How to get an MBA and why it is so popular
In 1881, the world’s first business school, Wharton, was established at the University of Pennsylvania, marking the beginning of business education in the world. Very quickly, other schools and universities began to train business professionals, and in the late 1960s, business education appeared in the United Kingdom — and gradually spread to other European countries.
The generally accepted standard of business education today is the MBA, Master of Business Administration. According to a recent Chas News poll, the majority of Ukrainian recruiters — more than 70% of respondents — consider an MBA to be a “very important” advantage when hiring. This opinion is confirmed by international studies:
“In 2020, the average salary of MBA graduates amounted to $115 thousand, which is 70% more than the salary of employees with a bachelor's degree. The MBA is not only alive and well — it thrives,” writes the authoritative American publication the Fortune.
MBAs are now available in more than 1,000 business schools worldwide. Their qualification is confirmed by profile associations. The most influential of them:
- AACSB International, The Association to Advance Collegiate Schools of Business;
- EFMD, European Foundation for Management Development;
- АМВА International, MBA Association.
About 100 business schools in the world have a “triple crown” — accreditation of all three most influential associations.
What gives an MBA diploma?
In MBA schools, the teaching process is based on real cases and focused on practical problem-solving. MBA – the most applied education, close to the realities of life. This degree greatly enhances your career prospects if you work for hire, and also provides key skills for running your own business.
Extremely popular today EMBA, Executive MBA, designed for senior executives, professional businessmen, and managers. Only those with experience in business management can join the EMBA. As a rule, these are entrepreneurs, top managers, deputy directors, heads of companies, and others. EMBA schools take into account that their “students” are busy people, so they offer training in short modules or on weekends.
МВА:
- gives new knowledge and structures existing ones;
- helps to develop strategic thinking and leadership qualities;
- teaches to evaluate the market, set goals, and choose the best ways to achieve them;
- pumps communication skills and makes useful acquaintances.
In many cases, an MBA degree is required for top management positions, especially for large international corporations. Some companies will not consider a candidate if he or she does not have an MBA.
Where to join
Reputable organizations around the world maintain detailed rankings of the world’s best MBAs based on a sophisticated grading system. Here are some of them:
The best MBA programs according to the rating Financial Times:
- Insead (France, Singapore)
- London Business School (Britain)
- University of Chicago: Booth (United States)
- IESE Business School (Spain)
- Yale School of Management (USA)
The best MBA programs according to the rating the Economist:
- IESE Business School (Spain)
- HEC Paris Business School (France)
- University of Michigan – Stephen M. Ross School of Business (USA)
- New York University – Leonard N Stern School of Business (USA)
- Georgia Institute of Technology – Scheller College of Business (USA)
The best business schools in Ukraine according to the rating Forbes Ukraine:
- Kyiv School of Economics (KSE)
- Kyiv ‑ Mohyla Business ‑ school (KMBs)
- International Institute of Management (MIM ‑ Kyiv)
- Lviv Business School (LvBS)
- International Institute of Business (IIB)
The best business schools in Ukraine according to Ukrainian employers (survey Chas News):
- Kyiv School of Economics (KSE)
- Kyiv ‑ Mohyla Business school (KMBs)
- Lviv Business School (LvBS)
- Edinburgh Business School
- Unit School of Business and KPI International University of Finance
Domestic business schools are good in that they provide business education based on Ukrainian realities.
Online MBA
In the era of Covid-19, distance learning and ubiquitous online schools began to develop and provide the opportunity to obtain an MBA remotely. Today, as in the case of the traditional form of education, there are Online MBA ratings, for example, Financial Times, Quacquarelli Symonds, Fortune.
A distance MBA is a bit cheaper but still expensive.
To enter the MBA you need to have a bachelor’s degree and work experience from 1 to 5 years. GMAT, a standardized test to determine the ability to study successfully in business schools, as well as confirmation of the level of English (TOEFL, IELTS, etc.) is often needed.