Tag Archives: Business Schools

When to do your MBA?

By David Falzani MBE, President EIBFProfessional engineer

An MBA is a highly regarded and sought-after qualification for employers around the world. Not only can it leave you standing head and shoulders above your peers, it can transform the opportunities that open up to you as you progress in your career.  One of the questions we are asked by prospective MBA candidates is when to take an MBA. Is there an ideal time? Will I get more out of my MBA depending on when I take it?  The optimal time depends on several factors, but more often than not the answer is a resounding yes.

First, you need to consider your personal circumstances and what stage of life you are at.  Do you have the flexibility to take time out to study? Will your finances hold up? Second, you need to consider your career and how you will really benefit from an MBA. Those with several years’ experience in a business or specialised role such as an accountant, technician or scientist, will have a lot to gain from an MBA. Those with very little experience may still benefit from an MBA – but without the ability to contrast what they are learning with knowledge and experience gleaned from work experience – they will not be getting the most out of it. Or certainly not the same benefits as students who have been in the workplace.

In other words, timing is important.  Let’s take a look at the three MBA categories people can choose depending on their life stage: The Executive MBA, Full-time MBA and MBA straight from university.

The Executive MBA
The Executive MBA is a popular route because it enables you to gain the qualification whilst working, so there is no dramatic change to your personal lifestyle. The Executive MBA allows you to study part-time while actively engaged in employment. It’s very much an educational experience which requires you to link your learning to your ongoing work projects and vice versa. For that reason, it’s essential to take the MBA while you are employed in a role that allows you to make those linkages and reap the benefits.

In order to make the most of an MBA you need to be in a role that will give you the latitude to develop and apply what you are learning. If in doubt, explore each business school’s entry requirements as these will help you to determine whether or not you have the right level of experience and are working in an industry sector/role that will ensure you benefit from studying with the school. A good business school doesn’t just want your fees; they want you to thrive and succeed and therefore help build their brand.

An Executive MBA is a great route for someone who is employed in a role that will allow them to maximise the content of the course, develop/grow and add further value to their company. The Executive MBA is often the number one choice for people looking to balance learning with earning.

Full-time MBA
This is the MBA sweet spot and the most popular route to earning the qualification – candidates usually have between two to six years’ professional work experience.  Typically, full time MBA candidates are in their mid to late twenties.  Business schools are particularly interested in this group for two main reasons.  First, this group has professional experience which they can draw upon and link to the course, and then use it in the classroom to benefit themselves and their classmates. Being collaborative and using your previous experience in the classroom is essential – non-participation is not an option.   Previous experience is crucial to maximise the benefits of a full time MBA. If your work experience is the touch paper on a grill, the MBA is the match that ignites it and really gets things cooking. One without the other generally does not work.

Picture a young graduate with no work experience tackling an MBA. They’ll be able to read, absorb and learn, but without being able to apply those ‘learnings’ to practical experience of work, it’s all theoretical for them. It’s worth bearing in mind that around 25% of what you learn in an MBA is through discussion and collaboration with peers. If a student doesn’t have work experience to bring to the table, he or she may find it hard to relate to some of the concepts that will inevitably emerge, as well as hard to contribute to peer discussions.

Second, business schools are interested in candidates with this level of work experience because they are not so locked into their careers that they cannot make dramatic changes in their thinking and future careers.  Although it’s not a hard and fast rule, by the time people reach their early to mid thirties, they are often very invested in their existing careers, and may have young families and financial commitments such as a mortgage.  Although an MBA is a catalyst for growth and change, helping students to build even more stellar careers, these personal and financial factors make the decision to step out of a secure job and into an expensive and demanding full-time MBA too high risk for people who have been working longer than six years.

So, there is a peak time to take a full-time MBA. That peak may vary slightly from person to person, but you need to demonstrate that you have not only drive and ambition but relevant industry experience and are still able to evolve your career; that you are ready to explore new opportunities that will open up.

From university graduation to business school
This is a bit of a wildcard but it’s worth including because, although it’s rare, it does happen. There are business schools that will take a graduate straight from university, without any or little work experience.  Usually, these candidates have already proven themselves to be academic high-fliers who will benefit from the insights that only an MBA can offer and allow them to go even further in their careers. Furthermore, these students (like all MBA candidates) will meet a diverse group of people and these connections may be useful when entering the workforce.

So, is there a good time to do an MBA?
In order to get the most out of your MBA there most certainly is a good time to apply, but that time will vary from person to person depending on their circumstances and life stage.  You should choose to take on an MBA at a time in your life when you are confident that it will enhance your career opportunities. It’s a huge commitment that requires an investment of time, money and effort and you want to make absolutely sure that it’s going to have a tangible and positive impact on your career prospects.

How to Apply for the Sainsbury Management Fellows MBA Scholarship

If you are a professional engineer considering an MBA as one of the stepping-stones towards a business leadership career, visit our MBA scholarship application page, you could become one of our successful awardees –the individual scholarship is £50,000 and we award ten of these every year.

How 4 professional engineers used an MBA to change their careers

The MBA is a highly desired qualification by both young professionals and employers.  Not only does an MBA equip the student with a wealth of business and leadership skills, it  shows clear signs of an individual’s focus and ambition as well as an adventurous spirit – leaving a secure job to study for an MBA requires not only funds but courage.

MBAs benefit individuals, employers, and the economy. Although it is essential to hone skills in specialist areas, businesses are keen on hiring MBA graduates because they have a deeper understanding of a range of business practices that enable them to be more strategic and agile in their thinking and problem solving.

The MBA opens new career opportunities, helps students to gain better insight into their motivations and goals, and connects them with inspiring professionals who can support their career ambitions long term.  Taking an MBA is a major financial commitment and because of their prestige, the cost of attending the top international schools is high.  Consequently many students seek scholarships to support their studies.  For over 30 years, the Sainsbury Management Fellows (SMF) scholarships have been awarded to professional engineers who have clear leadership potential.   Today, there are 365 SMFs who, collectively, have been awarded £11 million in scholarships to enable them to acquire skills that help UK businesses succeed and the economy growth.

In this blog we introduce four Sainsbury Management Fellows who have used their MBA skills and experiences to steer their careers in new and exciting directions.

Engineering a Finance Career in Green Energy:  SMF Chris Gifford, Senior Risk Consultant, Chief Credit Officer, Vancity Community Investment Bank, Canada

After gaining his engineering degree at Oxford University, SMF Chris Gifford started his fulltime career in the power generation sector. He worked throughout the UK and internationally helping to operate and maintain the control and instrumentation systems of fossil-fuelled power stations.  He progressed into a commercial role, analysing the financial performance of the power stations, which gave him a deeper understanding of business and a desire to pursue his career in a business direction.

Chris decided that he wanted to work in the cutting-edge transition from fossil-fuel to green technology in a business and finance capacity, but he realised that he needed additional business skills to secure a top-level position in a leading company.  Because of his engineering background, prospective employers tended to pigeon-hole him as a techie. Chris knew that gaining an MBA would enhance his skills and make him more marketable.  The MBA, which he undertook at INSEAD, provided not only the vital business skills needed for a career shift, but accelerated an improvement in his interpersonal and leadership skills.

Today, Chris is the Senior Risk Consultant, Chief Credit Officer at Vancity Community Investment Bank in  Ontario, Canada where he uses his combined engineering and business skills to assess the viability and robustness of complex renewable energy proposals from businesses seeking finance, eliminating the need for the bank to use external professionals to carry out additional assessments.  In addition to identifying potential problems, Chris recommends improvements and efficiencies that allow important renewable energy projects to be funded.

Chris’ engineering background is a major asset in his role.  He explained: “My engineering skills are typically applied to evaluate whether businesses trying to access financing have fully understood the complexities for themselves.  There is a bias for optimism and sometimes blind spots when it comes to risk assessment; I provide an objective and pragmatic view on how likely a project is to succeed.”

Switching from a Technical to Management Role:  SMF Dere Ogbe, Shell Corporate Strategy and Portfolio Consultant, UK

SMF Dere Ogbe was appointed Senior Strategy and Portfolio Consultant at Shell after graduating from London Business School with an SMF-sponsored MBA.   He credits his MBA for galvanising his career in this new direction and says he now has the ability to lead both technical and commercial strategy projects.

Before taking his MBA, Dere was a Senior Operations Excellence Engineer at BP Exploration. This was a technical role which involved implementing best practices to drive continuous improvement across joint ventures in Europe, Middle East, and North Africa. This involved cascading business decisions into technical requirements and this gave Dere an insight into how commercial choices drive project design and operational requirements.  This awareness, coupled with the knowledge from courses such as Managing Engineering Projects, sparked his interest in business management.

Dere sites a number of ways that the MBA has helped to transform his career: “It has given me the necessary financial, strategic, and commercial skills to quickly analyse problems and propose possible solutions. The programme also enhanced my data analytical and leadership skills. Also, I feel very comfortable leading a wider range of people with different technical and commercial expertise.  With these additional skills, I can jump into projects and get up to speed quickly.  The part of my job I especially love is the challenge of thinking on my feet, rapidly uncovering the critical factors and, with the team, creating a roadmap to solve the problem.  The MBA has had a transformative effect on my career and leadership skills.” 

Billy Comes to Life Through Engineering and Business Talent: SMF Rob Deering, CEO, Billy, Australia

Before business school, SMF Rob Deeming gained a degree in mechanical engineering at the University of Nottingham. After graduation, he spent five years as a consultant at Bain & Company where he developed practical skills such as problem-solving and collaborative working.  This role gave him the time and freedom to decide what he wanted to do longer term.  He said: “It was an incredible place to start a career. The level of learning, skills development and personal support available in consulting is second-to-none.”

Rob took his MBA at Harvard and says that it gave him both personal and professional perspective: “It opened my eyes to new career pathways, in particular, those which combined his engineering and business skills.”  Since graduating, Rob has lived in both New York and Sydney where he has built several tech-driven businesses, including three start-ups.

The most recent entrepreneurial venture is a technology company, Billy, which addresses the fundamental challenges of caring for seniors, while allowing them to remain in their own homes as independently as possible, on their own terms. Billy uses a series of Internet of Things sensors to identify patterns of behavioural routine for seniors, and shares this information through an app, in real time, with family members and professional carers. Billy can read all the activities of daily living using smart analytics to determine patterns in routine and identify changes before they result in medical emergency.

The future is exciting for both Rob and the company; Billy is growing in size and reputation and is now in 1,000 homes across Australia and the USA. Initial feedback shows that customer confidence is high and there has been a reduction in hospitalisations in the households where Billy is installed.

Winning an SMF scholarship enabled Rob to undertake his prestigious MBA, which gave him the skills to follow his entrepreneurial dreams.

Engineers with Business Skills Transform UK Industry: SMF Ian Peerless, Operations Director, ExRobotics, UK

SMF Ian Peerless and ExRobotics Colleagues

Ian Peerless’ route to an engineering career began at the University of Southampton, where he graduated with a First in Civil Engineering, after which he spent a year with British Leyland in a mechanical engineering role.  The hydrocarbon industry in the North Sea was booming and he was keen to move into that sector, so gained a Petroleum Engineering Masters at Heriot-Watt University and shortly after graduating joined Shell as a Petroleum Engineer and enjoyed an international career for five years.

However, he reached a ‘crunch point’ in his career, as is often the case with young engineers.  At this point there is a choice; to work up through the ranks of a company as a pure engineer or to diversify and move upwards in a different direction.  Ian chose the latter. His interest in business management led him to the MBA, with a scholarship from SMF to attend IMD in Switzerland.

The MBA gave Ian the credibility required to step into a management role; a role that would otherwise been out of his reach. He was one of the first engineers to benefit from the SMF scholarship programme, and proved that having engineers in management roles throughout industrial companies is extremely valuable.

After the MBA he joined British Steel, where he gained a wealth of management experience. He worked in Business Development, Sales, Operations, and finished as the number two in the Business Strategy department reporting to the main board.   After 15 years with British Steel, Ian was enticed back to Shell, where he was a key member of an internal consultancy group.  He travelled the world advising, coaching and facilitating leadership teams on project management and contract strategy.   When that project was completed, he set up an independent consultancy, IPKA where he continued to perform a similar role to the Shell position, but with different oil and gas companies.

In 2010, Ian took on a Shell contract to develop an oilfield robot. He gained extensive knowledge of this specialist robotic niche which led him to form ExRobotics, a company that is tackling the problem of oil and gas operators being sent into hazardous, harsh, and remote locations. The robots can be permanently stationed at those locations, removing people from harm’s way as well as cutting costs and reducing lost production.

Summing up the benefits of the MBA, Ian said: “The MBA gave me skills that I still use in my work. In particular, the ability to understand a business, its markets, its competitive position, and to turn that into an action plan for success.  Furthermore, the MBA made me understand that if you combine the strengths of individuals and create a motivated team, wonderful things happen. The MBA not only changed the direction of my career it also changed my industry.  The combination of my life before the MBA (technical) has been combined with my life after the MBA (management) to create ExRobotics.”

How to Apply for the Sainsbury Management Fellows MBA Scholarship

If you are a professional engineer considering an MBA as one of the stepping-stones towards a business leadership career, visit our MBA scholarship application page, you could become one of our successful awardees –the individual scholarship is £50,000 and we award ten of these every year.

What is an MBA? – by EIBF President David Falzani MBE     

Benefits of Studying for an MBA

The MBA has been around since 1908 when the Harvard Graduate School of Business Administration was established in the USA. Across the world today, the MBA is the watchword for business career success, and prospective students are spoilt for choice as to where and how they study – from the world-leading schools like Harvard and London Business School (which was the first UK business school) to virtual online schools, from full-time courses to part time study.

MBA programmes prepare professionals for senior management roles in business.  Typically, MBAs are taken by those who have already been working for several years, but that’s not always the case.  Some people go straight from their first university degree to study for an MBA degree and this is the beauty of the business school offering; there are options to suit everyone.  This includes MBAs at premium business schools, like LBS or Harvard, and, for want of a better term, ‘mainstream’ business schools.  Courses are available either full-time (30-60 hours per week) or part-time (one or two days per week) and there are Executive MBA programmes for senior corporate executives and managers who study whilst working, and sometimes their study is partially or fully funded by the employer.

Requirements to Study an MBA
To study for an MBA, you will usually require an undergraduate degree.  Most MBAs require a 2:1 or above, but there are some that will accept 2:2 degrees so long as they are paired with an exceptional application and a set of relevant skills and experiences.  Some work experience is generally required; this being the case most MBA students are between the ages of 27 and 30. One important entry criterion to meet, particularly for top schools, is the GMAT exam score. The Graduate Management Admission Test, or GMAT, is designed to test your abilities across a wide range of areas. A good score will often facilitate entry into leading schools, and each school’s GMAT averages are widely published.

Benefits of an MBA
MBAs expose students to many areas of business including accounting, finance, marketing, people management and leadership skills, and full-time courses do so in an intensive, immersive way that challenges and stretches students’ perspectives and thinking.  The MBA experience often pushes candidates hard – the speed and sheer amount of work faced is sometimes described as a re-wiring of candidates’ brains, such that they can think critically and quickly analyse information, filtering out what is important from the irrelevant. The skills taught in an MBA programme enable you to read, assess, structure and plan rapidly; skills that will enable you to find innovative ways of dealing with big problems.  An MBA graduate also gains an up to date and razor-sharp ‘tool kit’ to apply to any business challenge. These aspects are some of the reasons why the MBA has become so highly regarded by employers.

People from all walks of life want to gain an MBA qualification in order to improve their understanding of business and to accelerate their career.  Developing your business skills is not only good for your personal and career growth, but it is also good for companies and organisations and essential for the economy – enhanced knowledge and skills leads to better solutions to problems which can increase productivity, as well as transform products and services that affect people’s lives.

If you are at that pivotal point in your career where you want to learn more about business and the decision-making processes, it’s important to know that as valuable as the MBA is, the programme is not a final destination, it’s very much the start of a longer journey.  In an MBA you will be introduced to many facets of business and gain a foundation that enables you to confidently delve deeper into areas of interest across a range of subjects as you need to.  Because of this solid framework, when you are back in the world of work, it will be easier to go deeper into subjects that are needed in your job. You will be able to understand business issues and explore them at a level you were unable to do before your MBA.

A Wealth of Choice of Business Schools
Every year thousands of professionals start their search for the right business school for them.  At the top of the MBA tree are the premium schools – these are equivalent to Ivy League ranked universities, which often have long histories, coveted brands, outstanding facilities and attract the best staff and candidates.  The institution’s brand, the quality of faculty and quality of student admissions are all perpetuated by each other, creating an institution designed to offer the very best environment for business education.

Gaining a qualification from a top international business school will open new opportunities.  However, their prestige and resources mean they command high fees – some can be as much as 10 times more expensive than mainstream business schools.  On the upside, their brands add considerable value to the graduates’ own personal brand, giving them an additional asset when they go back into the job market.

There is fierce competition to secure a place at the top business schools – because their brands are so revered.  Unsurprisingly, these schools are often 7 to 10 times over-subscribed for places, so getting-in requires some real work.  Candidates must be very driven and highly organised to maximise their chances. Having access to the necessary funds also helps – some will seek assistance with fees by applying for a scholarship (eg through charities) to supplement their private financing arrangements.  Many candidates have a risk profile that allows them to take on loans, confident that their future income growth will resolve any debt soon afterwards.

There are many fantastic mainstream business schools that do not cost the earth.  More and more, universities are developing high-quality MBA programmes.  Excellent business education is on offer but, being newer into the MBA market, these do not have the same historical pedigree and reputation enjoyed by their premium counterparts.

While those who attend the mainstream business schools may not come away with quite such a prestigious brand to append to their own, they receive a rounded business education (perhaps with less of the heightened level of induced stress that the premium schools engender into their programmes) and can use their new skills to further their career goals.

The Enduring Power of the Alumni
Apart from the new skills propelling your career prospects and salary (it’s not uncommon for business school graduates to double their pre-MBA salary), there is a huge ‘hidden’ benefit.  During the MBA, students develop a network of peers that become long-term associates and lifelong friends.  The business school Alumni is a powerful asset – because of their shared experience, members will reach out to each other when they need help or advice at any stage in their business career, whether that’s as a senior-level employee or as an entrepreneur.

MBA – A Cause for Celebration!
The tremendous success of the MBA is a cause for celebration: the diversity of schools (some offering campuses in several countries as part of the curriculum), programmes and study timetables allow many people to attain business education in a way that suits their ambitions and circumstances.  The timescale over which one can study an MBA has transformed access – there are full-time courses that run from nine to 21 months depending on the school, and part-time learning up to five years. Schools can be physical or virtual.  And, there are prices to fit almost all budgets.

It’s come a long way since its origins in 1908, adapting and evolving to meet the market needs. Accessible, flexible and current – today’s MBA is a truly wonderful platform to boost business education.

If you are an engineer considering an MBA, visit or scholarship page for details on how to apply for a £50,000 award.

 

MBA Scholarship Awardees Share their Experiences

£300,000 of SMF Scholarship Awards Help 10 Talented Engineers Attend Top Business Schools

Wharton, INSEAD, Kellogg, Stanford and LBS are welcoming 10 awardees of the Sainsbury Management Fellows MBA scholarship.

The awardees each received £30,000 towards their study costs.  They are Kofoworola Agbaje who chose Wharton; Nicholas Asselin-Miller, Qiang Fu and Andrew Glykys are attending INSEAD; Mukunth Kovaichelvan is studying at Kellogg; Imogen Rye is at Stanford, and the other four awardees – Benjamin Banks, James Diaz-Sokoloff, Matthew Dixon and David MacGeehan – all chose to study at London Business School.

The SMF Scholarship scheme is run by Engineers in Business Fellowship (EIBF) which helps young engineers fulfil their aspirations to become business leaders by supporting them financially in gaining business skills including leadership, strategic thinking, marketing, economics and finance.

The value of Sainsbury Management Fellows awarded now totals £9 million.  During this time the scholarship has helped over 300 engineers forge outstanding careers in diverse areas including the corporate sector, social enterprise, charity, healthcare and education.

The success of the scholarship scheme is measured not only in terms of the career achievements of the SMFs but in their contribution to society.  For example, 153 SMFs have founded or co-founded businesses valued at £4.6 billion, creating 18,000 jobs; 265 SMFs support and mentor young engineers, helping them with career or entrepreneurial goals and 122 SMFs are actively involved with charitable organisations.  Several SMFs teach business and innovation as visiting professors at universities, including the EIBF President, David Falzani.

After graduation, the scholarship awardees become Sainsbury Management Fellows and become SMF Alumni.  Many say that the Alumni is, perhaps, the most rewarding part of winning a scholarship, because of the lifelong support. The Fellows benefit from ongoing career and entrepreneurship mentoring which can often lead to important collaborations and high-level networking via SMF, the Royal Academy of Engineering and other leading institutions.

Commenting on the purpose of the SMF Scholarship David Falzani said, “The world is changing at an unprecedented rate, creating new challenges for UK businesses, these include globalisation, cross-culturalism, the rise of the Asian markets and flux in international politics, the economy, technology and environmentalism.  The need for multi-skilled engineers is actually increasing.  The SMF scholarship expands the pool of business-minded engineers available to employers.  The more SMFs we nurture, the more they can help boards make sound strategic decisions and deal with the challenges arising from new paradigm shifts.”

New Applications Invited
The SMF scholarship is open to engineers with the potential to gain leadership roles early in their careers, who have a clear vision for their MBA study and career aspirations.  Candidates submit a written application and shortlisted candidates undergo a panel interview with members of the Royal Academy of Engineering and Sainsbury Management Fellows.    Find out more about making an application.

To learn directly from 8 of the successful awardees, click the grey panels on the right and read their Q&As.

Will an MBA really make a difference to my career? Choices & Options – David Falzani, SMF President

MBA Blog Part 2 iStock_000061959038_Large EDITED 2

In our previous post in this series, we began to explore in a general sense how an MBA can give your career a huge boost – if you make the most of it and are in it for the right reasons. MBAs give you a toolbox of new skills, enable you to make important contacts, provide access to the school’s brand and help you develop your personal bandwidth. They also can let you gain real-life experience through placements, develop personally as well as professionally, and, of course, specialise.

It’s this specialisation and personalisation that an MBA offers which we’re going to be focusing on today. Of course, choosing the right school is important. Small schools can be tightly-knit communities, inclusive, and cohesive – and may offer unique specialisations. However, they won’t offer as many electives or as much customisation as a larger school, and you may find your thinking will be less challenged at a smaller school.   In contrast, larger schools give you a broad choice of electives and tend to have much larger alumni networks – although it can come at a cost, with such schools sporting, for some, daunting student population sizes.  Thanks to specialised cohorts, however, the size or location of school isn’t nearly as important as programme length and structure.

When it comes to selecting an MBA, you have a wide range of choices and options in terms of course structure, length, and teaching style. We can classify MBAs into three different types: part-time, full-time, and executive. Selecting between them is one of the first major decisions you’ll have to make before applying for an MBA.

Part-time MBAs
Often pursued for their lower financial cost, part-time MBAs are great for people looking to boost their careers without necessarily overhauling or changing things too much – they’re often referred to as career enhancers, rather than career changers. These courses last at least 2 years and you will often be taught during the evenings or weekends.

A part-time course allows you to continue working, which inevitably makes the course less of a financial burden and should put you on a good track to promotion at your current workplace. Some employers will even pay the tuition fees for such a programme in part or in full – but beware, it is likely that you will not have the same access to fellowships or other funding from the business school.

However, the part-time nature of these programmes means you are not exposed to the same intensive learning environment as in a full-time MBA, as we will explore. Whereas you are placed in a tough, immersive environment on a full-time course, typically your central focus in a part-time programme will still be on your day job. You will not be as exposed in your thinking to radical new ideas.  This is why many argue that a part-time MBA is not so much a career changer as it is an enhancer – but if you’re concerned about the cost of tuition, or if you’re set on pursuing promotions in your current job or industry, a part-time MBA could be the right choice for you.

Full-time MBAs
The full-time MBA tends to be the mainstay of most business schools, and with good reason. These are frequently billed as the ‘career changers’ – an opportunity for you to take a complete break from work for up to 24 months and re-evaluate your personal approach, skills set, and mindset towards management.  Of course, as we discussed in the last post, an MBA is what you make it, but a full-time programme is particularly special thanks to the immersive environment it offers.

MBAs attract an incredibly diverse range of people, from a huge variety of personal and professional backgrounds. Like in a real business environment, you will be working with people you may not normally come across in your personal life.

Your interpersonal skills aren’t the only thing that will be tested on a full-time programme. Exposed to new disciplines and what might be entirely new ways of thinking, learning quickly is one of the most important skills you’ll develop thanks to a full-time MBA. The internship opportunities that come as a result of this will open up even wider career opportunities in finance, investment banking, consulting, start-ups, NGOs, and more. In this way, it is not just a career changer, but a potential life-changer.

Full-time programmes aren’t without their issues, of course. There’s the financial element as we’ve already discussed. There’s also a possibility of ‘group think’ developing as a result of working so closely with the same people in such an intense environment. Heterogenity of views can be lost in the process of working together towards common project goals – leading to a lot of people pursuing the same career path after an MBA, such as in consultancy or finance. It’s important to remember that a full-time MBA opens a lot of doors for you, and carving out your own path using the skills and knowledge you acquire is a major benefit of MBA study.

Executive MBAs
An executive MBA is much like a part-time MBA. They’re designed for people who are still working, with flexible timetabling and attendance in recognition of this. They’re designed to be completed in two years or less. The main difference is who they’re designed for: experienced managers, executives, and other entrepreneurs around halfway through their career.

For this reason, the knowledge and skills developed on an executive MBA programme are rarely transformative – instead, an executive MBA is about updating your existing knowledge and skills as well as increasing the number of career options.  Again, they are a career-enhancer.

You will usually be encouraged to pursue an EMBA by your company’s executives, who want to fast-track you ahead in the company hierarchy. While EMBAs do tend to be more expensive than the regular MBA programme, they are usually sponsored by the company – so financial considerations are less significant.

Conclusion
Your career ambitions and tolerance to risk and financial outlay will determine which type of MBA will help you achieve your goals. Once you know the type of MBA you want, you can decide which type of business school will enable you to flourish and make the most of the MBA experience.

Read part 1: Will an MBA really make a difference to my career

You may also be interested in reading interviews with the winners of the SMF MBA Scholarship.