| The ultimate goal for those who enroll in an MBA | | | | OrganizationsOperations ManagementSmall Business |
| program is career advancement. What form this | | | | ManagementSo as you can see, it's no longer possible |
| advancement will take depends completely on each | | | | to pigeonhole business schools as gathering places for |
| individual's personal agenda. One student may plan to | | | | society's elite, who put in a couple of years before |
| return to work for a former employer in a more | | | | taking over the family empire. A degree from a |
| sophisticated context, while another may seek to | | | | reputable business school can now place you on the |
| change careers entirely, transferring to a field that is | | | | fast track for a leadership position in any one of an |
| more challenging or fulfilling. Other more | | | | incredibly diverse number of career paths. The MBA |
| entrepreneurial students may attempt to launch an | | | | has become just as important in public service |
| independent business. Whatever the case may be, | | | | domains such as education, government, and |
| MBA programs are designed to guide the student | | | | healthcare administration as it is in the more traditional |
| toward the path of their choosing while providing the | | | | corporate sectors.What to Expect for the Costs you |
| skills that will be required when they reach their | | | | have Sunk In?Having established that going to |
| destination.How do they do this you ask? Well, the | | | | business school represents a pretty serious financial |
| most successful MBA programs strive to gather | | | | burden, let's see what you're actually getting for all |
| groups of students with diverse backgrounds and | | | | those dollars your laying out. What are the "frills" |
| goals and then facilitate the sharing of their | | | | schools are using to attract students, and the impact |
| experiences in the context of the study of | | | | that the program can have on your ability to attract |
| theoretical business applications. Before we get in to | | | | employment and your earning potential once you've |
| the academic elements of the MBA program, let's | | | | found the job you've been seeking.Facilities:Talk |
| first take a look at some of the different techniques | | | | about plush. Be prepared to work extremely hard |
| schools are currently using to cultivate leadership | | | | when you get to business school, but if your at one |
| qualities in their students (besides the standard | | | | of the better ones, take solace in the fact that you'll |
| lectures, papers, exams, etc?).1) Problem-Based | | | | be doing it in style. The fact is that many of the |
| Learning (a.k.a Case Studies)Rather than simply | | | | schools (and not just the powerhouses) are investing |
| conveying material to the students through lectures, | | | | heavily in infrastructure to woo you. Remember, |
| business schools are now using the problem-based | | | | there's a definite element of reciprocity in the |
| learning format to force students to think for | | | | relationship between schools and applicants. To put it |
| themselves rather than regurgitate material that | | | | simply, they want you to like them just as much as |
| they've memorized.Classes are subdivided into small | | | | you want them to like you. As a result a significant |
| groups and each group is presented with a particular | | | | proportion of a business school's dean's time is spent |
| management issue or problem.As a team, the | | | | fundraising. Many schools are building brand new |
| students must research the case they've been | | | | buildings, with brand new classrooms, libraries, |
| presented with and apply what they've learned from | | | | conference rooms, cafeterias and students lounges all |
| their studies to come up with a solution to the | | | | supplied and state-of-the-art technology. Just as one |
| particular problem.This type of exercise forces | | | | example, Cornell's Johnson Graduate School of |
| students to become "horizontal thinkers" who must | | | | Management has built a simulated trading floor with |
| consider ALL factors related to a particular decision | | | | the exact same technology being used by real |
| rather than simply looking at an issue from on | | | | analysts.Connections:The business world is ALL about |
| particular perspective (ie. accounting vs. marketing vs. | | | | connections. We're not going to feed you the line |
| finance).2) Studies in the FieldMany schools are now | | | | that "it's who you know not what you know" but |
| supplementing class lectures and individuals study time | | | | rather that it's "who you know AND what you |
| with studies in the fieldAlthough most students | | | | know". For that reason, an MBA program has |
| coming into MBA programs already have significant | | | | become incredibly important for young people trying |
| work experience, schools continue to stress the | | | | to get their foot in the door. At business school |
| importance of "learning from doing"The interpersonal | | | | you're going to educated in the "what" and immersed |
| skills that are crucial to strong leadership cannot be | | | | in the "who." Without even realizing it, you're going to |
| taught in the classroom setting but rather must be | | | | be spending two full years networking. Whether it's |
| observed first hand in the field.3) Team-Based | | | | faculty who have pivotal roles in major corporations, |
| LearningWhile many of the projects assigned in | | | | corporations who've formed alliances with the school, |
| business school require students to work in groups, | | | | or fellow students, over the course of the program |
| team-based learning focuses specifically on how to | | | | you're going to be in close contact with individuals |
| work as team.The goal isn't so much to complete a | | | | who are currently, or will be in the future, extremely |
| particular assignment or project on some managerial | | | | influential in the business community. Imagine your |
| issue, but rather the to learn how to work closely | | | | new best friend happens to be the next Bill Gates, |
| with others.Setting goals, assigning responsibilities, and | | | | Warren Buffet, David Filo, or Jerry Yang just waiting |
| learning to rely on others are some of the skills | | | | to surface. Well that's the kind of relationship that |
| involved.Because team project and work groups | | | | fortunes are built on.Jobs:The following excerpts |
| have become so common in the business world, the | | | | come directly from the Business Week Guide to the |
| schools are stressing teamwork abilities now more | | | | Best Business Schools (6 th ed.). It summarizes the |
| than ever..The CurriculumNow of course, underlying all | | | | relationship between MBAs and corporate hiring so |
| of these different teaching techniques, is the | | | | well that felt we should pass it straight on to you |
| curriculum itself. The first year courses of most MBA | | | | completely unadulterated. We further recommend |
| programs make up what is known as the core | | | | that you find the complete article from which this |
| curriculum. While each school tries to present the | | | | excerpt was taken (available on the web) for |
| material in what they believe is a unique or | | | | supplementary reading and that you use the guide as |
| progressive manner, there remains minimal variation in | | | | one of your resources for choosing the right business |
| these courses from school to school because every | | | | school for you (in our opinions it's one of the most |
| MBA student must ultimately have a fairly extensive | | | | informative).As we approach the millennium, the MBA |
| level of knowledge in the following areas:Business | | | | is unquestionably the hottest degree you can hold, |
| Strategy AnalysisFinancial and Managerial | | | | particularly from an elite school. The stats prove it: At |
| AccountingManagement Statistics and Data | | | | virtually all of the best schools, GMAT scores and |
| AnalysisManagerial EconomicsMarketing | | | | starting pay packages are setting records. |
| ManagementManagerial FinanceManaging | | | | Applications are too, although a large part of the |
| OrganizationsOperations ManagementFor a detailed | | | | boom is coming from overseas...The 61 schools |
| description of any or all of these courses, please | | | | surveyed by business week for its 1998 rankings |
| browse through the course calendar or website of | | | | waded through 116,912 applications for the Class of |
| the particular business schools you are | | | | 2000, and the average GMAT score was 667 for |
| considering.Once this core curriculum has been | | | | those attending the Top 25 schools, up from 649 |
| completed, most business schools allow their | | | | just two years earlier.Today, the MBA is on its way |
| students to spend the remainder of their course time | | | | to becoming a requirement for anyone who hopes to |
| on electives. Many schools are recognized for | | | | build a career in Corporate America, and, indeed, |
| particular programs that they offer and this | | | | much of the world... Certainly, it's true that corporate |
| recognition tends to revolve around these second | | | | recruiters can't seem to hire enough MBAs these |
| year elective courses. Often business schools will | | | | days. The 259 recruiters who participated in business |
| have faculty who are eminent leaders in their field | | | | week's 1998 survey of the best business schools |
| lecturing for these courses, providing the class with | | | | hired 10,348 MBAs in total, a 28 percent rise from |
| cutting edge research and the latest advancements in | | | | 1996. And they would have hired even more if they |
| the area. Some of the areas that a second-year MBA | | | | could have: Grads of the Top 25 business schools |
| student can specialize in include:AccountingArts | | | | averaged 3.2 job offers each, up from 2.3 in 1992, |
| ManagementEducational AdministrationEntrepreneurial | | | | and compensation exploded. The median pay |
| Ventures FinanceGovernmentHealth Care | | | | package (salary, bonus, and extras such as stock |
| AdministrationHuman | | | | options or moving expenses) at the Top 25 hit |
| ResourceManagementManagement | | | | $111,420, up 19 percent from just two years ago. |
| ConsultantsManagement | | | | Another telling figure: Median pay topped $100,000 at |
| InformationTechnologyManufacturing | | | | 18 of our Top 25-versus 5 two years ago.For more |
| ManagementMarketingNot-for-Profit | | | | about online mba degrees, visit us online. |