example, and there is a growing trend for specialised masters
programmes in management consulting and other areas. Many employers in Europe
are enthusiastic about such specialisations and regard the MBA as a kind of
specialisation in general management that is not appropriate for everyone. In
the US, there are opportunities to combine an MBA with another postgraduate
degree, such as law.
DBA (Doctor of Business Administration)
Though a DBA sounds like the elder brother of an MBA, that is not quite the
should you be interested in the?case. The natural progression from an MBA would
be a PhD. A DBA, by contrast,?academic study or teaching of management is something
of a cross between a PhD and an advanced executive MBA. It is essentially designed
for practising executives, often quite senior, who are interested in management
as a subject per se and, more importantly, also have a particular interest,
issue or problem that they would like to research more thoroughly. Manchester
Business School in the UK, for example, says that its DBA is intended to apply
state of the art knowledge to a specific issue in management to directly improve
the quality of decision-making. Macquarie Graduate School of Management in Australia
says that its degree is a research qualification designed specifically for professional
managers and consultants. At Harvard Business School, the DBA tends to be more
academic. In any case, research is the key. As a doctoral research degree, the
DBA involves training in research methodology and a detailed thesis into a particular
problem. Programmes can be quite lengthy, perhaps up to five years, since many
are taught part-time. Most participants will be working managers, consultants
or entrepreneurs. Those who do not already have an MBA could well be required
to take a significant number of MBA core courses.
|
Advertisements
|
