Executive SummaryEnter the Entrepreneur                      Tomorrow’s MBA                      Prospective MBA students ...
carringtoncrisp    © CarringtonCrisp March 2011    All rights reserved.    Reproduction in whole or part prohibited withou...
tomorrow’s mbaEntrepreneurship is not new to the MBA, but for many years the focusfor many MBA students has been banking, ...
carringtoncrisp                                     Enter the Entrepreneur                                     The interes...
tomorrow’s mba      Although career remains important, earnings have dropped back in      recent studies carried out by Ca...
carringtoncrisp                                                    However, dismissing ethics and CSR as irrelevant for MB...
tomorrow’s mba  Figure 4. Factors affecting your view of the MBA qualification                                            ...
carringtoncrisp                             However, when it comes to finding out about MBA programmes,                   ...
tomorrow’s mbaThe MBA brand, in the simplest sense, is strong among bothcandidates and employers, especially in Asia and i...
carringtoncrisp                         We would like to take part in the next round of the Tomorrow’s MBA study.         ...
tomorrow’s mbaWe would like to thank the following organisationsfor their help in promoting this study:                   ...
European Foundation forManagement Developmentrue Gachard 88 box 3 B-1050Brussels, BelgiumTelephone: + 32 (0)2 629 0810Emai...
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Tomorrows mba 2011 - Enter the Entrepreneur

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Tomorrow’s MBA - Prospective MBA students set out their views on what they think of the MBA qualification, what they expect from the business school experience and what they want to study. Source: http://www.carringtoncrisp.com/tomorrows_mba

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Tomorrows mba 2011 - Enter the Entrepreneur

  1. 1. Executive SummaryEnter the Entrepreneur Tomorrow’s MBA Prospective MBA students set out their views on what they think of the MBA qualification, what they expect from the business school experience and what they want to study.
  2. 2. carringtoncrisp © CarringtonCrisp March 2011 All rights reserved. Reproduction in whole or part prohibited without prior permission of the authors. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means without prior permission of CarringtonCrisp, ABS and EFMD.2
  3. 3. tomorrow’s mbaEntrepreneurship is not new to the MBA, but for many years the focusfor many MBA students has been banking, finance and consulting. Thesecond Tomorrow’s MBA study suggests this focus is shifting and thatentrepreneurship may be the trend of the future.The Tomorrow’s MBA study was first run in 2009/2010 to try andunderstand if the economic recession, and the criticism that the MBAreceived following the collapse of several banks, had an impact on More MBA schoolsprospective MBA students. If anything the study suggested a should offer e-learningstrengthening of interest in the qualification, especially in Asia. MBA’s with an option to specialise. On-lineResearch for the second year of the study took place in streamed lectures andNovember/December 2010. Potential respondents were contacted live workshops shouldthrough social media, online advertising and banner adverts on a be included withnumber of business school websites. Responses were received from interactivity playing a476 prospective MBA students in 79 countries. major role.In addition to a global report and executive summary, individualbusiness schools receive data across all questions broken down bypreferred delivery mode – full-time, part-time or distance learning, bynationality of respondents and by those respondents interested instudying at their school, providing powerful information for marketingand operations. Schools also received a desk-based review of themarketing of their MBA programme.Figure 1. Content considered important for an MBA programme50%45%40%35%30%25%20%15%10% 5% 0% 3
  4. 4. carringtoncrisp Enter the Entrepreneur The interest in entrepreneurship is seen in many aspects of the Tomorrow’s MBA study, but especially in valued course content and what candidates seek from a business school and the MBA programme. Offered 30 pieces of content typical of an MBA programme, respondents said they most valued Strategic Management, Leadership and Managing People and Organisations; the same three as last year’s study. However, the new entrant to the top five is Entrepreneurship which last year only featured in the top five of candidates from Africa and North America. Whether it’s in response to a changing job market where there are fewer opportunities in banking and finance than prior to the economic crisis or whether this is a longer term trend away from large organisations is unclear. However, even among part-time MBAs entrepreneurship is popular suggesting that the skills of enterprise are valuable as much when setting up a business as they can be within an existing business. One conclusion that might be drawn is that an MBA is the wrong qualification for someone looking for entrepreneurship. However, those taking part in the survey continue to show great enthusiasm for the qualification. Asked whether they had become more or lessFor distance learning, schools positive about the MBA, less than 10% of the sample indicated thatshould include class lectures on they had become more negative.DVDs, provide students withschool email accounts, create a The MBA in itself is a brand, and means something to mostforum for ongoing interaction employers. A student with a Masters in Business Entrepreneurshipbetween MBA candidates. In may have just as rigorous an academic experience at a highlyother words, make students prestigious business school, but it may be less clear to an employerreally feel like they are part of how that qualification compares with an MBA from the same school.the university / college and their Only slightly more than 20% of respondents said they would considerchoosen program. studying a specialist Masters rather than an MBA. Thinking differently Further evidence about the rise of entrepreneurship can be seen when respondents to the survey are asked what they want from a business school and MBA. While around 60% say that they want an MBA that will improve their career prospects, the second and third choices are that will provide me with new skills and that will challenge me to think differently. An MBA that will improve my earning potential is only the fifth most important factor, chosen by just over a third of all respondents.4
  5. 5. tomorrow’s mba Although career remains important, earnings have dropped back in recent studies carried out by CarringtonCrisp, a result confirmed by this year’s Tomorrow’s MBA study. Driven by the labour market and a narrowing of the salary increases recorded by MBAs from different schools, candidates are seeking a wider return on the investment they make in their MBA. A wider mix of skills plays to the potential entrepreneur who may MBA courses should be more industry oriented need to be able to manage a range of tasks to drive success in their and focused on field business. Similarly, with flatter corporate structures, those still working work, rather than making when doing their MBA recognise that a move sideways in to a different students bookish. type of project may be the best way to move up in an organisation in the medium term. Responsible or ethical? Another feature of the first Tomorrow’s MBA study was an apparent lack of interest among candidates in Ethics and Corporate Social Responsibility in the MBA curriculum. Offered 30 pieces of potential MBA content and asked which they valued most, respondents to the most recent study placed Ethics and Corporate Social Responsibility among the five least valuable. Figure 2. Factors considered important when selecting an MBA programmethat has programme content informed by close links with business and industry that has t d t ith th t h students with a wide mix of experience id i f i with small class sizesthat includes tth t i l d a strong f focus on corporate social responsibility/ethics i b i t i l ibilit / thi in business with work experience opportunities with international study options with flexible study options (e.g part time, evening, distance learning) that offers good value for money that has a good range of modules available for study that will provide me with new skills that will improve my earning potential that will improve my career prospects that will challenge me to think differently that combines academic theory with real world application that has content I can tailor to my needs that includes a specialist subject as an option that has strong practical content 0% 10% 20% 30% 40% 50% 60% 70% 5
  6. 6. carringtoncrisp However, dismissing ethics and CSR as irrelevant for MBAs would be a mistake. Further qualitative research with current MBAs and MBA candidates suggests that ethics and CSR are only rejected when presented as stand alone modules. Instead, just as candidates expect internationalism to run through all of their studies, they also expect ethics and CSR to be ever present. While few jobs are advertised at business schools for ethicists, responsible management is often highly desired by employers. Changing and staying the same The changing nature of the MBA market can also be seen in other parts of the MBA marketplace. The percentage seeking full-time programmes is down slightly on last year, while those wanting the flexibility of part-time study has grown by a small amount. Only inBest insight about MBA North America do more than 50% of the sample indicate that theyprograms came from meeting want a traditional 2 year MBA programme. Across the sample, morefriends of friends via Facebook, respondents want blended learning rather than traditional academicconnecting with MBA grads on terms and office hours.Twitter and visiting schools andgoing out with MBA students. Figure 3. Websites used by respondents when deciding where to study Other PagalGuy ChaseDream BusinessBecause LinkedIn bestbizschools.com gradschools.com mbaprograms.org MBA.com accessmba.com Yahoo Google worldclassmba.com topmba.com BusinessWeek.com Masterstudies.com Economist.com MBAworld.com MBAworld com Facebook FT.com YouTube University/business school website 0% 10% 20% 30% 40% 50% 60% 70%6
  7. 7. tomorrow’s mba Figure 4. Factors affecting your view of the MBA qualification Other Media coverage of the global crisis Working with MBA graduates Visiting business schools Meeting MBA alumni Blogs about and by MBA students and graduates General media coverage of business schools Marketing by business schoolsMedia coverage about the role of bankers with MBA degrees 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Not at all A little Some A lot A great deal Not applicable Figure 5. Importance of rankings in decision making split by national group Not known Other Asia MEast Pakistan India Not important at all Not very important Oceania Neither important nor unimportant i NAmerica Important SCAmerica Africa WEurope EEurope 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 7
  8. 8. carringtoncrisp However, when it comes to finding out about MBA programmes, tradition still has a role to play. Media titles such as the Financial Times, Business Week and The Economist still play an important part in helping candidates find out about business schools. Although Google and the university/business school website are chosen as the most important tools when seeking information about what and where to study. Social networks are growing in significance and not just facebook and LinedIn, but services such as Orkut and Xianoei which are strong in particular markets. Blogs are growing in importance, especially in North America and India. Twitter is unused by 80% of the respondents and although iTunes is slightly more popular it too is unused by almost two-thirds of the sample. Despite the role of electronic media, when asked what had the greatest impact on their perception of the MBA, the answer was overwhelmingly people, either when visiting business schools, meeting MBA alumni or working with MBA graduates. Information gathering may be dominated by electronic media, but decision making still tends to only take place after a conversation with an alumnus or school staff member.Too often the well The other highly significant factor in choosing where to study are theproduced brochures do rankings with 69% of respondents describing them as important ornot match the reality. very important; 61% ascribe the same value to accreditation.Some staff have very poor Business schools can also take some comfort from the survey resultscustomer focused skills. in that a large majority of the sample prioritise choosing a business school with a strong academic reputation. Rather than look to a private provider of management skills, candidates prefer an academic institution, knowing that a potential future employer will recognise the business school over the private provider. What flavour MBA do you want? The MBA market is changing, of that there is little doubt. However, there is uncertainty about what it will look like in the future. The MBA itself remains a popular qualification, but there are likely to be many different flavours of MBA – the full-time, the part-time, the hybrid; delivered in the classroom, at a distance or blended; over one year, two years, three or even more; and with a focus on finance, entrepreneurship, leadership, people and strategy.8
  9. 9. tomorrow’s mbaThe MBA brand, in the simplest sense, is strong among bothcandidates and employers, especially in Asia and increasingly in Africa.However, there is plenty of room in the market place for schools todifferentiate their particular offer and for candidates to choose exactlywhat they want from the qualification. International competition is intensifying in the MBA marketplace at the same time as questions have been posed about the future of the qualification. • What do future students want from an MBA? • What do they expect from a business school? • What content do they want in their programmes? • What relationship do they expect beyond business school? The Tomorrow’s MBA study answers all these questions and many more, providing a business school with key information to help them enhance their MBA offer, attracting more, quality students. To take part in the next Tomorrow’s MBA study in October 2011 and find out what prospective MBA students expect from your business school, contact us at info@carringtoncrisp.com or complete the booking form on the next page. Reports will be available for participating schools in January 2012. For schools booking before 31 July 2011, get a £500 discount on the usual price of £3500. All prices are exclusive of VAT which, where required, will be added at the applicable rate. Participating schools receive: • a market-wide report on the views of prospective MBAs, • Powerpoint files of charts with analysis as a total sample and broken down by delivery preference (full-time, part-time and distance learning) and by national group, • a personalised report on the strengths and weaknesses of the MBA offer at their business school; and • an on-campus presentation of the survey results. 9
  10. 10. carringtoncrisp We would like to take part in the next round of the Tomorrow’s MBA study. Name and address of Business School: Contact: Title: Telephone Number: Email Address: Please accept this completed application form and a cheque or send me an invoice for the amount shown below. Find out more about CarringtonCrisp, our other group research studies, creative and marketing services and consultancy for business schools by visiting www.carringtoncrisp.com10
  11. 11. tomorrow’s mbaWe would like to thank the following organisationsfor their help in promoting this study: 11
  12. 12. European Foundation forManagement Developmentrue Gachard 88 box 3 B-1050Brussels, BelgiumTelephone: + 32 (0)2 629 0810Email: info@efmd.orgWebsite: www.efmd.orgThe Association of Business Schools137 Euston Road,London NW1 2AA, United KingdomTelephone: 020 7388 0007Email: abs@the-abs.org.ukWebsite: www.the-abs.org.ukCarringtonCrisp34 Ladbroke SquareLondon W11 3NB, United KingdomTelephone: +44 (0) 20 7229 7373Email: info@carringtoncrisp.comWebsite: www.carringtoncrisp.com

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