Nordic MBA Forum Fact pack

1. Nordic MBA ForumFact pack

2. Content What is an MBA Why doing an MBA How to find the right MBA Important websites

3. What is an MBA • MBA – Master in Business Administration • The Master of Business Administration (MBA) is an academic program that focus on a single topic in great detail, with application of these concepts focused in functional areas • An MBA is, in the strictest sense, a masters degree, but unlike a Master of Arts or Master of Science, is a Master of Business Administration. The MBA is not an academic degree but rather a professional degree. It focuses on the professional responsibilities of those in business administration roles, unlike a masters degree, which usually focuses on theory and research. • The core courses in the MBA program are designed to introduce students to the various areas of business such as accounting, finance, marketing, human resources, operations management, etc. Students in MBA programs have the option of taking general business courses throughout the program or can select an area of concentration. • American MBAs are typically two years whereas in Europeans are one-year programmes • Programmatic features vary by school and program, so make sure to do some research, especially if particular programs or career support are among your priorities. These “professional” programs focus on developing the fundamental tools of resource management

4. What is an MBA • Basic types of MBA programs • The MBA is offered in full-time, part-time, and executive formats, and this degree can be taken at various stages in your professional development. • Full Time MBA programs normally take place over two academic years (i.e. approximately 18 months of term time). Students enter with a reasonable amount of prior real-world work experience and take classes during weekdays like other university students • 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 • 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. EMBA students typically have a higher level of work experience, often 10 years or more, compared to other MBA students

5. Content What is an MBA Why doing an MBA How to find the right MBA Important websites

6. Why pursuing an MBA?? • Business is getting more competitive and knowledge-driven, thus creating a demand for knowledge workers. There is a great demand for quality talent – and as the world has become more and more international the hunt for talent has gone beyond borders • The management experts opine that success in the 21st century is all about 'ideas‘ claim that the notion of ‘money makes money’ has shifted to ‘ideas make money’. The MBA is based on learning how to build and mould innovative organizations and management education helps in fine-tuning these ideas • If you are wondering if an MBA course makes sense in the unstable economy faced by the last two years, banish the thought! • MBA experts are clear that a good MBA degree is a long term asset, and will be valuable to get employment as the economy picks up in a year or two

7. Why pursuing an MBA?? Wider career choices: For many people, the MBA offers the means for changing their career path, for example, from engineering to investment banking. it can round out the education of those who hold degrees in non-business fields. Even if you go into an MBA program thinking you want to pursue a career in investing, you will come out of the program well-versed in a variety of other areas as well Because You Want to Advance Your Career: Although it may be possible to climb the ranks over the years, an MBA might be required to pursuing an international career. Earning an MBA does not guarantee career advancement, but it certainly doesn't hurt employment or promotion prospects Because You Want to Assume a Leadership Role: Not every business leader or executive has an MBA. However, it may be easier to assume or be considered for leadership roles if you have an MBA education behind you. While enrolled in an MBA program, you will study leadership, business, and management philosophies that can be applied to almost any leadership role Personal credentials:Earning an MBA signifies a commitment to professionalism in the field of management. You have paid your dues. This can be particularly important in large firms, where senior managers who may not know you personally approve promotions. Unlike many investments, your MBA is a permanent asset that will stay with you throughout your career Meeting and working with bright young professionals from around the world:Working with individuals from other countries and cultures on team projects can be personally enriching. Furthermore your association with your business school and your fellow students will not end with graduation. You will become a part of a network of professionals who will stay in touch and help each other throughout your careers • The value of an MBA • The value of MBA programs can be found through the breadth of exposure from academic options and co-curricular activities to professional outcomes • The MBA from a top-tier Business School can result in up to 150% salary increase

8. Content What is an MBA Why doing an MBA How to find the right MBA Accreditation MBA Rankings Important websites

9. How to find the right MBA • If you choose to pursue an MBA, you are pursuing one of the most demanded degrees in the world and you are going to be in a very competitive environment! • But before you decide to be a part of the race of pursuing an MBA it would be worth doing as homework as you can: • First of all we would like to stress that pursuing an MBA is a personal decision that can have huge impact on your future career and life • While there are no right or wrong answers you should remember that, all MBA degrees are not equal: while a rigorous MBA course from a reputed institute can be your passport to a fat-salaried job, there are many lowly-rated institutes from where the MBA might not be worth the investment • Obtaining an MBA qualification is a paramount issue. The increased demand has had a considerable impact on the number of providers in Europe, offering candidates more choice and flexibility than ever before • In the UK, MBA education has practically doubled over the last ten years, with over 170 programmes on offer and in Denmark variants of mini-MBA has increased the last couple of years

10. The market of MBAs is more polarized and less transparent than ever before. The Nordic MBA Forum provide the guidance you need to figure out how to find the program and school that fit you – and guides you through the application process.... ...The following slides will provide you information that can help you find the right MBA

11. How you can choose the right Business School • As we stress above pursuing an MBA is a personal decision and the choice of school should not solely rely on rankings only – but you’ll also need to take the following into considerations (not exhaustive) • Location • Type of MBA programmes you want to pursue • Job opportunities upon graduation • The size of classes • Industry focus and related programmes • Campus facilities • How do you go about finding the right school??

12. How to find the right MBA • Your starting point should be the school and program rankings: MBAs are evaluated and ranked yearly based on academic level, job opportunity and post graduation salary increase. Even though we advice you not to rely solely on rankings only it is worth looking at the rankings as part of your research and in particular within the area that you want to pursue an MBA • Research Programs: Most major universities offer some form of MBA program. However, you should carefully research the programs you intend to join before you commit to one. Each school is unique in terms of its coursework, faculty, and philosophies. If you pursue an MBA, you want to make sure that you are joining one that is going to offer what you are looking for in your future career. This include researching the schools accreditation. Accreditations are a guarantee of minimum quality and look at parameters such as level of education material, criteria for passing and research performed at the school • MBA websites: There are plenty of information available online and it is worth spending some going through the content of the websites. And the end of this fact pack we provide a list of the most important MBA websites • Join MBA fairs and events: MBA fairs offer a great opportunity to go and meet with people from the different schools, get information and input about the application process • Visit schools: As part of your online research we recommend that you visit the websites of the schools that you are interested in. They will have more information about the programmes, admission criteria ,the campus life etc. Furthermore we recommend that you attend school presentations and visit the school. Some schools offer a visitors day where you will have the opportunity to follow classes and meet current students • Contact alumni and current students: We advise you to contact alumni and current student with similar background as yourself to get information about requirements, workload, campus life etc.

13. How to find the right MBA • Admissions criteria • One thing is to the difference between the schools programmes and rankings it is important to bear in mind that schools have different admission criteria • Many programs base their admission decisions on an applicant's performance on the GMAT, resume, academic transcripts, essays, references or letters of recommendation and personal interviews. Some schools are also interested in extracurricular activities, community service activities and how the student can improve the school's diversity and contribute to the student body as a whole. • All of these qualifications can be important for admission; however, some schools do not weigh GMAT scores as heavily as other criteria, and some distance learning programs do not require the GMAT for admission. In order to achieve a diverse class, business schools also consider the target male-female ratio and local-international student ratios. Depending on the program, type and length of work experience can be a critical admissions component for many MBA programs. Many top-tier programs require five or more years of work experience for admission.

14. Content What is an MBA Why doing an MBA How to find the right MBA Accreditation MBA Rankings Important websites

15. Accreditation • One of the worst feelings is paying more for something than it is really worth…Doing an MBA is a big investment and you want the best return on your investment… • Don't take a chance on a school that may or may not provide you with what you need to succeed • Accreditation is a seal of the MBA education General information MBA is not a protected title MBAs are evaluated and the accreditations are the stamp of quality to look for Accreditation bodies exist specifically for MBA programs to ensure consistency and quality of graduate business education The three most important accreditations are: The American AACSB The European EQUIS The British AMBA

16. AACSB accreditation • AACSB-accredited schools must pass very rigorous quality standards • Achieving AACSB Accreditation is a rigorous process • A school must have the ability to grant degrees in their country and have the appropriate local/regional institutional accreditation • AACSB begins by working with the school to develop a plan to meet the accreditation standards and its own strategic goals • Committees and mentors are assigned to help the school implement their accreditation and strategic plans • Once the mentors believe the school has met the standards, a review team, made up of highly experienced educators and business school administrators, will visit the school and make a recommendation for accreditation • The review team's recommendation is given to an accreditation committee and the AACSB Board of Directors for final approval • Many times, a school will have to return to the mentors and committees for further development • Finally, if all parties believe the school has satisfied the standards, it is granted with AACSB Accreditation for its business programs. (All of them.) • The business school must then be reviewed every five years to ensure it continues to meet the standards General information AACSB Accreditation is known, worldwide, as the longest standing, most recognized form of specialized/professional accreditation an institution and its business programs can earn The AACSB Accreditation Standards challenge post-secondary educators to pursue excellence and continuous improvement throughout their business programs Less than 5% of the world's 13,000 business programs have earned AACSB Accreditation AACSB-accredited schools produce graduates that are highly skilled and more desirable to employers than other non-accredited schools

17. EQUIS accreditation • EQUIS • Institutions must be primarily devoted to management education • EQUIS assesses institutions as a whole. It assesses not just degree programs but all the activities and sub-units of the institution, including research, e-learning units, executive education provision and community outreach • EQUIS looks for a balance between high academic quality and the professional relevance provided by close interaction with the corporate world. A strong interface with the world of business is, therefore, as much a requirement as a strong research potential • Institutions that are accredited by EQUIS must demonstrate not only high general quality in all dimensions of their activities, but also a high degree of internationalization General information European Quality Improvement System EQUIS has been created in order to provide a European system of quality assessment and accreditation. The fundamental objective of EQUIS is to raise the standard of management education worldwide European in the sense that it has been designed by Europeans and that it is managed by Europeans from a broad range of countries. Its scope, however, is global in that it provides a framework for assessing quality in highly diverse institutional and cultural contexts. Flexibility and respect for diversity are fundamental principles underlying the system, which is not constructed upon any particular model, Anglo-Saxon or otherwise. It is interesting to note that EQUIS has already accredited four non-European schools, including one in the United States

18. AMBA accreditation • AMBA • Unlike other business education accreditation bodies we focus on individual programmes rather than whole institutions. This unique, in-depth and detailed approach means that the highest standards of teaching, faculty and student interaction are guaranteed by our accreditation • Our accreditation is international in scope and reach. The Association of MBAs International Accreditation Advisory Board (IAAB), which drafts and constantly monitors the accreditation criteria, is drawn from senior academics at top educational institutions around the world • We believe that programmes should be of the highest standard and reflect changing trends and innovation in postgraduate management education. Our accreditation process reflects this commitment to fostering innovation and challenges business schools to continuously perform at the highest level General information The Association of MBAs is the international impartial authority on postgraduate business education The Association of MBAs (AMBA) is one of the leading accreditation agencies for postgraduate business education Their accreditation service is the global standard for all MBA, DBA and MBM programmes

19. Content What is an MBA Why doing an MBA How to find the right MBA Accreditation MBA Rankings Important websites

20. MBA Rankings • Important rankings • Financial Times Ranking: • Global MBA Rankings 2013: http://rankings.ft.com/businessschoolrankings/global-mba-ranking-2013 • The Economist MBA Ranking: • 2012 Full time MBA ranking: http://www.economist.com/whichmba/full-time-mba-ranking • Business Week MBA Ranking: • 2012 Full time MBA ranking: http://www.businessweek.com/bschools/rankings General information Rankings of MBAs are published yearly. The schools rank is a result of academic level, job opportunity and post graduation salary increase – the value that the MBA bring to the students While rankings should be part of your research you should be careful to choose the school solely based on the rankings. Rankings tend to concentrate on the school itself, but some schools offer MBA programs of different qualities (e.g. a school may ahighly reputable faculty in finance but a less reputable in marketing) Often a schools rank will vary significantly across publications, as the methodology used to create the ranks is different among each publication. It is therefore important to understand what is being measured. In overly simple terms: Forbes: does a simple calculation of ROI 5 years out from business school. Financial Times: bases 40% of the ranking on post-MBA salaries 3 years after graduation. Business Week: emphasises the satisfaction levels of two core stakeholders: students and recruiters. U.S. News & World: includes a survey of deans and MBA directors, and uses GMAT scores as part of student selectivity. The Economist: assesses the ability of the MBA to open new career opportunities, as well as the international make-up of the school.

21. Financial Times MBA Ranking Source: Financial Times

22. The economist´s MBA Ranking Source: The Economist

23. Business Week MBA Ranking Source:Business Week

24. The Top 10 programmes in selected categories Source: Financial Times

25. The Top 10 programmes in selected categories Source: Financial Times

26. The Top 10 programmes in selected categories Source: Financial Times

27. The Top 10 programmes in selected categories Source: Financial Times

28. The Top 10 programmes in selected categories Source: Financial Times

29. Content What is an MBA Why doing an MBA How to find the right MBA Accreditation MBA Rankings Important websites

30. Important websites • www.e-fellows.net • www.find-mba.com • www.finduddannelse.com • www.findamasters.com • www.gmac.com • www.mba-channel.com • www.topmba.com • www.thembatour.com • www.poetsandquants.com • www.mbaworld.com • www.mba-courses.com • www.mbauniverse.com • www.whydomba.org • www.beatthegmat.com • www.ft.com/intl/mba • http://officialmbaguide.org • http://www.accessmba.com/ • http://www.businessbecause.com/copenhagen-business-school-cbs