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AACSB |
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AACSB stands for "American Assembly of Collegiate Schools of Business" or also "Association to Advance Collegiate Schools of Business." Among their participants are the majority of leading US universities and many top corporations. The AACSB is a US accreditation agency for Master's programs. They decide if a Master's degree awarded in, for example, Germany, is accepted in the USA, whether you are allotted a scholarship, or if the Master's degree will be accepted in larger US universities. The AACSB accredits worldwide; an AACSB accreditation is the internationally most acknowledged proof of quality for Master's programs. |
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Admission Office |
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The admissions office is the place where applications are processed. Since a Master is considered a 'graduate degree', it is under the control of 'graduate admissions'. Undergraduates are in the hands of 'undergraduate admissions". |
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Accreditation |
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Accreditation should guarantee a high standard of Master's education. A 'seal of approval' is given to business schools and universities. Either the specific Master's program or the university itself gets accredited. Since a Master's program without accreditation is not easily established in the working world, business schools make it their duty to be widely accredited. FIBAA evaluates most Bachelor's/Master's programs in the German-speaking area.
The accreditation is not a one-time occurrence. Depending on the agency, accreditation is repeated every 4-10 years. This way, not only the high level of education is maintained, but the system is also improved throughout the years. |
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Alumni Networks |
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The participants of alumni clubs are the ex-students of a university or business school. Alumni organizations are important for prospective students as well as for applicants and graduates. For graduates it is an important part of finding work because alumni networks are often in contact with top corporations. For prospective students, alumni organizations can be a good source of information about the programs at the business school/university that caught their eye. Among other things, alumni networks conduct interviews with new applicants, and thereby save the applicant the trip to the planned place of education. One makes contact with more alumni members through alumni organizations - this networking feature is an essential instrument after graduation. |
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AMBA |
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AMBA (Association of MBAs) is the most renowned British accreditation institute. It accredits, first and foremost British MBA programs. Participants come from British MBA programs as well as select foreign MBA programs. Those who book a British MBA program should definitely make sure it is accredited by the AACSB, EFMD, or AMBA. |
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Bachelor |
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The Bachelor's degree comes from the Ango-American educational system, where the degree from the first completed part of higher education is called a Bachelor's degree. The following names are used for this degree:
- Bachelor of Arts (B.A.)
- Bachelor of Science (B.Sc.)
- Bachelor of Engineering (B.Eng.)
- Bachelor of Laws (LL.B.)
The Bachelor's degree is the lowest academic degree, but the first job-qualifying degree. After completion of the Bachelor's program, one can enter a Master's program. |
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Application |
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The application for an MBA program is not as compact as an application at a university on the basis of grades. A larger mix of deciding factors are taken into account. The GMAT, essays, references, resume, transcripts, TOEFL, bank statements, interviews, application and visa all play a part. If the applicant does not reach the required number of points on the GMAT, his/her application will be discarded. If the GMAT score is acceptable, the essays and recommendations are examined. Not a great amount of emphasis is put on the resume and transcripts . The TOEFL is also not an efficient way of assessing an applicant. Interviews are handled differently from institute to institute but there is usually a mandatory interview. |
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ECTS |
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The ECTS (European Credit Transfer (and Accumulation) System), should make the students' achievements easier to compare and make it easier to have credits transfered and accumulated when transferring from one university to another. Students who have successfully completed a course are awarded a certain number of credit points for it. This type of achievement rating is typical for bachelor's and master's programs. The credit points should represent the average work load of a program.
The foundation for the awarding of credit points is the presumption of average work hours for the respective course. One credit is the work of 25-30 hours. Through the ECTS system, the weekly semester hours of average study, preparation, and post-processing of a program can be taken into account. However, the number of awarded credits varies depending on workload, even in courses with the same number of semester hours. |
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EQUIS |
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EQUIS is the abbreviation for "European Quality Improvement System". This is an accreditation system used by business schools. It was introduced in 1997 by the European Foundation for Management Development (EFMD) in Brussels. This initiative was supported by the Commission of the European Union and implemented in close co-operation with already existing national accreditation institutes. The goal of this initiative is to achieve a consistent European quality standard for business schools that fulfills international demands (like the American AACSB accreditation program). |
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Essay |
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Essays are an important part of an application to an MBA program because the universities get their first impression of the candidate's writing skills, academic skills, personality and capability through it. Essays should be, above all, convincing. The following points should be considered when writing an essay:
- Find yourself a guide to writing essays.
- Formulate your essay in an interesting, (not too) short and complete way.
- Complete multiple outlines and have a native speaker proof-read them.
- Re-read the texts after a break. You will be amazed how many mistakes and corrections you will find.
- Seek professional help from an application editing service. They are capable of creating an application that will set you apart from the other applicants.
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Executive MBA |
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The Executive MBA offered by business schools is directed at managers who have many years of job experience. The Executive MBA is typically acquired non-consecutively through a vocational post-graduate program. The MBA part-time program uses weekends or a block schedule. Due to this, an Executive MBA program takes two years or more to complete.
An Executive MBA too, must be well planned: You will be working alongside the program, so there is additional strain. Through absence from work, one must find responsible replacements and take the lower income into account. One should secure the support of the employer (sometimes including financial support). One is more committed to the company after acquiring an MBA. |
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FIBAA |
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FIBAA (Foundation for International Business Administration Accreditation) is an accreditation agency that, in the process of accreditation, also assesses the specialized contents of respective programs. It is a tri-national foundation based in Zürich. The main office is in Bonn. The main field of work of FIBAA is the assessment of economic oriented programs. It is recognized by the German and Dutch accreditation councils.
FIBAA is an international, but especially European quality and accreditation agency. It supports universities with the development of their Bachelor's, Master's and PhD programs. The goal is, on one hand, to improve the quality of programs and, on the other hand, to accredit the programs. FIBAA offers advice on quality management, assesses programs and verifies the requirements for the FIBAA seal of quality. The advantage of FIBAA, like all accreditation agencies, is an improved method of comparing universities: it offers transparency to providers, companies, students, and other accreditation agencies.
This should improve the quality standards and maintenance in international comparison. |
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GMAT |
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The GMAT was developed by the ETS (Education Testing Service) and is offered worldwide by the GMAC (Graduate Management Admission Council). It is a four-hour standardized test done in English. It determines the logical and verbal skills of applicants, who have to complete the exam under pressure. Comprehension when facing complex circumstances, the analytical intellectual thinking and the understanding of problem-solving are seen through the test results. The efficiency of the method of function and the expected success in an MBA program can be anticipated. The GMAT is required at famous business schools and the deciding amount of points. Although that is only one of many criteria used in selection, the GMAT holds a high level of importance among application documents. An outstanding GMAT score can open the door to business schools. A poor one can ruin all your chances. Taking the appropriate steps to prepare for the GMAT is highly recommended. It can be the difference between "average" and "short list". A recommendable GMAT course should be able to offer the required mathematical and language skills and the most efficient/shortest problem-solving strategies. The course in itself cares for improved understanding and more easily noted curriculum. An additional advantage is the interactivity of the course, that sharpens the efficiency of methods of solution and the time budget. Furthermore, one notices in which areas one is lacking or behind in, and where one is in advance. The fact that one can compare own achievement to other participants should not be forgotten. |
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Postgraduate |
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A postgraduate program of study is one that follows an undergraduate degree (for example a Bachelor's degree). The entrance requirements are not standardized, which means that a pre-diploma or an intermediate exam may suffice for admission at some universities, but a higher level diploma may be required at others. Therefore, one should always be informed of the academic degrees required at respective universities/business schools. |
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Ranking |
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A rank is the result of sorting participants in a scale of comparison, connected by the comparable rating. Rankings make the assessment and choice of institutions according to specific criteria possible. Especially economics magazines and newspapers publish business school rankings. The reputation and accreditation of the respective institution are among the criteria. A good position on the ranking list is definitely a notable advertising factor for business schools. Rankings have many facets and are not without their share of controversy. A ranking can make or break a reputation. If a business school failed in a ranking, it can be explained through unfair criteria. Especially highly prestigious top business schools with accredited programs are listed high on the list, which is definitely warranted. The graduates of these business school hold some of the highest paid management positions. Since rankings hold only limited significance, they should be taken into consideration with other sources when choosing a business school. The school ranking does not necessarily mirror the graduates' experiences at the school. |
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References |
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Many universities require two to three professors' or past employers' references (otherwise known as letters of recommendation) for admission. These references should highlight applicant strengths, commend his/her work ethic and create a positive outlook for the work in the MBA program. Since references play a large part of an application, they should be appropriately lengthy and detailed . Since the language and content should be perfect, one should take careful consideration of who they pick to do it.
The reference should include:
- Applicant occupational experience and development to-date.
- Advantages in comparison to others in the same line of work
- Special skills the applicant has
- Previous research experience and future research capabilities
As with essays, one should not shy away from help of a professional editor. |
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Resumé |
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A resume is a tabular compilation of your previous occupational and academic career. Since the resume is only meant to fit on an A4 or US-letter piece of paper, few main points with short/concise sentences need to describe the most important stages of education and career.
In English, the sentences are usually without subject. For example:
- Developed new advertising strategies for web-based businesses
The resume should be proofread by someone with English as their first language or a professional editorial service. |
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Scholarship |
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A scholarship is a form of financial aid for students or young scientists that offers a monthly payment which covers tuition and/or living costs to a certain amount.
Some of the most famous scholarship programs are:
- Rotary Club
- Carl Duisberg
- Studienstiftung des Deutschen Volkes
- Fulbright-Commission
- Deutscher Akademischer Austauschdienst (DAAD)
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Test centers |
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The three permanent test centers for GMAT and TOEFL in Germany are Berlin, Frankfurt and Munich. Registration is only possible through the Dutch Sylvan company. The tests can be taken on any work day. You can register over the phone, fax, or mail.
(Places and times are not guaranteed)
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TOEFL |
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The TOEFL is a standardized test that all applicants whose native language is not English (or who do not have a degree from an English/American university) must take. The test is in multiple choice format and is taken on a computer at the same test center as the GMAT. One may not fail. The minimum points required by the business school must be achieved. 0-300 points are possible. If you reach the necessary score, the TOEFL has little meaning for the rest of the application process. The test can be taken as many times as necessary. However, since it is connected to cost of time and money, preparation is recommended. |
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Undergraduate |
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An undergraduate education is completed at a university and takes 2-4 years to finish. Graduates of this kind of program are awarded a Bachelor's degree |
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