When I earned my MBA (Master of Business Administration) nearly 25 years ago, the degree was practically a written guarantee for career advancement. But times have changed. Today's applicants are much more experienced and the business world is far more competitive.
Generally speaking, today's prospective MBA students have greater expectations and are shopping for the right school, the right professors, the right courses, the right reputation, and the right learning environment. In other words, they are looking for not just any MBA, but the right MBA.
Most MBA programs require an applicant to complete the Graduate Management Admissions Test (GMAT), but that requirement sometimes is waived based on the applicant's undergraduate transcripts. Moreover, certain executive MBA programs waive the need for an undergraduate degree if the prospective student can demonstrate a strong management background.
Students accepted into an MBA program can choose from a number of areas in which to specialize, from general management, marketing and finance, to the more exotic of MIS (Management Information Systems) and CFA (Chartered Financial Analyst).
One of the hottest options today is the CFA / MBA. The CFA title, sponsored by the Association for Investment Management and Research (http://www.aimr.org/), can lead to a lucrative career. Indeed, businesses and consumers alike are seeking reliable, trustworthy financial managers in the wake of recent financial scandals on Wall Street.
To qualify for CFA designation, applicants must have a bachelor's degree, three years of work experience in a related field, and pass a series of three examinations. The essay exams, administered once a year for three years, cover subjects such as accounting, economics, securities analysis, asset valuation, and portfolio management.
Demand for CFAs and other financial-planning experts are expected to grow between 21 percent to 35 percent annually through 2010, according to the U.S. Department of Labor (see http://www.bls.gov/oco/ocos259.htm). Similar CFA employment trends are expected in Canada.
A number of universities and colleges in the lower mainland offer the MBA, but New York Institute of Technology (NYIT) is one of the very few colleges that prepares students for the CFA while earning the MBA.
The MBA is also a great vehicle for a foreign student to become better acquainted with North American business practices, methods and terminology. Special programs are available to students who need to improve their command of the English language or complete coursework not covered in their undergraduate program.
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