MBA: Introducing the

The MBA (Masters of Business Administration) is the world’s most popular postgraduate business qualification. While a bachelor’s degree is no longer considered anything above the norm, the MBA stands out for employers as a very desirable qualification. Graduating from an MBA sets you apart from other applicants, both in terms of the skills and knowledge learned but also in dedication and aptitude for working hard in your chosen field. Employers value the qualification highly, and because of this, it is seen as a great opportunity for accelerated career development.

Numerous third-level institutions all over the country offer the MBA and there are two basic types: full time and executive. The full time MBA is normally studied over two years. Students will normally have an undergraduate business degree as well as some work experience. The executive MBA (EMBA) is generally designed to meet the educational needs of working managers. EMBA students typically have a higher level of work experience compared to other MBA students. Usually part-time courses taken over two years or less, the EMBA is often studied while the student is working within an organisation, with a view to progressing once the qualification has been obtained.

According to the Financial Times, the MBA qualification is enjoying a huge resurgence offering great opportunities for graduates. Not since the early 1990s has an increase in MBA applications coincided with such a healthy job market for graduating students.

Two Irish business schools have made it in to the prestigious Financial Times world MBA rankings list. Out of 2,500 MBA programmes worldwide, Trinity ranked 70th in the list. Their MBA came in at 7th place for international mobility and 17th for career progression. Meanwhile, UCD’s Smurfit School of Business earned a very creditable 98th place overall in the FT list.

According to UCD's School of Professional Finance, 'The MBA qualification is regarded internationally as the hallmark of successful managers - a prerequisite for individuals and organisations who seek to gain competitive advantage. It equips motivated individuals with an exceptional portfolio of academic and practical business skills.' The MBA is indeed valued by employers, making the masters course extremely popular. Big-name employers of recent UCD MBA graduates include AIB, O2, Bank of Ireland, Dell, Goldman Sachs, McKinsey and Diageo. Graduates end up working in a variety of different types of management, such as development, consultant and directorial roles.

Mark McDaid, currently a development analyst at CRH plc, graduated from the full time MBA programme at UCD’s Smurfit School of Business in 2006. Overall, he says it was a very positive experience, 'I had a really great year on the full time MBA course at UCD.  I would particularly recommend the course to people coming from a non-business background, whether they are looking to step up a level in their current job or to facilitate a change of career.' McDaid says that the qualification has greatly helped the development of his career. 'On graduating, the qualification opened up several career options to me to an extent I had not anticipated.'

MBA graduates are generally considered to be highly skilled, desirable employees. In addition to their undergraduate degree, they often have years of practical experience before undertaking the MBA.

John Corcoran, a 2007 graduate from Trinity’s one-year full time MBA programme had worked in various areas of business for almost seven years prior to enrolling in Trinity. He described the course as excellent although he stressed that it was a very tough year with lots of hard work involved. Speaking about the course he said: 'it gives you a broader understanding of the business world so that you can see the bigger picture. It allows you to take a year out and really focus on the business world and what your strengths and weaknesses are.' 

Another advantage of the course in Trinity is the multicultural aspect. Its success as a highly respected masters course has meant that it attracts students from around the world. 64 per cent of the class of 2007 were from outside Ireland, while 40 per cent are non-EU students. Corcoran says, 'this really forces you to deal with other cultures and other approaches to business. You see how the Irish viewpoint may be completely different from that of Japan for example.'

He thinks that the MBA is perfect for those wishing to switch careers, and also for those with entrepreneurial flair. 'It would give you the confidence to set up your own business. That side of the course is hugely undervalued,' he said.

However, Corcoran says the MBA is no longer a sure fire way to overnight career development and success. Instead, he sees the MBA as a long-term commitment with many benefits to be gained for those willing to work hard. He would urge any one considering an MBA to take time to think about what it will teach you and how you could benefit long term, ensuring that you are taking the course for the right reasons. 'Certainly, the qualification is highly valued by the financial sector, and US multi-nationals. But indigenous Irish companies can tend to look more at your undergraduate degree and your experience. It is no longer a golden ticket.'