business education
relevant experience and management skills developed in a practical context. The modern MBA, still recognized as the leading international business qualification, is enjoying something of a comeback to meet this demand. The qualification, now over 100 years old, has retained its popularity because of its ability to evolve and adapt, to keep pace with the needs of business and to maintain its relevance and value to individuals and their employers. The MBA is positioned as a post-experience qualification and this is its key strength when compared to other educational programmes. MBA students are expected and encouraged to bring different work experiences to the course, to share them and apply them to different business contexts. The course offers a powerful mix of structured learning and the practical application of knowledge and skills. For employers of MBAs, this is the most compelling feature of the qualification.
excellence in programme content and delivery is intense. There is little doubt that the survival of business schools and their MBA programmes will depend ultimately on the quality of their offerings and their outputs – and this is what accreditation by the Association of MBAs aims to ensure. The Association, established in 1967, represents a membership of 9,000 MBA students, graduates, business schools and organisations, all with an interest in postgraduate management education. Over 150 business school members have achieved accreditation by the Association and the organisation is widely recognised as the international standard for the MBA. Accreditation is achieved following an in
are considering is accredited by the Association of MBAs. The MBA has changed and so have MBA students. The stereotypical 28 year old male studying a 2 year full-time MBA before going into consultancy no longer represents the norm. In general, MBA students are in their 30s, more experienced and working in a variety of roles across all employment sectors. And the full-time MBA programme, whilst still popular, is no longer regarded as standard. In fact perhaps the most significant trend in recent years is the introduction of more flexible learning options. Parttime MBA programmes, distance learning and ‘blended learning’ (involving a mix of face-to-face interaction and online learning) formats are on the increase. Many of these programmes are accredited by the Association of MBAs and meet the same high standards as the traditional full-time course.
Coverage of all the core business functions continues to be fundamenHigher education provision is extal to the MBA – a sound knowledge panding rapidly and new high growth of accounting and finance, marketmarkets for the MBA are emerging in ing, operations, human resources China and India where there has been and strategy is crucial. But these a recent explosion in the growth of subjects are increasingly presented business schools. A range of MBA in an integrated way and in a global programmes is on offer across the context. A series of electives, delivThe MBA qualification, now over 100 years old, world, catering for a diverse and ered in addition to the core modhas retained its popularity because of its ability to well-informed student market. Toules, will allow students to specialise evolve and adapt, to keep pace with the needs of business and to maintain its relevance and value to day’s MBA students are in a posiaccording to their own interests or individuals and their employers. tion to demand value for money, chosen career path. Electives will greater variety, more flexibility, and a include subjects such as mergers quality education which is recognised and depth and rigorous inspection and assessand acquisitions, international finance and valued by employers. ment of MBA programmes by a panel of e-business. Leadership development (inindependent experts. The process involves cluding communication, people skills, enIn this highly competitive market, business the external scrutiny of faculty, curriculum, trepreneurship and ethics) is becoming a schools are striving for differentiation, focusassessment standards and student servkey part of the programme. And additional ing on their strengths and areas of expertise ices. Those institutions that meet the Aslanguage skills – rather than an optional to distinguish their programmes from the sociation’s standards (and many don’t) are extra – are likely to become a requirestandard formats. At the same time innovaawarded accreditation for a period of up to ment for more MBAs in the future. So the tion in design, delivery and marketing is an five years, after which time the process of focus of the modern MBA is on developing important activity for business schools who inspection, review and validation is repeatleaders in a global business environment – rather than teaching people to be are exploiting technology for the purposes ed. Accreditation is not to be confused with operational managers. of teaching, communication and the provirankings. Rankings and league tables of sion of additional services to customers. schools and programmes, published by the The challenges for businesses are many There is also a move towards international media, will give an indication of the relative and the search is on for people at the top alliances between higher education institupositioning of certain institutions. However, who can provide leadership, direction and tions. These arrangements help to strengthrankings do not represent the range of offerinnovation in the face of risk and uncertainen a business school’s appeal, to share ings from business schools, they are based ty. The MBA, delivered by the world’s best world class faculty, to raise the school’s on a selective range of criteria and rely on business schools, continues to provide global profile and to provide a truly global information submitted by the schools themthe solution. experience for students. selves. Rankings do not compare with the in-depth, qualitative and impartial process Of course in this climate the pressure on of accreditation. It is therefore essential to www.mbaworld.com business schools to achieve standards of check that that any business school you
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