In today’s economy, businesses have a growing demand for
a specific knowledge blend of both business and technical expertise.
It has also become increasingly apparent that career options correspond
to your educational choices and, these two factors combined, it’s
not surprising that an MBA is one degree that is gaining further
recognition.
Obtaining an MBA degree is a decision that many wise professionals
are choosing to make. But while that may be an excellent career
choice, it is still important to choose a degree that is the best
fit for you.
“Raw business talent”
A term, the New York Times claimed “…is now synonymous
with raw business talent”, the MBA, or Master of Business
Administration, is a graduate management degree that applies theory
and practice to effective professional business management. As technology
and globalization makes our world more complex, so too are the economic,
political, competition and regulatory factors in the corporate environment.
And, enrolling in an MBA program is one way corporate executives
are keeping abreast of these rapid and sometimes radical changes
in the global economy.
The Graduate Admission council reported that in 1965, the United
States granted ten thousand MBA’s and by 1998, the number had
climbed to 94,000.
According to the Australian Graduate Council, ten thousand Australians
enroll in MBA programs each year.
Canadian Business Magazine found that fifty-five percent of surveyed
recruiters felt that MBA’s are more important in today’s
workforce.
The UK Association of MBA’s revealed that MBA graduate employees
have an average pay increase of twenty-five per cent.
The cost of learning
But, from all the business schools around the world, all
offering the option to specialize or generalize, study
full-time, part-time or online, as well as a huge spectrum
of subjects including communication management, human resource
management, project management, leadership, change management,
legal studies, information technology, accounting, international
business development, e-commerce, marketing and more… What
MBA program do you choose?
A question that can only be answered by first doing your homework.
Resources such as Canadian Business Magazine, Business Week, The
Wall Street Journal and The Financial Times are international publications
that rank MBA providers according to the quality of education, financial
return and alumni satisfaction. Although these rankings can certainly
provide a more accurate assessment than what the schools themselves
might advertise, their individual systems may vary and they exclude
some of the less reputable, but still highly acceptable programs.
But even if an MBA program has a reputation for being “the
best”, that does not necessarily mean it is the best for you,
and before you go investing in the one with the most expensive name,
you may first want to consider your financial prospects upon graduation.
In their 2002 ranking, Canadian Business Magazine decided to take
on a new research assignment and rather than collecting data from
the schools and alumni, they went straight to those who do the hiring.
In a survey of senior executives and HR professionals with Canada’s
largest companies, it was found that MBA holders were well-prepared
for the workforce, more likely to get hired, faster to be promoted
and were employed with a higher starting salary. However, it was
also reported that many graduates had much higher salary expectations
than the actual average of C$50,000 per year.
Custom made decisions
While career levels and financial abilities vary, money is
usually the first to cross the one’s and whether or not the
high tuition costs and competitive entry requirements of the prestigious
programs have narrowed down your list, there are still many other
factors to consider. And with all the options available, it is now
you who can set the criteria and select the best program to meet
your MBA requirements.
Career needs: Content - Specialist vs. Generalist or Theoretical
vs. Practical.
Credentials: Title of degree, quality and recognition, and requirement
for continued studies.
Capability: Duration and intensity of program as well as the structure,
evaluation process and level of interaction.
While there is really no right answer to your MBA choice, there
is a right way to approach business investments and major life-decisions.
By assessing all factors relevant to you, gathering all the information
required, and determining what meets your individual needs, you
will find an answer – one that is right for you.
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