Masters of Business Administration – MBA Degree – Facts
Masters of Business Administration represents a tertiary degree in business management. The MBA degree is the best known degree worldwide and most widely recognized post-graduate degree. It was originally created to help engineers acquire management skills, but nowadays MBA degrees focus on a broad range of subjects.
The MBA degree is usually regarded as a professional degree as well as an academic or traditional Masters’ degree. MBA degrees are usually offered by management or business schools. The MBA degree is relevant and valuable to those working in the business field – as it is traditionally regarded – and also to those acting in the public sector and governments.
MBA degrees originally occurred in the USA, due to the fast industrialization process that required companies to use scientific approaches to management. The first two business schools – Wharton and University of Chicago – emerged as early as 1890s, but the first MBa degree has been offered by Darthmouth College in 1900. The first business school in Europe was founded at the University of St.Gallen in 1898. Following the US MBA model, Europeans created centers of excellence in business at the universities of Manchester and London. Mere management programs have been started at the Cass Business School in London, IMD, INSEAD and Henley Management College aiming at providing management training for fast-streaming employees. However, these training programs did not fulfill the conditions to be considered a formal MBA degree and they did not carry the title ‘MBA degree’. The main UK schools used the MSc or MA title for programs offering the specific training of a MBA degree. But the title began to be used worldwide in the 1980s.
The ‘Executive MBA’ – EMBA (Executive Master of Business Administration) was created for the first time at the University of Chicago in 1943, focusing on quality training for senior executives. The main admission criteria for these type of programs consists in significant business experience. They are usually used as ‘finishing schools’ for promising upstreaming executives, or as ‘catch-up’ educational courses for technical executives lacking a sufficient amount of business expertise.
These EMBAS are highly selective and they are training the top tier business talents of the companies worldwide.
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