Business Administration/MBA
What is the difference between an MBA and a Master of Science?
An MSc is a usually one-year specialization program in, for example, accounting, finance, marketing, international business, economics, and so on. These are generally designed for students who already have an undergraduate degree or other training in economics or management.
An MBA program is a graduate-level professional education that serves as preparation for a managerial position in business. For an MBA program, it is not necessary to have a prior degree in economics. In fact, many universities prefer students who do not have a specific management background. However, Dutch students with a university education do have a greater chance of admission to American MBA programs than graduates of HBO institutions. This is particularly true of the leading universities. Common prior degrees include: technical studies, medicine, or social sciences. However, candidates are expected to have some knowledge of economics and management through their work experience.
A doctorate program in business administration (Phd or DBA) takes three to five years and is for students who want to teach management or aspire to a research position.
The MBA program
For most MBA programs, you must already be a graduate and have several years of work experience before you can apply for this study. An MBA program usually lasts two years and can be general or specialized in nature.
MBA programs usually prefer candidates with at least two years of full-time work experience. Consequently, most US MBA students are between the ages of 25-32. The reason work experience is often a requirement is that students with experience in business can get more out of an MBA program, while contributing more to discussions and projects. Numerical understanding is also important.
Sometimes students are admitted on the condition that they clear gaps in advance by taking a course prior to the official program. In addition, there are some institutions, especially those that use more theoretical teaching methods, that accept students who come directly from college and have only done internships, for example.
What does the MBA program look like?
A two-year MBA program usually consists of three parts: core, concentration, and elective courses. The first year students take an intensive core program, which may include the following courses: accounting, finance, applied economics, organizational behavior, industrial relations, marketing, quantitative analysis, computer science, and business policy. If you are already at home in one of these subjects, you may sometimes be granted exemption by taking tests before the start of the course. If exemption is granted, the required course may be replaced by an elective.
In the second year, you choose a specialization. This can be chosen from the regular offerings, or a unique program can be put together to suit your personal needs. It is also possible at many institutions to obtain a so-called joint-degree. The MBA program is then combined with another program such as public health, public policy, or law (the latter option is only open to students with an American bachelor’s degree). Two degrees can thus be obtained in about three years. The courses do not necessarily have to be taken at the same institution.
Many universities use the case study method, originally developed at Harvard Business School. This method involves studying and discussing situations from business in working groups. There are also institutions that use a more theoretical, analytical and less hands-on method. Most universities use both methods interchangeably. Schools that are more focused on the case study method are Stanford, Dartmouth, University of Virginia, University of Michigan, and Wharton (University of Pennsylvania). The more analytical and theoretical method is used at MIT, Carnegie Mellon, Indiana University, and the University of Chicago.
Applying for an MBA
There are several criteria by which you can pick a university. For example, you can look at the selectivity and reputation of the school, appropriateness of the program to your goals, teaching method, number of students, specialization options, faculty employed at the institution, and cost and financial aid.
For information about the application process, you can follow the general roadmap on this website. In addition, there are a number of websites specific to MBA programs.
Several newspapers and magazines also offer information about MBA programs on their websites, both about specific programs and background articles.
MBA programs generally require a score on the Graduate Management Admissions Test (GMAT). You can read more about this test in the admissions testing section.
Funding an MBA
American universities offer limited financial aid for MBA students. Only the best students are eligible for partial scholarships from the university itself.
Students applying to an MBA program or graduate program in economics may be eligible for a KHMW Eizenga scholarship. The scholarship is $50,000. The application process is through the Fulbright Commission.