Business schools around the globe are experiencing higher numbers of applications as the economic downturn continues.
A good indicator of this trend is the graduate management admission test (GMAT)–the test for MBA applicants required by most business schools. In 2008 a record number of 247 000 took the GMAT.
Recently, the Graduate Management Admission Council, which administers the GMAT, revealed that 77% of full-time MBA programmes starting this year were enrolling more students than they did in 2007 — the biggest rise in five years.
Trends such as this indicate the inverse relationship between the economy’s strength and business school enrolments. This is supported by reports from schools around the globe.
According to managementtoday.co.uk, Oxford’s Said Business School has seen applications rise 30% this year and at London Business School applications are up for the fifth year in a row.
At the UCT Graduate School of Business (GSB) a similar trend is evident: the school has had an increased number of applications for its 2009 programmes and has exceeded its MBA enrolment targets this year.
As more people turn to business schools and the MBA programme in particular during this period — many to beef up their skills and market value in preparation for the upswing that follows leaner times — these prospective students need to choose wisely when it comes to selecting the right business school to meet their needs.
A good way to start is to look at surveys that hold institutions up for scrutiny. International and local rankings and accreditations make a statement about the quality of an MBA programme. These reviews are particularly insightful when they are global, as they provide an international benchmark for what is on offer here in South Africa.
For prospective students, internationally recognised qualifications may be desirable, particularly if they plan to work in other countries.
For the prospective student who may be considering overseas business schools, understanding what South African schools offer in relation to their foreign counterparts can also break down the preconception that ‘if it’s from Europe and the United States it must be betterâ€.
International rankings and accreditations can aid in demonstrating to South Africans that we have the high standards and academic talent here at home to match any business school in the world.
From the experience of the UCT GSB, which recently obtained its fifth consecutive ranking in the Financial Times global MBA top 100 in 2009 and ranked notably as the best value for money MBA in the world, this has certainly been the case.
International comparisons such as this, in addition to international accreditations, have served not only to increase the numbers of local applicants, but also begun to draw more international students to the school.
For the prospective student, rankings and accreditations offer a broad perspective of the quality of a business school, but when it comes to selecting the right school, it is critical to be aware of a lot more than what rankings show.
Consumers should bear in mind that a ranking is a relative assessment and that there is very little that differentiates the top schools. A much deeper level of investigation is needed to understand different business schools’ areas of specialisation and excellence.
Business schools have different strengths and capabilities and each offers a unique value proposition and experience to students. Simply put, even the best rankings can’t tell you which institution suits your needs best.
Prospective students need to begin with a self-assessment and examine their motives carefully as well as their goals. There are several other elements prospective students can look at to help them choose wisely.
Firstly, they need to understand the pedagogy — the learning methodology — of the business school in question. There are varying models for developing people and some may prefer didactic lectures and exams, while others may a greater level of classroom interaction and peer-to-peer learning.
Secondly, prospective students can enquire about the average age and experience levels of the MBA class at the business school. At the UCT GSB, for example, the average MBA student age is 30 and most have more than three years’ work experience and a successful track record. This the UCT GSB believes is important for a richer learning environment and higher levels of social learning.
Thirdly, deciding on the right delivery format of the MBA is important — prospective students need to understand their needs. Are they looking for a full-time commitment or would a modular or part-time option work better? A part-time or modular model can help overcome funding challenges for some — enabling one to work and study — while for others a full-time MBA may be preferred.
Fourthly, the curriculum must be relevant to the needs of the person in question — a prospective student must ensure that a business school is engaging with the challenges and opportunities in their areas of career interest.
Finally, a prospective student can interact with alumni and harness information on a particular school to better understand the inner working of the MBA experience. Speak to alumni and get their perspective and look at what employers say about the graduates they recruit.
QS World MBA Tour and TopMBA.com conduct annual research of 400 business schools, 50 000 MBA applicants and 500 MBA recruiters, and this data can be useful. Its latest MBA Employer survey revealed that a small cluster of business schools in South Africa are demonstrating prominence among international employers.
For businesses in South Africa and indeed globally, investing in people may seem a tough decision given the economic climate, but in many respects it could be the right choice to secure talent for the future.
A recent study released by Cranfield School of Management in the United Kingdom showed that investing in training not only saves money but is more effective than shopping around for talent. The report, titled Nurturing Talent, makes a compelling case for developing staff and, in an economic climate in which every cent counts, should encourage firms to continue investing in their people.
As Dr Narendra Laljani, dean of graduate studies at Ashridge Business School in Hertfordshire in the UK suggests in a recent article in The Independent (UK), ”Perhaps companies are becoming smarter about how to manage talent in a downturn, and rather than seeing it walk out of the door they are willing to invest in it instead.”
Dr Linda Ronnie, senior lecturer in human resources management and director of the associate in management (AIM) and postgraduate diploma in business administration programmes at the UCT GSB, says that ultimately organisations need to be striving towards a high-performance culture. ‘The business case for developing staff is compelling — the continuous development and growth of people is inextricably linked to business performance,†she says.
Whether it’s an individual seeking to undertake the MBA or an organisation looking for the school with the best fit for its needs, though, the types of questions to ask remain the same.
The guiding principle should be that the more information consumers have about a school and its ethos, the better equipped they will be to make the decision that leads to the right choice of business school for them.
MBA tour
The QS World MBA Tour is returning to Jo’burg next week for the fifth consecutive year.
Seeking to recruit MBA candidates, the 2009 tour kicked off in New York in March, and will make its way to South Africa on Wednesday April 1 at the Sandton Sun Hotel.
The MBA Tour is in its 16th year and will visit more than 40 countries accompanied by more than 360 of the world’s top international business schools.
Among those participating are Wits, Cape Town, Stellenbosch, Vlerick Leuven Gent, INSEAD France & Singapore, IE Business School, IMD, London School of Business & Finance and Hult International Business School.
The Jo’burg fair provides MBA candidates with the opportunity to meet the admissions officers and alumni of business schools.
The fair will provide information on full-time, part-time and distance learning MBA programmes, fees, admissions, scholarships, financial aid, the GMAT test and graduate MBA career opportunities.
In addition, this year the QS World MBA Tour is offering more than R16-million worth of scholarships to be awarded to attendees of the fair. These are offered by QS as well as by its partner schools.
The Jo’burg fair also provides attendees with free seminars and admission panels, allowing candidates to direct questions to a number of experts.
The first 100 candidates to arrive at the Johannesburg fair will receive a complimentary copy of the QS TopMBA Career Guide, a 350-page publication that includes expert editorial on the MBA industry and a comprehensive directory of the world’s top business schools.
Details on the registration for the Johannesburg QS World MBA Tour, scholarships and seminars taking place at the Sandton Sun Hotel are available on the QS comprehensive MBA website www.topmba.com.
For more information contact: Justine Saladino, email: justine@ qsnetwork.com,
tel: 011 867 3466 or fax: 011 867 6422.