Choosing MBA - Business School - How to Choose a Management Degree

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CHOOSING A MANAGEMENT DEGREE
IMAGINE buying a brand new car. The salesperson offers you a choice of 15 models. When you ask . what are the differences between the models, he responds, "Well, just the name. And of course the price."
A similar dilemma faces applicants to business programmes in India. There are literally dozens of different styles of graduate business degrees with names as confusing as: Masters of Interna -tional Business Administration, versus: Masters of International Business.
It would be wonderful if all of these programmes met specific market needs. The unfortunate truth is that most of the programmes are similar in content, only varying in name. So, why
have such a complex system? The answer is sad yet simple: It's the result of poor regulation.
A few years ago, California experienced a series of power outages. These were caused when the energy sector was incompletely privatised. The retail price was fixed, while the fuel price was allowed to float. This left the power companies in a position where at times supplying power cost more than it returned. If you lose money on every sale, the smart thing to do is stop selling, hence the power outages.
In the case of Indian business programmes, AICTE —the body that oversees technical education, including management, in India — has good intentions but has restricted the output without sorting out the input. Fees are regulated as well as MBA programme intake, whilst inputs such as rent and staff costs are subject only to market forces.
To get round these restrictions, many clever schools, looking especially at the intake size restriction, have decided to offer MBAs under different names. Hence there are schools offering an MBA, the Masters of Business Administration and an MIBA—a Masters of International Business Administration. The programmes
will often be identical in content and faculty. This would be fine if the true values of the qualifications were recognised. Sadly, most of these degree titles, whilst appearing to be identical to those of the top-most institutions, are not recognised internationally and their equivalence to an MBA will be seriously doubted.
What makes the situation even more confusing is that there actually are internationally-recognised specialist degrees. For example, London Business School offers an excellent financial programme called a Masters in Finance . The Masters in Finance is a great degree for a finance position. It does not, however, prepare the candidate for a general management position like an MBA.
So how should a hiring manager rate your 'Masters in Personnel Management'? Are you the perfect candidate for a human resources job? Are you a suitable candidate for general management?
We cannot really fault the schools here — they are just trying to get by. You have to be careful though. If you want a Masters in Finance then you have to make sure your school is actually offering the programme in practice and not simply in name.
The next question is: Should one specialise? Does a specialised degree better prepare you for a specialist role than someone with a general MBA? After all, most
managers in India believe that the difference between one type degree and another is actually meaningless.
Recruitment mangers all over the world say that applicants with specialist degrees stand out
only because they show dedication to a particular discipline.
That is fine for a first job, but what does it mean in the long run?
Five years from now, will your Master of Arts (Human Resources Management) keep you
pigeonholed in a human resources job? More strikingly, for most roles the applicant was not
considered more prepared due to their so-called, 'specialist degree'.
In top western B-schools, students generally graduate with MBA degrees, pure and simple. How then, do they distinguish themselves? In the west, an MBA degree is actually meant for someone with work experience. An MSc is for freshers and is not highly regarded. Since an MBA graduate has work experience, they already have some specialist knowledge and there is really no comparison between someone with real-world experience and someone with only theoretical knowledge. Take the smartest person in the world that does not know how to swim. Give him a series of lectures about swimming and throw him in the water. He will probably not do so well—he may even drown. Instead, if you take someone who knows how to swim and give them instruction on proper technique, they will swim better — even if they have a mediocre CAT score.
The other ways by which schools distinguish themselves is through working a concept into every course of a curriculum. In-stituto de Empresa (IE) in Madrid is regarded as the top entrepreneurship school in Europe. IE introduces the concept of entrepreneurship early during the programme and touches upon entrepreneurship in every course. Students graduate with a great specialist understanding but with general MBA degrees. Schools with strong reputations in particular fields typically get them from hard work and dedication to a particular field. The best faculty are drawn to the top schools in their fields and reputations often become self-fulfilling. Other exam-
ples of this would include Imperial College (venturing and venture capital); Warwick Business School (marketing management); and Manchester Business School (legal).
SO, what are you to do? First, search around and ask questions. And ask yourself if you really want — or need — a specialist programme and whether that degree will help you in the long-run. Also, ask people in your desired field. Most managers are willing to answer your questions if they are concise. If you do opt for a specialist programme, make sure that the course really is specialised and, more importantly, that the school actually worked with industry to develop the programme. Before you enrol for your Masters in Bollywood Stardom, make sure it will help you get a job as a star.

[By Thor Hendrickson dean of Aegis Business School Muubai (www.aegis-sb.org). He graduated from Massachusetts InstituteofTechnologywitha BSc and then an MBA from London Business School]

Which One is Right For You?
MBE Master of Business Economics
MFA Master of Financial Administration
MFC Master of Financial Control
MIB Master of International Business
PGDIT: Post Graduate Diploma in Information Technology
MCM: Master of Computer Management
MEM Masters Degree in Environment Management
MFM Master in Finandal Management
MHA: Master in Hospital Administration
MHM: Master in Hospital Management
MA(HRM) Master of Arts (Human Resource Management)
MA (IR & PM) Master of Arts (Industrial Relations & Personnel Management)
MHRM & IR Master of HR Management & Industrial Relations
PGPM & IR Post-Graduate Diploma in Personnel Mgmt and Industrial Relations
MIBA Master of International Business Administration
MLM: Master in Labour Management
MMS: Master of Management Sciences
MPIB Masters Programme in International Business
MPACM Master Programme in Advertising & Communication Management
MTA Master of Tourism Administration
MTM Master in Tourism Management
MTQM: Master of Total Quality Mgmt
MMM: Master in Marketing Mgmt
MMT Master of Marketing Technology
MMEM Master of Marketing Economics and Management
MAM Master in Admin Management