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First, an MBA is a type of additional education, not higher education. Yes, upon completion of the course the student receives a diploma, but it is not equivalent to a diploma of second higher education. It is a so-called superstructure to completed higher education, and the MBA curriculum is always focused on economic disciplines. At the same time, the set of disciplines, number of hours, and form of classes may vary depending on the profile, technical equipment, and faculty composition of a particular school. Based on generally accepted standards and rules, each university essentially develops its own MBA program. For example, the Stockholm School of Economics offers two MBA programs.
Despite the fact that initially the MBA course was conceived as a general business preparation, specialized programs have emerged over time. Today you can take both a general and a specialized course – for example, in financial, construction, oil and gas, medical, human resources, hotel management, marketing, journalism, psychology, etc.
Although programs vary from school to school, most of the time in MBA classes is devoted to analyzing so-called cases: students must learn to act quickly and accurately in business situations taken from real life. That is why the teaching staff is fundamentally important for any business school. On the one hand, the teacher must have serious academic training in the subject, on the other - extensive entrepreneurial experience.
Theoretically, a person with any higher education and at least two to five years of work experience can obtain a degree. However, in practice, the student will usually need mathematical and analytical abilities, as well as a high level of foreign language proficiency (for admission to a Western business school or a joint program between a domestic and Western university, where part of the classes are conducted in a foreign language).
A person considering an MBA diploma must answer two main questions. First: is it worth it? Second: if yes, where to go – to the West or to a domestic business school?
In the shadow of leaders
In the USA, the birthplace of the MBA, this diploma has been awarded since 1902, in Europe - since the late 1960s. It is in the USA and Western Europe that business schools that are among the top 25 most famous and prestigious in the world operate (among them - HBS, Stanford GBS, Yale School of Management, Wharton Business School, English LBS, French INSEAD, Spanish IESE, Swiss IMD, and others). There are about 2,500 various MBA programs worldwide, and the annual number of graduates approaches 150,000. The average price of two-year study at a Western school ranges from $20-40 thousand. Studying at one of the top 25 schools will cost $50-80 thousand.
Western business universities have their own traditions, not entirely understandable to the ordinary citizen. If in our country, for a person wishing to obtain an MBA degree, the main thing is to pay the set amount to the chosen educational institution, and then whether you study or fail, in Western universities they want to teach not only solvent but also simply capable students.
To get into, for example, an MBA program at a university in the UK or USA, you need to pass a rigorous competitive selection: take tests in mathematics and intelligence (GMAT) and English (TOEFL). In addition, you must submit at least two substantial recommendations from an employer or academic advisor and write several convincing essays on suggested topics. Among them are both quite predictable (“Why did you decide to become an MBA student at our school”) and original ones, such as “What question would you ask the president and why”. The competition at Stanford Graduate School of Business (Stanford GBS), which is in the top 25, averages 14 people per place.
The academic year is divided into semesters (sometimes trimesters); almost half of the program consists of compulsory disciplines, the other half the student chooses himself. Shortened programs - mini-MBA, Executive MBA (EMBA) - last from several months to a year and are intended for people with a solid economic education. There are many such programs in Europe. Humanities students changing their career orientation are recommended, on the contrary, to choose longer programs, and preferably in the USA - this country is considered a leader in business education.
For many positions in today's labor market, having an MBA degree has long been not desirable, but rather a mandatory condition. First of all, this applies to such areas as information technology, construction and real estate, investment and banking, consulting, logistics and management. But, according to Elena Orekhova, a consultant at a recruiting company, in the eyes of an employer in the domestic labor market, an MBA degree does not provide any special advantages. 'There is a prevailing opinion that an MBA degree provides the applicant with at least a 20% salary bonus, since applicants expect to recoup the money spent on training,' says Elena Orekhova. 'But this is not so. Such an employee aspires to a managerial position in the company, but without experience, may make erroneous decisions, and in an executor position, there is a high chance that he will argue and make a lot of suggestions when he just needs to do specific things.'
The most useful thing about studying in an MBA program is for already established managers. It helps them systematize knowledge, understand how different facets of business function, make useful business contacts, change their field of activity, and, under favorable circumstances, get a more prestigious job at home or abroad.
The conclusion suggests itself: you should not get an MBA just to follow fashion. But if you have reached a certain level in your career and realized that you are incompetent in certain issues, then an MBA can really come in handy.