The MBA is a terminal degree and a professional degree.[1] Accreditation bodies specifically for MBA programs ensure consistency and quality of education. Business schools in many countries offer programs tailored to full-time, part-time, executive, and distance learning students, many with specialized concentrations.
History[edit]
The first graduate school of business in the United States was the Tuck School of Business at Dartmouth College.[2] Founded in 1900, it conferred the first advanced degree in business, specifically, a Master of Science in Commerce, the predecessor to the MBA.[3]
The Harvard Graduate School of Business Administration established the first MBA program in 1908, with 15 faculty members, 33 regular students, and 47 special students.[4][5] Its first-year curriculum was based on Frederick Winslow Taylor's scientific management.
At the Massachusetts Institute of Technology, the Sloan Fellows Program was established in 1930 as the first management and leadership education program for executives and mid-career experienced managers. Today, Sloan Fellows graduate with an MBA, an MS in Management, or an MS in the Management of Technology (MOT).[6][7]
The University of Chicago Booth School of Business offered working professionals the first Executive MBA (EMBA) program in 1943,[8] and was the first business school to establish permanent campuses on three continents in Chicago (USA), Barcelona (Europe) and Singapore (Asia). Most business schools today offer a global component to their executive MBA. Since the program was established, the school has moved its campuses and is now based in Chicago, London and Hong Kong.
In 1946, Thunderbird School of Global Management was the first school to offer an MBA program focused on global management.[9]
In 1950, the Richard Ivey School of Business at The University of Western Ontario in London, Ontario, Canada,[10] awarded the first MBA degrees outside the United States, followed in 1951 by the University of Pretoria in South Africa.[11]
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.[12] In 1957, INSEAD became the first European business school to offer an MBA program.[13]
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. When the program first started, professors used to wheel a cart of laptops into the classroom.[14]
The MBA degree has been adopted by universities worldwide in both developed and developing countries.[15]
Accreditation[edit]
United States[edit]
Business school or MBA program accreditation by external agencies provides students and employers with an independent view of the school or program's quality, as well as whether the 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,
Accreditation Council for Business Schools and Programs (ACBSP), which accredits universities and colleges,
International Assembly for Collegiate Business Education (IACBE),[16]
All of these groups 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).[17] 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).
US MBA programs may also be 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 (NEASC),
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).[18]
Other countries[edit]
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), which accredits MBA and PGDM programs across India. Some of the leading bodies in India that certify MBA institutions and their programs are the All India Council for Technical Education (AICTE) and the University Grants Commission (UGC). A distance MBA program needs to be accredited by the Distance Education Council (DEC) in 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, Australian, New Zealand and Asian schools, the Foundation for International Business Administration Accreditation (FIBAA), and Central and East European Management Development Association (CEEMAN) in Europe.
Programs[edit]
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 credits (600 class 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 and are usually condensed into one year. 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. Accelerated programs typically have a lower cost than full-time two-year programs.
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.
2nd Shift MBA programs are full-time programs that normally hold classes on weekday evenings, after normal working hours, or on weekends for a duration of two years. The students in these programs typically consist of working professionals, who can not leave their work to pursue a full-time regular shift MBA. Most 2nd shift programs are offered at universities in India.
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.
Full-Time Executive MBA programs are a new category of full-time 1 year MBA programs aimed at professionals with approx. 5 years or more. They are primarily offered in countries like India where the 2 year MBA program is targeted at fresh graduates with no experience or minimal experience. These full-time executive MBA programs are similar to 1 year MBA programs offered by schools like Insead and IMD.
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.[19] These programs typically target working professionals who are unable to attend traditional part-time programs.[20]
MBA Dual Degree 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. This is generally achieved by allowing core courses of one program count as electives in the other. Some business schools offer programs in which students can earn both a bachelor's degree in business administration and an MBA in 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.
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