Guide to MBAs: The MBA maze

Trying to choose your MBA course can be a nightmare. With so many courses on offer, each claiming the same benefits and offering similar modules, and with so many different ways of studying, where do you begin?

Analysing yourself
Who am I? What do I want? Where do I want to go? What are my constraints? These are the sorts of questions you need to ask yourself before ploughing through countless MBA brochures to look at individual courses.

In particular, you might need to consider the following issues:

• Location: do I want to be in a particular town?
• Assessment method: am I better at exams or coursework?
• Motivation: am I prepared to put all the hard work in that an MBA requires?
• Timing: is now the right time to do the course? Would I better off getting Some more work experience first or even a different qualification?
• Cost: how much can I afford?
• Interests: what areas of business am I particularly interested in?

Once you've considered these and other questions, you will be in a much better position to make some well-informed conscious choices when it comes to picking a course.

Full-time MBAs
The traditional (US) MBA is a two-year full-time course, but it's also possible to complete a course in a year. This latter option is very intense and some people argue that it's too short a time for the knowledge to become fully integrated. The advantages of a full-time course are that you can complete the course more quickly and you won't have the distraction of working at the same time as studying. However, you will probably have to give up your job or at least postpone it for a year.

Part-time MBAs
If you've got family or other commitments, this option may be for you. Part-time courses take between three and four years to complete so the disadvantage is obviously that it will be quite a while until you finish it. One plus point is that you can be more flexible in your study, arranging the courses to suit your schedule. However, be aware that classes for a part-time course are usually offered in the evening or at the weekend: are you prepared to give up that precious time?

Distance-learning MBAs
Pioneered in the UK, these courses give even more flexibility than the part-time option. If you can't regularly attend a classroom, this might be your preferred option. Tutor support can be given by telephone, fax or over the internet. This sort of course usually takes between one and seven years to complete. Its main advantage is that if offers maximum flexibility. On the down side, you have less contact with teaching staff and will have to be very self-motivated to complete the work.

Executive MBAs
These courses are usually for executives with significant business experience. This particular MBA is studied on a part-time basis because students usually remain in their job; Fridays or weekends are when Executive MBA students usually attend class. One of the advantages of this route is that companies often sponsor students through the course, especially given that the education from the course can be directly related to the student's own workplace. However, it can be stressful doing a full-time job with an MBA on the side.

To specialise or not to specialise?
Traditionally, MBAs equipped students with general business knowledge. But there are now public sector MBAs, e-commerce MBAs, and MBAs focusing on doing business with eastern Europe and Russia. If you know that you want to be at the top of a specialised field (e.g. healthcare management) and if there is an MBA that focuses on it, then it's probably worth doing. However, if you're still unsure how you career will unfold, then the general MBA will still stand you in very good stead.

UK, Europe or North America?
For practical reasons, some people will have to study their MBA in the UK. However, many people opt for European or North American business schools (such as INSEAD or Harvard) to give their work an international context or because they intend to work in Europe or the US in the future. If you want to break into the US job market, a US-style MBA will certainly help. That said, US MBAs have been criticised for making their MBAs too long and not sufficiently related to the practicalities of the work environment.

Reputation and Accreditation
Don't get these two mixed up. Reputation is important because it influences the perceptions of employers and therefore your future employability. Find out if the course you are interested in has been formally accredited by an independent body such as the AACSB, AMBA, or EQUIS.

Even if the course has got the seal of approval, it's vital for you find out about the quality and method of the teaching at the institutions you are interested in. Having someone famous on the staff doesn't necessarily mean that the teaching will be brilliant. In fact, the most reputable professors often spend more time on research than teaching. So speak to alumni about the standards of teaching, and how it is delivered (lectures, case studies, computer simulations or in-company projects).

MBAs represent a huge outlay of time and money, so do your homework thoroughly if you want to see a good return on your investment.

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