Master of Business Administration
The Master of Business Administration (MBA or M.B.A.) is a master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out scientific approaches to management. The core courses in the MBA program are designed to introduce students to the various areas of business such as accounting, finance, marketing, human resources, operations management, etc. Students in MBA programs have the option of taking general business courses throughout the program or can select an area of concentration and focus approximately one-fourth of their studies in this subject.
Accreditation bodies exist specifically for MBA programs to ensure consistency and quality of graduate business education. Business schools in many countries offer MBA programs tailored to full-time, part-time, executive, and distance learning students, with specialized concentrations.
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History
The first graduate school of business in the United States was the Tuck School of Business, part of Dartmouth College.[1] Founded in 1900, it was the first institution conferring advanced degrees (master's) in the commercial sciences, specifically, a Master of Science in Commerce degree, the forbearer of the modern MBA degree. At the University of Alabama, Lee Bidgood, the first dean of the College, launched the undergraduate program in 1919, followed by the graduate program in 1924.[2]
In 1908, the Harvard Graduate School of Business Administration established the world's first MBA program with 15 faculty members, 33 regular students, and 47 special students.[3]
The University of Chicago Booth School of Business first offered working professionals the Executive MBA (EMBA) program in 1943,[4] first available in permanent campus in three continents (Chicago, London and Singapore) and this type of program is offered by most business schools today.
In 1946, Thunderbird School of Global Management was the first school to offer an MBA program focused on global management.[5]
In 1950, the first MBA degrees awarded outside the United States were by the Richard Ivey School of Business at The University of Western Ontario in Canada,[6] followed in 1951 with the degree awarded by the University of Pretoria in South Africa.[7] In 1955, the Institute of Business Administration, Karachi was established under the University of Karachi in Pakistan, in collaboration with the Wharton School of the University of Pennsylvania and became the first Asian business school to offer an MBA program under the US MBA model.[8] In 1957, INSEAD became the first European business school to offer an MBA program.[9] In 1986, the Roy E. Crummer Graduate School of Business at Rollins College (Florida) was the first MBA program to require every student to have a laptop computer in the classroom. Initially, professors wheeled a cart of laptops into the classroom.[10]
The MBA degree has been adopted by universities worldwide, and has been adopted and adapted by both developed and developing countries
Accreditation
Business schools or MBA programs may be accredited by external bodies which provide students and employers with an independent view of their quality, and indicate that the school's educational curriculum meets specific quality standards. The three major accrediting bodies in the United States are Association to Advance Collegiate Schools of Business (AACSB), which accredits research universities, the Accreditation Council for Business Schools and Programs (ACBSP), which accredits universities and colleges, and the International Assembly for Collegiate Business Education (IACBE),[12] all of which also accredit schools outside the US. The AACSB, the ACBSP, and the IACBE are themselves recognized in the United States by the Council for Higher Education Accreditation (CHEA).[13] MBA programs with specializations for students pursuing careers in healthcare management also eligible for accreditation by the Commission on the Accreditation of Healthcare Management Education (CAHME).
In the United States, MBA programs may also be considered accredited at the institutional level. Bodies that accredit institutions as a whole include: Middle States Association of Colleges and Schools (MSA), New England Association of Schools and Colleges (NEASCSC), Higher Learning Commission of the North Central Association of Colleges and Schools (HLC), Northwest Commission on Colleges and Universities (NWCCU), Southern Association of Colleges and Schools (SACS), and Western Association of Schools and Colleges (WASC).[14]
Accreditation agencies outside the United States include the Association of MBAs (AMBA), a UK-based organization that accredits MBA, DBA and MBM programs worldwide, government accreditation bodies such as the All India Council for Technical Education (AICTE) that accredits MBA and PGDM programs across India, the Council on Higher Education (CHE) in South Africa, the European Foundation for Management Development operates the European Quality Improvement System (EQUIS) for mostly European and Asian schools, the Foundation for International Business Administration Accreditation (FIBAA), and Central and East European Management Development Association (CEEMAN) in Europe.
Basic types of MBA programs
Two-year (Full Time) MBA programs normally take place over two academic years (i.e. approximately 18 months of term time). For example, in the Northern Hemisphere, they often begin in late August/September of year one and continue until May of year two, with a three- to four-month summer break in between years one and two. Students enter with a reasonable amount of prior real-world work experience and take classes during weekdays like other university students. A typical Full-time, accelerated, part-time or modular MBA requires 60 credit hours of graduate work.
Accelerated MBA programs are a variation of the two-year programs. They involve a higher course load with more intense class and examination schedules. They usually have less "down time" during the program and between semesters. For example, there is no three- to four-month summer break, and between semesters there might be seven to ten days off rather than three to five weeks vacation.
Part-time MBA programs normally hold classes on weekday evenings, after normal working hours, or on weekends. Part-time programs normally last three years or more. The students in these programs typically consist of working professionals, who take a light course load for a longer period of time until the graduation requirements are met.
Modular MBA programs are similar to part-time programs, although typically employing a lock-step curriculum with classes packaged together in blocks lasting from one to three weeks.
Executive MBA (EMBA) programs developed to meet the educational needs of managers and executives, allowing students to earn an MBA or another business-related graduate degree in two years or less while working full-time. Participants come from every type and size of organization – profit, nonprofit, government – representing a variety of industries. EMBA students typically have a higher level of work experience, often 10 years or more, compared to other MBA students. In response to the increasing number of EMBA programs offered, The Executive MBA Council was formed in 1981 to advance executive education.
Distance learning MBA programs hold classes off-campus. These programs can be offered in a number of different formats: correspondence courses by postal mail or email, non-interactive broadcast video, pre-recorded video, live teleconference or videoconference, offline or online computer courses. Many schools offer these programs.
Blended learning programs combine distance learning with face-to-face instruction.[15] These programs typically target working professionals who are unable to attend traditional part-time programs.[16]
Dual MBA programs combine a MBA with others (such as an MS, MA, or a J.D., etc.) to let students cut costs (dual programs usually cost less than pursuing 2 degrees separately), save time on education and to tailor the business education courses to their needs. Some business schools offer programs in which students can earn both a bachelor's degree in business administration and an MBA in four or five years.
Mini-MBA is a term used by many non-profit and for-profit institutions to describe a training regimen focused on the fundamentals of business. In the past, Mini-MBA programs have typically been offered as non-credit bearing courses that require less than 100 hours of total learning. However, due to the criticisms of these certificates, many schools have now shifted their programs to offer courses for full credit so that may be applied towards a complete traditional MBA degree. This is to allow students to verify business related coursework for employment purposes and still allow the option complete a full-time MBA degree program at a later period if they elect to do so.
Many programs base their admission decisions on an applicant's performance on the Graduate Management Admission Test (GMAT), significant work experience (a resume), academic transcripts, essays, references or letters of recommendation and personal interviews. The Graduate Record Examination (GRE) is also accepted by some schools in lieu of the GMAT.[17] Some schools are also interested in extracurricular activities, community service activities and how the student can improve the school's diversity and contribute to the student body as a whole. All of these qualifications can be important for admission; however, some schools do not weigh GMAT scores as heavily as other criteria, and some distance learning programs do not require the GMAT for admission. In order to achieve a diverse class, business schools also consider the target male-female ratio and local-international student ratios. Some MBA degrees do not require students to have an undergraduate degree and will accept experience in lieu of an undergraduate degree. In the UK for example an HND or even HNC is acceptable in some programs.
Depending on the program, type and length of work experience can be a critical admissions component for many MBA programs.[18] Many top-tier programs require five or more years of work experience for admission
Program content
In general,[21] MBA programs are structured around core courses, typically taken at the start of the MBA, and elective courses allowing for a subject specialty or concentration; the degree "Capstone" comprises coursework in Business Strategy. The core curriculum is essentially standard. A thesis, preceded by additional course work in research methodology, is usually required; some programs instead allow for a "Major Project".[22]
Typically, in the program's first part (first year), students will acquire the analytical tools necessary for academic training in the key management functions, as well as a working knowledge of these functions. In the second part (second year) students pursue a specialized curriculum. Coursework in Business ethics may be included in the first or second part (or both), with a correspondingly different focus. The courses are, typically:[
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