What is MBA ?
The Master of Business Administration, commonly known as the MBA, is an
internationally recognized postgraduate business degree. It is an academic
in character i.e. awarded by universities but yet it stresses on practical
aspects of management. Most universities and institutes that offer MBA
insist that the students must have some level of work experience, the norm
in Malaysia is 3 to 5 years. Most still insist on 5 years as a minimum but
they do make exceptions at times.
Are
there many types of MBA courses ?
The MBA originated from the U.S. with the very first "business school" in
the last century. The world’s most famous one is the Harvard Business
School. Most U.S. based MBA courses are two year full time, commonly known
as the "classic" model.
In recent years, new models have emerged, with short time i.e. from 12 to 16
months instead to two full time years. These one year full time programs are
common in Australia and Singapore. However, two of the best schools in Asia
Pacific (The Melbourne Business School and the Australian Graduate School on
Management) is of the classic model.
The third type of MBA is the part time MBA or commonly known as the
Executive MBA (because it is attended by working executives). These programs
can commonly facilitated by local private institutes of higher learning and
in some local universities. The executives can still keep their jobs and go
for their MBA at the same time. This is what most working people prefer this
model as they find it most flexible i.e. pursuing their careers and study at
the same time.
What do you do in an MBA course ?
Essentially, MBA trains students in the analysis of business problems and
decision making. Most MBA courses covers a wide area of management. They
usually include the four key functional areas of management – human
resource, finance, marketing and operations.
Why get an MBA ?
An MBA qualified manager is highly regarded and often given serious
consideration for senior/top management positions in the industry.
What is the minimum qualification to get in ?
Almost every institute that you ask will require you to have at least your
bachelors' degree, whichever the discipline, be it economics, pharmacy,
engineering, accounting, science, information technology, or commerce. The
other qualification is work experience. Most will insist on 3 to 5 years as
a minimum. This is to ensure that the candidate has reached a certain level
of maturity when they apply.
If you are a fresh graduate, it may be a bit difficult for you to get in,
unless you have excellent results. Our advice to you is to get that work
experience first. Why ? This is so that you can appreciate the MBA even more
and you will gain a deeper level of understanding and learning when you
exchange ideas in your class discussions. MBA stresses on practical
experience rather than academic that is why the institutes insists on work
experience.
How long does an MBA course take ?
Depending on the program you join, it can be anything between 12 months to 7
years. Yes, seven years ! But most complete within 18 to 24 months. Trust
me, you don’t want to be on an MBA course for longer than that!
How are the classes conducted ?
Classes are conducted with lectures with the usual assignments and exams.
Most would require some group assignment where team work is required. For
the part time programs, classes are conducted either weekdays (evenings,
usually from 6pm to 9pm) or weekends (usually one full day, from 9:30am to 6
or 7pm). There also residencies i.e. the class is conducted for one whole
week continuously for a week or two, sometimes three, at a hotel (usually
out of town). You will need to take leave from your work for that.
How much will it cost ?
It depends ... on what type of program you are after. Most part time
programs will cost you from RM24,000 to RM40,000 for the entire course. Most
are about RM30,000 to RM35,000.The distance learning programs are a bit
less, you can get one for less than RM20,000.
Are there any "hidden" costs ?
You bet there is! For a two year part time course, the books and
stationeries will cost anything from RM1,000 to RM3,000, assuming that you
buy every top 4 books on the list for every subject!
Then there are your residential. You may be expected to pay for you own
accommodation. It can run up to RM1,000 for a one week residential at a
local hotel. Do check whether it is covered in the fees you pay.
Overseas traveling is another one. Air fare, lodging, meals when you are
overseas ... you know what we mean ... check whether the fees cover them.
For those who are doing a distance learning program, you will need to invest
on a personal computer or a notebook computer. This will set you back by
RM2,500 to RM7,000. Do check on the Internet access fees and how much you
will be spending doing your MBA via the Internet. Telephone charges, line
charges, Internet Services Provider fees. Do check whether the lines around
you area is reliable i.e. that you do not lose your Internet connection every
other minute!
Do I have to pay 100% up front ?
Almost all institutes allows you to pay on an "installment" basis. You
usually pay at the start of each new semester.
Do I have to pay in a foreign currency ?
In some programs you are required to pay in foreign currency. Either in US
Dollars or in Pound Sterling (UK). Please take note that you will be
required to bear the cost or risk of currency fluctuations.