Part 1 (1/2)
Get Your M.B.A.Part-Time.
For the Part-Time Student with a Full-Time Life.
by Robyn Frank-Pedersen.
Preface.
When I was in college, I had no clue what I wanted to do with the rest of my life. In fact, for someone who grew up in the ”big city,” I was surprisingly naive. One thing was certain; I knew that attending a good university would ensure at least a few open doors. Or so I thought. After all, isn't life like the movies? You work hard, obtain your degree, and magically land the perfect job complete with fame, fortune, and satisfaction, and everyone lives happily ever after, ”The End”? Okay, so I was a little green-just bear with me.
So there I was, graduating from Brandeis University, my whole life ahead of me, but unsure of where I was headed. Armed with a psychology degree, I was ready to . . . I had no clue! Back in New York City, I used my connections to land several jobs: a.s.sistant to the fas.h.i.+on editor at a woman's magazine, travel agent, gofer at my father's office. All in all, nothing particularly meaningful or permanent.
To my surprise, the degree that I thought would open so many doors essentially led me to: ”How many words per minute can you type?” Using my language skills, I settled on the first administrative position that I was offered. Landing in a French commercial bank appeared arbitrary at first, but things started falling into place and I realized that I was beginning to find my niche.
Convincing people that I could type and actually doing it were two very separate things. In time I figured it out, but I seemed more adept with figures than words and was soon transferred to the accounting area. One thing led to another; one year flowed into the second and the third and the fifth. My direct supervisor at the time was pursuing her M.B.A. at night. When her husband was transferred to South America and she left the bank, I was alone, trying to fill her very large shoes. Maybe it was my family background (as the youngest of three girls, I was always trying to please and make things right) or my compet.i.tive nature (conquer the next obstacle), but I really needed, at that juncture, to prove myself. My bosses felt that I was not ready to take over the vice president position that was recently vacated. They did permit me, however, to do all the work and put in the hours that that position entailed. The lesson I learned was the following: my soft skills needed fine-tuning and I was not experienced enough to take on the management position of a vice president. Time would take care of the latter, but I needed something else to cure the former.
Many, many months of long hours and increasing responsibilities with small promotions and little salary increases led me to another decision. All the kudos and pats on my back at work were not going to get me that big promotion. What would guarantee it is that little square piece of paper called a diploma. My decision was made, and off I went to B-school. The decision of where to go was easy: I followed in the footsteps of my predecessor and attended Fordham University. Going at night would ensure that I would be next in line for the big promotion. The big joke was that in my situation, after taking two or three cla.s.ses per trimester, I was still getting home earlier than I used to from the office! My office was footing the bill and I was a hero.
However, at 30 years old, I was unmarried, working late each night, going to school after work and spending my entire weekends in the stacks at the Fordham library. These were the few concessions I made, yet I never doubted my decisions. My one wish was that I had had a better idea of everything that I was getting into-a guide. Attending school while maintaining a full workload is an extremely challenging and ultimately rewarding endeavor. Being prepared for what lies ahead is a student's best weapon, which is why I was determined to impart some ”insider info” to future part-timers.
Having recently returned to Fordham University to talk with some administrators as part of the research for this book, I was so surprised-and impressed-by the variety of programs now offered. Some were available almost 10 years ago when I started my M.B.A., unbeknownst to me, and I seriously regret not having involved or immersed myself further in the program. I did not do the one thing I advise all of you to do: adequate research. I followed in my boss' footsteps and in the process did a disservice to myself. Had I investigated the various available programs, I may have benefited more from my degree and the M.B.A. experience in general. It was my mistake; don't let it be yours. (Since graduation, I have gone back to Fordham University and audited several courses for a very nominal fee-a wonderful benefit awarded to alumni.) In the next chapters, I will share with you some of my experiences as well as suggestions from your peers, colleagues, employers and educators. I hope to share with you some of my insights-things I wish someone had told me when I was going through the process.
Let's start off with my first piece advice: You can obtain only one M.B.A. Don't rush into it-do your homework carefully and select or create the program that is right for you.
A Special Note for International Students
The M.B.A. (Master of Business Administration) has become a degree of choice for businesspersons around the globe. Variations of U.S.-style M.B.A. programs exist in Asia, Europe, and the Americas. In recent years, hundreds of thousands of international students have studied business and management in the United States.
As the United States increases its partic.i.p.ation in the global economy, U.S. business schools are reaching out to attract exceptional international candidates into their graduate programs. However, compet.i.tion for admission to prestigious programs is heavy and international students need to plan carefully if they wish to enter a top U.S. graduate management program.
If you are not from the United States, but are considering attending a graduate management program at a university in the United States, here is what you'll need to get started.
* If English is not your first language, start there. You will probably need to take the Test of English as a Foreign Language (TOEFL) or show some other evidence that you are proficient in English prior to gaining admission to a graduate program in business. Some graduate business schools now require a minimum TOEFL score of 550 (213 on the computer-based TOEFL), while others will require a minimum of 600 (250 on the computer-based TOEFL). The ability to communicate in English, both verbally and in writing, is extremely important to your success in an American M.B.A. program.* You may also need to take the GMAT (Graduate Management Admissions Test). Some graduate business programs may require you to take the GRE (Graduate Record Examination) as well.* Since admission to many graduate business programs is quite compet.i.tive, you may wish to select three or four programs you would like to attend and complete applications for each program.* Select a program that meets your current or future employment needs, rather than simply a program with a big name. For example, if you hope to work in the hotel and tourism industry, make sure the program you choose specializes in that distinct area.* You need to begin the application process at least a year in advance. Be aware that many programs only offer August or September start dates. Find out application deadlines and plan accordingly.* Finally, you will need to obtain an 1-20 Certificate of Eligibility from the school you plan to attend if you intend to apply for an F-1 Student Visa to study in the United States.
Kaplan English Programs*
If you need more help with the complex process of business school admissions, a.s.sistance preparing for the TOEFL or GMAT, or help improving your English skills in general, you may be interested in Kaplan's programs for international students.
Kaplan English Programs were designed to help students and professionals from outside the United States meet their educational and career goals. At locations throughout the United States, international students take advantage of Kaplan's programs to help them improve their academic and conversational English skills, raise their scores on the TOEFL, GMAT, and other standardized exams, and gain admission to the schools of their choice. Our staff and instructors give international students the individualized instruction they need to succeed. Here is a brief description of some of Kaplan's programs for International Students: General Intensive English Kaplan's General Intensive English cla.s.ses are designed to help you improve your skills in all areas of English and to increase your fluency in spoken and written English. Cla.s.ses are available for beginning to advanced students, and the average cla.s.s size is 12 students.
General English Structured-Study For students needing a flexible schedule, this course helps improve general fluency skills. Kaplan's General English Self-Study course employs the communicative approach and focuses on vocabulary building, reading and writing. You will receive books, audio and video materials as well as three hours of instructor contact per week.
TOEFL and Academic English This course provides you with the skills you need to improve your TOEFL score and succeed in an American university or graduate program. It includes advanced reading, writing, listening, grammar, and conversational English. You will also receive training for the TOEFL using Kaplan's exclusive computer-based practice materials.
TOEFL Test Preparation Course Kaplan's TOEFL course can help you learn test taking skills and strategies to raise your TOEFL score. This course is for intermediate to advanced English learners with a TOEFL score of at least 517 (187 computer).
GMAT for International Students The Graduate Management Admissions Test (GMAT) is required for admission to many graduate programs in business in the United States. Hundreds of thousands of American students have taken this course to prepare for the GMAT. This course, designed especially for non-native English speakers, includes the skills you need to succeed on each section of the GMAT, as well as access to Kaplan's exclusive computer-based practice materials and extra verbal practice.
Other Kaplan Programs Since 1938, more than 3 million students have come to Kaplan to advance their studies, prepare for entry to American universities, and further their careers. In addition to the above programs, Kaplan offers courses to prepare for the SAT, GRE, LSAT, MCAT, DAT, USMLE, NCLEX, and other standardized exams at locations throughout the United States.
Applying to Kaplan English Programs To get more information, or to apply for admission to any of Kaplan's programs for international students and professionals, contact us at: Kaplan English Programs700 South Flower, Suite 2900Los Angeles, CA 90017, USATelephone: (213) 385-2358Fax: (213) 383-1364Website: Email: [email protected] *Kaplan is authorized under federal law to enroll nonimmigrant alien students. Kaplan is accredited by ACCET (Accrediting Council for Continuing Education and Training).
PART ONE.
Getting Down to Business
CHAPTER 1.
The ABCs of the M.B.A.
Over the past few decades, the Master of Business Administration-otherwise known as the M.B.A.-has become the most visible and popular of graduate degrees. With it comes a certain amount of clout and prestige that is unparalleled. More than 90,000 M.B.A. degrees are awarded annually in the United States alone, and the numbers of programs and graduates are proliferating all around the world. In both the business press and more popular media, the behavior and career prospects of M.B.A.'s are repeatedly described, a.n.a.lyzed, and stereotyped. The global selection process for admission to the M.B.A. programs has developed a life of its own, producing hundreds of thousands of GMAT examinations every year, numerous guides and publications, a worldwide recruiting network of admissions forums, and sophisticated ranking systems designed to provide information to prospective consumers of M.B.A. education.
Yet all this media hype has also produced negative publicity. As far back as 1980, a cover story in Time Time, ”The Golden Ticket,” described in unflattering terms ”what M.B.A.'s have done to us.” This theme continued throughout the decade of the 1980s, when soaring Wall Street salaries, greed, and M.B.A.'s became synonymous. In the '90s, M.B.A.'s-with their command of quant.i.tative financial a.n.a.lysis and the latest management theories-were often held responsible for corporate downsizing, s.h.i.+fting of manufacturing overseas, and other scary aspects of 1990s capitalism. During the dot-com craze, many B-school candidates were lured to Internet companies, with their promise of fast fortunes and generous stock options, in lieu of the traditional-and more time-intensive-education route.
So what does this all mean for you, someone who's considering whether or not an M.B.A. is worth the time, effort, and money it will require?
It's necessary to cut through the marketing and media hype to understand a few things about the multifaceted, evolving phenomenon we call M.B.A. education. The fact is that the M.B.A. remains a very good investment for most business careers. For some careers-for example, investment banking or management consulting-it is virtually a prerequisite. Business schools strive to meet the practical needs of business leaders, and it is certainly still the case that those who wish to attain the highest positions in the world of business would do well to get their M.B.A.'s.
The obvious fact about M.B.A. programs is that-like anything else worthwhile-one gets out of them what one puts into them. Usually the enthusiasm and dedication of the student will be more important to his or her eventual success than the ”reputation” or ”ranking” of any one program.
WHAT'S IN A NAME?
All graduate management degrees are not necessarily termed M.B.A.; some might be referred to as Master of Business Studies (M.B.S.) or Graduate Business Administration (G.B.A.), to name a couple. Just because the degree is not called ”M.B.A.” does not necessarily mean it's not what you are looking for. The M.B.A. is a professional degree intended for those who want to pursue a degree in business, management, and administration in order to succeed at an executive level. The M.B.A. compresses all the skills needed to succeed in business, and it permits you to do so in a short period of time. It represents the knowledge and the skills an employee may obtain over the course of many years if he or she is fortunate enough to have interdisciplinary exposure (i.e., accounting, finance, management, information systems, etc.). The degree is pervasive amongst all industries spanning the medical, governmental, academic, and financial worlds. Since its inception, there has been no standard uniformity to the degree-there are many different types of M.B.A. programs, which vary in length, curriculum, and ideology.An M.B.A. Program by Any Other Name . . . Although the M.B.A. is the common name for a graduate management degree, many inst.i.tutions offer substantially the same program with another name-Master of Management (M.M.), Master of Public and Private Management (M.P.P.M.), Master of Administrative Science (M.A.S.), and Master of Science in Business Administration (M.S.B.A.), to name a few. Although the M.B.A. is the common name for a graduate management degree, many inst.i.tutions offer substantially the same program with another name-Master of Management (M.M.), Master of Public and Private Management (M.P.P.M.), Master of Administrative Science (M.A.S.), and Master of Science in Business Administration (M.S.B.A.), to name a few.
If you are looking for a degree that will focus on one specific field, perhaps the M.B.A. is not the right program for you. Many new master's programs are being developed in specialized fields such as International Business, Business Economics, and Information Systems. These are usually one-year, full-time degrees that do necessarily have the same standing as an M.B.A. degree. More traditional master's programs, such as those in economics or finance, may be well suited for the candidate looking for access into very specialized technical or academic fields. To date, though, the M.B.A. is the most renowned and accepted degree for those looking to acquire a well-rounded management background. Later, we will discuss different M.B.A. program concentrations available that allow students to gain additional depth in their specific area of interest (such as marketing, finance, e-commerce, and international business).
Born in the USAThe M.B.A. degree still remains a predominantly American degree-and the one that sets the standard. But there are international alternatives. In the UK, postgraduate degree-level management education was jump-started in the late 1960s with the opening of both Manchester Business School and the London School of Economics.Accredited programs are now popping up all over the world at universities as well as cyber-universities, which are ”located” solely on the Internet. Some of these programs are following the U.S. lead (emphasizing team projects and process management), whereas others develop their own focus. For example, the European Inst.i.tute of Business Administration-INSEAD in Paris, France-is highly a.n.a.lytical in nature.
THE HISTORY OF THE M.B.A.
The idea for a Master's of Business Administration degree was first considered in the United States in the 1950s. From its inception, the M.B.A. designation was intended to provide practical ”hands-on” skills and theoretical experience for the up-and-coming management elite. The degree caught on rapidly, and history has proven the M.B.A. as an excellent long-term investment for students as well as their employers.
The degree is now so pervasive that currently hundreds of thousands of candidates apply to programs each year. As new programs are being introduced to facilitate attaining the degree, such as Internet degrees and shortened programs, this number is on the rise. Although more and more people are able to reap the benefits and status of an M.B.A., the compet.i.tion is getting steeper as more candidates apply for a limited number of spots. Consequently, there has been tremendous growth in less selective programs and Open Enrollment MBA programs, as well as programs from online universities.
The late 1980s revolutionized the M.B.A. degree with the birth of Internet-based programs. The acceptance of such a degree is now widespread-many programs have earned regional accreditation and recognition amongst employers who not only approve tuition reimburs.e.m.e.nt but also value the initiative and maturity of candidates able to demonstrate the motivation to pursue such a program. For an in-depth look at online programs, see chapter TK F.Y.I.: The ”B” Stands for Business”When the Business Week Business Week list of the best B-schools came out, I was surprised when the administrators at my school were so excited about making the list. After all, who wants to be a 'B' school when you can be an 'A' school! Little did I know there was no such thing.” list of the best B-schools came out, I was surprised when the administrators at my school were so excited about making the list. After all, who wants to be a 'B' school when you can be an 'A' school! Little did I know there was no such thing.” - B-school student - B-school student RECENT TRENDS IN B-SCHOOLS.
In Gravy Training: Inside the Business of Business Schools Gravy Training: Inside the Business of Business Schools (Jossey-Ba.s.s Books), authors Stuart Crainer and Des Dearlove take at critical look at the past, present, and future of B-schools. The authors identify the many challenges that schools are faced with as a result of a changing environment. Some new trends and suggestions for future improvements include: (Jossey-Ba.s.s Books), authors Stuart Crainer and Des Dearlove take at critical look at the past, present, and future of B-schools. The authors identify the many challenges that schools are faced with as a result of a changing environment. Some new trends and suggestions for future improvements include: * The U.S. business school model should get international and learn from other cultures. * The U.S. business school model should get international and learn from other cultures.* Business schools should move beyond case studies and focus their attention on people management.* B-schools should recruit from a broader base, end faculty moonlighting, and involve alumni in teaching.* Business schools should increase the number of women in their programs, as they largely remain a male-dominated environment. This is not an accurate reflection of business reality, and until this changes, schools cannot claim to be ”developing tomorrow's leaders.”* Business schools need to make their programs more user-friendly; for example, they need to cater more to students' busy schedules, particularly those who work full time.