A
AACSB
The Association to Advance Collegiate Schools of Business. Founded in 1916, this accreditation body is principally geared to schools in the US and Canada, which provide most of its member institutions.
Accreditation
The validation of a programme by an independent organisation, which has established standards for judging quality. The primary accrediting organisations for MBA programmes are the AACSB, the Association of MBAs, and the EQUIS.
The Association of MBAs
This UK-based organisation was founded in 1967 primarily in order to promote management education in the UK and to forge links among MBA alumni. It is now an important accreditation body for programmes in the UK, Europe and elsewhere.
C
Case method
A method of instruction that requires students to read about real or hypothetical business situations, and to provide analysis and recommendations. It has long been, and remains, the most prevalent type of instruction at business schools across the world.
Class of degree
In British-styled systems, undergraduate degrees are awarded in classes, according to level of performance. The best is a first (typically awarded to 10?C20% of graduates), followed by an upper second (often abbreviated as 2.1), lower second (2.2), third, and pass.
Company/corporate MBA
A part-time programme offered jointly by a business school and a sponsoring company, and open only to selected members of the company’s own staff. Coursework is tailored to suit the needs of the company that pays the tuition fees.
Computer simulation
A method of instruction in which students use a computerised business model to explore and solve business issues.
Concentration, focus, major or specialisation
Most business schools require or encourage MBA students to take a minimum number of courses in a single field of their choice, in order to develop a depth of knowledge. These groupings of courses are variously termed a concentration, focus, major or specialism.
Consortium MBA
Similar to a company MBA, but involving a group of companies (often between three and six) from a cross-section of industries.
Core (courses)
The central, required set of courses that all MBA students on a given programme must complete. At most schools, this constitutes up to two-thirds of the programme.
Corporate university
A university-style campus set up by a company to provide tailored learning, training and development activities for its staff. Often offers qualifications at various levels (eg certificate, diploma, MBA).
D
Defer
A school can defer a decision about an applicant, if the school is undecided about the application, until a later admissions cycle or until more information is available. An applicant can also seek to defer attendance. Deferrals up to one year are granted easily by some schools, less easily by others. Deferrals of over one year are seldom granted.
Deposit
The amount of non-refundable money a student must give to a school to hold a place for a future class or programme.
Discipline
Basic business disciplines include accounting, economics, finance, human-resource management, information management, marketing, operations, organisational behaviour, quantitative methods and (business) strategy.
Distance learning
A method of study whereby courses are provided by means of printed materials and/or e-learning, so that students can study at home or while travelling. Many schools’ distance learning programmes do, however, require students to spend some time on-campus ?C usually a week or occasional weekends.
E
E-learning
Education offered using electronic delivery methods such as CD-ROMs, video conferencing, websites and e-mail. Often used in distance-learning programmes.
Elective courses
Most MBA programmes require that students complete specified core courses, plus choose a set number of additional (elective) courses to complete.
EQUIS
The European Quality Improvement System. A business school accreditation system administered by the Brussels-based European Foundation for Management Development.
Exchange programme
A student pursuing a degree at one institution may have the option of spending one or several semesters at another institution. Such exchanges are often limited to schools in other countries.
Executive MBA
A part-time programme that usually requires two or three years to complete, and is often company-sponsored. Designed for managers with more professional experience than those who enter traditional MBA programmes.
F
Faculty
In British parlance, faculty tends to refer to a university department. In American parlance, which tends to be the lingua franca of international business programmes, faculty refers to the instructors (professors, lecturers and so on) in a programme, department, or university.
Financial need
The difference between what an applicant can afford to pay for a programme and the cost of the programme, as calculated by a business school or university.
Full-time programme
Students are generally expected to give up their jobs and immerse themselves in school. Most full-time programmes take between one and two years. The latter, most popular in the US, allows students to take a summer internship between the two years.
G
GMAT
Graduate Management Admission Test. A computerised examination created and administered by the Educational Testing Service on behalf of the Graduate Management Admission Council. Virtually all good-quality business schools in the world require it for their full-time MBA programmes; many require it for other business programmes as well.
GPA
Short for Grade Point Average, GPA ordinarily refers to the grades (or marks) received in undergraduate degree programmes.
I
In-company project
Many schools require a short, but intensive, consulting project that focuses on an actual company. Working in small groups, students conduct research and present their findings to the corporation’s management.
Internship
A short period of training or supervised work at a company, often conducted as part of a business degree or in the summer of a two-year programme.
L
Lecture (method)
A traditional method of instruction in which students are taught a subject by a member of faculty at a college, school or university.
M
MBA
Master of Business Administration. An advanced university degree in business studies. At many schools, particularly in the United States, a Bachelor’s degree is generally required for admission.
Merit aid
Financial aid given on the basis of an applicant’s ‘merit’ or value to the programme, as opposed to his or her financial need (discussed above).
Modular programme
Allows students to remain employed while studying. Modular programmes alternate periods of full-time study (usually one to two months) with periods in which the student returns to work.
N
Need-based aid
Financial aid given on the basis of an applicant’s financial need rather than his or her merit (ie value to the programme).
P
Part-time programme
Allows students to continue working full time while studying. Most part-time programmes are offered in the evenings or on weekends. They usually take three to four years to complete.
R
Regular (Rounds) admission
Schools evaluate applications in batches, considering all files that have been completed since the last application deadline.
Rolling admission
Schools evaluate applications as soon as they arrive in the admissions office, making ‘admit’, ‘deny’ or ‘waiting list’ decisions as soon as they can.
T
TOEFL
Test of English as a Foreign Language. An examination created by the Educational Testing Service to measure English proficiency in non-native speakers.
Tuition
In British parlance, tuition refers to instruction. In American parlance, which tends to be the lingua franca of international business programmes, tuition refers to the basic fee charged for a course or programme.
TWE
Test of Written English. A short essay examination that acts as a supplement to the TOEFL.
W
Waiting list
Business schools often delay a decision about a small percentage of applicants, who are placed on a waiting list, from which the school later admits those necessary to fill the class.
