Recent years have witnessed a rapid growth in the UK and international MBA market. The increasing demand for training in what is now routinely accepted as the graduate management degree is in part due to the MBA's growing reputation with senior executives in the business world.
There is also a growing recognition - illustrated by the recent implosion of the dot.com bubble - that entrepreneurial vision alone is rarely enough for long-term success. Dynamic leadership and innovative strategy needs to be complimented with the sound theoretical grounding and diverse, up-to-the-minute management skills that only a top MBA can offer.
The benefit of this situation for prospective students is that, as the number of MBA courses available increases, so too does the diversity and choice of options available. However, such diversity often means that the task rcs data of identifying the most suitable course can be a daunting one. This is in no way helped by the increasingly aggressive marketing campaigns that inevitably emerge from such a competitive market.
When considering an MBA, a number of factors emerge as the key criteria on which a decision should be based.
In the past, many MBA providers were slow to adapt to the accelerating pace of change in the business world. The best courses are now updated regularly to keep pace with such changes but students would be wise to ensure this is the case before making a commitment to a course. Bear in mind as well that in business, keeping pace with developments is often not enough. Because of this, institutions with an active and rich research culture - at the cutting edge of strategic innovation - will continue to hold a premium.
Top MBAs are also marked by their flexibility. As the business world continues to embrace the rapid developments in technology, telecommunication and e-business, the need for a flexible and integrative approach becomes a high priority. Courses that offer a wide range of electives, afford flexible choice, and are able to integrate diverse approaches, will help produce graduates who are highly valued assets in the new economy.
Such diversity should also extend to an institution's links with national and international business. Corporate connections offer an invaluable opportunity for MBA students to gain rewarding work experience, apply their understanding of business theory in the real world and develop their network of contacts. For those developing such networks, it is important for an institution to have an active and supportive alumni service. It is also highly advantageous for an MBA provider to be located near a major corporate business region. Indeed, employers commonly hold such institutions in higher regard for this reason.