The MBA (Master of Business Administration) – According to Andrea Masini, director of the HEI, the MBA (Master of Business Administration) has traditionally been the natural choice for candidates aiming for a position of responsibility in consulting and finance or a position of general management in industry. However, it is now also becoming “the preferred choice for candidates who target management positions in other sectors, internationally, or for those who wish to develop management skills with a view to creating a company.”
After a few years of expertise, a more profitable training
“A candidate has little interest in entering an MBA program directly out of a Grande Ecole program or a master’s degree because the content of the training parallels circumstances in professional life,” says Virginie Fougea, INSEAD’s director of admissions. “The ideal candidate has two to ten years of work experience and is between the ages of 29 and 30,” says the HEC Paris MBA director. Each member contributes something unique to the rest of the class.”
The traditional MBA program, which lasts one to two years, comprises “fundamentals” lectures in economics and finance offered by the school’s faculty, who frequently invite outside lecturers to provide a more up-to-date perspective on the business world. There are more professional “electives” delivered by managers, consultants, and practitioners in addition to these theoretical courses.
The material for the lessons is provided by the participants themselves. Each candidate’s potential in this area will determine whether or not he is admitted to the MBA program. “We place a high value on sharing and mutual enrichment, and we rely on diversity when recruiting for promotions,” says INSEAD’s director of admissions. As a result, we meet a wide range of people from all over the world: engineers, architects, warriors, high-level sports, and so on. “All of the candidates are interested in pursuing an international career. They frequently grew up or have previously worked in a multicultural environment.”
A big financial commitment
An MBA becomes more expensive as it becomes more well-known and respected. The average cost of a world-renowned program is €50,000. A price that is explained not only by the salaries of internationally renowned teachers and speakers, but also by the equipment, technologies, and the possibility of study excursions abroad…
Faced with its offspring’ infidelity, companies who were keen to grant MBAs to their most talented young executives in recent decades have gradually ceased supporting these luxury courses. Due to a lack of funds, some institutions, including famous ones, are currently recruiting below their target.
As a result, the applicant is usually always required to pay for his own training. And the sum is rapidly increasing. Because, in addition to the MBA tuition fees, there are additional expenses such as on-campus housing, travel, and the loss of revenue from a paycheck that you will not touch for one or two years… MBAs offer a variety of financial aid, ranging from true scholarships to reduced tuition costs or carefully negotiated bank loan rates, to stay competitive.
Those who want to keep their job and keep their money during their training choose the part-time option (part-time MBA). Several other rhythms are suggested based on the schools. “Part-time at HEC Paris is divided into rigorous one-week modules that occur at regular intervals over the course of twenty-four months. As a result, it’s ideal for people who want to keep working,” Andrea Masini explains.
Faced with highly protected designations (national master’s degree, reserved for universities; Specialized Master, trademark registered by the Conference of Grandes Ecoles, etc.) and a lack of regulations to define it, the term “MBA” is frequently used to “dress up” training that does not meet the most stringent standards.
Given the typical cost of an MBA, it is preferable not to make a mistake. The price reflects the degree of service and training results, as it would with any high-quality product. “At the end of the program, our alumni are able to double their pre-MBA earnings in theory,” says a HEC spokesman. The return on investment of an MBA at INSEAD, according to “Forbes” magazine, is effective two years after graduation.
As a result, it’s reasonable to question the value of pursuing a low-cost MBA that promises miracles but is unlikely to be profitable. Good MBAs don’t cut corners when it comes to assisting their clients in their transition to a new career by managing their relationships with recruiters. Some MBAs have even established themselves as industry leaders (finance, consulting, pharmaceutical industry, etc.). Applicants can get information on MBA partner firms who have hired graduates from past promotions on the websites of reputable business schools and in specialized publications such as the “Financial Times,” “Forbes,” “Wall Street Journal,” “Businessweek,” “Time,” “Newsweek”…
Labels and classifications are quality assurances.
Finally, hesitant candidates can feel secure in their decision to pursue an MBA accredited by the AMBA (Association of MBAs). Only after a thorough audit is this accreditation issued. Schools must do a self-assessment of their strengths and deficiencies. Admissions, aims, professors, market knowledge, globalization, recruitment, and employability are all assessed. This British badge, which is a reference, has been gained by 17 institutions in France.
The “Financial Times” ranking is yet further assurance of the training’s excellence. The British daily releases rankings for each program category throughout the year (full-time MBA, part-time MBA, etc.). Only a few French universities make it into the top 100 worldwide, notably INSEAD, which came in first in 2017.
Contact with the elders, on the other hand, is the best way to get your own idea. Virginie Fougea comments, “It’s a vital step in successfully projecting oneself into the institution, comprehending the network, and recognizing chances.” A network that allows you to get recommendations, hire associates, and locate investors when the time comes.