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Aspire to be the very best you can be in business management? For all-round business leadership skills there’s still no substitute for the MBA. Glenn Baker reports on the latest market developments and has helpful feedback from current students and recent graduates.
One of the first questions raised whenever somebody announces that they’re embarking on an MBA is inevitably, “is it still relevant?”
The answer, I can assure you, after talking to numerous graduates and providers, is a resounding ‘yes’.
You could be forgiven for thinking that there has been less enthusiasm for the MBA in recent times. As Dr Wayne Dreyer, associate dean post graduate at the Manukau Institute of Technology’s Faculty of Business points out, there has been a 15 percent decline in enrolments of New Zealand and Australian citizens. “International enrolments are holding but with the downtown in the economy, funding is more difficult to obtain for domestic students. I certainly do recognise that things are tight – some [students] have withdrawn from the programme because they were unable to obtain continued funding through their employer and this is happening in both the commercial and public sectors,” he says.
Despite this, the MBA still has a high degree of traction, according to Dr Peter Sun, associate dean enterprise at the University of Waikato’s Management School. “Especially for managers aspiring to be senior leaders within organizations.
“Its continuing relevance is because of its identity as well as its content. The MBA is the most recognizable business degree worldwide, and is turning out to be a ‘must have’ qualification for those aspiring to be business leaders with international reach.
“The MBA is usually a qualification that covers most business disciplines and hence provides participants with a generalist yet integrated view of the business. This is especially relevant for today’s business environment, where complexity requires business leaders to consider a systemic view of business rather than a narrow functionalist view. The MBA provides this more than any other postgraduate business programmes,” says Dr Sun.
But these are indeed tough times and the recent global financial crisis has made most business schools re-think their MBA offering and delivery. For a start, Dreyer has noticed greater mobility, especially from students who want time out from studies because of business pressures.
“Whilst the MBA may remain the degree of choice a number of business pressures impinge upon it,” says Dreyer. “This is a situation not limited to New Zealand – discussions with colleagues at a recent MBA directors meeting in Melbourne confirmed that this is an observable trend across Australasia. We as a university are currently involved in examining all aspects of our operation in order to make our offering more feasible to the student both financially and logistically.
“A recent example of pressures faced by MBA providers has been the decision last year by Henley to withdraw from the New Zealand market,” says Dreyer.
Delivery mode adjusted
Dreyer notes that the biggest change in recent times has been the mode of MBA delivery. “More of our teaching and learning is occurring online as we move to a more blended delivery format. An example of this is that two years ago we did away with paper assignments – so all our assessment is now done through the university student portal.
“We are currently investigating the provision of all our training materials and resources (including textbooks) electronically. This is being driven not only by technology but by student demand,” says Dreyer.
“An example of our new way of operating is that I am running a course out of Manukau Institute of Technology which is going across five countries – and my most distant student is in New York. We run the course through discussion forums, websites and other electronic aids for interactive, live delivery with anytime access.”
Dreyer says this year Southern Cross University (its MBA is delivered by MIT) is undertaking an independent five year review of the MBA with a view to launching the revised version in late 2012. “It is my expectation that we will be using electronic media far more than we are now.”
At the University of Otago’s School of Business, director of Executive Programmes, Ian Lafferty, says there has been a significant shift away from full-time campus-based programmes. “For a long time this was the only delivery model; it now represents just 25 percent of all MBAs,” he says. “The other main model is the executive MBA which usually requires attendance at weekends and/or evenings in short blocks, and distance learning – either paper-based or online. We adhere to the full-time campus-based approach because we believe it offers students by far the most enriching experience.
“However,” adds Lafferty, “we need to be cognoscente of the changing needs of the market and develop our programme to include flexible elements.”
Lafferty says the key challenges businesses face remain the same over the years – it is the environment that changes. “A good MBA imparts the technical knowledge managers require to deal with the key challenges and how to cope with the dynamics of changing market and economic environments.”
Otago has a true international flavour to its MBA – it currently has more than 15 nationalities on its MBA programme and the diversity is expected to increase in 2012.
“We are introducing a number of new programme features to attract more international students,” says Lafferty. “For example, we are expanding our international exchange programme; we are introducing new elective streams including entrepreneurship, healthcare management, tourism and others; and we are introducing a flexible phase two which will allow students to undertake their electives online and their project in a country of their choice.
“It is all designed to offer choice and facilitate a smoother return to the job market.”
All the Universities contacted by NZBusiness report significant changes in programme delivery in 2012. At the Waikato Management School participants will no longer be given books and binders and instead will use an e-device (such as iPads or the Samsung Galaxy) throughout the programme. “We believe future leaders must develop a comfort zone with technology, and our MBA will drive this,” says Dr Peter Sun. He also reports that the School, in collaboration with the Waikato-Tainui College of Research and Development, has already launched an MBA programme contextualized for Maori business.
“This is already gaining traction nationally as well as internationally.”
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Weighing up the options
All of the MBA offerings in New Zealand cover the same basic syllabus. Perhaps the key differentiator between programmes is the mode of delivery. Dr Wayne Dreyer’s advice to students is to choose an MBA programme that is compatible with their professional and personal needs. “For example, some people cannot attend lectures at set dates and others do not like group work. So I encourage students to choose one that suits their learning style.”
Otago’s Ian Lafferty recommends factoring in location, the reputation of the University and the likely profile and size of the student group.
“A great location will ensure an enjoyable experience outside the pressures of the programme. The reputation of the university will ensure access to a quality programme and a brand that will stand you in good stead for the rest of your career. And by choosing a programme with a diverse but relatively small student group you can learn so much from faculty and from fellow students.”
Waikato University’s Dr Peter Sun agrees that the credibility of the institute offering the MBA is paramount.
“Are they accredited by international accreditation bodies? You can depend on business schools that have AMBA, EQUIS and AACSB accreditations, and be certain that they are offering a world class qualification,” he says.
“Also, is the programme offering the subjects that will enhance your leadership potential? For example, if you are a business owner-manager, you may want to enhance certain areas of competencies – of which leadership is one key area. Does the MBA programme meet those requirements?
Consider the faculty who will be teaching in the programme too, says Sun. “Are the faculty ‘pracademics’? Are they academics who can blend and contextualize theory into practice?” Another factor to consider, adds Sun, are the alumni – people who have graduated from the programme.
“Often, building networks with your MBA alumni represents the most valuable advantage of a good MBA programme.”
A decision never regretted
Confirmation that the MBA is indeed money well spent (and considerable money at that) comes from alumni graduates.
Ian Lafferty says he is yet to hear any graduates say anything negative about what it has meant to them. “What I do hear is a clear, collective voice that says it was one of the best decisions they ever made; it changed the course of their career for the better and what they have achieved since could not have been achieved if they had not taken the programme.”
Peter Sun also reports plenty of positive feedback.
“I find it particularly rewarding when a participant tells you that they have applied what they have learnt in practice and it worked. We often get participants telling us that they derived benefits while studying for their MBA. Their workplace has recognized a change in the participant’s leadership style, their mode of engagement, and the very different way they approach a problem.”
It should also be remembered, adds Dreyer, that for many MBA graduates, it has been their first experience at attending a University. “That feeling of pride and achievement experienced by the families is very hard to put into words.”
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