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MBA Study Destinations overseas
Ross Geraghty and Marie Field take a look at the advantages and disadvantages of studying in the major MBA-providing regions of the world.
US
There are a lot of advantages to studying at a top business school in North America. Not only do the US and Canada have 40 of the top 100 business schools, according to the 2007 QS TopMBA Global Recruiters Top 100 Business School Report but the current weakness of the dollar is making them seem even more attractive. Courses there are largely two-year programmes, which allow students more time to develop their interests and maybe change their mind midway.
With this comes a steep increase in competitiveness though, and it’s important to remember that the current Bush administration has severely cut the number of visas it gives to non-nationals, making it harder to remain in the US after graduating. It is also clear that the US credit crunch may have some impact on MBA recruitment, although this has not seemed to deter students from selecting the US as their first choice study destination.
Luba Nikolina, who works in finance for a private equity firm in New York, says: “The credit crunch might be having an effect on employment here. I have team mates from LBS (London Business School) who work here and I have heard it’s not looking good in investment banks especially on the trading side. It’s still too early to say for sure, though there is much debate. There are a few units in banks that are already letting staff go and mortgage units that are overstaffed.”
America is still the world’s number one destination for MBA students, followed by the UK, Canada, Australia and France. The MBA was invented here and it still plays host to the biggest schools according to rankings all around the world. It’s hard to know exactly how many courses there are available in North America but it certainly numbers several hundred.
This makes it extremely important that a candidate narrows down options before applying. Top business schools will want to know why candidates are applying for an MBA and why specifically to them. Register at www.topmba.com/scorecard to create a personalized ranking and shortlist relevant courses.
Don’t discount Canada either. While the US dominates, Canadian schools are quietly but rapidly improving their standards and can be considerably cheaper. They’re well worth a look.
Europe
Traditionally, North American business schools enjoyed the greatest popularity as students were drawn to the known brands and by the best marketing systems, as well as some of the best education available. But things are gradually changing. Many are deciding to study in Europe, with its well-established business schools, especially strong in the entrepreneurship specialization, close proximity to the many European companies that are evolving into the Asian market, and of course, the prevalence of the one-year MBA program.
Europe is becoming a hot spot for MBA recruiting and, therefore, studying here provides advantages. The UK is almost at full employment, particularly due to the implementation of the Highly Skilled Migrant Programme, the visa regime that is favourable to MBAs of any nationality from 50 selected business schools internationally.
Spain and Italy have growing numbers of finance and technology companies regularly recruiting MBAs, as well as a growing consulting industry. France, and Germany to some extent are calling for more and more MBAs as their strong industrial and technological sectors develop.
Asia
Despite the 2002 downturn in MBA salaries and hiring, recent years have seen a significant upswing in the number of business schools offering places, in worldwide MBA salaries and in job availability for MBA graduates. Indeed in the latest research (2007 QS TopMBA Global Recruiters Top 100 Business Schools,) there were 23 Asian schools in the top 100, a drastic increase from 10 last year.
With its booming population and, in many cases, a booming economy, the Asian market is rapidly meeting its destiny as the most important market in the world. Of course China and India dominate, but it is important to note that alongside famous examples like Hong Kong, Singapore and Japan, other nations such as Malaysia and South Korea are quietly building a strong need for and provision for international quality MBAs of their own.
Developed and modern, Asian business schools are steadily improving their ability to provide for local students as well as offering a rigorous, accredited and competitively priced education for an increasing number of overseas students. The presence of INSEAD in Singapore has stimulated a trend of foreign schools opening campuses in Asia, and lead to a stream of schools following that lead. For example the UK’s University of Nottingham and Monash University from Australia now have campuses in Malaysia that offer the same accredited courses but at a fraction of the cost.
Asia’s relative cost-effectiveness is a key benefit for international students looking to enhance their marketability with an affordable and rounded approach to their international business experience. The opportunity to steep themselves in a culture very different, in many cases, to their own, to learn another business mindset and to pick up some fluency in an Asian language is also extremely beneficial. As leading recruiters of international companies such as Sej Butler, Recruitment Director of IBM Europe, say, “a second language is not essential but is very beneficial. We are looking for people not only with good qualifications but also a well-rounded approach to business.”
Biren Patel, Director of the QS World MBA Tour in India, says, “With the expansion of the middle classes in India and China, as well as other countries in the region, the need for educated business leaders has never been greater. The MBA can often fill the gap at a stage of one’s career when one rises to middle management. In the case of Asia, an increasing number of professionals from a technical background – such as I.T or engineering, want to acquire softer skills in management in an effort towards a career switch post-MBA.”
