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MBA Schools Overhaul Programs for Real World
November 9, 2006
by Francine L. Huff
Business Programs Columnist
If you've been on the fence about dipping your toes in the MBA waters, now may be the time to take the plunge. After several years of declining applications, a mediocre job market for graduates, and criticism that many MBA school curriculums were missing the mark, many schools have given their MBA programs a makeover to be more relevant to today's students.
MBA Programs Shift FocusAccording to Business Week's 2006 ranking of the best MBA schools, seven of the top 30 MBA programs implemented or plan to implement sweeping changes in curriculum. The goal: to graduate more competent MBA holders who can take on real-world challenges and serve as leaders. Many top MBA programs also are becoming more flexible and customized for individual students' needs.
But the top MBA programs aren't the only ones evolving. Many MBA schools have expanded online learning options to allow students to study, submit work, and receive feedback around the clock from any location. At least one MBA program even allows students to download speeches and conference presentations via podcasts.
The MBA Salary GrowsThe changes being implemented seem to be working, resulting in more job offers and bigger MBA salaries for those who've earned their degree. MBA graduates polled by Business Week earned an average salary of $95,000, up more than $8,000 from 2004. A typical MBA salary also includes signing bonuses, boosting the average graduate's compensation even further.
The poll also indicates that recruiters seem to be more impressed with the caliber of graduates leaving MBA schools these days. However, recruiters are finding themselves having to compete more to attract MBA school graduates.
With so many options available for getting an MBA, you should be able to find a program that fits not only your goals, but also your schedule and lifestyle. Whether you choose to get your degree in a traditional setting, online, part-time, or full-time; look for more MBA schools to reinvent themselves in order to make their degrees more relevant to today's marketplace.
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About the Author
Francine L. Huff is a freelance journalist and the author of The 25-Day Financial Makeover: A Practical Guide for Women.She has appeared on a variety of TV and radio shows.
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