Often the baggage of knowledge obtained in a university or any other educational institution is not enough to run a business, manage a business or work in a serious international corporation. The "lucky ticket" to the world of success and the best way for rapid career development is to study for an MBA at prestigious business schools.
However, many people ignorantly give preference to fast-track schools with "mini-MBA" programs. Some people are attracted by loud statements with the slogan "Getting an MBA in 6 months!", or "Express MBA!", as getting a prestigious education, and even in a short period of time is a tempting dream for everyone. Let's understand what a business school with an MBA is, what are the mandatory steps to take in the admission process, and how not to get "hooked" by educational institutions without accreditation.
The great art of business: what an MBA is?
Master of Business Administration, or MBA in short, is a special training program for executives, middle and high level managers, entrepreneurs. The sphere of training - management, business, marketing, finance and other areas necessary for a person to work in state and municipal structures, in private companies. The best and most prestigious world business schools awarding MBA qualifications are Harvard, Stanford, and Wharton.
In the process of education applicants acquire valuable knowledge, applied skills, develop leadership qualities and make connections that will be useful to them in the world of entrepreneurship. Business schools are home to the "golden pool" of experienced, intelligent, and ambitious people. They charge each other with their energy and knowledge, enriching their inner world and starting a new round of self-development. After successful graduation, a specialist receives a diploma and an MBA qualification degree.
The idea is paramount: how to apply for an MBA?
The process of admission to a prestigious business school is technological and is broken down into stages that every applicant needs to go through. The requirements for admission to an MBA school are standard. To become a student, you need to possess a set of documents and pass quite a few additional tests:
- Provide a high school diploma.
- Have experience in management (different schools may have different lengths of experience).
- The standard is 2 to 5 years. (For admission to Whartom, for example, you need to have an average of 4 years of work experience).
- Successfully pass the GMAT (standardized test for admission to the MBA) and have a high score (600 to 800 points).
- Submit a high quality admissions writing (essays).
- Complete the TOEFL (Test of English Language Proficiency).
- Submit several letters of recommendation (at least 2-3 pcs.).
It is not easy to get an MBA: the admission conditions are really tough. In addition, there is another point that cannot be ignored. A person entering a business school must have a sufficiently high potential of a manager, developed qualities of a leader and managerial inclinations.
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The formula for success: a conscious choice.Some educational organizations offer tempting "mini MBA" programs. Basically it is a dynamic, compact format of training, convenient for busy people. The creators assure that the "Express MBA" is a quality training, and the brevity of the course is due to the provision of basic subjects and the complete elimination of non-core, in other words, "superfluous" areas. Let's list what you need to know about the difference between an MBA and a mini MBA:
- In world practice, the concept of "mini MBA" as a qualifying master's degree in management (management) is not applied. It is a professional retraining program. Unfortunately, the term "mini MBA" in the context of some business schools is a clever marketing move to sharpen the focus and attract students with a high-profile brand.
- The duration of a standard MBA program at a prestigious business school is from 2 to 5 years (depending on the initial preparation and the specific program). The technology of training is based on the case study method - in the process of classes students not only get valuable knowledge, but also analyze real cases, engage in specialized design, attend seminars of the best teachers and "business acolytes". Under the "express-format" is often hidden a set of elementary training sessions and seminars that do not correspond to a high-quality business program. Since the methods are fundamentally different, the result of training will be completely different.
- The cost of such programs is not lower, and often even higher(!) than the full training. Therefore before trusting the loud advertisements and tempting offers, analyze a number of prestigious schools and compare their prices for courses.
Business schools with IBA appeared not so long ago (in the late 90s), today a huge number of offers are presented to students. There are business schools which have received prestigious accreditations, for example from the European Foundation for Management Development (EFMD) or the Association of MBAs (AMBA). They offer a variety of learning formats and cover a wide range of business fields.
To choose the best training, don't trust slogans and booming signs. Sort through the information provided on the schools' websites, compare offers, attend themed events, analyze rankings, and research when the school was last visited by a re-accreditation committee.
What is a good business school with an MBA program? A brief list of requirements consists of the following items:
- Availability of national and international accreditation;
- offering quality teaching methodology;
- presence of the program in the international (national) rating;
- high quality teaching materials;
- a long period of study (at least 2 years);
- availability of assessment of students' competence at the end of training, and much more.
Of course, the idea of getting a prestigious MBA business education is sometimes so overwhelming that it shuts down rational thinking. Remember: to be a top-notch professional, you need to take care of quality training. After completing a "mini MBA program", you'll need to continue on to an MBA or EMBA course to become a master's (master's) in business administration.