Despite the rising costs and personal sacrifices required to complete an MBA , the value and the benefits of this qualification for both individuals and corporates have never been in doubt.

For graduates, having an MBA  can jump-start your career  and your earnings potential, signalling your competency and ability to carry out any management  role with confidence, insight and skill. For employers, sponsoring an employee through a costly MBA  programme remains a wise investment as graduates bring new ideas, entrepreneurial skills, strategic thinking and future growth potential to your workplace and put them to work quickly and effectively. A broader business Network , often in new and non-traditional markets, is another key advantage of a modern-day MBA, for both employers and students alike.

It’s not all gleaming news, however, as there are some factors tarnishing the gleam of the MBA crown. In the current global climate, economic pressures are weighing heavily on the job  market forcing employers to focus more on hiring individuals with a specific skills and experience set and less on qualifications alone. The explosion of MBA programmes across the globe and the Internet, many of dubious quality, isn’t helping. Neither are recent international business scandals, some involving prominent business leaders, among them many MBA graduates.

If it’s not about having any old MBA, it’s all about having the right MBA with the right credentials, which is where MBA rankings come into play. In most developing and developed countries, annual MBA rankings put the spotlight on key aspects to consider when applying for an MBA or when sponsoring an employer through an MBA programme. Rankings are an important way in which to evaluate course electives, teaching depth of faculties, the business school’s reputation, study time, fees and return on investment. 

For business schools and MBA programmes, the fight is on to be among the most highly regarded group of accredited schools, able to provide relevant, credible and dynamic teaching. In order to avoid a “fly-by-night” status, placement in MBA rankings seems essential, with the need to feature highly among both students and business leaders.

In South Africa , the Financial Mail Ranking the MBAs is the leading annual survey  of local business schools and MBA programmes. Elements of the ranking include a wide-range of topics such as the number of core and elective courses, motivational factors for undertaking an MBA, eligibility, strategic strength, customer satisfaction, study time and the corporate view of which MBA programmes have the best reputation in business circles.

How top management in the business arena view MBAs is important as they sponsor many students through programmes, reward graduates for their achievements and gauge the content and relevance of skills and knowledge being transferred.
Because business opinions are essential, the FM Ranking takes into account the views of directors at 300 companies around South Africa , including multinationals and major local corporates. The latest ranking, published in September 2011, saw the traditional top four local university schools scoring consistently well but the fight is on among smaller and newer institutions intent on being recognised as providing quality and credible accreditations. The top ten South African MBA programmes ranked by the local business sector include:
1. Cape Town
2. Wits
3. Stellenbosch
4. Gibs
5. Unisa
6. Milpark
7. Potchefstroom
8. Nelson Mandela
9. KZN
10. Henley
Source: Financial Mail, 30 September 2011

Internationally, the Financial Times MBA rankings are the leading global monitor for business schools and MBA programmes. The latest survey , conducted in 2011, listed some of the best-known schools along with some emerging institutions, including the following:
• London Business School (UK)
• University of Pennsylvania: Wharton (USA)
• Harvard Business School (USA)
• Insead (France / Singapore)
• Stanford Graduate School of Business (USA)
• Hong Kong UST Business School (China)
• Columbia Business School (USA)
• IE Business School (Spain)
• Iese Business School (Spain)
• MIT: Sloan (USA)
• Indian Institute of Management, Ahmedabad (India)
Source: Financial Times Global MBA Rankings 2011

The fight for business school prestige and top ratings is inherently linked to their ability to impress all stakeholders. Adapting to a changing global economy, being truly innovative, remaining in touch with new ways of doing business and providing relevant and meaningful knowledge that graduates can apply to real-life situations once they’re outside the classroom are all key drivers.
Just like MBA students require critical thinking and the ability to market their skills, business schools and MBA programmes also need to constantly refresh their vision, immerse themselves in a culture of innovation and explore a dynamic approach to the programmes they deliver.  This is a way to ensure that their offering remains respected, accredited, competitive and sustainable.

As you’ve studied for the GMAT, working hard on researching business schools, and prepared yourself to apply for your MBA , you may not have realized that there are many fantastic programs in Europe – some with more clout and higher rankings than some domestic programs! While there’s no question that American has the most prestigious MBA  programs in the world, there are many excellent European programs which have steadily gained in popularity and clout in the past few decades. Here are five reasons to consider studying abroad while earning your business degree!

1. European schools are cheaper overall. While money isn’t the only consideration in earning an MBA , the amount of debt you take on can vary significantly. Europeans schools are up to $50,000-$70,000 cheaper overall to earn your degree, especially if you consider distance learning programs.

2. More contacts abroad. If you want to eventually work/live in Europe, then what better way to make contacts overseas and launch into that field than at a native business school? You’ll ease yourself into the new culture and have a much greater advantage to those students who stayed at home.

3. Travel opportunities! You’re only young once, as the saying goes, and living abroad is the experience of a lifetime. It will change you much more than staying at home, and as long as the education itself is comparable, you’ll lose nothing by taking the leap.

4. Diverse options. Certain European programs have become incredibly specialized in the focus. Want to do distance learning? Warwick Business School in the UK offers an incredible online program for a little more than $10K a year. Looking for flexibility? The ESADE school in Spain offers 12, 15, or 18 month programs. You’ll find a broad range of specialties, course offerings, and formats in Europe.

5. Shorter programs. Want your MBA as quickly as possible? European programs on the whole tend to be a year shorter, although you will likely have a heavier course load in a European program. But if speed is what you’re after, you’ll probably find a better program abroad!

Check out Grockit’s “MBA Admissions Lesson 1” video course here and make sure you’ve got everything you need for a successful MBA application!

Nervous about applying abroad because your GMAT score is stuck at 600? Set up a 1-hour “triage” session with a Grockit tutor via Skype to discuss effective strategies for all aspects of the GMAT.