The Master of Business Administration (MBA) has been taught for barely over a century; Harvard University launched the program and enrolled an inaugural class of 37 candidates in 1908. Initially targeting professionals in non-business related fields, the MBA has now developed into a more mainstream qualification.
Firstly gaining acceptance in the United States before becoming established Europe, the MBA became the preeminent qualification for upper management. Asia and Australia progressively adapted the management program with the University of Melbourne awarding the first Australian MBA in 1965.
It has been argued too many poor quality and over-confident MBA graduates with little actual workplace experience are foisted onto unsuspecting workplaces. As national and international accrediting bodies determine course content somewhat blunting such claims, this may be a little overstated.
A professional such as a doctor, engineer, architect or lawyer generally tends to be entrepreneurial in nature building or purchasing a practice, business or engaging in a partnership.
The advanced degree followed on from the notions of scientific management that were prevalent at the time undergoing revisions from time to time whilst retaining an analytical nature.
Well known management practitioner and McGill University management lecturer, Henry Mitzberg described the MBA as a 1908 program utilising a 1950s strategy, an interesting reference to both the origins and overhaul of MBA curriculum.
Interestingly, MBA curriculum is accredited by United States, European and Australian professional bodies maintaining a consistency in program delivery and graduate outcomes.
Mintzberg maintains the MBA is a business course and not a management course describing management as a practice and not a science - fair enough.
When running a business, the professional requires knowledge of accounting, finance, marketing, strategy, economics, quantitative analysis, leadership, ethics and decision making. Thus, the MBA tended to be technical in nature and is well suited to such professionals trained in technical knowledge and skills.
One could argue the relatively recent European model of Master in Management (MiM) better addresses the soft skills of management whilst the MBA retains the analytical structure required by consultants and technical practitioners.
Generally, MBA programs are centred on an essentially standard curriculum and structured around eight to ten core units with specialist units aligned to specialisation majors. Typically, the majority of MBA courses run twelve to sixteen units that may be considered a generalised MBA.
From there candidates may specialise in areas such as finance, human resource management, operations management, logistics, marketing, economics, information technology or educational leadership - to name just a few.
Usually, the program culminates with initial coursework in business strategy with a dissertation or capstone project as the final examination. The de facto course two years full-time study with a number of worldwide institution running accelerated one year, part-time, online and executive courses.
Top tier universities dominate international MBA ratings with the all-important student networks and alumni giving these programs the edge. It has been said, employers don't hire the graduate, they purchase the prestige of the institution, they are probably right.
