If you’ve made the decision to earn an MBA, it’s paramount that you choose a high-quality program, one that will provide you with a solid business education, valuable academic experience and impressive professional credentials. Consider the following factors:
Accreditation
The most important thing to look for is a program that is accredited by a respected business organization. These groups thoroughly examine business schools and programs to determine whether they meet academic standards. In the world of business education, there are three well-known accrediting organizations that are recognized by the U.S. Council for Higher Education Accreditation, the U.S. Department of Education or both.
The most prestigious group is the Association to Advance Collegiate Schools of Business, which was founded in 1916 and is the oldest business school accreditor. The association has granted AACSB accreditation to 620 member institutions in 38 countries, according to its website.
The second group, the Accreditation Council for Business Schools & Programs, has been dedicated to its mission of promoting excellence in business education since its inception in 1988. Even though ACBSP is fairly young, it accredits 529 campuses and more than 700 MBA programs, according to its website.
The International Assembly for Collegiate Business Education, formed in 1997, is the newest of the three accrediting groups. IACBE accredits business programs and colleges and universities worldwide that demonstrate characteristics of excellence, with more than 230 member educational institutions in more than 20 countries, its website says.
Faculty
When it comes to an online MBA program, the importance of esteemed faculty members who are experienced, educated and innovative cannot be underestimated. Students should be wary of a program in which instructors act more as course managers doing administrative work than actually teaching. Ideally, there should be little to no difference between online and on-campus instructors when it comes to education levels, academic background and professional experience. MBA program faculty members are usually required to have a graduate-level education, professional work experience in an area relevant to business and a specialization or expertise in the course they are instructing. Additionally, online instructors have the added challenge of having to teach students using nontraditional methods, which means they have to make an extra effort to engage and motivate. Therefore, it is also extremely important that faculty members of online MBA programs are tech savvy as they will be required to use a variety of Internet tools to create lessons, direct discussions, distribute information and manage assignments. Once you find a program that you are interested in, spend some time researching the educational and professional backgrounds of faculty members. If you are unable to find enough information, don’t be afraid to contact the school and ask what credentials the online instructors possess and what training they have had to teach successfully in a virtual learning environment.
Curriculum
Quality online MBA programs will consist of the same, or extremely similar, curriculum as that of on-campus ones. Most programs consist of the same assignments, readings, research and activities as their on-campus counterparts. This ensures that there is little difference in education between the traditional and online student. Remember that earning an MBA online doesn’t mean less work, and sometimes may require even more academically from students in terms of activities as they are not required to be present for class time. You can check whether the quality of an online MBA program is the same as that of an on-campus one by comparing the two formats’ required courses, major projects, materials, assignments and examinations.
Technology
Considering that an online MBA program is delivered completely electronically, technology is a key aspect to consider. A high-quality program will take advantage of the most recent technological advances and utilize them to enhance the virtual learning experience. Most programs will be facilitated through a virtual classroom where students can conduct school related activities such as accessing course materials, turning in assignments, streaming instructional videos, participating in discussions, responding to lessons and keeping track of grades. It’s important that these systems have a user-friendly interface that is easy to understand and navigate, as well as an overall design that encourages interactivity, participation and communication. Many schools will let you take a look at the type of software, systems or other technological tools that are used in their online programs to help you decide whether they will provide you with an adequate learning experience.
Ranking
Each year various reputable publications, websites and organizations release their lists of annual college rankings. These rankings are designed to show how academic institutions stack up against one another in terms of faculty, instruction, reputation and student mix. While each publication or organization uses its own methodology to determine ranking placement, common factors include student selectivity, quality of faculty, curriculum, methods of instruction, student satisfaction and employment outcomes. Students shouldn’t choose a school on rankings alone, but they can be a useful tool when comparing MBA programs. A higher-ranked business school may be more likely to provide you with a quality education than one that is not ranked at all. Our next section will tell you more about MBA rankings.
The History of Accreditation
Accreditation in the United States was developed as a means to protect health and safety and to serve the public interest. Communities were growing quickly, and quality standards needed to be set for organizations meeting public needs, such as health care and education. In the 1800s, higher education was gaining ground in the United States, but there were few standards in place to determine the educational quality of an institution and distinguish one school from the next. Accreditation of colleges and universities evolved because students and school officials needed a process to define which campuses met traditionally held standards of educational quality. There was also a growing need to develop national standards for the transfer of credits between foreign institutions and U.S. schools.
Some of the first accrediting agencies in the country were regional ones formed in the 1880s. Accreditation then began to evolve along with the growth of peer review between institutions and accrediting agencies and the advancement of regulation and federal and state legislation. The development of regional standards in quality was the first natural step in the progression of accreditation. Later, national accreditation organizations were developed to set up minimum standards of quality throughout the country.
In 1912, to address the need for national standards, 23 private career schools created the National Association of Accredited Commercial Schools, now the Accrediting Council for Independent Colleges and Schools. ACICS, one of the first national accrediting bodies in the United States, is still one of the most respected and accredits more than 800 institutions in the United States and abroad, totaling a student population of about 700,000, according to its website.
In 1918, the American Council on Education (ACE) was founded to include more schools with varying academic programs and improve the effectiveness of the accreditation process. The ACE still focuses on inclusion of all types of schools in the accreditation process, and its member institutions enroll about 80 percent of all college students today.
During the ’30s, accreditation became common in the United States and was mainly organized and overseen by the accrediting agencies themselves. Then, when the GI Bill was developed at the end of World War II, the government began funding the education of military veterans. The federal government started to depend on accreditation to determine which schools should receive veteran money. Much of this funding would be applied to education in a particular trade or professional area, so there was an increased need for the clear evaluation of professional and specialized schools on a national scale. According to the ACICS website, new accrediting bodies were formed to create national standards for specialized and professional educational programs. Accrediting agencies such as the National Commission on Accrediting (NCA) and the Federation of Regional Accrediting Commissions of Higher Education (FRACHE) were formed to meet this need.
In 1952, near the end of the Korean War, the government passed another measure to provide veterans with educational funding. With the Veterans’ Readjustment Assistance Act, Congress enacted an educational assistance program similar to the GI Bill and also established a requirement that the U.S. secretary of education publish a list of recognized accreditation agencies. This fueled the need for the development of an organization that could provide comprehensive assessment of the quality of accreditation agencies.
In 1996 that organization—the Council on Postsecondary Accreditation (COPA)—was replaced by the Council for Higher Education Accreditation (CHEA). Today, CHEA serves as the primary authority to Congress and the Department of Education on higher education accreditation and the quality of accrediting agencies. So if CHEA does not approve the standards and methodology of an accrediting agency, it will not be included in the U.S. Department of Education’s list of recognized agencies. CHEA also serves as a source to the general public and international audiences on anything related to accreditation in the U.S.
According to CHEA At a Glance (pdf), it’s the largest education membership organization in the United States and includes approximately 3,000 colleges and universities. CHEA members also include 60 institutional and specialized accrediting agencies. The organization is overseen by a board of college and university presidents, institutional representatives and members of the public. CHEA serves as a national resource on facts and current issues in accreditation quality assurance and provides a forum for discussion about emerging topics in accreditation. The organization often enacts projects centered on strengthening the effectiveness of accreditation to better serve public interest and also mediates disputes between member organizations and institutions. CHEA keeps an up to date database of all of its accredited institutions and programs.
Is an MBA Right for Someone Without a Business Degree?
You don’t have to have an undergraduate degree in business to pursue graduate school in the field. Almost all majors are acceptable preparation because an MBA is considered a professional degree, meaning that it is designed to equip individuals for higher-level positions by focusing on the practical side of business management.
MBA programs take an interdisciplinary approach to education, combining various types of business courses to help students develop advanced skills required in management positions. These degree programs are designed for professionals who already have a few years of work experience and want to advance their careers. MBA programs provide students with an educational tool set that is highly applicable in just about any career they may consider.
The Development of Skills
Although students in MBA programs receive a foundational business education, much of the course work focuses on the development of essential skills and abilities. Why is this? Because when communication, leadership and organizational abilities are combined with critical-thinking and problem-solving skills, the result is a qualified professional who is ready to take on the responsibilities of almost any position. Even though the intellectual knowledge gained in an academic degree program is important, when it comes to navigating through the world of business, it’s how you apply that learning that counts. Perhaps this is one reason why MBA programs are open to individuals of all educational backgrounds.
Multiple Paths to an MBA
When it comes to applying for an MBA program, there is no single path that determines acceptance, and each school has different ideas about appropriate academic preparation. Minimum qualifications for students applying to MBA programs can vary, but a bachelor’s degree is always a requirement for acceptance. Business schools take many things into consideration when it comes to who qualifies for enrollment into their MBA programs.
There are schools that favor applicants who majored in a technical field such as science or engineering, while others may prefer a student with a liberal arts major, such as English, philosophy or a foreign language. Still others may look for applicants who had a career-oriented major such as consumer merchandising, journalism or advertising. Many programs prefer applicants who have already begun careers and have some professional work experience. Still, given the versatility of an MBA program, it may not matter at all what your major was in college as long as you received a broad, well-rounded education in which you developed quantitative and analytical skills. Some schools may not consider students’ previous education so much as their GMAT (Graduate Management Admission Test) scores. This standardized examination is used to measure aptitude and predict applicants’ potential for success in a management education program.
Catching Up to Business Majors
Applicants with an undergraduate degree in a business-related field are more likely to have completed the necessary course prerequisites than non-business majors, sparing them from having to take additional classes before they can begin an MBA program. Such courses may include mathematics, statistics, economics, finance, accounting, marketing and management. Prerequisite requirements ensure that students are adequately prepared for and possess the basic business skills necessary to succeed in an MBA program.
Diversity in MBA Education
The MBA is often referred to as one of the most versatile degrees because it can be applied to many fields and pursued by people with various backgrounds. Diversity is a key characteristic of MBA student populations. A study conducted by the U.S. Department of Education found that MBA students in the United States were the most diverse of all those in graduate programs. MBA students come from all walks of life, professional experiences and educational backgrounds. They choose to obtain an MBA for a variety of reasons as well.
First, an MBA program can provide people with essential leadership, organizational and management skills relevant to all professions. It can make them better managers, directors, executives and business owners, as well as give them that extra credential needed to be promoted to lucrative positions. According to College Board’s Education Pays 2010, professional degree holders such as MBAs had median annual earnings of $100,000 compared with $67,300 for those with a master’s and $55,700 for those with a bachelor’s.
No matter what your background, you can put it to good use in an MBA program. The world of business is full of industries, fields, products and services that need professional experts. The varied backgrounds of MBA degree holders are beneficial as each person offers something different regarding ideas, plans, strategies and ventures. So an MBA might be right for you even if you don’t have an undergraduate business degree.
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