Editorial
ApplicAtions
QS research (see table 1) demonstrates leading programs are one year.
that MBA applicants around the world take In Europe, the annual cost of an MBA can
an MBA for career related reasons, to learn be as little as £5,000 or as much as £34,000 for
new skills and to build a professional network. tuition, with books and living expenses a further
Though ‘enabling a career change’ has cost. However, financial aid opportunities exist
increased noticeably in importance in recent that can make the most costly programs
years, this is more difficult in a recession affordable. Scholarships are offered by a variety
when employers place an emphasis on prior of organizations, and many local banks offer
relevant experience. Boosting salary remains low-start loans for the period of your study.
only the fifth most important factor; Individuals are advised to apply to the school of
comparable with starting one’s own their choice and to make specific enquiries
business. about funding options.
If you wish to carry on working during
Table 1 your MBA, this will narrow down your choice
Reasons 2008 2007
of schools very quickly. Part time, executive
To improve career prospects 70% 69%
MBA and distance learning study become the
only options. For example over 25,000 people
To learn new skills 58% 54%
are now using distance learning for an MBA
To build a professional network 45% 41%
or similar diploma with British institutions
To enable a career change 43% 34% alone. Average costs for distance learning vary
To boost salary 32% 27%
from £10,000 to £30,000 spread over two to
eight years.
To start own business 25% 24%
Primarily for education 23% 21%
Step 4: Determining the criteria for your
Source: TopMBA.com Applicant Survey 2008 choice of school
Despite the media frenzy surrounding rankings,
Step 2: Identify career goals our research suggests that candidates vary
The second thing to do when considering significantly in terms of the criteria which matter
business school is to try to narrow down the types to them in selecting a business school. During
of career you might like to pursue, balanced by the QS World MBA Tour, candidates can review
a realistic self-assessment of your current abilities TopMBA Scorecard – a radically new applicant
and skill base. Examining your motives carefully research tool which will allow them to apply
and determining where you want to work after their own weightings to a detailed set of selection
graduation should be a major part of this criteria. Our research indicates that the most
process. popular selection criteria for choosing a business
Why ask these questions? For practical school are international reputation and career
reasons, most business school application forms placement record, though return on investment
ask for your career aspirations. They want to see and availability of scholarships are important too;
a clear, cogent explanation of where you want to rankings come only seventh.
be in the future and why that school can help
you get there. For example, if you think you want Table 2: Business school selection criteria
to become a management consultant or an
Benchmarked: 2008 (2007)
investment banker with a starting compensation
Career Placement Record 1 (1)
of over US$130,000, there are only 50 or 60
international business schools where these
Return on Investment 2 (5)
companies actively recruit, of which half are in
Quality of Academic Staff 3 (6)
the US. If you wish to work in a particular School Reputation 3 (3)
country, you may well be better off taking your
Profile of Students / Alumni 5 (6)
MBA in that county and accessing the school’s
School Specialisations 5 (4)
local recruiter and alumni network.
Recent School Ranking 7 (7)
Step 3: Budget and study mode
Accreditation Status 8 (7)
The full time MBA is still by far the most popular Scholarships / Financial Aid 9 (8)
program in terms of candidate numbers. Part
Convenience of Location 10 (11)
time and executive MBAs are growing, but are
Teaching Style 11 (10)
still quite small by comparison. The standard
period for an international full time MBA in the
Course Length 12 (13)
USA is two years. In Europe, London Business
Affordability 13 (12)
School (LBS) and IESE offer a two-year Source: TopMBA.com Applicant Research
program, whereas IMD, INSEAD, IE, 2008
Cambridge, Cranfield, Warwick and other
62 TopMBA CAreer Guide www.topmba.com

TopMBA CAreer Guide www.topmba.com 63
MBA_SPR09_pp_052-155.indd 62 17/2/09 15:16:45
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