The Master of Business Administration (MBA or M.B.A.) is a master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out scientific approaches to management. The core courses in the MBA program are designed to introduce students to the various areas of business such as accounting, finance, marketing, human resources, operations management, etc. Students in MBA programs have the option of taking general business courses throughout the program or can select an area of concentration and focus approximately one-fourth of their studies in this subject.
Accreditation bodies exist specifically for MBA programs to ensure consistency and quality of graduate business education. Business schools in many countries offer MBA programs tailored to full-time, part-time, executive, and distance learning students, with specialized concentrations.
Accreditation bodies exist specifically for MBA programs to ensure consistency and quality of graduate business education. Business schools in many countries offer MBA programs tailored to full-time, part-time, executive, and distance learning students, with specialized concentrations.
History
The first graduate school of business in the United States was the Tuck School of Business, part of Dartmouth College Founded in 1900, it was the first institution conferring advanced degrees (masters) in the commercial sciences, specifically, a Master of Science in Commerce degree, the forebear of the modern MBA degree.
In 1908, the Graduate School of Business Administration (GSBA) at Harvard University was established; it offered the world's first MBA program, with a faculty of 15 plus 33 regular students and 47 special students.
The University of Chicago Booth School of Business first offered working professionals the Executive MBA (EMBA) program in 1943, first available in permanent campus in three continents (Chicago, London and Singapore) and this type of program is offered by most business schools today.
In 1946, Thunderbird School of Global Management was the first school to offer an MBA program focused on global management.
In 1950, the first MBA degrees awarded outside the United States were by the Richard Ivey School of Business at The University of Western Ontario in Canada, followed in 1951 with the degree awarded by the University of Pretoria in South Africa. In 1955, the Institute of Business Administration, Karachi was established under the University of Karachi in Pakistan, in collaboration with the Wharton School of the University of Pennsylvania and became the first Asian business school to offer an MBA program under the US MBA model. In 1957, INSEAD became the first European business school to offer an MBA program. In 1986, the Roy E. Crummer Graduate School of Business at Rollins College (Florida) was the first MBA program to require every student to have a laptop computer in the classroom. Initially, professors wheeled a cart of laptops into the classroom.
The MBA degree has been adopted by universities worldwide, and has been adopted and adapted by both developed and developing countries.
In 1908, the Graduate School of Business Administration (GSBA) at Harvard University was established; it offered the world's first MBA program, with a faculty of 15 plus 33 regular students and 47 special students.
The University of Chicago Booth School of Business first offered working professionals the Executive MBA (EMBA) program in 1943, first available in permanent campus in three continents (Chicago, London and Singapore) and this type of program is offered by most business schools today.
In 1946, Thunderbird School of Global Management was the first school to offer an MBA program focused on global management.
In 1950, the first MBA degrees awarded outside the United States were by the Richard Ivey School of Business at The University of Western Ontario in Canada, followed in 1951 with the degree awarded by the University of Pretoria in South Africa. In 1955, the Institute of Business Administration, Karachi was established under the University of Karachi in Pakistan, in collaboration with the Wharton School of the University of Pennsylvania and became the first Asian business school to offer an MBA program under the US MBA model. In 1957, INSEAD became the first European business school to offer an MBA program. In 1986, the Roy E. Crummer Graduate School of Business at Rollins College (Florida) was the first MBA program to require every student to have a laptop computer in the classroom. Initially, professors wheeled a cart of laptops into the classroom.
The MBA degree has been adopted by universities worldwide, and has been adopted and adapted by both developed and developing countries.
Program content
Most top MBA programs cover similar subjects within their core required courses. For information about the typical content of an MBA program's core curriculum, see the overview at the Wikiversity MBA topic page. MBA programs expose students to a variety of subjects, which students may choose to specialize in a particular area. Students traditionally study a wide breadth of courses in the program's first year, then pursue a specialized curriculum in the second year. Full-time students typically seek an internship during the interim. Typical specializations include: accounting, economics, entrepreneurship, finance, international business, management science, marketing, operations management, organizational behavior, project management, real estate, and strategy, among others.
Many individuals choosing a specialized field of study, such as real estate or accounting, are well-suited for their respective industries through pursuing a Master of Real Estate Development or Master of Science in Accounting degree, for example. Other specialized programs include Master of Science in Finance, Master of Science in Information Systems, Master of Science in Supply Chain Management.
Many individuals choosing a specialized field of study, such as real estate or accounting, are well-suited for their respective industries through pursuing a Master of Real Estate Development or Master of Science in Accounting degree, for example. Other specialized programs include Master of Science in Finance, Master of Science in Information Systems, Master of Science in Supply Chain Management.
MBA degree and current financial crisis
The Financial crisis of 2007–2010 has raised new challenges and questions regarding the MBA degree. Graduates of MBA programs have a reported tendency to go into Finance shortly after receiving the degree. As the field of Finance is tightly linked to the global economic downturn, anecdotal evidence suggests new graduates are stepping onto alternate paths.
Deans at top business schools have acknowledged media and public perception of the MBA has shown some shifts as a result of the financial crisis.
Articles about public perception related to the crisis range from schools' acknowledgment of issues related to the training students receive to criticisms of the MBA's role in society.
Deans at top business schools have acknowledged media and public perception of the MBA has shown some shifts as a result of the financial crisis.
Articles about public perception related to the crisis range from schools' acknowledgment of issues related to the training students receive to criticisms of the MBA's role in society.