Get B-Schooled

Choosing the Right MBA Concentration for Your Career

By Bo Breuklander, Associate, Digital Communications, AACSB International

The task of choosing an MBA concentration may be daunting, especially with the growing number of track choices. But before you choose just any track that looks interesting, keep in mind that your choice should ultimately come down to what you want to do with your career. For instance, how can having a specific concentration help you gain the job you want following graduation? Will this concentration gain the attention of prospective employers who view your resume? What types of advantages will you have after graduation with the particular concentration? 

Depending on how you answer the questions above, you may choose a generic concentration or one that is a more focused option. Today's MBA programs, particularly those at AACSB-accredited schools, offer a wide array of concentration choices. To help you learn more about the unique concentrations that are available (in addition to the traditional concentrations such as accounting, finance, management, and marketing), we've gathered information on several AACSB-accredited schools that offer unique MBA concentrations.

Energy and Environment
The Fuqua School of Business, Duke University, USA

"In this concentration, students will learn about the energy industry, how energy and environmental issues will affect businesses in the future; tools for analyzing energy and environmental problems; and strategies that business can use to succeed in an economy in which energy and environmental issues are much more important than they have been in the past. The variety of business and non-business electives listed below provide the opportunity for a student to choose courses to fit his or her interests, ranging from a focus on specific energy topics to a more general coverage of energy, environment, and sustainability topics."(www.fuqua.duke.edu/student_resources/academics/concentrations/energy_environment/) 

Social Entrepreneurship
The Fuqua School of Business, Duke University

"The Concentration in Social Entrepreneurship is designed for students interested in using their MBA skills in the entrepreneurial pursuit of social impact. MBA skills are seen as valuable and much needed in the social sector, and the core MBA program provides a strong foundation for any student looking to become a successful social sector leader. However, MBAs looking to use their skills and talents for social impact must approach their work thoughtfully, recognizing the unique challenges, opportunities, and qualities associated with trying to create social value. The Social Entrepreneurship Concentration exposes students to the skills, knowledge, and perspectives necessary to pursue social impact entrepreneurially, effectively, and pragmatically. This concentration is designed to serve students who aspire at some point in their lives to be social entrepreneurs, executives in social-purpose organizations, philanthropists, board members, or leading volunteers in their communities and the social sector."(www.fuqua.duke.edu/student_resources/academics/concentrations/social_entrepreneurship/)

Risk Management
Watson Graduate School of Management, Oklahoma State University

Calculating risk has become a main focus of controlling profit margins, enrolling in a risk management program may help you maintain a competitive edge in the market.

"The risk management concentration gives students a solid grounding in quantitative financial economic tools and methods as well as firm general management foundation from the rest of the MBA curriculum." (http://watson.okstate.edu/mba/fulltime/concentrations/risk/

Business Intelligence
Watson Graduate School of Management, Oklahoma State University, USA

This concentration prepares students for jobs in the data analysis, management, statistical methods and financial analysis, and marketing. "The business intelligence concentration requirements will meet requirements for students to earn a SAS certification in data mining, as well as provide a solid general management foundation from the rest of the MBA curriculum."(http://watson.okstate.edu/mba/fulltime/concentrations/bi/)

Telecommunications Management
Watson Graduate School of Management, Oklahoma State University, USA

Since the Internet became prominent, computing and telecommunications have vastly changed the way people communicate and do business.

"The telecommunication concentration provides students with an in-depth understanding of information systems. It provides a solid general business foundation from the MBA curriculum in combination with graduate level TCOM courses." (http://watson.okstate.edu/mba/fulltime/concentrations/tcom/)

Pharmaceutical Management
Rutgers Business School, Rutgers, USA

"Over the last decade, some of the most exciting advances in healthcare have been the result of pharmaceutical research and development. These life-enhancing discoveries have fueled amazing growth in this multi-billion dollar global industry, creating a new demand for talented, motivated individuals with a special knowledge of the healthcare and pharmaceutical industry.

Designed to answer this need, the Rutgers MBA in Pharmaceutical Management is a unique gateway to one of America's most respected and socially beneficial industries."(www.business.rutgers.edu/mba/concentrations/pharma) 

Latin American Business
Hough Graduate School of Business, University of Florida, USA

"This concentration combines broad international business skills with specific understanding of the economic policies, legal and business structures, and sociocultural traditions that shape the context of Latin American business. Language proficiency in Spanish and/or Portuguese is not required for the concentration, but is strongly recommended for students who subsequently decide to pursue positions in Latin American departments of US firms or in Latin American based industries."(http://floridamba.ufl.edu/traditional/concentrations.asp#LAB)

Security Analysis
Hough Graduate School of Business, University of Florida, USA

This concentration “studies financial statement analysis, security applications and corporate finance valuation problems.” (http://floridamba.ufl.edu/traditional/concentrations.asp#SecurityAnalysis)

Sports Administration
Hough Graduate School of Business, University of Florida, USA

This option is “designed to educate students to become administrators in a variety of sports settings. Included are the areas of intercollegiate, professional, and highly organized amateur sports.” (http://floridamba.ufl.edu/traditional/concentrations.asp#SportsAdmin)

Asset Management/Sales and Trading
Darden School of Business, University of Virginia, USA

"This concentration is designed to extend the valuation principles learned in the first-year curriculum to solve complex problems faced by asset managers and sales and trading professionals. The courses expose students to a variety of different financial markets and give students a deeper understanding for how companies are valued, which are critical components for either managing a client’s funds or executing security trades." (www.darden.virginia.edu/web/MBA/Academics/Concentrations) 

Consumer Marketing
Darden School of Business, University of Virginia, USA

"This concentration builds on brand management and will prepare students for careers in organizations where brand leadership is critical—in traditional consumer packaged goods, consumer durables, consumer services, consulting firms and even NFPs. This track focuses on the end-user as "customer,"offering the opportunity to gain insight into how customers search for information, processes that information, make purchase decisions, and become loyal, engaged consumers."(www.darden.virginia.edu/web/MBA/Academics/Concentrations/)

Applying for B-School

By Bo Breuklander, Associate, Digital Communications, AACSB International

Once you decide to apply to business school, it is best to check the requirements again and again. There are many components to consider for both undergraduate and graduate entry.

The application process is tough and getting into a great b-school is competitive. Marketing yourself effectively is an important chunk of the admission process. Research the key faculty members at the school and tailor your application materials, such as a statement of intent, personal essay, or an interview to match the interests of those members and the program as a whole. Do not focus on your test scores, numbers will speak for themselves. Avoid reiterating what is listed on your resume. Instead, focus on information that will help the decision-maker understand why you chose this path and where you want to go from here. Show them that you want to be involved and excel, not just coast through classes.

Bloomberg Businessweek recently performed a Q&A session with the assistant dean of admissions at Columbia University, an AACSB-accredited school. When asked if there were tips to help an applicant stand out, the assistant dean mentioned involvement and participation. Admissions councils avoid potential spectators, while targeting individuals who are active. Many applications provide a section to specify activities not listed on the resume. Be sure to let them know you are well-rounded.

Perhaps most importantly, be yourself and be personable. There is no one else like you. This is the easiest way to stand out. Personal qualities set the tone for your application review because they separate you from candidates with similar resumes. Be sure to highlight your strengths and leadership qualities.

If a school requires a score from a standardized admissions test, such as the ACT, SAT, GMAT, or GRE, take the exam while your math skills are fresh. Do not wait until the last minute. The test scores are typically good for three to five years. If you are unsure of attending b-school now or later, it is recommended you still take the admissions exam—especially the GMAT. Be sure to submit an unofficial score to the school soon after the test, and follow up with the official score when it becomes available.

When deciding on which school is right for you, keep in mind AACSB Accreditation is one of the most important affirmations of a quality business school. AACSB business and accounting accreditation represent the highest standard of achievement for business schools worldwide. Only 5% of schools offering business degrees worldwide meet the rigorous standards of AACSB Accreditation. The process confirms that AACSB-accredited schools provide relevant knowledge and practices, and reflect an understanding of today’s complex business environment.

Once you narrow your list of b-schools and begin applying, do not be intimidated by the process. The application requirements are designed to give the admissions council insight into what the applicant brings to the table. These councils look at the whole picture, and not just one aspect of your application. If you have covered the bases and sent all of the necessary material, you are setting yourself up for success in b-school. The right school will be happy to have you.

Job Outlook for Business Grads

MBAs and Accounting Graduates Look to Fair Nicely

Article has been reposted from BizEd magazine, an AACSB International publication for the business education industry. Visit: www.bizedmagazine.com to learn more about the publication.

Corporate trainer Training the Street (TTS) finds that the vast majority of MBA graduates are still receiving competitive job offers, despite their increasing concerns about employment prospects. TTS’s third annual hiring survey, which was completed by more than 300 MBAs from 25 programs, shows that 10% of respondents are less optimistic about their job prospects than a year ago. That pessimism arises even though 94% have been invited for at least one first-round interview, 78% have received at least one offer, and 50% have received multiple offers. In 2011, those numbers were 91%, 72%, and 41%, respectively.

The largest number of respondents, 49%, note that they have been recruited by major investment banks. Thirty-nine percent say they have been recruited by consulting firms, and 36% by boutique advisory firms. Positions at global financial institutions are still in high demand, with 27% of respondents favoring them as top choices.

In other survey findings, 53% of respondents indicate they obtained positions through campus recruiting, 21% through independent job searches, and 18% based on personal references. Respondents believe the most important factors in securing a job are interpersonal skills (29%) and industry expertise (26%). Forty-seven percent expect their starting salaries to be in the 100,000 USD to 125,000 USD range--which might be why only 7% are dissatisfied with their offers of employment.

Stable Market for MBAs

The MBA job market is stabilizing and more companies are recruiting for full-time positions compared to a year ago, according to research by the MBA Career Services Council. In addition, more alumni have begun to hire their alma maters’ graduates as a result of schools’ efforts to engage past students.

The MBA Career Services Council released the findings of its Spring 2012 Recruiting Trends Survey this summer. The findings show that both on-campus recruiting opportunities and full-time job postings have increased for most schools worldwide. Recruiting has slowed slightly compared with previous years, but only 11% note a decline in recruiting activity.

Survey findings show that 51% of respondents see an increase in on-campus recruiting for full-time jobs, while 69% see an increase in full-time job postings. Increases in recruiting activity are occurring across most sectors, with consulting and technology showing the largest increase. Financial services and government showed the largest decrease in full-time recruiting activity. For more information, visit www.mbacsc.org.

Salaries Rise for Accountants

Accountants’ average total compensation held steady last year, increasing 0.9% from 128,486 USD in 2010 to 129,591 USD in 2011. Those figures come courtesy of the 23rd Annual Salary Survey released by IMA, the Association of Accountants and Finance Professionals in Business, and published in Strategic Finance magazine.

More respondents reported a salary increase in 2011 than in 2010, and the average amount of the increase received was greater, according to the survey. The year 2011 saw 4% more IMA members with a raise: 70% versus 66% in 2010. The average salary increase for these members was 6,135 USD, compared to average increases of roughly 5,700 USD during each of the last three years. More information can be found at www.imanet.org.

Attending Business School in Another Country

There are many universities that offer study abroad programs in business at the undergraduate and graduate level. From summer programs spent traveling with faculty and classmates to semester or year-long exchanges at other schools, there are a lot of options. 

Common Student Exchange Programs

The most common type of study abroad program is the student exchange. This option allows students to take several (the amount varies per program) courses in another country at another school. Most of these programs are pre-established through the universities involved. Meaning, the universities have developed agreements for student exchanges. This enables students to attend classes at the other institution knowing that their credits will transfer back to the home institution.

International Internships

Internships that are abroad are gaining popularity, particular among students that wish to begin their careers in other countries or regions. Many of these internships result in course credits at the home institution. For example, international business students may spend a summer working with a manufacturing company in another region and receive elective credits. Some of these internships are paid, some are not. It all depends on the home institution and the companies that are involved.

Research or Service Exchanges

Mostly at the graduate level, there are opportunities to travel abroad for research exchanges. This is fairly common among faculty members and doctoral students. There also are service exchanges. For instance, a group of MBA students may travel to a remote country to help start a new business, etc. Service exchanges provide great opportunities to learn business, help a developing community, and meet new people.

Studying business in more than one country can provide many learning experiences and opportunties. However, there are a lot of things to consider. For instance, what are the costs involved? And, what are the travel/legal requirments to participate in an international program? All schools that have an established exchange program should be able to help you with these items. With careful planning and help from the home institution, you can make the most of the time and avoid spending a fortune.

Helpful Resources

Find Scholarships to Study Abroad, U.S. News and World Report
StudyAbroad.com, List of scholarships 

Planning for Evening Classes with a Full-Time Job

Besides figuring out how to finance your return to business school, determining how you will manage your schedule of classes with a full-time job should be your next priority. A typical semester is 12 to 16 weeks long. If you are taking back-to-back semesters (such as with an excellerated program or summer term), there really isn't a break from the rigor of lectures, exams, and class projects. Therefore, the routine of days in the office, two to three evening classes per week, and weekends spent studying and keeping up with a household can be extremely exausting. 

Pre-Plan Your Class Nights

For some students, it can be helpful to space out the nights that you are in class. For example, take a Monday and Thursday night class. This will allow you to have a break between your late nights on campus and give you a chance to prepare for each class during the week. Or, if you are someone that prefers to get your classes done at the beginning of the week, plan to do that. Although, this idea doesn't always work out when you have a semester that offers a class you need only on a certain night of the week. 

Talk with Your Employer

Let your employer know that you are taking evening graduate classes. They may allow you to create a flexible schedule, as well as have additional time off during your tough parts of the semester—like exam weeks and final presentations.

Plan for Brain Breaks

If you have a full-time job that requires all day thinking and plan to take a full load of tough courses, be sure to plan time to give your brain a break. One of the biggest complaints of graduate students is that they become "brain fried" half way through the semester. This is why it is so important to plan downtime for your brain. For instance, choose a day of the week that you take off from studying and do something relaxing. Even if it is just staying home and watching TV all evening, a little time away from the books will help you clear your mind. 

Set Yourself Up for Success by Choosing Your Courses Carefully

Hopefully, your program will allow you to choose your course load each semester (most do within reason...Although, cohort programs usually require you to take classes with a group of students, and all programs require that you take certain classes before you take other classes). If you have some flexibility, you want to avoid taking two or three tough classes at the same time. For example, taking finance, statistics, and accounting in the same semester can be very difficult with a full-time job, as these courses usually are demanding and tough for business students. Therefore, try mixing a tough course with other courses that you know you'll have an easier time with (such as ethics or management/leadership).

Checklist: Things to Consider When Choosing an Online MBA

Besides being sure the school's business programs are AACSB-accredited, you'll need to be sure the degree fits your needs and is in your price range. Here is a short checklist of a few items that have been reported as most important when choosing an online MBA:

Download Checklist_Things to Consider When Choosing an Online MBA

For more information and a list of AACSB-Accredited schools with online MBA programs, visit: www.bestbizschoools.com/onlineMBAs.asp 

 

Stuck with the Wrong Degree? It's Not too Late for Business School.

So ... here's where things stand. Six months out of college with a prestigious Bachelor's Degree in Art History and you are back home, living in your old bedroom and contemplating how to make a career out of Cubism. The prospects are certainly grim. The art museum, local elementary school, and art gallery all sent your resume back unread; Mom and Dad are getting on your nerves; and that greeter job at the local supermarket is starting to look mighty tempting. What's a poor Liberal Arts graduate to do?

Well, pilgrim, say goodbye to van Gogh and say hello to Adam Smith and Peter Drucker! Out with Impressionism and in with Capitalism and Management Science! That's right, perhaps it's time to go to graduate school and earn your MBA. After all, you are living in your old bedroom...

According to a recent survey conducted by AACSB International, the average tuition and fees for an MBA degree at a public, accredited university is 18,500 USD. If you don't think that's a bargain, you haven't looked at your annual expenditures on gasoline and fast food. What makes it an even better bargain is the high probability that you will graduate with a real job with a real salary. For example, there have been Wharton MBA graduates that have landed jobs with a base pay of 350,000 USD—although keep in mind that Wharton is one of the top business schools in the world. But still, 60,000 USD a year would be nice. Right?

Now, this doesn't mean to click on the ad on your Facebook page entitled, "Get my MBA from home in three months" either. It means doing your homework and going to a university with an AACSB-accredited MBA program that is the real deal, whether it is online or in the classroom. That's if you want to get a job and earn a decent salary after you graduate. AA...C...S...B...what? An AACSB-accredited school—a school that has earned accreditation from the longest standing, most prestigious, internationally known business-degree program accreditation in the world. You know...schools like Harvard, Yale, University of California, London Business School, to name a few. Long story short, AACSB Accreditation basically makes sure you and your future employer get your money's worth. 

So, how do you find an AACSB-accredited MBA program? First, visit AACSB International's student website, www.bestbizschools.com, and enter the Masters/MBA section where you can search among only AACSB-accredited schools with MBA programs. Or, learn about more specific master's degrees in business, such as in accounting, finance, management, and others. All of which are degrees that provide opportunities for bright graduates like you (and you are bright, aren't you?) abound from Wall Street to Main Street. And if you play your cards right (that means actually attending an accredited school and graduating with honors), one day you just might own that art museum or local supermarket!

Executive MBA, Regular MBA, Cohort MBA, Dual Degree MBA...What's the Difference?

It used to be that MBA programs were basically all the same. But with the demands from business and students leaning toward flexibility and specializations, MBA programs have become quite different. 

The Executive MBA

Most Executive MBAs require that you have professional experience prior to starting the program. They are programs designed for professionals that desire to increase their business knowledge and expand their education. Course schedules are constructed for students that work full-time, such as classes that run from 6pm to 9pm on weeknights and Saturdays. Executive MBA curriculum is tailored to students that have professional experience, therefore, helping them connect the daily activities of the office with theory and practical expertise. Most Exec MBA programs also help students hone their leadership skills and have a better understanding of how to effectively manage and motivate people in the workplace. Overall, they provide professionals a more complete understanding of business from strategy to finance.

The Traditional MBA

Most traditional MBAs do not require that students have prior work experience—although there has been much debate over this requirement among AACSB-accredited schools. Some schools feel students understand the material better when they have several years of work experience, while other schools feel students are better equipped for the workplace after they have a base of business knowledge. Regardless, there is a traditional MBA program for almost everyone. The curriculum is all about business. Your classes will include introductions to accounting, finance, marketing, economics, statistics, human resources, and more. Because many students are full-time, program course schedules vary from evening to day classes. But, you can almost always find an evening version of a class if you work during the day. Traditional MBA programs also are usually held in both full-time and part-time format.

The Cohort MBA

The term cohort basically means a group that has spent time together. A Cohort MBA program is one that is either full-time, part-time, executive, or traditional. It requires an admitted group of students to take the same classes together. The advantages of the cohort style are networking and relationship building among classmates, as well as learning to work with a group of people across multiple subjects for a specified length of time. Depending on your learning preferences, students either love or hate this setup. However, it will surely teach you to work with people that you like and dislike to achieve an ultimate goal (such as a good grade on a project). All of which are things that most people struggle with in the workplace. 

The Dual Degree MBA

The dual degree MBA is becoming a popular option for students. For instance, if you have an undergraduate degree in electrical engineering you could choose a dual degree MBA/MSE program. After graduation (which does take a bit longer than the traditional MBA), you will have an MBA and a Master of Science in Engineering. A degree such as this could position you to advance into an engineering management career.

MBA Programs with Specialized Tracks/Concentrations

Due to the demands from students and business, many schools now offer customizable or specialized MBA programs. For instance, an MBA with a concentration in finance or an MBA with a concentration in marketing. These programs are great for students that want the broad base of knowledge that MBA curriculum provides, yet also want to learn more about a specific area of business.

To learn more about MBA programs and search AACSB-accredited schools, visit: www.bestbizschools.com/masters 

MBA Program Formats: From Full-time to Online

MBA programs at AACSB-accredited schools are offered in many formats. There are full-time, part-time, online, evening, weekend, and one-year programs. Here is a little information about each to help you decide which format is right for you.

Traditional Full-Time Programs

Students are usually considered full-time if they are taking 3 or more classes per semester or a minimum of 9 credit hours. MBA classes are almost always offered during the day and the evening. So even with a full-time job, you can be a full-time student. However, a lot of full-time students do not work full-time due to the difficulty of the classes and schedules.

Part-Time Programs

Part-time programs allow students to take less than 3 classes (or 9 credit hours) per semester. Most schools with part-time programs offer classes in the evenings for working professionals. If you are seeking financial aid or student loans, be sure you are not required to be a full-time student in order to qualify.

Online Programs

There are numerous AACSB-accredited schools that offer online MBA programs. Online programs allow students to take classes through a Web platform. Class discussions are held via chat rooms and posting boards. Quizzes are typically taken online and sometimes tests are as well. Online programs also require additional work such as term papers and other assignments. Students that choose online programs should be self-motivated. It can be easy to not perform well in an online format.

Weekend Programs

Some MBA programs are offered on weekends. These MBA programs generally run all day on Saturday. They are great options for working professionals with children or those that cannot attend classes in the evening. But be sure you can handle 8-9 hours of classes in one day. 

One-Year Programs

Most MBA programs take students 2 years to complete. But, one-year programs are designed to be fast-paced without breaks between modules or semesters.

To search AACSB-accredited MBA programs, visit AACSB's student website at: www.bestbizschools.com. 

Preparing for an Entrance Exam (Like the GMAT or GRE)

Most business schools (especially in the U.S.) rely heavily on standardized entrance exams (at all levels—undergrad, masters, and doctorate) as an admission's requirement. Besides your grades, an exam is the primary method used to select students—especially at the graduate level. Therefore, if graduate business school is on your mind, start studying ahead of time and prepare yourself for success.

There are many resources for test takers—books, videos, classes, practice tests, study groups, etc. But, before you dive into an expensive class, consider how you learn. Do you learn best reading…working problems in a coffee shop…following instructional videos…sitting in classes…or just practicing the real thing over and over? Depending on your learning style, focus your time reviewing the material in a manner that is best for you. After you figure this out, get your hands on all the supplemental materials you can—especially workbooks with loads of practice problems. 

A Few Study Tips

1. Write things down and learn to work the problems quickly and accurately.
2. Know what to look for as soon as you see a problem (many test preparation books teach you what to look for). Ask yourself, what are they asking me to find? And, what is the quickest way that I can find this? 
3. Further, if you can't find the answer know how to eliminate answers (the process of eliminating incorrect answers will help you greatly on test day).

 

A Few Websites for Test Prep

Kaplan, an organization providing classes and materials:
www.kaptest.com

Princeton Review, offering classes and materials on all kinds of tests (even for non-business programs): www.princetonreview.com/business/gmat-test-preparation.aspx

GMAT Official Website, provides practice tests and other resources: www.mba.com/mba/thegmat/prepareforthegmat

GRE Official Website, provides practice materials:
www.ets.org/gre/general/prepare