The Master of Business Administration (MBA) is a master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out scientific approaches to management. The MBA degree has since achieved worldwide recognition.
Accreditation bodies exist specifically for MBA programs to ensure consistency and quality of graduate business education, and business schools in many countries offer MBA programs tailored to full-time, part-time, executive, and distance learning students, with specialized concentrations.
Program content
Most top MBA programs cover similar subjects within their core required courses.
Breadth
MBA programs expose students to a variety of subjects, including economics, organizational behavior, marketing, accounting, finance, strategy, operations management, international business, information technology management, supply chain management, and project management. Students traditionally study a wide breadth of courses in the program's first year, then pursue a specialized curriculum in the second year. Full-time students typically seek an internship during the interim.
Specialization
Many programs allow students to specialize or concentrate in a particular area. Standard concentrations include accounting, corporate strategy, decision sciences, property management, economics, entrepreneurship, finance, general management, human resources, international business, marketing, information systems / information technology, telecommunication, organizational behavior, project management, and operations management. Unspecialized MBA programs often focus second-year studies on strategic management or finance.
In addition, a program may offer more specialized concentrations such as Asian business, consulting, sports management, or degrees emphasizing real estate or insurance. Many schools offer unique concentrations available nowhere else.
Accreditation
Business schools or MBA programs may be accredited by external bodies which provide students and employers with an independent view of their quality, and indicate that the school's educational curriculum meets specific quality standards. The three major accrediting bodies are The Association to Advance Collegiate Schools of Business (AACSB) which accredits research universities, the Association of Collegiate Business Schools and Programs (ACBSP) which accredits junior colleges and teaching colleges, and the International Assembly for Collegiate Business Education (IACBE) . The AACSB and the ACBSP are recognized accrediting agencies for business schools in the United States by the Council for Higher Education Accreditation (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 (CAHME).
In the United States, a college or university must be accredited as a whole before it is eligible to have its MBA program accredited. Accrediting bodies that accredit institutions as a whole include the Council for Higher Education Accreditation (CHEA): Middle States Association of Colleges and Schools (MSA), New England Association of Schools and Colleges (NEASCSC), North Central Association of Colleges and Schools (NCA), Northwest Commission on Colleges and Universities (NWCCU), Southern Association of Colleges and Schools (SACS), and Western Association of Schools and Colleges (WASC).
Accreditation agencies outside the United States include the Association of MBAs (AMBA), a UK based organization that accredits MBA, DBA and MBM programs worldwide; the Council on Higher Education (CHE) in South Africa; the European Quality Improvement System (EQUIS) for mostly European and Asian schools; and the Foundation for International Business Administration Accreditation (FIBAA) in Europe.
Basic types of MBA programs
Two year MBA programs normally take place over two academic years (i.e. approximately 18 months of term time), in the Northern Hemisphere beginning in late August/September of year one and continuing until May 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.
Accelerated MBA programs are a variation of the two year programs. They involve a higher course load with more intense class and examination schedules. They usually have less "down time" 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.
Part-time MBA programs normally hold classes on weekday evenings, after normal working hours. Part-time programs normally last three years or more. The students in these programs typically consist of working professionals, who take a light course load for a longer period of time until the graduation requirements are met.
Executive MBA (EMBA) programs developed to meet the educational needs of managers and executives, allowing students to earn an MBA or another business-related graduate degree in two years or less while working full time. Participants come from every type and size of organization – profit, nonprofit, government — representing a variety of industries. EMBA students typically have a higher level of work experience, often 10 years or more, compared to other MBA students. In response to the increasing number of EMBA programs offered, The Executive MBA Council was formed in 1981 to advance executive education.
Distance learning MBA programs hold classes off-campus. These programs can be offered in a number of different formats: correspondence courses by postal mail or email, non-interactive broadcast video, pre-recorded video, live teleconference or videoconference, offline or online computer courses. Many respectable schools offer these programs; however, so do many diploma mills. Potential students should check the school's accreditation before undertaking distance learning coursework.
Dual MBA programs combine MBA degree with others (such as an MS or a J.D., etc) to let students cut costs (dual programs usually cost less than pursuing 2 degrees separately), save time on education and to tailor the business education courses to their needs. Some business schools offer programs in which students can earn both a bachelor's degree in business administration and an MBA in four or five years.
Admissions criteria
Most programs base admission on the Graduate Management Admission Test (GMAT), significant work experience, academic transcripts, essays, references or letters of recommendation, and personal interviews. Schools are also interested in extracurricular activities, community service activities and how the student can improve the diversity and contribute to the student body as a whole. All of these qualifications are important for admission; however, some schools do not weigh GMAT scores as heavily as other criteria. In order to achieve a diverse class, business schools also consider the target male-female ratio and local-international student ratios.
Most schools are first concerned with whether or not the applicant can handle the quantity of course work. The GMAT (the quantitative score) and academic transcripts help determine this. Once the school determines that the student can succeed academically, they examine the remainder of the application to evaluate the applicant's experience and leadership abilities.
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