Information About MBA Degree

The Master of Business Administration (MBA or M.B.A.) is a master's degree in business administration (management). The MBA degree originated in the United States in the late 19th century when the country industrialized and companies sought scientific approaches to management. The core courses in an MBA program cover various areas of business such as accounting, finance, marketing, human resources and operations in a manner most relevant to management analysis and strategy. Most programs also include elective courses. The MBA is a terminal degree and a professional degree. Accreditation bodies specifically for MBA programs ensure consistency and quality of education. Business schools in many countries offer programs tailored to full-time, part-time, executive, and distance learning students, many with specialized concentrations. The first graduate school of business in the United States was the Tuck School of Business at Dartmouth College. Founded in 1900, it conferred the first advanced degree in business, specifically, a Master of Science in Commerce, the predecessor to the MBA. The Harvard Graduate School of Business Administration established the first MBA program in 1908, with 15 faculty members, 33 regular students, and 47 special students. Its first-year curriculum was based on Frederick Winslow Taylor's scientific management. At the Massachusetts Institute of Technology, the Sloan Fellows Program was established in 1930 as the first management and leadership education program for executives and mid-career experienced managers. Today, Sloan Fellows graduate with an MBA, an MS in Management, or an MS in the Management of Technology (MOT). The University of Chicago Booth School of Business offered working professionals the first Executive MBA (EMBA) program in 1943, and was the first business school to establish permanent campuses on three continents in Chicago (USA), Barcelona (Europe) and Singapore (Asia). Most business schools today offer a global component to their executive MBA. Since the program was established, the school has moved its campuses and is now based in Chicago, London and Hong Kong. In 1946, Thunderbird School of Global Management was the first school to offer an MBA program focused on global management. In 1950, the Richard Ivey School of Business at The University of Western Ontario in London, Ontario, Canada, awarded the first MBA degrees outside the United States, followed in 1951 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. When the program first started, professors used to wheel a cart of laptops into the classroom.[citation needed] Beginning with the 1992-1993 academic year, Columbia Business School required all incoming students to purchase a laptop computer with standard software, becoming the first business school to do so. The MBA degree has been adopted by universities worldwide in both developed and developing countries. Many programs base their admission decisions on a combination of undergraduate grade point average, academic transcripts, entrance exam scores, a résumé containing significant work experience, essays, letters of recommendation, and personal interviews. Some schools are also interested in extracurricular activities, community service activities or volunteer work, and how the student can improve the school's diversity and contribute to the student body as a whole. The Graduate Management Admission Test (GMAT) is the most prominently used entrance exam for admissions into MBA programs. The Graduate Record Examination (GRE) is also accepted by almost all MBA programs in order to fulfill any entrance exam requirement they may have. Some schools do not weigh entrance exam scores as heavily as other criteria, and some programs do not require entrance exam scores for admission. In order to achieve a diverse class, business schools also consider the target male-female ratio and local-international student ratios. In rare cases, some MBA degrees do not require students to have an undergraduate degree and will accept significant management experience in lieu of an undergraduate degree. In the UK, for example an HND or even HNC is acceptable in some programs.

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