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FAQ (Frequently Asked Questions)
Did not find what you were looking for? Send us a question. What is MBA? The Master of Business Administration, commonly known as the MBA, is an internationally recognized postgraduate business degree. It is an academic in character i.e. awarded by universities but yet it stresses on practical aspects of management. Most universities and institutes that offer MBA insist that the students must have some level of work experience, the norm is 3 to 5 years. Most still insist on 5 years as a minimum but they do make exceptions at times. more Are there many types of MBA courses? The MBA originated from the U.S. with the very first "business school" in the 19th century. The world's most famous one is the Harvard Business School. Most U.S. based MBA courses are two year full time, commonly known as the "classic" model. In recent years, new models have emerged, with short time i.e. from 12 to 16 months instead to two full time years. These one year full time programs are common in Australia and Singapore. The third type of MBA is the part time MBA or commonly known as the Executive MBA or EMBA (because it is attended by working executives). These programs can commonly be facilitated by local private institutes of higher learning and in some local universities. The executives can still keep their jobs and go for their MBA at the same time. This is what most working people prefer this model as they find it most flexible i.e. pursuing their careers and study at the same time. What do you do in an MBA course? Essentially, MBA trains students in the analysis of business problems and decision making. Most MBA courses covers a wide area of management. They usually include the four key functional areas of management - human resource, finance, marketing and operations. Why get an MBA? An MBA qualified manager is highly regarded and often given serious consideration for senior/top management positions in the industry. more How an MBA Can Help You? Credibility. Confidence. A big-picture perspective. Appreciation for other points of view. That's what MBAs say when asked what the degree has done for them. "It gave me a broad perspective of the business world. How the economy works [and] how my industry works," says Susan Odegaard Turner, Monster Healthcare Advisor and founder of Thousand Oaks, California-based consultancy Turner Healthcare Associates. Her MBA, from California Lutheran University, helped her acquire "a total understanding of organizational behavior, of human relations." More What is the minimum qualification to get in? Almost every institute that you ask will require you to have at least your bachelors' degree, whichever the discipline, be it economics, pharmacy, engineering, accounting, science, information technology, or commerce. The other qualification is work experience. Most will insist on 3 to 5 years as a minimum. This is to ensure that the candidate has reached a certain level of maturity when they apply. If you are a fresh graduate, it may be a bit difficult for you to get in, unless you have excellent results. Our advice to you is to get that work experience first. Why? This is so that you can appreciate the MBA even more and you will gain a deeper level of understanding and learning when you exchange ideas in your class discussions. MBA stresses on practical experience rather than academic that is why the institutes insist on work experience. Because this is a professional program, work experience in lieu of formal education might be acceptable by some schools/programs. How long does an MBA course take? Depending on the program you join, it can be anything between 12 months to many years. Yes, many years! But most complete within 18 to 24 months. It depends on you. How are the classes organized? Classes are conducted with lectures with the usual assignments and exams. Most would require some group assignment where team work is required. For the part time programs, classes are conducted either weekdays (evenings, usually from 6pm to 9pm) or weekends (usually one full day, from 9:30am to 6 or 7pm). There also residencies i.e. the class is conducted for one whole week continuously for a week or two, sometimes three, at a hotel (usually out of town). You will need to take leave from your work for that. How much will it cost? It depends ... on what type of program you are after. Most part time programs will cost you from €12,000 to €35,000 for the entire course. The distance learning programs are a bit less, so come back and check this site. Do I have to pay 100% up front? Almost all institutes allow you to pay on an "installment" basis. You usually pay at the start of each new semester. I cannot afford €12,000, what are my options? You do have at least four options. 1. Take a loan from your parents 2. Take a study loan from a bank 3. Get your company to sponsor you and don't have to pay a single cent! 4. Apply for a scholarship but you are expected to perform at the top of your class. Only top schools offer scholarships in order to attract top talent. This is the famous "upward spiral" Do companies sponsor their employees for MBA? In some cases your company may be willing to sponsor you for the MBA course. Do check with your company's Human Resource department for that. How are the students assessed (graded)? The assessment (grading) of students, like any university course, comes in the form of assignments and examinations. These two are the minimum that you can expect the spread is usually 50%-50% or 60%-40%. Most of the courses will require you to work as a team with your course mates to deliver one or two projects/assignments, thesis to test your ability to work as a team. Peer evaluation is not uncommon (i.e. your teammates will evaluate and provide feedback about you, your attitude and work, this is to ensure that there are "no free-loaders"). There will be presentations made by students as well as part of their course. In some cases, the student participation in case discussion is evaluated. How about the examinations? Examinations can be either weekdays or weekends, depending on the institution. Exams are mostly "closed book" exams i.e. you can't bring in any notes/books. Duration is from 1.5 to 3 hours. In some cases, there are 9 hour exams, but they are based on case studies and it is an open book exam. In some case exams you may be allowed to bring your notebook computer and even printer! What is the course content like? Most MBA courses are quite similar in their course content. As a minimum they will cover core and additional subjects. Core subjects (classes):
You start by contacting the local institutions directly. There is no central body to apply to in order to get into an MBA course. You will have to evaluate the courses and make a choice. They normally will supply you with the brochures highlighting the main features of the course such as the course contents, fees, duration and quality of the teaching. Do ask for the application forms and find out what are the minimum admission requirements. You will be charged a processing fee upon your submission of your application. It could range from €100 to €250.You may also be required to sit for an entrance examination. Do note that the institute will ask for a reference from your employer. And there will be forms for you employer or rather direct reporting manager to fill in. We at the MBAfair™ stand by to help. Please contact us. What about MBA in South-Eastern Europe? In most SE European countries, an MBA (Master of Business Administration) is still frequently confused with the NBA (National Basketball Association). There are many managers, even in top executive positions that have not even heard of MBA. This means that MBA is not obligatory to reach the top in business. This is, it is not mandatory if you are already there, on the top. But if you are a young professional or an experienced manager in need of a good job, a career change or a career-boost, then an MBA might be for you. More Which is the best MBA in Serbia? Unfortunately, there is no quick answer to that question. There is no rating or ranking body within Serbia to determine which the "best" in the country is. Questions also arise as to what you mean by the "best". You can check out some of the MBA guide books such as Which MBA? It provides some information on each of the MBA courses offered in the UK, US and Asia, it's available in most local bookstores. As for the rankings, you may refer to Business Week, they do publish a list top 20 business schools in the U.S. The Times of UK has the ranking of the top 100 British Universities in Business and Management Studies. The choice of an MBA program also depends on your objectives and career goals: do you really need an S-class Benz if 3-year old Golf IV would do? More Do companies prefer MBA? The phrase "MBA preferred" gets a lot of play in Monster's online job listings. But what does it really mean? According to the schools that educate them and employers that hire them, MBAs are sought after for their ability to think critically, deal with ambiguity and solve complex problems. More Did not find what you were looking for? Send us a question. |
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