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A Master of Business Administration (MBA; also Master's in Business Administration) is a
postgraduate degree Postgraduate or graduate education refers to academic or professional degrees, certificates, diplomas, or other qualifications pursued by post-secondary students who have earned an undergraduate ( bachelor's) degree. The organization and stru ...
focused on
business administration Business administration, also known as business management, is the administration of a commercial enterprise. It includes all aspects of overseeing and supervising the business operations of an organization. From the point of view of management ...
. The core courses in an MBA program cover various areas of business administration such as
accounting Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "languag ...
,
applied statistics Statistics (from German: ''Statistik'', "description of a state, a country") is the discipline that concerns the collection, organization, analysis, interpretation, and presentation of data. In applying statistics to a scientific, industri ...
,
human resources Human resources (HR) is the set of people who make up the workforce of an organization, business sector, industry, or economy. A narrower concept is human capital, the knowledge and skills which the individuals command. Similar terms include m ...
,
business communication Business communication is communication that is intended to help a business achieve a fundamental goal, through information sharing between employees as well as people outside the company. It includes the process of creating, sharing, listening, ...
,
business ethics Business ethics (also known as Corporate Ethics) is a form of applied ethics or professional ethics, that examines ethical principles and moral or ethical problems that can arise in a business environment. It applies to all aspects of business co ...
, business law,
strategic management In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of Resource management, resour ...
,
business strategy In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessmen ...
,
finance Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fina ...
,
managerial economics Managerial economics is a branch of economics involving the application of economic methods in the managerial decision-making process.• Trefor Jones (2004). ''Business Economics and Managerial Decision Making'', WileyDescriptionand chapter-pre ...
,
management Management (or managing) is the administration of an organization, whether it is a business, a nonprofit organization, or a government body. It is the art and science of managing resources of the business. Management includes the activities o ...
,
entrepreneurship Entrepreneurship is the creation or extraction of economic value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values th ...
,
marketing Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emph ...
,
supply-chain management In commerce, supply chain management (SCM) is the management of the flow of goods and services including all processes that transform raw materials into final products between businesses and locations. This can include the movement and stor ...
, and operations management in a manner most relevant to management
analysis Analysis ( : analyses) is the process of breaking a complex topic or substance into smaller parts in order to gain a better understanding of it. The technique has been applied in the study of mathematics and logic since before Aristotle (38 ...
and strategy. It originated in the United States in the early 20th century when the country industrialized and companies sought
scientific management Scientific management is a theory of management that analyzes and synthesizes workflows. Its main objective is improving economic efficiency, especially labor productivity. It was one of the earliest attempts to apply science to the engineer ...
. Some programs also include
elective course In higher education a course is a unit of teaching that typically lasts one academic term, is led by one or more instructors (teachers or professors), and has a fixed roster of students. A course usually covers an individual subject. Courses gener ...
s and concentrations for further study in a particular area, for example, accounting, finance, marketing, and human resources, but an MBA is intended to be a generalized program. MBA programs in the United States typically require completing about forty to sixty credits (sixty to ninety in a
quarter system An academic quarter refers to the division of an academic year into four parts. Historical context The modern academic quarter calendar can be traced to the historic English law court / legal training pupillage four term system: * Hilary: Ja ...
), much higher than the thirty credits (thirty-six to forty-five in a quarter system) typically required for degrees that cover some of the same material such as the
Master of Economics The Master of Economics (MEcon or MEc) is a postgraduate master's degree in economics comprising training in economic theory, econometrics, and/or applied economics. The degree is also offered as an MS or MSc, MA or MCom in economics; varian ...
,
Master of Finance The Master of Finance is a master's degree awarded by universities or graduate schools preparing students for careers in finance. The degree is often titled Master in Finance (M.Fin., MiF, MFin), or Master of Science in Finance (MSF in North Am ...
,
Master of Accountancy The Master of Accountancy (MAcc, MAcy, or MAccy), alternatively Master of Science in Accounting (MSA or MSAcy) or Master of Professional Accountancy (MPAcy, MPAcc or MPAc), is a graduate professional degree designed to prepare students for public ...
,
Master of Science in Marketing The Master of Science in Marketing (or MS Marketing) is a graduate degree that prepares the student to work in middle-management-and-above marketing positions. The specific field within marketing will depend on the student, their program, and th ...
and
Master of Science in Management Master of Science in Management, abbreviated MSc, MScM, MIM or MSM, is a Master of Science academic degree. In terms of content, it is similar to the MBA degree as it contains general management courses. According to a ''Financial Times'' ranking, ...
. The MBA is a
terminal degree A terminal degree is a college degree that is the highest level college degree that can be achieved and awarded in a specific academic or professional field. In other cases, it is a degree that is awarded when a candidate completes a certain amou ...
, and a
professional degree A professional degree, formerly known in the US as a first professional degree, is a degree that prepares someone to work in a particular profession, practice, or industry sector often meeting the academic requirements for licensure or accreditatio ...
.
Accreditation Accreditation is the independent, third-party evaluation of a conformity assessment body (such as certification body, inspection body or laboratory) against recognised standards, conveying formal demonstration of its impartiality and competence to ...
bodies specifically for MBA programs ensure consistency and quality of education. Business schools in many countries offer programs tailored to full-time, part-time,
executive Executive ( exe., exec., execu.) may refer to: Role or title * Executive, a senior management role in an organization ** Chief executive officer (CEO), one of the highest-ranking corporate officers (executives) or administrators ** Executive dir ...
(abridged coursework typically occurring on nights or weekends) and
distance learning Distance education, also known as distance learning, is the education of students who may not always be physically present at a school, or where the learner and the teacher are separated in both time and distance. Traditionally, this usually in ...
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.


History

The first school of business in the
United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
was
The Wharton School The Wharton School of the University of Pennsylvania ( ; also known as Wharton Business School, the Wharton School, Penn Wharton, and Wharton) is the business school of the University of Pennsylvania, a private Ivy League research university in P ...
of the
University of Pennsylvania The University of Pennsylvania (also known as Penn or UPenn) is a private research university in Philadelphia. It is the fourth-oldest institution of higher education in the United States and is ranked among the highest-regarded universitie ...
established in 1881 through a donation from
Joseph Wharton Joseph Wharton (March 3, 1826 – January 11, 1909) was an American industrialist. He was involved in mining, manufacturing and education. He founded the Wharton School at the University of Pennsylvania, co-founded the Bethlehem Steel comp ...
/sup>. In 1900, the
Tuck School of Business The Tuck School of Business (also known as Tuck, and formally known as the Amos Tuck School of Administration and Finance) is the graduate business school of Dartmouth College, a private research university in Hanover, New Hampshire. Founded in ...
was founded at
Dartmouth College Dartmouth College (; ) is a private research university in Hanover, New Hampshire. Established in 1769 by Eleazar Wheelock, it is one of the nine colonial colleges chartered before the American Revolution. Although founded to educate Native A ...
conferring the first
advanced degree An academic degree is a qualification awarded to students upon successful completion of a course of study in higher education, usually at a college or university. These institutions commonly offer degrees at various levels, usually including unde ...
in business, specifically, a Master of Science in Commerce, the predecessor to the MBA. The
Harvard Graduate School of Business Administration Harvard Business School (HBS) is the graduate business school of Harvard University, a private research university in Boston, Massachusetts. It is consistently ranked among the top business schools in the world and offers a large full-time MBA p ...
established the first MBA program in 1908, with 15 faculty members, 33 regular students and 47 special students. Its first-year curriculum was based on
Frederick Winslow Taylor Frederick Winslow Taylor (March 20, 1856 – March 21, 1915) was an American mechanical engineer. He was widely known for his methods to improve industrial efficiency. He was one of the first management consultants. In 1909, Taylor summed up hi ...
’s scientific management. The number of MBA students at Harvard increased quickly, from 80 in 1908, over 300 in 1920, and 1,070 in 1930. At this time, only American universities offered MBAs. Other countries preferred that people learn business on the job. Other milestones include: * 1930: First management and leadership education program for executives and mid-career experienced managers (the
Sloan Fellows The Sloan Fellows program is the world's first mid-career and senior career master's degree in general management and leadership. It was initially supported by a grant from Alfred P. Sloan, the late CEO of General Motors, to his alma mater, MIT ...
Program at the
Massachusetts Institute of Technology The Massachusetts Institute of Technology (MIT) is a private land-grant research university in Cambridge, Massachusetts. Established in 1861, MIT has played a key role in the development of modern technology and science, and is one of the ...
). * 1943: First Executive MBA (EMBA) program for working professionals at the
University of Chicago Booth School of Business The University of Chicago Booth School of Business (Chicago Booth or Booth) is the graduate business school of the University of Chicago. Founded in 1898, Chicago Booth is the second-oldest business school in the U.S. and is associated with 10 N ...
. Chicago was also the first business school to establish permanent campuses on three continents in Chicago (USA), Barcelona (Europe), and Singapore (Asia). Most business schools today offer a global component to their executive MBA. Since the program was established, the school has moved its campuses and is now based in Chicago, London, and Hong Kong. * 1946: First MBA focused on global management at
Thunderbird School of Global Management Thunderbird School of Global Management at Arizona State University (or simply Thunderbird) is a global management school in Phoenix, Arizona. Founded in 1946 as an independent, private institution, it was acquired by Arizona State University ( ...
. * 1950: First MBA outside of the United States, in Canada (
Ivey Business School Ivey Business School is a constituent unit of the University of Western Ontario, located in London, Ontario, Canada. Ivey offers full-time undergraduate (HBA), MBA, MSc, MFE and PhD programs and also maintains two teaching facilities in Toronto ...
at
The University of Western Ontario The University of Western Ontario (UWO), also known as Western University or Western, is a public research university in London, Ontario, Canada. The main campus is located on of land, surrounded by residential neighbourhoods and the Thames Ri ...
), followed by the
University of Pretoria The University of Pretoria ( af, Universiteit van Pretoria, nso, Yunibesithi ya Pretoria) is a multi-campus public university, public research university in Pretoria, the administrative and de facto capital of South Africa. The university was ...
in South Africa in 1951. * 1953: First MBA offered at an Asian school at the
Indian Institute of Social Welfare and Business Management The Indian Institute of Social Welfare & Business Management (IISWBM) is a public business school in Kolkata, India. The school is the first institute in Asia to offer an MBA degree. It was ranked 34th among management schools by the Busines ...
in Calcutta. * 1957: First MBA offered at a European school (
INSEAD INSEAD, a contraction of "Institut Européen d'Administration des Affaires" () is a non-profit business school that maintains campuses in Europe ( Fontainebleau, France), Asia (Singapore), the Middle East (Abu Dhabi, UAE), and North America (San ...
). * 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 The Stanford Graduate School of Business (also known as Stanford GSB) is the graduate business school of Stanford University, a private research university in Stanford, California. For several years it has been the most selective business schoo ...
, United States. Sponsored by the
USAID The United States Agency for International Development (USAID) is an independent agency of the U.S. federal government that is primarily responsible for administering civilian foreign aid and development assistance. With a budget of over $27 bi ...
- United States Agency for International Development, at the request of former President
John F. Kennedy John Fitzgerald Kennedy (May 29, 1917 – November 22, 1963), often referred to by his initials JFK and the nickname Jack, was an American politician who served as the 35th president of the United States from 1961 until his assassination ...
, 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. * 1963: First MBA offered in Korea by Korea University Business School (KUBS). * 1986: First MBA program requiring every student to have a laptop computer in the classroom at the Roy E. Crummer Graduate School of Business at
Rollins College Rollins College is a private college in Winter Park, Florida. It was founded in November 1885 and has about 30 undergraduate majors and several graduate programs. It is Florida's fourth oldest post-secondary institution. History Rollins Colle ...
(Florida). Beginning with the 1992–1993 academic year,
Columbia Business School Columbia Business School (CBS) is the business school of Columbia University, a Private university, private research university in New York City. Established in 1916, Columbia Business School is one of six Ivy League business schools and is one ...
required all incoming students to purchase a laptop computer with standard software, becoming the first business school to do so. * 1994: First online executive MBA program at
Athabasca University Athabasca University (AU) is a Canadian public research university that primarily operates through online distance education. Founded in 1970, it is one of four comprehensive academic and research universities in Alberta, and was the first ...
(Canada). The MBA degree has been adopted by universities worldwide in both developed and developing countries.


Accreditation


United States

Business school A business school is a university-level institution that confers degrees in business administration or management. A business school may also be referred to as school of management, management school, school of business administration, o ...
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: *
Association to Advance Collegiate Schools of Business The Association to Advance Collegiate Schools of Business, also known as AACSB International, is an American professional organization. It was founded as the American Assembly of Collegiate Schools of Business in 1916 to provide accreditation to ...
(AACSB), *
Accreditation Council for Business Schools and Programs The Accreditation Council for Business Schools and Programs (ACBSP), formerly the Association of Collegiate Business Schools and Programs, is a U.S. organization offering accreditation services to business programs focused on teaching and learni ...
(ACBSP), and *
International Assembly for Collegiate Business Education The International Accreditation Council for Business Education (IACBE), formerly the International Assembly for Collegiate Business Education, is an educational accreditation agency for college and university business programs founded in 1997. It ...
(IACBE). All of these groups also accredit schools outside the US. The
ACBSP The Accreditation Council for Business Schools and Programs (ACBSP), formerly the Association of Collegiate Business Schools and Programs, is a U.S. organization offering accreditation services to business programs focused on teaching and learni ...
and the
IACBE The International Accreditation Council for Business Education (IACBE), formerly the International Assembly for Collegiate Business Education, is an educational accreditation agency for college and university business programs founded in 1997. It ...
are themselves recognized in the United States by the
Council for Higher Education Accreditation The Council for Higher Education Accreditation (CHEA) is a United States organization of degree-granting colleges and universities. It identifies its purpose as providing national advocacy for academic quality through accreditation in order t ...
(CHEA). MBA programs with specializations for students pursuing careers in healthcare management also eligible for accreditation by the
Commission on the Accreditation of Healthcare Management Education The Commission on Accreditation of Healthcare Management Education (CAHME) is the accrediting body for graduate programs in healthcare management in the United States and Canada. It is based in Spring House, Pennsylvania and is a 501(c)(3) non-p ...
(CAHME). US MBA programs may also be accredited at the institutional level. Bodies that accredit institutions as a whole include: *
Middle States Association of Colleges and Schools The Middle States Association of Colleges and Schools (Middle States Association or MSA) was a voluntary, peer-based, non-profit association that performed peer evaluation and regional educational accreditation, accreditation of public and priva ...
(MSA), *
New England Association of Schools and Colleges The New England Association of Schools and Colleges, Inc. (NEASC) is a United States' regional accreditation association providing educational accreditation. NEASC serves over 1500 public, independent schools, and technical/career institution ...
(NEASC), *
Higher Learning Commission The Higher Learning Commission (HLC) is an institutional accreditor in the United States. It has historically accredited post-secondary education institutions in the central United States: Arizona, Arkansas, Colorado, Illinois, Indiana, Iowa ...
(HLC), *
Distance Education Accrediting Commission The Distance Education Accrediting Commission (DEAC), formerly the National Home Study Council and then as the Distance Education and Training Council, is a non-profit national educational accreditation agency in the United States specializing in t ...
(DEAC), *
Northwest Commission on Colleges and Universities The Northwest Commission on Colleges and Universities (NWCCU) is an independent, non-profit membership organization recognized by the United States Department of Education since 1952 as an institutional accreditor for colleges and universities. ...
(NWCCU), *
Southern Association of Colleges and Schools The Southern Association of Colleges and Schools (SACS) is an educational accreditor recognized by the United States Department of Education and the Council for Higher Education Accreditation. This agency accredits over 13,000 public and priv ...
(SACS), and *
Western Association of Schools and Colleges The Western Association of Schools and Colleges (WASC) was an organization providing School accreditation, accreditation of public and private universities, colleges, secondary school, secondary and elementary schools in California and Hawaii, ...
(WASC).


Other countries

Accreditation agencies outside the United States include the
Association of MBAs The Association of MBAs (AMBA) is a global organisation founded in 1967 which focuses primarily on international business school accreditation and membership. Roles Based in London, AMBA is one of the three main global accreditation bodies in ...
(AMBA), a UK-based organization that accredits MBA, DBA, and MBM programs worldwide, government accreditation bodies such as the
All India Council for Technical Education The All India Council for Technical Education (AICTE) is a statutory body, and a national-level council for technical education, under the Department of Higher Education. Established in November 1945 first as an advisory body and later on in ...
(AICTE), which accredits MBA and Postgraduate Diploma in Management (PGDM) programs across India. Some of the leading bodies in India that certify MBA institutions and their programs are the All India Council for Technical Education (AICTE) and the University Grants Commission (UGC). A distance MBA program needs to be accredited by the Distance Education Council (DEC) in India. The Council on Higher Education (CHE) in South Africa, the
European Foundation for Management Development The European Foundation for Management Development (EFMD) is an international not-for-profit association based in Brussels. Europe's largest network association in the field of management development, it has over 890 member organizations from academ ...
operates the
European Quality Improvement System The EFMD Quality Improvement System (EQUIS) is an international school accreditation system. It specializes in higher education institutions of management and business administration, run by the European Foundation for Management Development (EFMD ...
(EQUIS) for mostly European, Australian, New Zealand and Asian schools, the
Foundation for International Business Administration Accreditation The Foundation for International Business Administration Accreditation (FIBAA) is recognised accreditation body in all German speaking countries (Germany-Switzerland-Austria), FIBAA was founded in 2002 to accredit schools of business. Since the la ...
(FIBAA), and
Central and East European Management Development Association The Central and East European Management Development Association (CEEMAN) was established in 1993 with the aim of fostering management development and management education development in CEE region. By now, its membership has grown far beyond ...
(CEEMAN) in Europe.


Programs

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.
Distance learning Distance education, also known as distance learning, is the education of students who may not always be physically present at a school, or where the learner and the teacher are separated in both time and distance. Traditionally, this usually in ...
MBA programs hold classes off-campus. These programs can be offered in a number of different formats:
correspondence course Distance education, also known as distance learning, is the education of students who may not always be physically present at a school, or where the learner and the teacher are separated in both time and distance. Traditionally, this usually in ...
s by postal mail or email, non-interactive
broadcast video Broadcasting is the distribution of audio or video content to a dispersed audience via any electronic mass communications medium, but typically one using the electromagnetic spectrum ( radio waves), in a one-to-many model. Broadcasting began ...
, pre-recorded video, live
teleconference A teleconference is the live exchange of information among several people remote from one another but linked by a telecommunications system. Terms such as audio conferencing, telephone conferencing and phone conferencing are also sometimes used t ...
or
videoconference Videotelephony, also known as videoconferencing and video teleconferencing, is the two-way or multipoint reception and transmission of audio and video signals by people in different locations for real time communication.McGraw-Hill Concise Ency ...
, offline or online computer courses. Many schools offer these programs.
Blended learning Norm Friesen (born March 21, 1966) is Professor in Educational Technology at Boise State University. Norm Friesen studied German Literature, Secondary Education, and Communication at the Johns Hopkins University, University of Alberta and Simon Fr ...
programs combine distance learning with face-to-face instruction. These programs typically target working professionals who are unable to attend traditional part-time programs. MBA dual degree programs combine an MBA with others (such as an MS, MA,
MEng Meng may refer to: * Meng (surname) (孟), a Chinese surname * Master of Engineering (MEng or M.Eng.), an academic or professional master's degree in the field of engineering * , "M with hook", letter used in the International Phonetic Alphabet * ...
, 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 A bachelor's degree (from Middle Latin ''baccalaureus'') or baccalaureate (from Modern Latin ''baccalaureatus'') is an undergraduate academic degree awarded by colleges and universities upon completion of a course of study lasting three to six ...
in
business administration Business administration, also known as business management, is the administration of a commercial enterprise. It includes all aspects of overseeing and supervising the business operations of an organization. From the point of view of management ...
and an MBA in five years.
Mini-MBA A Mini-MBA is a training regimen focused on the fundamentals of business management. The program provides an introductory insight into business, preparing students as well as professionals for what might be a further exploration, or just a foundatio ...
is a term used by many non-profit and for-profit institutions to describe a
training Training is teaching, or developing in oneself or others, any skills and knowledge or Physical fitness, fitness that relate to specific practicality, useful Competence (human resources), competencies. Training has specific goals of improving on ...
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 The Graduate Management Admission Test (GMAT ( ())) is a computer adaptive test (CAT) intended to assess certain analytical, writing, quantitative, verbal, and reading skills in written English for use in admission to a graduate management ...
(GMAT) is the most prominently used entrance exam for admissions into MBA programs. The
Graduate Record Examination The Graduate Record Examinations (GRE) is a standardized test that is an admissions requirement for many graduate schools in the United States and Canada and a few other countries. The GRE is owned and administered by Educational Testing Servi ...
(GRE) is also accepted by almost all MBA programs in order to fulfill any entrance exam requirement they may have. 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, an HND (Higher National Diploma) or even HNC (Higher National Certificate) 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. Many top-tier programs require five or more years of work experience for admission. MBA admissions consulting services exist to counsel MBA applicants to improve their chances of getting admission to their desired
Business Schools A business school is a university-level institution that confers degrees in business administration or management. A business school may also be referred to as school of management, management school, school of business administration, o ...
. These services range from evaluating a candidate's profile, GMAT preparation, suggesting the schools to which they can apply, writing and editing essays, conducting mock interviews as preparation for MBA admission interviews, as well as post-MBA career counseling.


Content

In general, MBA programs are structured around core courses — an essentially standard curriculum — and elective courses that (may) allow for a subject specialty or concentration. 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 Business ethics (also known as Corporate Ethics) is a form of applied ethics or professional ethics, that examines ethical principles and moral or ethical problems that can arise in a business environment. It applies to all aspects of business co ...
may be included at the generalist or specialist level.) After the first year, many full-time students seek
internship An internship is a period of work experience offered by an organization for a limited period of time. Once confined to medical graduates, internship is used practice for a wide range of placements in businesses, non-profit organizations and gover ...
s. The degree culminates with coursework in
business strategy In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessmen ...
, the program
capstone CAPSTONE (Cislunar Autonomous Positioning System Technology Operations and Navigation Experiment) is a lunar orbiter that will test and verify the calculated orbital stability planned for the Lunar Gateway space station. The spacecraft is a 12- ...
. 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. Programs are designed such that students gain exposure to theory and practice alike. Courses include lectures, case studies, and team projects; the mix though, will differ by school and by format. Theory is covered in the classroom setting by academic faculty, and is reinforced through the
case method The case method is a teaching approach that uses decision-forcing cases to put students in the role of people who were faced with difficult decisions at some point in the past. It developed during the course of the twentieth-century from its origin ...
, 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"). 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#Use of case studies and #Other approaches; and Business education#Postgraduate education generally.) As above, courses begin with underlying topicsSee: AACSB'sbr>Standard 15: Management of Curricula
; AMBA'sbr>New Accreditation Criteria
; ETS'sbr>Major Field Test for the MBA
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 Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fina ...
and
management accounting In management accounting or managerial accounting, managers use accounting information in decision-making and to assist in the management and performance of their control functions. Definition One simple definition of management accounting is th ...
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 Managerial economics is a branch of economics involving the application of economic methods in the managerial decision-making process.• Trefor Jones (2004). ''Business Economics and Managerial Decision Making'', WileyDescriptionand chapter-pre ...
, a technical course that mainly focuses on product pricing as influenced by microeconomic theory, and aggregate-or
macroeconomics Macroeconomics (from the Greek prefix ''makro-'' meaning "large" + ''economics'') is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes, and ...
, which deals with topics like the banking system, the money supply, and inflation.
Operations Research Operations research ( en-GB, operational research) (U.S. Air Force Specialty Code: Operations Analysis), often shortened to the initialism OR, is a discipline that deals with the development and application of analytical methods to improve deci ...
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. As regards the functional courses, 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 Corporate finance is the area of finance that deals with the sources of funding, the capital structure of corporations, the actions that managers take to increase the value of the firm to the shareholders, and the tools and analysis used to allo ...
, while part II covers capital investment decisions). An
Information systems An information system (IS) is a formal, sociotechnical, organizational system designed to collect, process, information storage, store, and information distribution, distribute information. From a sociotechnical perspective, information systems a ...
/
technology Technology is the application of knowledge to reach practical goals in a specifiable and reproducible way. The word ''technology'' may also mean the product of such an endeavor. The use of technology is widely prevalent in medicine, science, ...
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 courses here, although technical in the content are, ultimately, oriented toward corporate management. (For example, the principal finance course may cover the technicalities of financial instrument valuation and capital raising, but is in fact focused on
managerial finance Managerial finance is the branch of finance that concerns itself with the managerial application of finance techniques and theory, emphasizing the financial aspects of managerial decisions. The techniques addressed are drawn in the main from man ...
and
financial management Financial management is the business function concerned with profitability, expenses, cash and credit, so that the "organization may have the means to carry out its objective as satisfactorily as possible;" the latter often defined as maximizin ...
.) 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 Soft skills, also known as power skills, common skills or core skills, are skills applicable to all professions. These include critical thinking, problem solving, public speaking, professional writing, teamwork, digital literacy, leadership, pr ...
, such as (general) leadership and negotiation; hard skills, such as
spreadsheets A spreadsheet is a computer application for computation, organization, analysis and storage of data in tabular form. Spreadsheets were developed as computerized analogs of paper accounting worksheets. The program operates on data entered in ce ...
and project management; thinking skills such as
innovation Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity ...
and creativity. Training in areas such as
multiculturalism The term multiculturalism has a range of meanings within the contexts of sociology, political philosophy, and colloquial use. In sociology and in everyday usage, it is a synonym for "Pluralism (political theory), ethnic pluralism", with the tw ...
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 In business, a competitive advantage is an attribute that allows an organization to outperform its competitors. A competitive advantage may include access to natural resources, such as high-grade ores or a low-cost power source, highly skilled ...
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 Business simulation or corporate simulation is simulation used for business training, education or analysis. It can be scenario-based or numeric-based. Most business simulations are used for business acumen training and development. Learning o ...
or
game A game is a structured form of play (activity), play, usually undertaken for enjoyment, entertainment or fun, and sometimes used as an educational tool. Many games are also considered to be work (such as professional players of spectator s ...
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: 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 A case study is an in-depth, detailed examination of a particular case (or cases) within a real-world context. For example, case studies in medicine may focus on an individual patient or ailment; case studies in business might cover a particular fi ...
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. Here (part-time) students will address a problem current in their organization; particularly in programs with an
action learning Action learning is an approach to problem solving. It involves taking action and reflecting upon the results. This helps improve the problem-solving process as well as simplify the solutions developed by the team. The theory of action learning a ...
orientation, these may be practically oriented.MBA degree-guide
, degree.net
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. The MFT-MBA aims to assess skills, knowledge, and reasoning ability within the domain of standard MBA curriculum. It is administered by
Educational Testing Service Educational Testing Service (ETS), founded in 1947, is the world's largest private nonprofit educational testing and assessment organization. It is headquartered in Lawrence Township, New Jersey, but has a Princeton address. ETS develops var ...
. 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. 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 Beta Gamma Sigma () is the International Business Honor Society. Founded in 1913 at the University of Wisconsin, University of Illinois and the University of California, it has over 980,000 members, selected from more than 600 collegiate chapters ...
- membership requires one to be in the top 20% of their program's class after completing half of the program. *
Delta Mu Delta Delta Mu Delta () is an international honor society that recognizes academic excellence in Baccalaureate, Master's, and Doctorate degree business administration programs at Association of Collegiate Business Schools and Programs (ACBSP)-accredited ...
- 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. * 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. * T10 - membership requires one to have scored in the top 10% in the country on a national comprehensive MBA exam.


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. Some of the more common jobs an MBA prepares one for include: * Business analyst or strategist * Business development analyst, associate, or manager * Market research analyst * Managing Director (of a department) * Investment banker * Entrepreneur/founder * Financial analyst, associate, or manager * Management consultant * Marketing associate, analyst, or manager * Portfolio manager * Healthcare administrator, analyst, or manager * Project analyst or strategist * Product analyst, associate, or manager * Program analyst, associate, or manager * Operations analyst, associate, or manager


Europe


History

In 1957,
INSEAD INSEAD, a contraction of "Institut Européen d'Administration des Affaires" () is a non-profit business school that maintains campuses in Europe ( Fontainebleau, France), Asia (Singapore), the Middle East (Abu Dhabi, UAE), and North America (San ...
(French name "Institut Européen d'Administration des Affaires", or European Institute of Business Administration) became the first European university offering the MBA degree, followed by
EDHEC EDHEC Business School (french: Ecole des Hautes Etudes Commerciales du Nord) is a French grandes écoles business school with campus locations in: Lille, France; Nice, France; Paris, France; London, UK; and Singapore. EDHEC offers its flagship Mas ...
Business School and
Antwerp Management School The Antwerp Management School ( nl, Antwerp Management School) is the University of Antwerp's autonomous business school. It is located in the historical center of the city of Antwerp. The school offers eight full-time master programs and more th ...
in 1959 and
ICADE ICADE is the brand name by which two schools of the Comillas Pontifical University, located in Madrid (Spain), are known. It stands for '' Instituto Católico de Administración y Dirección de Empresas'' (''Catholic Institute of Business Administ ...
in 1960 (who had started offering in 1956 a "Technical Seminary for Business Administration"),
ESADE Esade (Escola Superior d'Administració i Direcció d'Empreses) is a prestigious international private educational institution based in Barcelona, Spain. Esade runs two schools of the university, Esade Business School and Esade Law School, as well ...
and
IESE Business School IESE Business School is the graduate business school of the University of Navarra. Founded in 1958 in Barcelona where its main campus is located,López, T. & Pampliega, J“La fundación del IESE (1956–1958)” Universidad de Navarra, Bibliotec ...
(first two-year program in Europe) in 1964, UCD Smurfit Business School and
Cranfield School of Management Cranfield School of Management, established in 1967, is a business school that is part of Cranfield University in Bedfordshire, United Kingdom. It was ranked Top 10 in the UK and 34th in Europe in the Financial Times European Business Schools ...
in 1964,
Manchester Business School Alliance Manchester Business School (Alliance MBS) is the business school of the University of Manchester in Manchester, England. One of the most prestigious business schools in the United Kingdom, it is also the second oldest in the UK, and pro ...
and
London Business School London Business School (LBS) is a business school and a constituent college of the federal University of London. LBS was founded in 1964 and awards post-graduate degrees (Master's degrees in management and finance, MBA and PhD). Its motto is " ...
in 1965,
Trinity College Dublin , name_Latin = Collegium Sanctae et Individuae Trinitatis Reginae Elizabethae juxta Dublin , motto = ''Perpetuis futuris temporibus duraturam'' (Latin) , motto_lang = la , motto_English = It will last i ...
, the
Rotterdam School of Management Rotterdam School of Management, Erasmus University (or RSM) is the international business school of the Erasmus University Rotterdam located in Rotterdam, Netherlands. RSM offers undergraduate and postgraduate programmes taught mostly in English, ...
in 1966, the
Vlerick Business School Vlerick Business School ("Vlerick") is a Belgian business school with campuses in Ghent, Leuven and Brussels. It is a result of a merger of the MBA programmes of the Katholieke Universiteit Leuven and of the ''Instituut Professor Vlerick voor ...
in 1968 and in 1969 by the
HEC School of Management HEC Paris (french: École des hautes études commerciales de Paris) is a business school, and one of the most prestigious and selective grandes écoles, located in Jouy-en-Josas, France. HEC offers Master in Management, MSc International Fina ...
(in French, the École des Hautes Études Commerciales) and the
Institut d'Etudes Politiques de Paris , motto_lang = fr , mottoeng = Roots of the Future , type = Public research university''Grande école'' , established = , founder = Émile Boutmy , accreditation ...
. In 1972, Swiss business school
IMEDE International Institute for Management Development (IMD) is a private business school in Lausanne, Switzerland specializes in executive education offering open enrollment programs for senior executives, as well as longer-term educational engage ...
(now IMD) began offering a full-time MBA program, followed by
IE Business School IE Business School is a graduate and undergraduate school of business, located in Madrid, Spain, European Union, Europe. It was founded in 1973 under the name Instituto de Empresa and since 2009 is part of IE University. IE Business School runs ...
(in Spanish, Instituto de Empresas) in 1973, and AGH University of Science and Technology in Cracow, Poland in 1974. In 1991, IEDC-Bled School of Management became the first school in the ex-socialist bloc of the Central and Eastern to offer an MBA degree.


Bologna Accord

In Europe, the recent Bologna Accord established uniformity in three levels of higher education: Bachelor (three or four years), Masters (one or two years, in addition to three or four years for a Bachelor), and Doctorate (an additional three or four years after a Master). Students can acquire professional experience after their initial bachelor's degree at any European institution and later complete their masters in any other European institution via the
European Credit Transfer and Accumulation System The European Credit Transfer and Accumulation System (ECTS) is a standard means for comparing academic credits, i.e., the "volume of learning based on the defined learning outcomes and their associated workload" for higher education across the E ...
.


Accreditation standards

Accreditation standards are not uniform in Europe. Some countries have legal requirements for accreditation (e.g. most German states), in some, there is a legal requirement only for universities of a certain type (e.g. Austria), and others have no accreditation law at all. Even where there is no legal requirement, many business schools are
accredited Accreditation is the independent, third-party evaluation of a conformity assessment body (such as certification body, inspection body or laboratory) against recognised standards, conveying formal demonstration of its impartiality and competence to ...
by independent bodies voluntarily to ensure quality standards.


Austria

In Austria, MBA programs of
private universities Private universities and private colleges are institutions of higher education, not operated, owned, or institutionally funded by governments. They may (and often do) receive from governments tax breaks, public student loans, and grants. Depe ...
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

January 1999 saw the first meeting of the Association of the Czech MBA Schools (CAMBAS). 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 of America.


Finland

In Finland, Master of Business Administration degrees are awarded by business schools of
Aalto University Aalto University ( fi, Aalto-yliopisto; sv, Aalto-universitetet) is a public research university located in Espoo, Finland. It was established in 2010 as a merger of three major Finnish universities: the Helsinki University of Technology, the He ...
, Hanken,
University of Turku sv, Åbo universitet , latin_name = Universitas Aboensis , image_name = University of Turku.svg , motto = ''Vapaan kansan lahja vapaalle tieteelle'' , established = 1920 , type ...
,
University of Vaasa The University of Vaasa ( fi, Vaasan yliopisto, sv, Vasa universitet) is a multidisciplinary, business-oriented university in Vaasa, Finland. The campus of the university is situated by the Gulf of Bothnia adjacent to downtown Vaasa. The univ ...
and
University of Oulu The University of Oulu ( fi, Oulun yliopisto) is one of the largest universities in Finland, located in the city of Oulu. It was founded on July 8, 1958. The university has around 13,000 students and 2,900 staff. 21 International Master's P ...
. 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".


France and French-speaking countries

In France and the
Francophone French became an international language in the Middle Ages, when the power of the Kingdom of France made it the second international language, alongside Latin. This status continued to grow into the 18th century, by which time French was the l ...
countries such as Switzerland, Monaco, Belgium, and Canada, the MBA degree programs at the public accredited schools are similar to those offered in the
Anglo-Saxon The Anglo-Saxons were a Cultural identity, cultural group who inhabited England in the Early Middle Ages. They traced their origins to settlers who came to Britain from mainland Europe in the 5th century. However, the ethnogenesis of the Anglo- ...
countries. Most French Business Schools are accredited by the Conférence des Grandes Écoles.


Germany

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 A ''Diplom'' (, from grc, δίπλωμα ''diploma'') is an academic degree in the German-speaking countries Germany, Austria, and Switzerland and a similarly named degree in some other European countries including Albania, Bulgaria, Belarus ...
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. Today most German business schools 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'' (accreditation council), the German counterpart to the American
CHEA Chea is a surname in various cultures. Origins Chea may be a Cambodian surname ( km, ជា; ). That surname is derived from the Chinese surname Xiè (), specifically Southern Min pronunciations of that surname, e.g. Hokkien Chinese (). Other sp ...
. 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

Italian 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), Switzerland offers most of its programs in English to attract international students to the country.


Ukraine

Recently MBA programs appeared in
Ukraine Ukraine ( uk, Україна, Ukraïna, ) is a country in Eastern Europe. It is the second-largest European country after Russia, which it borders to the east and northeast. Ukraine covers approximately . Prior to the ongoing Russian inv ...
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.


United Kingdom

The UK-based
Association of MBAs The Association of MBAs (AMBA) is a global organisation founded in 1967 which focuses primarily on international business school accreditation and membership. Roles Based in London, AMBA is one of the three main global accreditation bodies in ...
(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) {{refimprove, date=December 2008 A Masters in Business and Management (MBM) is a professional degree in "master in business" or "master in management" degrees, usually pursued by students immediately after completing a bachelor's degree (which dist ...
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.


Africa

The Financial Times in its Executive Education Rankings for 2012 included 5 African business schools.


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.


South Africa

In 2004 South Africa's Council on Higher Education (CHE) completed an extensive re-accreditation of MBA degrees offered in the country.


Ghana

Business schools of the traditional universities run a variety of MBA programs. In addition, foreign accredited institutions offer MBA degrees by distance learning in Ghana.


Kenya

MBA programs 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 4 semesters of about 4 months each.


Asia-Pacific

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 the magazine Asia Inc. which is a regional business magazine with distribution worldwide. The importance of MBA education in China has risen, too.


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.


India

There are many business schools and colleges in India offering two-year MBA or PGDM programs accredited by
AICTE The All India Council for Technical Education (AICTE) is a statutory body, and a national-level council for technical education, under the Department of Higher Education. Established in November 1945 first as an advisory body and later on in ...
or UGC. The
Indian Institutes of Management The Indian Institutes of Management (IIMs) are central government-owned-public business schools for management offering undergraduate, postgraduate, doctoral and executive programmes along with some additional courses in the field of busine ...
is among the world's most selective schools according to Bloomberg magazine. They offer MBA degrees. There are 20 IIMs in total.


Malaysia

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.


Singapore

Singapore is South East Asia's leading financial hub. Its competitive educational system starts from primary schools to universities and eventually post-graduate studies such as MBA programs. Singapore has different MBA programs of high standing. The 3 national universities in Singapore have top MBA programs;
Singapore Management University The Singapore Management University (SMU) is a public autonomous university in Singapore. The university is the only city campus in Singapore. It ranks third in Asia as a specialist university, behind Hong Kong University of Science and Techn ...
has
triple accreditation Triple is used in several contexts to mean "threefold" or a " treble": Sports * Triple (baseball), a three-base hit * A basketball three-point field goal * A figure skating jump with three rotations * In bowling terms, three strikes in a row * In ...
,
National University of Singapore The National University of Singapore (NUS) is a national public research university in Singapore. Founded in 1905 as the Straits Settlements and Federated Malay States Government Medical School, NUS is the oldest autonomous university in the c ...
is top 20 in the world according to the
Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Nik ...
MBA ranking and
Nanyang Business School The Nanyang Technological University (NTU) is a national research university in Singapore. It is the second oldest autonomous university in the country and is considered as one of the most prestigious universities in the world by various int ...
is ranked top 100 regarding
The Economist ''The Economist'' is a British weekly newspaper printed in demitab format and published digitally. It focuses on current affairs, international business, politics, technology, and culture. Based in London, the newspaper is owned by The Econo ...
. In addition, many international institutions such as
INSEAD INSEAD, a contraction of "Institut Européen d'Administration des Affaires" () is a non-profit business school that maintains campuses in Europe ( Fontainebleau, France), Asia (Singapore), the Middle East (Abu Dhabi, UAE), and North America (San ...
,
ESSEC The École Supérieure des Sciences Economiques et Commerciales (more commonly ESSEC Business School or ESSEC) is a major French business and management school, with non-profit association status (French association law of 1901) founded in 1907 ...
,
EDHEC EDHEC Business School (french: Ecole des Hautes Etudes Commerciales du Nord) is a French grandes écoles business school with campus locations in: Lille, France; Nice, France; Paris, France; London, UK; and Singapore. EDHEC offers its flagship Mas ...
and others have a campus in Singapore where MBA programs, among others, are offered.


Japan

In Japan, 2 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.


Pakistan

Pakistan first offered an MBA program outside the United States in 1955 in collaboration with the University of Pennsylvania. 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.


Australia

In Australia, 42 Australian business schools offer the MBA degree (16 are AACSB, AMBA or EQUIS accredited). 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.
Graduate Management Association of Australia The Graduate Management Association of Australia (GMAA) is the nationally recognised umbrella Professional Association for graduates having MBA, DBA and other postgraduate business management qualifications in Australia.Australian MBA Star Ratings The Graduate Management Association of Australia produces and publishes its annual GMAA Master of Business Administration (MBA) Star Rating it says details a survey of business schools A business school is a university-level institution t ...
. The Financial Review Boss carries out biennial rankings of Australian MBAs.


New Zealand

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.


South Korea

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).


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.


Program rankings

Since 1967, publications have ranked MBA programs using various methods. The '' Gourman Report'' (1967–1997) did not disclose criteria or ranking methods, 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. 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. Today, publications by the
Aspen Institute The Aspen Institute is an international nonprofit organization founded in 1949 as the Aspen Institute for Humanistic Studies. The institute's stated aim is the realization of "a free, just, and equitable society" through seminars, policy programs ...
, ''
Business Week ''Bloomberg Businessweek'', previously known as ''BusinessWeek'', is an American weekly business magazine published fifty times a year. Since 2009, the magazine is owned by New York City-based Bloomberg L.P. The magazine debuted in New York City ...
'', ''
The Economist ''The Economist'' is a British weekly newspaper printed in demitab format and published digitally. It focuses on current affairs, international business, politics, technology, and culture. Based in London, the newspaper is owned by The Econo ...
'', ''
Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Nik ...
'', ''
Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also re ...
'',
Quacquarelli Symonds Quacquarelli Symonds (QS) is a British company specialising in the analysis of higher education institutions around the world. The company was founded in 1990 by Nunzio Quacquarelli. History On 5 October 2017, QS Quacquarelli Symonds acquired Hob ...
, '' U.S. News & World Report'', and the ''
Wall Street Journal ''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published ...
'' make their own rankings of MBA programs. Schools' ranks can vary across publications, as the methodologies for rankings differ among publications: * The
Aspen Institute The Aspen Institute is an international nonprofit organization founded in 1949 as the Aspen Institute for Humanistic Studies. The institute's stated aim is the realization of "a free, just, and equitable society" through seminars, policy programs ...
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 Specific definitions of sustainability are difficult to agree on and have varied in the literature and over time. The concept of sustainability can be used to guide decisions at the global, national, and individual levels (e.g. sustainable livi ...
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%). The 2011 survey and ranking include data from 150 universities. * ''Business Week''s rankings are based on student surveys, a survey of corporate recruiters, and an intellectual capital rating. * The
Economist Intelligence Unit The Economist Intelligence Unit (EIU) is the research and analysis division of the Economist Group, providing forecasting and advisory services through research and analysis, such as monthly country reports, five-year country economic forecasts, ...
, 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. The Economist withdrew from the MBA rankings business after releasing its 2022 ranking. * ''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. * ''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. *
Quacquarelli Symonds Quacquarelli Symonds (QS) is a British company specialising in the analysis of higher education institutions around the world. The company was founded in 1990 by Nunzio Quacquarelli. History On 5 October 2017, QS Quacquarelli Symonds acquired Hob ...
''QS 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. * ''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%). * ''UT-Dallas Top 100 Business School Research Rankings'' ranks business schools on the research faculty publish, similar to ''The Carter Report'' of the past. * 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. The ranking of MBA programs has been discussed in articles and on academic websites. Critics of ranking methodologies maintain that any published rankings should be viewed with caution for the following reasons: * 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). * A high rank in a national publication tends to become a
self-fulfilling prophecy A self-fulfilling prophecy is a prediction that comes true at least in part as a result of a person's or group of persons' belief or expectation that said prediction would come true. This suggests that people's beliefs influence their actions. ...
. * 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. 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. 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 to criticisms of the MBA's role in society. After the
financial crisis of 2007–2010 Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fina ...
, the media raised questions about the value and content of business school programs. Prior to the financial crisis, graduates had reportedly tended to go into finance after receiving their degrees. As financial professionals are widely seen as responsible for the global economic meltdown, anecdotal evidence suggests new graduates are choosing different career paths. Deans at top business schools have also acknowledged that media and public perception of the MBA degree shifted as a result of the financial crisis.


See also


Related graduate business degrees

*
Master of Accountancy The Master of Accountancy (MAcc, MAcy, or MAccy), alternatively Master of Science in Accounting (MSA or MSAcy) or Master of Professional Accountancy (MPAcy, MPAcc or MPAc), is a graduate professional degree designed to prepare students for public ...
(MAcc or MAcy) / Master of Professional Accountancy (MPA, or MPAcc), a postgraduate degree in accounting * Master of Business Communication (MBC) *
Master of Commerce Master of Commerce (MCom or M Comm; sometimes '' Magister Commercii'' as MagComm or Mag. comm.) is a postgraduate master's degree focusing on commerce-, accounting-, management- and economics-related subjects. Like the undergraduate Bachelor of Co ...
(MCom or MComm), a postgraduate business degree usually focused on a particular area *
Master of Economics The Master of Economics (MEcon or MEc) is a postgraduate master's degree in economics comprising training in economic theory, econometrics, and/or applied economics. The degree is also offered as an MS or MSc, MA or MCom in economics; varian ...
(M.Econ./M.Ec.) *
Master of Enterprise The Master of Enterprise (M.Ent.) degree is a master's degree originally developed and offered by the University of Manchester through the Manchester Science Enterprise Centre ( MSEC). A number of other universities have included the MEnt in the ...
(MEnt), a postgraduate, technology & enterprise-based qualification * Master of Bioscience Enterprise (MBioEnt), a postgraduate degree focused on the commercialization of biotechnology *
Master of Finance The Master of Finance is a master's degree awarded by universities or graduate schools preparing students for careers in finance. The degree is often titled Master in Finance (M.Fin., MiF, MFin), or Master of Science in Finance (MSF in North Am ...
(MFin), a postgraduate degree in finance *
Master of Health Administration The Master of Health Administration, Master of Healthcare Administration (MHA), or Master of Health Management (MHM), is a Master's degree, master's-level professional degree granted to students who complete a course of study in the knowledge and c ...
(MHA), a postgraduate health administration degree *
Master of International Business The Master of International Business (MIB or M.I.B.) is a master's degree designed to develop the capabilities and resources of managers in the global economy. It is for those seeking to establish or accelerate a career in international business. T ...
(MIB), a postgraduate degree focused on International Business *
Master of Management The Master of Management (MM, MBM, MIM, MMgt) is a master’s degree comprising one or two years graduate level coursework in business management. As the program is designed for students interested in entering leadership roles, the degree attra ...
(MM), a postgraduate business degree *
Master of Science in Management Master of Science in Management, abbreviated MSc, MScM, MIM or MSM, is a Master of Science academic degree. In terms of content, it is similar to the MBA degree as it contains general management courses. According to a ''Financial Times'' ranking, ...
(MSM), a postgraduate business management degree *
Master of Marketing Research The Master of Marketing Research (MMR) is a graduate degree program that may be from one to three years in length. Students pursuing this degree study the aspects of research in the field of marketing. Unlike an M.B.A., which is a general business ...
(MMR) a postgraduate degree focusing on research in the field of marketing * Master of Nonprofit Organizations (MNO or MNPO), the postgraduate degree for philanthropy and
voluntary sector The voluntary sector, independent sector, or civic sector is the realm of social activity undertaken by organizations that are non-governmental nonprofit organizations. This sector is also called the third sector, community sector, and nonprofit s ...
professionals *
Master of Public Administration The Master of Public Administration (M.P.Adm., M.P.A., or MPA) is a specialized higher professional post graduate degree in public administration, similar/ equivalent to the Master of Business Administration but with an emphasis on the issues of ...
(MPA), a postgraduate public administration degree *
Master of Social Science A Master of Social Science (MSocSc, MSSc or MSS) is a master's degree which has a number of different meanings dependent upon the education system in question. Europe In Finland and Sweden, where the university degree nomenclatura is simply bas ...
(MSS), a postgraduate degree *
Master of Project Management The Master of Science in Project Management (M.S.P.M.), also known as Master in Project Management (M.P.M.) is a professional advanced degree in project management. Such degree is not only for future project managers but also offers opportunities ...
(MSPM or MPM), a postgraduate project management degree * Masters of Management: Co-operatives and Credit Unions, a post-graduate degree for co-operative and credit union managers * Master in Sustainable Business (MSB) *
Master of Real Estate Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more genera ...
(MScRE), a postgraduate degree focusing on real estate. *
Master of Information Management A Master of Information Management (MIM) is an interdisciplinary degree program designed to provide studies in strategic information management, knowledge management, usability, business administration, information systems, information archite ...
(MIM), a postgraduate degree focusing on information management.


Executive

*
Executive Master of Science in Business Administration A Master of Business Administration (MBA; also Master's in Business Administration) is a postgraduate degree focused on business administration. The core courses in an MBA program cover various areas of business administration such as accounti ...
(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.


Doctoral

*
Doctor of Business Administration The Doctor of Business Administration (DBA) is either a professional doctorate or a research doctorate, depending on the granting university, awarded on the basis of advanced study, examinations, project work, and research in business administrati ...
(DBA), a doctorate in business administration *
Doctor of Management The Doctor of Management (DM or DMgt) is an applied research doctorate (or professional practice doctorate) with a degree focus in management, leadership, and organizational topics."
(D.M.) * PhD in Management (PhD), a business doctoral degree *
D.Phil A Doctor of Philosophy (PhD, Ph.D., or DPhil; Latin: or ') is the most common degree at the highest academic level awarded following a course of study. PhDs are awarded for programs across the whole breadth of academic fields. Because it is ...
in Management (D.Phil), a doctorate in business *
Engineering Doctorate Engineering is the use of scientific principles to design and build machines, structures, and other items, including bridges, tunnels, roads, vehicles, and buildings. The discipline of engineering encompasses a broad range of more speciali ...
(EngD), A professional doctorate in the UK involving a management thesis and taught MBA courses


References


Further reading

* *


See also

*
Bachelor of Business Administration Bachelor of Business Administration (BBA) is a bachelor's degree in business administration awarded by colleges and universities after completion of undergraduate study in the fundamentals of business administration and usually including advanced ...
* MBA Games *
Outline of business management The following outline is provided as an overview of and topical guide to management: Business management – management of a business. Business management rule #1 is delegation, assign the best qualified people to each position and trust ...
{{Authority control Business Administration, Master Business qualifications Management education