In our increasingly globalized world, the economy is changing rapidly. The demands placed on managers in companies in all industries are increasing. An opportunity to best prepare them for future roles in management, is the Master of Business Administration is (MBA).
Introduced 100 years ago in the US, this degree has since become one of the most important qualifications for aspiring managers. There are more than 3,000 MBA programs at universities and business schools around the world. This makes the Master of Business Administration the best-known and most popular course among the master’s programs. The MBA programs in English-speaking countries such as Great Britain, USA, Australia and New Zealand are particularly popular. Accredited and renowned business schools compete here for the favor of international students.
MBA programs abroad: overview
The classic MBA is aimed primarily at graduates in a subject outside of economics. Most of them are already working. Engineers, doctors, humanities or natural scientists acquire specialist knowledge and management skills as part of an MBA program. Increasingly, however, graduates discover economics courses MBA programs for themselves. This is mainly due to the high reputation of these programs among employers and the prospect of advancement opportunities. The original MBA courses cover all important areas of management such as marketing, accounting, business administration, finance, IT-Management or personnel management. Of course, an MBA program cannot and should not replace an undergraduate degree in business administration.
In contrast to the general master’s degree in business administration, participants in an MBA program specifically look at the above-mentioned areas under management aspects. It’s about giving a manager the knowledge and skills they need to guide departments and make decisions. The students learn to systematically identify problems and develop strategies for companies.
In addition to this classic MBA with general management orientation, there are a variety of MBA programs with other focuses. These include courses such as Health Care Management, Human Resources Management, Environmental Management and International Management.
The universities offer the programs either as a full-time course or, for professionals, as a part-time or distance learning course. A full-time MBA program lasts an average of twelve months in Europe and an average of two years in the US. The part-time programs take between one and four years to complete. For distance learning courses, the study period can be up to seven years.
The so-called Executive MBA programs (EMBA) are a specialty. They are aimed at managers who already have several years of professional experience. In addition to their professional obligations, they can acquire the EMBA part-time to advance their careers. In some cases, the employers pay the tuition fees.
Europe or the USA?
Since the economy is increasingly moving in an international context, it is advisable to complete the MBA abroad.
Decisive plus points:
- Perfecting English, the global business language
- Acquisition of knowledge of the country and intercultural skills
- Qualification for international tasks as well as for a professional career abroad.
If you are aiming for a career in the USA, you should also get your MBA there. After all, where better to learn the American management style than at a US business school? From there it is also easy to establish contacts with American companies. Studying in the USA is characterized by a high degree of practical relevance. Often internships at large US companies are integrated into the course. The curriculum also includes an extensive range of elective courses so that students can set their own priorities.
The advantages of studying within Europe are:
- shorter study times
- comparatively low tuition fees
The programs teach more about European management methods and corporate cultures. They are therefore ideal for students who are aiming for a career in a company that operates across Europe or in other European countries. Many degree programs are also characterized by a large number of international students and comparatively small courses.
The range of MBA programs abroad seems confusing at first glance. However, in order for the MBA program to help one’s career, it is important to study at the right university. One criterion here would be, for example, the accreditation of the MBA program by an internationally recognized agency. In the USA this is the AACSB, in Europe, EQUIS and UK the AMBA.
Financing and application
Unfortunately, the more prestigious the MBA program abroad, the more expensive the tuition fees are. In the USA, these cost the equivalent of up to EUR 65,000. In Europe, students pay an average of EUR 30,000.
There are opportunities for financial support. Scholarships or fellowships are the names of the private grants from the USA. There are also numerous funding programs for MBA studies in other European countries. Scholarships for Europe and the USA are awarded, for example, by the DAAD, the Fulbright Committee or the Rotary Foundation. In order to get hold of a scholarship, a lead time of around 1.5 years is often necessary.
A student loan with low interest rates is also an option for an MBA study abroad. Financing through so-called education funds is becoming increasingly popular. There is, for example, the Brain Capital MBA Education Fund, which can also be used to finance an MBA program completed entirely abroad.
For the application to an MBA degree from the foreign university applies: schedule enough time! General minimum requirements at most universities and business schools:
- Completed first degree at a university or technical college (a degree from a vocational, business or administrative academy is sometimes also accepted)
- at least two years of professional experience.
- Application essay
- detailed letters of recommendation
- appealing resume
- Passing various aptitude tests
- GMAT (Graduate Management Admission Test)
- TOEFL / IELTS