How to improve your prospects with an MBA
22 April 2008
   
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Despite costing 5-10 times as much money as other masters courses, and no longer being a passport directly into a well-paid job, the British MBA program still produces 7,000 graduates a year. And it's not just senior managers of commerce and industry; increasingly doctors, teacher, engineers, lawyers and nurses are enrolling on an MBA, indicative of changing roles in the workplace, whereby many professionals and skilled workers are expected to have some business acumen in order to succeed.

MBAs vary to some degree, but most consist of elective modules, core modules and a dissertation. The core modules generally include business statistics, economics, organisational behaviour, accounting, human resources management, marketing, operations management, and business strategy. The dissertation is usually the application of these modules, and may be entirely theoretical.

People undertake MBAs for all sorts of reasons. Using doctors as an example, here are a few reasons why a professional may wish to study:

Professional development and career progression

Doctors who have, or hope to have, managerial responsibility may study for an MBA to improve their chances of securing a better position. Doctors working for pharmaceutical companies may be sponsored to do the course. After attaining the qualification, they may choose, for example, to train in management consultancy, with a view to offering a consultancy service to health organisations.

Educational experience

The intellectual stimulation provided on an MBA course is sufficiently different to medicine that many doctors may pursue it purely for a new educational experience.

Relevance to a particular speciality

The MBA may have particular relevance for those working in occupational health or public health.

With over 100 UK schools running an MBA program, it's hard to know where to start looking for the right one for you. One indicator of quality is accreditation by the Association of Masters in Business Administration (AMBA) – only 32 programs are currently accredited. An unaccredited program is not necessarily of a poor standard, but achieving an MBA at an AMBA–accredited school will certainly stand you in good stead with most management positions. The fees for these schools can exceed £17,000, so make sure you research where you will be able to afford to go.

For more information on how to apply for an MBA visit Ashridge Business School in Hertfordshire, who offer a range of executive education courses. To see what jobs you can expect to gain with an MBA, try Fish4.co.uk.