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Identifying Quality in Graduate Business Programs
The opportunities for graduate management education in the coming years—perhaps even decades—are very promising. Across every region of the world, graduate business programs, and specialist masters degrees in particular, continue to expand and evolve as competition between schools intensifies.
Traditional full-time programs now compete with weekend programs, evening programs, online programs and niche programs. Institutions in Europe, Asia, and North America, as well as the Middle East, Latin America, and Australia, compete with one another for applicants from all over the world in terms of the content and quality of their respective programs.
The Bologna Accord—an agreement by European Union countries to have harmonious education systems by 2010—has redefined the landscape in Europe, creating fertile soil for the development of new schools and programs. Today, for example, there are more than 2,700 graduate management programs—delivered at more than 350 institutions in 35 countries—that use English as the primary language of instruction. The idea that to study in the language of international business – English – means only heading to the UK in Europe is now completely outdated. The Netherlands and Finland offer most English-language masters degrees outside of the UK, with Denmark, France, Germany and Spain all offering more and more of their specialist business programs in English to attract international students.
Management education is also proliferating in Asia. A recent report, for instance, found Chinese MBA programs admitted more than 18,500 students of all nationalities in 2004—seven times more than were enrolled in the prior seven years. Educational and employment opportunities in India are growing rapidly as the Indian economy expands to meet the needs of a more sophisticated population. A large number of private education institutions, often backed by companies or industries, are establishing new academic programs throughout the continent, aiming at a new generation of potential business leaders.
A large number of private education institutions, often backed by companies or industries, are establishing new academic programs throughout the continent, aiming at a new generation of potential business leaders.
The market space once dominated by US, Canadian and UK schools is now fully global, and very competitive.
If you are interested in pursing graduate business or management education, your path to that degree is shaped by the school you choose. How do you select a quality program that fits your needs when the options now appear to be endless? Most importantly, how do you ensure that your investment in a degree program—likely the biggest investment you will make in your career—is worth the time, energy, and cost?
There are three critical elements that anyone seeking an advanced degree should consider: the faculty, your classmates, and the curriculum. The quality of each is necessary and none alone is sufficient to change an average academic qualification into a world-class one. Balancing your priorities will be a decision individual to you, but taking into account all three elements will help you in making a more confident choice.
For example, where did the faculty earn their degrees? Have they engaged in research that is well known and are their papers and articles published in respected journals? These are important indicators of faculty knowledge, experience, and quality, factors that are reviewed when a school is accredited by a recognized agency, such as international bodies AACSB or EFMD, or simply their national educational authority.
Graduates from specialist business programs consistently tell us that an important part of their learning occurs in interactions and conversations with fellow students, in the classroom and out. The diversity of experience and perspective in your graduate school cohort will enhance your learning experience more than you might expect; graduate programs strive to build balanced classes where the students can learn from one another as well as from professors. Be aware that some programs are more experienced-based than others, and therefore set a mandatory period of work experience as part of their admissions criteria.
Be aware that some programs are more experienced-based than others, and therefore set a mandatory period of work experience as part of their admissions criteria.
