GETTING AN MBA IN EUROPE
Business schools in Europe have become increasingly popular in recent years for MBA studies. In fact, the latest reports say that the applications filed by MBA aspirants to business schools in Europe have dramatically increased in the past few years and that applications for an MBA degree in European schools have increased by almost 90% since the year 2006. The MBA market in Germany, Switzerland, and Austria covers about one hundred twenty providers and one hundred fifty programs while MBA education in the UK has almost doubled in number in the last 10 years, with over one hundred seventy programs on offer.
There are some underlying reasons as to why pursuing MBA from Europe could be better:
– Cost-effective: European business schools are cheaper than US schools. Even though money is not the only factor when students decide upon an MBA program, it is definitely one of the major factors. European business schools can get cheaper, almost by $50,000-$70,000 overall especially if one considers getting into distance learning programs.
– Specializations: Some programs offered in European schools have become greatly specialized and focused. For example, distance learning at Warwick Business School in the UK provides an excellent online course program for a little over $10K for a year. Again, ESADE School located in Spain provides flexible options with their 12 months, 15 months, or 18-month programs.
– Shorter duration: European course programs are generally shorter as compared to the rest of the world. As such the MBA programs might be just a year-long in European business schools. Even though the course work might prove heavier than usual, a quicker degree definitely works like a balm on that burden.
- MBA Admission:
The admission process to an MBA could be a demanding process, quite complicated and time-consuming too. It is better to be well prepared if you are serious about getting an MBA. An MBA program in Europe always normally requires a Graduate Record Examination (GRE) or a Graduate Management Admission Test (GMAT), and an English Language Proficiency Test like the IELTS. Some of the best MBA Business Schools in Europe prefer having their own admission exam/test to reflect the institute’s specific requirements better. These tests resemble the above-mentioned ones significantly.
The next step of the process is submitting an essay that is aimed at depicting the prospective student’s suitability for the MBA program desired. This essay should be specific to the applied Business School, and shouldn’t be a general essay. The third part of the process are the Letters of Recommendation. These are an important aspect of the application and an important factor when deciding between two applicants who have similar profiles. The final step of the process is the interview. This is usually conducted by the admission office representatives, the business people or the alumni.
- MBA Costs:
The program fee varies between business schools and business programs. They could start with €10,000 for a year and reach up to almost hundreds of 1000s of euros every year. On average, the expense of an MBA program for each academic year has been estimated to be roughly €50,000. However, do not despair; with a salary increase of almost €10,000 to even more than €40,000 a year, an MBA degree can help pay off all the investment or loan easily in about a few years. Additionally, a lot of employers offer financial support to their employees who apply for Executive MBAs in exchange for serving their firm for a longer-term.
- Types of MBA Programs:
– Full Time: Usually one to two years long, these are intense full-time programs with an internship period during the summers. These require time and financial investment, which leads to a better job offer at the end of the course, depending upon one’s scores of course.
– Executive MBA: A subtype of a full-time MBA’s these could be for one to two years. The applicant needs to have prior work experience of at least 5 years in order to be eligible for this program.
– Part-time MBA: This has on-campus courses at the weekends, noon or evenings, which allows students to continue working his/her regular job. This is a useful format for those who are unable to fund a full-time MBA.
– Distance learning or e-learning: In these programs, there are online courses plus exams on campus. Participants can pursue all the activities and learn online, without having to visit the college/university.
- Some of the top business schools in Europe:
London School of Business: The school, with its affinity for social trends and breaking technology, allows it to provide some of the best and innovative tools in education in the market today.
INSEAD: The top-ranked business school, INSEAD with its campuses in Singapore, Abu Dhabi, and France, is one of the world’s most esteemed business schools.
HEC Paris: This business school dominates international and European rankings, and potential employers across the globe know that an Oxford MBA graduate is always a wise investment.
IE Business School: Always ranked among the best MBA programs by the Financial Times.
WHU – Otto Beisheim School of Management in Germany: In partnership with the Kellogg School of Management, WHU provides one of Europe’s best EMBA executive programs. The school’s program, under the management course of ‘Master of Science‘ was listed by the Financial Times as the world’s 12th best program.
Vlerick Leuven Gent Management School in Belgium: One of the top ten business schools in the continent, this school with campuses in Belgium and Russia is also one of the finest positioned business schools for getting a European business degree.
Hubert (Hubert@mbacentereurope.eu) is the Founder of MBA Center, an elite test prep and admission consulting organization collaborating with the best test prep centers in Europe and India. Over the last 24 years, Hubert has developed the World MBA Tour and co-founded ACCESS MBA. Hubert’s passion is teaching, though. Holder of a perfect 800, Hubert has trained thousands of GMAT students, written and developed over 50 TOEFL, TOEIC, IELTS, SAT, and GMAT prep books, software and e-learning platforms.
Hubert has the most impressive track record in the industry with 3,000+ MIM, MIF, MBA, EMBA, and Ph.D. students accepted in the best universities in the world: