 TOP TEN FAQS |
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Below are the ten most frequently asked questions we are asked here at the Association.
If you cannot find the answer you are looking for below, please e-mail us at info@mbaworld.com
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| The answers |
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1. Which is the best business school? Is there a ranking system that will give me the top 10 schools globally?
 See related article on rankings
There is no 'No. 1 business school', but there will be the best school for you as an individual. The media produces various business school rankings and league tables, but the Association has grave concerns about these. The methodology and criteria used vary widely across surveys and results from one can often cause confusion. Many only compare full-time programmes.
Schools that regularly feature in the more reputable published rankings are likely to have good programmes, but do not pay too much attention to their position at any one time in a league table. Look for MBA programme accreditation as an indicator of quality and talk direct to the school and its alumni about their experiences and achievements
Rankings appear regularly in:
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2. How can I ensure I apply to a reputable school?
See article on accreditation
MBA programme accreditation ensures the programme is of a certain standard. The Association's unique international accreditation service monitors the quality of MBA programmes and lies at the heart of our commitment to management education.
There are many other accreditation bodies in different countries; some of which are more credible than others and not all of which look at standards.
Established programmes are likely to be more well known than more recent courses and asking the schools which companies recruit from their programme will give you an idea of the school's position in the marketplace. You should also monitor the quality press and consult colleagues who have an MBA.
If you can, visit the school you are thinking of studying at, even if this does mean air travel. Schools often host 'open days' where prospective students can view the facilities and meet faculty and students.
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3. How hard will I have to work on an MBA programme?
The MBA will be demanding no matter how you choose to study. On part-time programmes, the challenge is one of balancing work deadlines with study and personal time. For full-time students, the schedule of lectures, study groups and examinations will be intensive. Studying for an MBA can be extremely stressful on personal relationships. Your partner's and family's support will be important if you are to succeed in your studies).
Ask business school admissions staff how the programme is structured (i.e how many contact hours per week to expect and how much additional reading is required) so you can gauge whether this suits your learning style. A good programme will be demanding but you will learn a lot from faculty and your peer group.
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4. Maths is not my strong point-how will I cope with an MBA programme?
Some programmes demand a higher level of mathematical skills than others. In general, any graduate should be able to tackle an MBA and many would-be MBAs are unduly concerned about their level of numeracy. If this really is a concern to you, some remedial or refresher study might be a good idea. If you think you may have a problem, discuss this with the school to which you are applying.
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5. I graduate this year. Should I take an MBA straight away so that I start my career fully equipped with business skills? Will I get a place?
To obtain the most from an MBA, we believe some work experience is required. Accredited programmes demand a minimum of 3 years work experience. In a worst case scenario employers might consider a 22 year old MBA over-qualified for the graduate trainee scheme, yet under qualified for the senior positions earmarked for MBA recruits.
Business schools have developed useful alternative masters programmes for those without previous work experience. A more practical option for young graduates would be a generalist masters degree in business and management. These sometimes follow a curriculum almost identical to the MBA. They differ in that they do not require expert input from a well-qualified and experienced student body. This may be called a "Young Managers Programme" "Masters in Business & Management" or "Masters in Business Science" depending on where you study. An MSc offered at a school where the MBA provision is accredited is likely to be of good quality.
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6. I have heard that most business schools require the GMAT test. How important is the test?
The GMAT is generally required for admission onto a full-time programme, but is often not needed for part-time and distance learning study. The GMAT is sometimes replaced by a school's own test. At some schools it is not required at all and the school prefers to assess applications using references, CVs and interview.
Before sitting the GMAT you should first check that your preferred business school requires it. It would be pointless investing time and effort needlessly. If they do require the test then do not take it until you are fully familiar with the content. Most people benefit from some preparatory study. The GMAT is designed to reveal those who may have difficulty in coping with an MBA and low scoring candidates may be eliminated from the admissions process.
Average GMAT scores vary from school to school. Students at leading international schools have an average score of 600-650. At schools where the GMAT is used, the average student's score will give you some idea of the programme's quality.Click here for full information about the test and pre-test preparation. See also Kaplan for further information
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7. An MBA can cost anything from £3,000 to £40 000. What do I infer from this?
To some extent it is a matter of supply and demand. The better schools charge high fees but still attract excellent students because of the kudos attached to obtaining an MBA with strong brand recognition.
High fees do not always mean a first rate MBA. Some schools offer questionable value for money.
MBA tuition fees sometimes bear little resemblance to the costs of running the programme or the value of the end result. Whilst a 'big brand' MBA may open many doors, an MBA from some other institutions may singularly fail to impress.
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8. Will I walk into my 'dream job' at the end of my MBA?
This depends on many factors and there is no simple 'yes' or 'no' answer. The Association's bi-annual MBA Salary and Career survey shows benefits in the medium to long term which are not achieved in other professions.
Be realistic about your expectations. While the MBA will open new doors, you shouldn't assume the immediate premium will be enormous. Ask the business school you are interested in which areas their graduates enter into and whether they have a dedicated career service for the full-time MBA programme.
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9. I have been offered places at three business schools, all of which appear to be very good. How do I choose between them?
If getting a new job at the end of your programme is a priority, choose a school that has a good reputation among employers and which will provide you with access to these during the course of your time studying.
Provided you are satisfied with the school's credibility then you should look at the programme content (the choice of electives for example), the teaching style and even the feel of the school. Schools are like people; they have personalities. The ambience and atmosphere of the place are important. You may also look at which industry sectors employ MBAs and the length of time it took them to find a job. If you have done your research thoroughly you will make an informed choice.
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