GMAT is the essential passport to prestigious global B-schools institutes such as Harvard Business School and Kellogg School of Management with more than 2,000 graduate business programs worldwide require candidates taking GMAT to seek admission.
Mr Wilson is a respected thought-leader and has been associated with GMAC for more than decade. He is an MBA from the University of California (Berkeley), and a Ph.D. from the University of Illinois. He has served as a faculty member in a number of institutions including Harvard University’s Graduate School of Business. Prior to joining GMAC, Dr. Wilson was with Ernst & Young in various senior capacities.
Mr Wilson will write a fortnightly column titled ‘A Global Perspective on Graduate Management Education’ for India’s leading management portal – MBAUniverse.com.
Column by Mr David Wilson:
Greetings. I am David Wilson, CEO of the Graduate Management Admissions Council (GMAC), an association of leading graduate management programs worldwide, including Dartmouth, Harvard and MIT in the United States; INSEAD and London Business School in Europe; and the Indian School of Business in Hyderabad.
I am honored that MBAUniverse.com has invited me to contribute a bi-weekly column on global graduate management education issues, trends, challenges and successes. In this, my first column, I would like to introduce you to GMAC and its resources, and give you an idea of the subjects I would like to explore with you in the weeks and months head.
The Many Dimensions of the MBA
This is a great time to pursue an MBA. Even as economic cycles rise and fall, businesses need expertise that's ready to compete in the global marketplace. That's why demand for employees with MBAs is strong, applications for MBA programs are up, and MBA salaries keep rising.
Mention "MBA" and some people automatically think "two-year, full-time program." But that's just one type of MBA program. Today's MBA comes in many forms.
Traditional full-time programs now sit side-by-side with an abundance of other program options. You can pursue your MBA through weekend programs, evening programs, even morning programs. Typically, you enroll in an MBA program with several years of work experience, but some schools are also targeting students right after their first degree... You can earn your MBA onsite, online, or in programs that take you to several countries. In many cases, it can be combination of these delivery models.
In future columns, I will explore some of the newly emerging options in MBA programs. Today, let's look at four basic types.
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Full-time, two-year programs. Two-year MBA programs are usually four semesters (or six quarters), spread over two academic years, with a three- or four-month break for an internship. The first year includes core courses required of all MBAs. The second year typically allows for functional specialization (a specific concentration of study and elective courses). Such programs can be a wonderful experience for career switchers (those who change job functions or industries) and career enhancers (those who continue in the same job function or industry) who have well-defined career goals, are ready to spend an extended period of time out of the workforce, and have the resources to pay for such an experience.
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Full-time, one-year programs. One-year programs are dramatically different from their two-year counterparts. They usually have very strict prerequisites for either work background or academic training. Program length is typically 11 to 16 months. The program is shortened by reducing the time in core classes, or limiting opportunities to specialize. Students do not work full-time; school is considered their first priority. Career Enhancers benefit from such a program as it allows them to make full use of their functional or industry specialty and saves time in completing an MBA.
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Part-time programs. Part-time MBA programs are designed for working professionals. Most part-time MBA students work full-time during the day and attend classes in the evening. Part-time programs are popular for employees who have a good foundation of experience and want to further their career in a chosen field. They are also a good avenue to support a job or even career change. GMAC research shows that applications for part-time MBA programs are growing faster than for other types of programs. A specialized part-time program can make full use of your current career or industry specialty and save you time in completing an MBA.
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Executive MBA: Executive MBA (EMBA) programs are geared toward enhancing the careers of working executives, many of whom are company sponsored. These programs are for professionals who are already specialists in a field or industry and need to hone their general management skills to continue up the corporate ladder. Business executives gain from such programs because they feature a well-constructed curriculum of several courses in each of the major business disciplines.
Getting an MBA requires a significant investment of time and money. To get the best return on your investment, you need to think very carefully about which type of MBA program is best for you. Ask yourself what kind of program would best serve your unique needs, personal situation, and career goals. You're choice shouldn't be based solely on the most recognized brand, but on your unique set of circumstances.
Because it's the globally recognized credential that makes you competitive in the employment market, the MBA stands out among other degrees. No matter what kind of program you pursue, the MBA will help you stand out, too.
David Wilson is president and CEO of the Graduate Management Admission Council (GMAC) (www.gmac.com).
