Words | Laura Latham

Are career concerns on your mind at this time of year? If you’re feeling stuck in a rut or not realising
your full potential, an MBA will reignite the powers inside you and give you the edge for getting ahead

THE EARLY MONTHS of the year often prompt
people to undertake a career re-evaluation
– if not to contemplate a complete change
of direction. Maybe you want to move out of
the industry you’ve been in, feel that you’ve
hit your employer’s “glass ceiling” with little hope of
promotion, or just think that you need to learn new skills
that will hopefully give you back your competitive edge.

To gain greater success in the corporate world,
a Master of Business Administration (MBA) degree
is widely regarded as a step in the right direction.
Internationally recognised as a qualification that prepares
individuals for management careers, the MBA is now
offered at hundreds of colleges around the world, and the
high rewards it usually offers mean that gaining a place
at one of the best schools is fiercely competitive.

The basic premise of an MBA is that it offers training
in every aspect of business, from the art of compiling
financial reports to presentation skills, employee
management and operations development.

Some graduates specialise in areas such as purchasing,
finance and marketing, or even in niche businesses such
as wine buying or environmental enterprises, while others
cover all aspects of entrepreneurship.

“A good MBA will stretch an individual and provide
a deep understanding of three important management
and leadership attributes: a knowledge of business
functions, the ability to think strategically and thirdly,
people skills,” states Sean Rickard, Director of the MBA
programme at the highly-regarded Cranfield School
of Management in Bedford.

“Any manager needs to develop these abilities,”
he explains, “but the advantage of doing so
under the supervision of experts on an MBA
programme is that mistakes are likely to be avoided
and students are exposed to contemporary research.”

The calibre of prospective MBA students is extremely
high, given the thorough entry process (usually via
a series of stringent examinations and interviews)
and most candidates already have solid work
backgrounds, though not necessarily at management
level. The international aspect, as candidates come
from a wide variety of countries, is also key to what
makes MBA courses so successful.

“To gain the most from an MBA and engage with
the issues that are analysed, it’s necessary for students
to have worked for a period of years,” says Rickard.
“No self-respecting MBA programme will recruit
students straight from university.”

Another reason for this is that the MBA course is
expensive. Colleges in Europe and the US charge
anything from £15,000 to £40,000, depending on
their reputation, for a one-year, full-time option.
There’s also the question of giving up your income
during the course, which compounds the financial outlay.

Forget any ideas of propping up the student bar,
too. The structure of an MBA is pretty strict, with long
days in lectures and evenings and weekends given up
to project work.

There are cheaper options, such as part-time degrees
over two or more years, which allow you to work and
may even be sponsored by your employer. Or there is
distance learning, via a mixture of internet-based
lessons and occasional meetings with tutors.

The course is tough but there are sound reasons
why students keep queuing up to do it. Salary plays
a big part, with most graduates jumping into highlevel
jobs, paying at least 20% more than they earned
previously. However, it isn’t just about the money but
the chance to broaden your horizons, too.

“In my experience, the typical MBA student is
seeking new opportunities, possibly in another industry
or abroad,” says Rickard. “A good MBA is a proven route
to this.”

SUCCESS STORY 1

A NEW CALLING

Graham England was Head
of Purchasing for a London
petrochemical company. Though
he enjoyed his role, it would take
several years and sideways moves
for him to work his way up.
“I wanted to stay in purchasing but
to move up I needed a different edge and education,” he
explains. “I thought an MBA would increase my net worth.”

He studied this at Warwick University and felt the

WHERE TO DO AN MBA

Where you study your MBA is hugely important. The Financial Times and The
Economist publish global rankings each year and always place US schools in pole
position. Last year, their respective number one rankings were the University of
Pennsylvania, Wharton and the University of Chicago. That’s not to say that Europe
doesn’t score well – it boasts some of the best regarded colleges in the world.
London Business School was ranked fifth by The Financial Times in 2007. Meanwhile,
Cambridge was ranked in seventh place in The Economist’s 2007 list, while it placed
Henley Management College and Cranfield School of Management in 10th and
11th place respectively, London Business School in 15th position and Ashridge in
Hertfordshire is listed 19th.

Other respected European MBA establishments include University College Dublin
in Ireland, EM Lyon Business School in France, Erasmus University in Rotterdam and
the International University of Monaco, a short hop from Nice where you’ll also find
one of EDHEC Business School’s MBA campuses.

Students who need greater flexibility can check online courses, such as Laureate
Online, run in association with the University of Liverpool (www.laureate-inc.com). The
Cass Business School in the City (www.cass.city.ac.uk) has had much success with its
part-time courses. Rankings are subject to varying criteria and tend to alter annually,
so it’s best to review your preferred college’s progress over several previous years.
course both pushed the boundaries of his knowledge and
redefined areas he was already strong in. However, he
claims the social aspects of an MBA are vital. “About 50%
of the learning experience is down to networking,” he says.

His MBA qualification has opened many new doors
since he graduated in 1999. Having moved through several
high-level jobs, England is now Director of Global Sourcing
at Nokia, which involves him overseeing the acquisition of
services, property and employment contracts internationally.

The job offers huge responsibility, as well as global travel
and career advancement, and England is sure he wouldn’t
have had such an opportunity without the MBA.

SUCCESS STORY 2

Former small business owner
David Shephard decided to do
an MBA after splitting with
his business partner and selling
half of the company that they
ran together two years ago.

“I wanted a bigger pool of
opportunity,” Shephard explains. “I have a background
in small business but needed to be able to transfer
those skills to a wider context that would suit
bigger companies.”

He chose to study at Ashridge Business School,
near London, and will graduate this year.

“The course has given more structure to the
experience I already had,” he explains. “It’s helped
me to formulate my ideas and enhanced my
knowledge of business practice.”

“The course has given more structure to the
experience I already had,” he explains. “It’s helped
me to formulate my ideas and enhanced my
knowledge of business practice.”

CONTACTS

• The Association of MBAs (www.mbaworld.com)
  supplies information on accredited business schools
  and runs MBA fairs and events. It also provides
  career and networking services for members.
• MBA Courses Worldwide offers advice on choosing
  the right business school and on the best application
  processes for gaining entry (www.mba-courses.com).
• The Financial Times’ rankings table for 2007 can be
  found on the web at http://rankings.ft.com/globalmba-
  rankings, while The Economist’s most up-to-date
  rankings are also online at http://mba.eiu.com