ABC of MBA
What is an MBA ?
The Master of Business Administration (MBA) is an internationally-recognized degree designed to prepare students and further develop the skills
required for careers in business and management. The challenges imposed by the 21st Century place a high premium on upgrading skills and
qualifications in order to meet the demands set by companies, customers and the environment that managers operate in. The value of the MBA,
however, is not limited strictly to the 'business' world. An MBA can also be useful for those pursuing a managerial career in the public sector,
government, private industry, and other areas. MBA programs can provide graduates with the preparation and practical skills needed to excel in
management and leadership positions.
The MBA is currently the most popular professional degree program in the world. Today there are over 2,500 MBA programs offered worldwide. First
introduced at American universities around the turn of the 20th century, MBA programs have evolved in order to keep up with the demands of the
times. While traditional two-year MBA programs are still common, especially in the United States, one-year programs have become increasingly
popular. Part-time and distance-learning programs are also widely available. Most MBA programs are taught in English, and are therefore attractive
to international students wishing to study abroad. Many institutions in non-English speaking countries offer MBA programs in English, as well as
in the country’s native language.
How it all started ?
The Master of Business Administration (MBA) formula was established in the US early in the twentieth century and survived largely unchanged well
into the 1950s — two years of full-time study aimed at giving new graduates basic preparation for life in the corporate world. The formula included
'foundation' units (accounting, business statistics, economics) delivering quantitative skills followed by integrative studies in business strategy,
general management and the like, and then electives to provide some focus on particular skills or industries. After the Second World War, the MBA
went global, as admiration of US 'know-how' reached its zenith. From the 1960s, the MBA assumed in Europe the semi-cult status reached earlier in
the US. There are now around 2500 MBA programs offered by more than 1300 universities and management colleges in 126 countries worldwide.
The MBA today !
New developments
Driven by competitive factors, new developments over the past 20 years have successfully changed the primary two-year MBA programme to offer
entrants shorter programmes (the one-year programme being the norm in some countries); running different programme structures such as modular,
consortium, international and joint, as well as programmes accommodating diverse groups of people from different business sectors or different
age groups; and internationalization of curriculum content.
While most established programmes around the world have adopted the MBA title, there are programmes that are similar to what other schools would
call an MBA, which also lead to degrees with other titles. Such titles include MBL (Master of Business Leadership), which is a post-graduate
degree in the management sciences, and MBS (Master of Business Studies).