Choosing among the world's top business schools

Sudibyo M. Wiradji The Jakarta Post/Jakarta

Even though there are several universities in Indonesia offering a Master of Business Administration (MBA) degree program, many Indonesian professionals are turning to international business schools.

Studying overseas in an MBA program not only allows graduates to have a multicultural experience and insight into international business opportunities, but also to be very competitive in the marketplace.

There are many well-known overseas universities that offer an MBA program in both English speaking and non-English speaking countries.

Harvard Business School in the U.S., Kellog School of Management, also in the U.S., INSEAD in France, London Business School in the United Kingdom, Rotterdam School of Management in the Netherlands, Melbourne Business School in Melbourne, Macquarie Graduate School of Management in Sydney, the University of Otago School of Business in New Zealand, International University of Japan (Niigata) and National University of Singapore business school -- to name a few -- are among the world's top-tier business schools that frequently appear in ranking tables.

The standard period for a full-time MBA course in most countries is two years, with an average of US$25,000 for tuition per annum. Several universities in Europe like France's INSEAD and Switzerland's Institute for Management Development (IMD) offer a one-year MBA program.

Education advisors say that MBA rankings might help prospective students to identify prospective MBA schools, but the rankings should not be regarded as the only measure of a good MBA school.

Basing the selection of a school through its rankings leads to the mistaken view that failure to gain entry into one of the top business schools means taking an MBA would not be worthwhile.

Normally, overseas universities that are internationally recognized set high academic requirements because they want to maintain their reputation, said Ericas Syarif, Education Advise Service Coordinator at the American-Indonesian Exchange Foundation (AMINEF).

"For instance, the usual requirement in terms of academic achievement would be a minimum Grade Point Average (GPA) of 2.75 but to enter top U.S. universities offering MBA program like Wharton Business School (University of Pennsylvania) or Sloan School of Management (University of Massachusetts), students should have a minimum GPA of between 3.5 and 3.7," she said.

"The important thing is that you should know why you want to get an MBA degree and what field you would work in upon graduation," she said.

If you are considering taking an MBA course and you are currently working for a Japanese company in a managerial position, then Japan would be the right choice.

Studying in Japan at Ritsumeikan Asia Pacific University (APU) or the International University of Japan for an MBA would allow a student to gain knowledge of the Japanese management system and business culture.

"The universities in Japan have a high degree of diversity as students come from all over the world. This enables foreign students to improve communication skills and build networks among future partners and colleagues," said Jeremy Breaden, associate manager, admissions office of Ritsumeikan Asia Pacific University.

Requirements for would-be MBA students set by most universities include submission of evidence of academic achievement, a score in the Graduate Management Admission Test (GMAT) and two to three years of relevant working experience.

If MBA program you choose is taught in English, no matter which country you study in you will obviously be required to prove your English language proficiency, usually in the form of a test such as TOEFL or IELTS.

But if you are considering a program taught in Japanese, a high degree of proficiency in Japanese would be a must, said Jeremy.

Below are some tips to help decide where to take an MBA.

- Make an honest self-analysis and determine why you want to take a MBA and in what field you would be most content working.

- Obtain an overview of reputable schools and contact representatives of overseas universities or attend an education fair.

- Compare various rankings, but do not rely on rankings in the school selection process.

- Speak to alumni from your shortlist of schools to develop a feeling for the culture of each one.

- Narrow down your list to several schools, let's say to five schools.

- Be sure that your background and goals fit in required quantitative measures, such as the Graduate Management Admission Test (GMAT) scores.

- Consider an area of specialization. For example, entrepreneurship, finance, marketing or technology.

- Also consider a profile of participants, such as average age, educational background, work experience, and languages required.

- Look at the selection of companies actively recruiting from the school in the last 12 months to know the quality of the program.

- Compare tuition fees required from one school to another.

- Decide your budget and how you are going to finance your studies after deciding to take an MBA and identifying a group of target schools.

- Find out if there is any possibility of getting a scholarship to make the programs affordable.

- Make realistic estimates of your earning potential post-MBA to judge what you can afford.