Briefly about business education
What is a business school? The answer is not necessary to go far: this is the place where you are taught to do business. As a rule, we are talking about higher education. Main variants of specialization:
- accounting and finance,
- HR management,
- Public relations (PR).
Business education is associated primarily with obtaining an MBA (Master of Business Administration) diploma, but other master’s programs, bachelor’s degree and short courses are offered in business schools.
In the era of automation of production processes, the popularity of business education is steadily growing. After all, someone, and entrepreneurs and managers, robots are unlikely to be able to replace in the near future. The diploma of a prestigious business school is highly valued and very expensive, often tens of thousands of pounds. Fortunately, many large companies themselves pay for training employees, treating these costs as a long-term investment.
The value of business education is indirectly evidenced by high entrance requirements in many business schools. For admission to the MBA you may need to provide:
- Bachelor’s degree,
- motivation letter,
- letters of recommendation from former or current employers,
- Results of testing the thinking and speech abilities of GMAT or GRE,
- IELTS certificate.
Different educational institutions have different requirements for specific indicators, including the personal qualities of the applicant, his test scores and work experience. In a prestigious British business school you will need to prove, for example, that you have worked at least three years in a management position and that you have at least three people in charge.
Who is who
Since business schools often have unique names, appear in the ratings themselves and develop their own image, they are perceived as independent educational institutions. But in fact, most British business schools are subdivisions of universities, in fact – business departments. For example:
- Saïd Business School – part of the University of Oxford,
- Cass Business School – part of City, University of London,
- Henley Business School – part of the University of Reading,
- Adam Smith Business School – part of the University of Glasgow,
- Newcastle Business School – part of Northumbria University,
- Leicester Castle Business School – part of De Montfort University.
Sometimes the school’s belonging to a particular university can be determined by its name, for example:
- Cambridge Judge Business School – part of the University of Cambridge,
- Warwick Business School – part of the University of Warwick,
- Aston Business School is part of Aston University,
- Brunel Business School – part of Brunel University London,
- Newcastle University Business School – part of Newcastle University.
- London Business School is officially considered a college as part of the federal University of London.
Usually, business schools, which do not directly relate to a university, still have their partner universities. For example:
- London School of Business and Management, a partner at the University of Northampton,
- London College of International Business Studies is a partner at Open University,
- London School of Business and Finance – partner of the Italian University UniNettuno.
- Ashridge Business School is the only independent business school in the UK that has the right to issue diplomas on its own behalf.
Advantages of business schools
Why are people willing to invest so much time and money in business education? Why not instead of studying at a business school, do not invest in your own business and do not develop it? On the other hand, why not go to university to study economics or, for example, construction, if you want to establish a construction company? The main advantages of business schools are as follows.
Teachers of practice. As a rule, all professors have extensive experience in the field of business and rely on it in their teaching activities. In addition, students can also exchange experiences with each other, since many of them have a certain working experience.
The method of “cases”. Training is for the most part based on the analysis of cases from business practice (“cases”, from the English case – “case, business, incident”). Thus, the studied material is always relevant, and the acquired skills and knowledge are applicable in real business conditions.
High salary. After graduating from a business school, a graduate can expect to raise wages or get more attractive offers from other companies. For example, according to the Financial Times for 2017, the average salary of a Cambridge Judge Business School graduate three years after receiving an MBA is 131,654 pounds, which is 107% higher than wages before training.
Global network of contacts. In business schools, most students are either already successful businessmen and managers or will soon become such. From this point of view, the business school is an ideal place for the establishment of useful acquaintances, especially given the multinational composition of students.
Flexibility in training. Depending on the interests of the student and the possibilities of the educational institution, you can get a business education with a particular specialization. And not only within the business areas (management, marketing, accounting, etc.), but also in different sectors of the economy (industry, retail, telecommunications, tourism). Many business schools offer online training, as well as courses for managers (Executive Courses) – with an individual schedule or without a break from work. Flexibility can also apply to admission requirements, for example, in some cases, the lack of a bachelor’s degree can be compensated for through extensive managerial experience.
How to choose a business school
In addition to general criteria such as geographical location, student feedback, financial accessibility, there are several specific factors that should be taken into account when choosing a business school.
First, pay attention to the fact, on whose behalf diplomas are issued. If the outsourcing university acts as the issuing authority, then, possibly, having learned about this institution in more detail, you will come to the conclusion that its diploma is not attractive enough for you, or that it is more expedient for you to apply directly to the university. On the other hand, everything can be different, and you will be glad to get a diploma from a prestigious university, having finished studying at a business school at a reduced price.
Secondly, the accreditation of profile associations is a guarantee that training at a business school meets certain quality standards. Of these, the most famous on the global market are:
- Association for the Development of University Business Schools (AACSB) – Tampa, USA,
- Association of MBA (AMBA) – London, UK,
- European Quality Improvement System (EQUIS) – Brussels, Belgium.
Some business schools have double or triple accreditation and use this fact as a competitive advantage. Here are some British business schools with triple accreditation
- Adam Smith Business School,
- Ashridge Business School,
- Aston Business School,
- Cass Business School,
- Henley Business School,
- London Business School,
- Newcastle University Business School.
Cambridge Judge Business School and Oxford’s Saïd Business School have double accreditation: AMBA and EQUIS.
Finally, thirdly, ratings should be recognized as an important tool in choosing a business school. There are quite a few of them, here are some of the most famous:
- European Business School Rankings and Global MBA Ranking from the Financial Times,
- QS Global MBA Rankings,
- Which MBA? from the journal Economist,
- Best International Business Schools from the magazine Newsweek,
- Best Business Schools from Forbes magazine.
Below as an example – the top ten British business schools from the pan-European rating from the Financial Times. The number in brackets indicates the place in the overall standings.
(1) London Business School,
(11) Cambridge Judge Business School,
(12) Said Business School,
(15/17) Cass Business School,
(15/17) Warwick Business School,
(20) Imperial College Business School,
(30) Cranfield School of Management,
(31) Henley Business School,
(34) University of Strathclyde Business School,
(39) Alliance Manchester Business School.