Survey by Noir sur Blanc. The Global MBA Market: Trends and Developments

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Contact: Brigitte FOURNIER
Director
bfournier@noirsurblanc.com
The Global MBA Market: Trends and Developments
 April 2005 © Noir sur Blanc / All rights reserved
 Tel : +33 1 41 43 72 70 – Fax : +33 1 41 43 72 71
TABLE OF CONTENTS
 Introduction page 3
I – Overview: A Changing Equilibrium page 6
 Geographical Reach page 6
 English as the Official Language of Instruction page 7
 The MBA: Impossible to Stereotype page 7
 Current and Previous MBA Programmes page 9
 Accreditation: Imperative for Visibility page 10
 The Undergraduate MBA: The Road to a Junior MBA? page 11
 Programme Directors’ View of Student Expectations page 12
 Expansion Options page 12
 Excess Supply and Stagnating Demand page 14
II – The Outlook: Stability or Change? page 15
 Market Conditions page 15
 The Alternative Model of the European MBA page 16
 The Conceal Concern of American MBAs page 17
 Attracting New Candidates page 18
 Prospects for Alternative MBA Programmes page 19
 Conclusion page 20
 Appendix: The Questionnaire page 22
Introduction
Over and above all other management qualifications, the Master of Business Administration
(MBA) has become a symbol of excellence and competence and a benchmark for
 employers. For some time, the stature of the qualification has been established in both the
 global marketplace for higher education as among the general public, now more than
 familiar with its acronym.
The explosion in the number of MBA courses1 continues, yet another more recent trend has
 been acknowledged collectively in the sector. With an increasing number of courses on
 offer, stagnation in the number of applications at times leads to a severe shortage of
 candidates.
Today, the MBA market is heterogeneous and constantly changing. It is extremely
 competitive reflecting the issues of interest to both large international organisations and
 states. In essence, its challenge is to provide quality training for an elite called upon to
 take up positions of great responsibility in large-scale companies, across all sectors of the
 economy.
In a booming MBA market, which threatens to expand even further given that any
 management course can call itself an ‘MBA’, the best and the worst find themselves side
 by side. Despite the different systems of accreditation that have been put in place by
 organisations such as the AACSB, AMBA or EFMD, it is the allure and reputation of a
 university in the eyes of students, recruiters and the media that determines the value of a
 course and ultimately assigns it a place in the global hierarchy.
This flagship academic symbol of excellence has long been considered the exclusive
 property of US universities. However, the Wall Street Journal’s world MBA ranking of
 22 September 2004 placed four European schools among the five most highly-regarded by
 recruiters. This illustrates an increasingly evident truth: the US MBA, as a benchmark and
 point of reference, is facing competition.
For all concerned, debate concerning the modern MBA is rife.
 In Europe, the Bologna Accord, which aims to build a European ‘space’ for Higher
 Education in the European Union is underway, but it reflects the frictions in the MBA
 debate. The process’ main goal is to clarify curricula in general, and of management
 diplomas in particular. At the same time, it’s should help to bring to the fore a clearly
 identified MBA standard, distinguishable from Masters or even Bachelors degrees in
 Management.
1 For example, in 1999, Europe accounted for 220 MBA programmes. This number rose to 400 in 2004.
 During the same period, the figure rose from 50 to 120 in Asia Pacific and from 700 to 750 in North
 America (US and Canada). (Source: QS Top MBA, organiser of the World MBA Forum Tour, October
 2004).
In the United States, the debate is equally fierce. Much reflection has taken place, notably
 about the ideal age of candidates, the under representation of women, the fall in
 recruitment of foreign students, the often prohibitive cost of the studies2, the absence of
 ethical issues taught, programme conformism, the rise in strength of European, Australian
 and Asian competition, etc.
The main cause of such lively debate and acute tension is, undoubtedly, the increasingly
 stringent competition to which MBA programmes are subjected.
For the past 15 years or so, the market has undergone structural changes which are
 currently bearing fruit: expansion beyond North America to European, Asian, Australian
 and South-American universities, the introduction of alternative courses (MBAs specialising
 in a particular field, the part-time MBA, the executive MBA, the impact of e-learning)….
 Added to these developments are more cyclical changes which are having a qualitative and
 quantitative impact on recruitment, the geographical origin of students, university
 reputations…For example, the effect of the US visa-granting policies on foreign student
 recruitment. Equally, the stagnation in both the economy and employment market has
 resulted in one candidate segment to opt for both the shortest and least onerous courses.
 The classic American model of the ‘generalist’ MBA, of 18 or 24 months duration, reserved
 for already wealthy candidates with significant business experience behind them, has
 today been demolished both in form and content by a highly-inventive competition. This is
 doubtlessly, spurred on by the major constraint of universities having far fewer means at
 their disposal compared to North American universities.
This Noir sur Blanc survey is devoted to the questions currently enlivening and reshaping
 the MBA landscape. One should not underestimate the fact that these discussions
 foreshadow the evolutions and broader discussions on the horizon in fields other than
 management training.
Methodology and Data
Data for this study were collated between November and December 2004, via an email
 questionnaire sent to senior people involved in running MBA courses (Deans, Senior Faculty
 Members, Programme Directors…). Out of 3,020 emails sent out, 154 complete and usable
 replies were returned to us, giving us a feedback response of 5.1 %. This is sufficient to
 provide a valid statistical sample from which to paint a meaningful picture of
 developments in the MBA market.
This manner of collecting the data, geared as it was to capturing quantitative details,
 nevertheless allowed substantial scope for qualitative responses. Those surveyed were
 furnished with a broad range of so-called ‘open’ questions, which left room for the
 expression of opinions (see appended questionnaire).
Noir sur Blanc also called upon its network and contacts for additional interviews designed
 to expand on and hone the purely quantitative aspects of the survey.
Added to the original data collated by our Agency are statistical analyses and documents
 published by official bodies such as GMAC (Graduate Management Admission Council), the
 2 Upwards from 15 000 to 100 000 dollars.
Forum World MBA Tour organised by the QS Top MBA, accrediting institutions such as the
 EFMD (European Foundation for Management Development) and the AACSB (Association for
 Advance Collegiate Schools of Business), as well as surveys and rankings published in wellknown
 French and international press titles.
The depth and richness of the study should not however, allow us to overlook a certain
 bias that may have led to some distortion in the results of the on-line questionnaire. We
 highlight these (potential) areas of bias in the course of the report.
• Firstly, the questionnaire, which appeared on the Internet, was published in English
 and the responses were given in the same language, a fact which may have led to a
 certain “self selection” amongst those administering MBAS. Those managing MBA
 courses with no or little command of English were consequently excluded from the
 survey. It should however, be emphasised that in this field these are few and far
 between, almost a rarity, and that the level of English required in order to answer
 the survey was not particularly high.
• Secondly, for linguistic reasons linked to those mentioned above and due to
 practical constraints, the replies to the survey, although originating from a vast
 sample of countries, come principally from two continents, Europe (48.1%) and
 North America (28.6% for the USA).
• The overrepresentation of Europe in relation to the global share of universities
 offering MBAs, is due to the fact that this market has teemed with new initiatives
 and innovations over the past years.
• The third of the big groupings that makes up the global arena of the MBA market,
 Asia, is, therefore, under represented in the following pages and will be the object
 of a specific survey at a later date.
As a result, this survey principally assesses the existing relationship between the American
 and European provision of higher education (in the form of the MBA).
 The first part of this report, which provides a current overview of the MBA market, is
 followed by a discussion and analysis of trends identified by those surveyed.
I – Overview: A Changing Equilibrium
 This section attempts to take stock of the fundamental changes currently affecting MBA
 courses. What are the trends in terms of the length of courses? What are the pedagogical
 developments? How do MBAs adapt to suit the demands of candidates? How are candidates
 selected?
• Geographical Reach
 Responses to the survey were obtained from 154 people managing MBA courses, located in
 28 different countries3, from all five continents.
 USA 28.6%
 France 11.7%
 UK 6.5%
 The Netherlands 5.2%
 India 3.9%
 Germany 3.9%
 Suisse 2.6%
 SPAIN 2.6%
 Hungary 2.6%
 Brazil 2.6%
 Belgium 2.6%
 Australia 2.6%
In addition to the countries one would expect to feature in the sample (the United States,
 the United Kingdom, France, Germany, China, India), came replies from countries such as
 Croatia, Lithuania, and Egypt. This attests, if such proof is still necessary, that the MBA is,
 and is perceived to be an internationally recognised benchmark qualification.
As highlighted above, Europe and the United States constitute the two most important
 samples in the survey, supplying, respectively, 48.1% and 28.6% of the replies. In Europe,
 French MBAs formed the largest sample (11.7% of replies), ahead of the United Kingdom4
 (6.5%) and The Netherlands (5.2 %). The strong representation by French schools can be
 explained by the fact that the questionnaire had more of a tendency to attract academic
 institutions located in the Agency’s country of origin.
The variety of responses reflects the global explosion in a market long and overwhelmingly
 dominated by the United States, as well as the rise in strength of Europe.
3 By way of simplification, only significant percentages are illustrated in the table, that is to say, 12 countries,
 and not the totality of respondents.
4 In spite of the fact that today, one European MBA in two is undertaken in the United Kingdom.
The quantitative gap between the number of MBAs offered in the US and to those in the
 rest of the world confirms the vitality and attractiveness of the Anglo-Saxon model as a
 benchmark.
English as the Official Language of Instruction
english 71.4%
Spanish 5.2%
English and French 3.9%
The MBA’s Anglo-Saxon roots resurface when one considers the language in which MBA
 programmes are traditionally taught.5 Taking into consideration the fact that Anglo-Saxon
 speaking countries were not the majority of respondents, the choice of English as the
 unique language of instruction remains surprising (71.4%). It also incorporates countries
 such as France, where the resistance to everything English has been nevertheless
 traditionally very strong.
The only notable development seems to be that institutions are increasingly offering
 programmes exclusively in English, as opposed to in two languages (English and the
 national language), as was previously common. A few rare courses continue to be taught
 solely in another language, e.g. Spanish (5.2%). All these programmes are to be found in
 Central or South America.
Some programmes based in France remain bilingual, as is the case elsewhere in countries
 not figuring in the table. One Lithuanian university teaches half of its course in the
 students’ mother tongue, and half in English.
The overwhelming importance of English, as THE business language, is therefore
 incontestable and uncontested, with the exception of a few marginal examples. English
 then, more than ever, is an inescapable factor of business courses.
 In the international arena, non-Anglophone MBAs are not credible.
The MBA: Impossible to Stereotype
The responses given by those in charge of MBA programmes illustrate the developments
 noted by market observers over the past few years.
At this juncture it would seem that the initial MBA model — long considered a general
 management course of one or two years’ duration destined for graduates with a wealth of
 career experience behind them — is no longer valid. The different types of MBA are now
 so varied that in itself, the title ‘MBA’ in no way suffices as a description of the actual
 content, quality and length of a programme.
5 The graph does not total 100 % as it excludes thoses responses that are too marginal to be significant.
The proof of this diversity is that those surveyed refer almost equally to three predominant
 types of MBA:
• Programmes of more than 18 months – the closest to the original model.
• Programmes of less than 18 months that could qualify as an accelerated MBA, along
 the lines of the model introduced by INSEAD, for example. This model offers a
 solution to the concerns of numerous candidates for whom an interruption in their
 professional life of more than 18 months, given the cost of the programme and a
 less than flourishing employment market, is an unviable investment.
• Part-time MBA programmes, clearly destined for salaried employees who cannot or
 do not want to interrupt their professional life. They therefore opt for this model in
 order to reconcile education with career.
 Two further types of MBA also exist, though having recently appeared amongst a product
 offering which has become heterogeneous, their prevalence lags behind that of the major
 models.
• Executive MBAs, destined for an audience of 30 or 40-year-olds looking to give their
 careers a boost, feature later in this survey’s sample but are often referred to.
• Specialist MBAs (such as Groupe ESC Toulouse’s Aerospace MBA in France, or
 Hamburg School of Logistics’ MBA specialising in management and logistics) also
 have made a not insignificant appearance on the market, but are still quite far
 behind the three major models.
Another indicator of a major change is the length of required professional experience.
 None 19.5%
Less than 5 years 57.1%
Between 5 and 8 years 16.9%
8 years or more 2.6%
Three-quarters of those surveyed tend to require less professional experience than in the
 past (less than 5 years in 57.1% of cases), or in the case of one-fifth of respondents, none
 at all. In the eyes of numerous advocators of the traditional model for whom MBA studies
 cannot be envisaged without significant business experience, this is heresy.
 The average age of MBA students (30 years old) is directly affected by this development.
 Students are slightly younger than ten years ago, with 50% of students under 29, although
 there is a not inconsiderable proportion of part-time and executive MBAs which
 traditionally target seasoned professionals. However, the percentage of 40-year-olds is
 highly limited: 85.8 % of MBA students polled were aged between 24 and 35, and more than
 four students in ten were younger than 30. This is surprising given the long-held belief that
 professional experience obtained by this age is too ‘lightweight’ to merit access to an MBA
 course.
This being the case, one person surveyed in two (50.6%) indicated that the average age had
 neither increased or decreased over the last few years. It had increased in 23.4% of cases
 and fallen in 19.5% of MBAs polled. Students on US MBA programmes are, on average, older
 than in other countries.
In all, it is difficult to continue to regard the MBA as a norm or standard: with the
 original model changing, the term MBA today unites very disparate notions, including
 proliferating teaching methods, length of programmes, target audiences, costs, methods,
 pedagogic approach…
Current and Previous MBA Programmes
The longevity of the MBAs studied is equally symptomatic of current developments and the
 implosion in the market:
Less than 10 years 29.9%
10-20 years 22.1%
More than 20 years 45.5%
Of those surveyed, less than one MBA programme in two predates 1984. One programme
 in three was created between 1994 and 2004.
Even though courses dating more than 20 years are still the most numerous (45.5%), 29.9%
 of programmes are less than ten-years-old. This illustrates two points:
- The marked increase in the number of MBAs worldwide explains the attendant
 downturn in the number of candidates for each individual programme; and
- The undiminished appeal of the MBA brand for establishments that have created
 high-level management courses in the last few years.
When universities seek to create flagship management qualifications, they consistently dub
 it with the title of an MBA, with all the excess that, in certain cases, this can imply.
 In the long run, to the extent that many degrees bearing the MBA name exploit the power
 of the brand, one can speculate as to the eventual erosion of the acronym, which for the
 moment retains an almost charmed ability to attract attention. Hence, the question arises,
 given the multifarious range of products encompassing the entire spectrum of quality and
 levels of demand, how can one distinguish the good from the less good?
 International accreditations are one way in which the market has responded to these
 developments.
• Accreditation: Imperative for Visibility
 Almost all the programmes surveyed indicated that they have one or several accreditations
 awarded by one of the large international bodies: the AACSB, EFMD (and its accreditation
 EQUIS) or the AMBA.
 AACSB (48.1%)
 EQUIS (22.1%)
 AMBA (19.5%)
 Other (16.9%)
 This means that this survey failed to attract the attention of non-accredited MBAs, though
 those running them were obviously able to appreciate the inopportunity of drawing
 attention to their missing ingredients.
On the other hand, the surprising abundance of accredited programmes draws attention to
 the fact that many MBA programmes avail themselves of the AACSB or EQUIS accreditation
 granted to the university as a whole, and not specifically to the programme: only the AMBA
 accreditation applies solely to MBA programmes.
AACSB is the first accreditation cited (48.1%), ahead of EQUIS (the most recent
 accreditation of the EFMD) (22.1%), followed just behind by that of the AMBA (19.5%).
 16.9% of other accreditations relate to quality standards such as ISO 9001, which are not
 specific to higher education, or to accreditations of a national kind such as the one
 awarded by the Executive MBA Council, under the authority of the Brazilian Ministry for
 Education and Culture. In Germany, the FIBAA (Foundation for International Business
 Administration Accreditation) only awards accreditations in German-speaking countries:
 Germany, Austria and Switzerland.
The ACICS (Accrediting Council for Independent Colleges and Schools) figures amongst
 these national, or principally national, certifying bodies – although this particular
 organisation also accredits academic institutions outside of the US. Other bodies specialise
 in specific fields, such as the certification attributed by the ICA (Interuniversity
 Consortium for Agricultural and Related Sciences in Europe).
Though not every MBA programme is accredited, for those in the top tier, or aspiring to be
 in the top tier, accreditation is essential, except for very few programmes. The rarity of
 non-accredited programmes indicatives that for them there is little purpose in launching
 the long and onerous accreditation process given that their recruitment is principally local.
 As the ways of gaining accreditation steadily increase, it has become increasingly clear
 that this status alone does not guarantee the success of an MBA programme. Although
 it has become a necessary condition, accreditation has also become an increas

Contact: Brigitte FOURNIER
Director
bfournier@noirsurblanc.com
The Global MBA Market: Trends and Developments
 April 2005 © Noir sur Blanc / All rights reserved
 Tel : +33 1 41 43 72 70 – Fax : +33 1 41 43 72 71
TABLE OF CONTENTS
 Introduction page 3
I – Overview: A Changing Equilibrium page 6
 Geographical Reach page 6
 English as the Official Language of Instruction page 7
 The MBA: Impossible to Stereotype page 7
 Current and Previous MBA Programmes page 9
 Accreditation: Imperative for Visibility page 10
 The Undergraduate MBA: The Road to a Junior MBA? page 11
 Programme Directors’ View of Student Expectations page 12
 Expansion Options page 12
 Excess Supply and Stagnating Demand page 14
II – The Outlook: Stability or Change? page 15
 Market Conditions page 15
 The Alternative Model of the European MBA page 16
 The Conceal Concern of American MBAs page 17
 Attracting New Candidates page 18
 Prospects for Alternative MBA Programmes page 19
 Conclusion page 20
 Appendix: The Questionnaire page 22
Introduction
Over and above all other management qualifications, the Master of Business Administration
(MBA) has become a symbol of excellence and competence and a benchmark for
 employers. For some time, the stature of the qualification has been established in both the
 global marketplace for higher education as among the general public, now more than
 familiar with its acronym.
The explosion in the number of MBA courses1 continues, yet another more recent trend has
 been acknowledged collectively in the sector. With an increasing number of courses on
 offer, stagnation in the number of applications at times leads to a severe shortage of
 candidates.
Today, the MBA market is heterogeneous and constantly changing. It is extremely
 competitive reflecting the issues of interest to both large international organisations and
 states. In essence, its challenge is to provide quality training for an elite called upon to
 take up positions of great responsibility in large-scale companies, across all sectors of the
 economy.
In a booming MBA market, which threatens to expand even further given that any
 management course can call itself an ‘MBA’, the best and the worst find themselves side
 by side. Despite the different systems of accreditation that have been put in place by
 organisations such as the AACSB, AMBA or EFMD, it is the allure and reputation of a
 university in the eyes of students, recruiters and the media that determines the value of a
 course and ultimately assigns it a place in the global hierarchy.
This flagship academic symbol of excellence has long been considered the exclusive
 property of US universities. However, the Wall Street Journal’s world MBA ranking of
 22 September 2004 placed four European schools among the five most highly-regarded by
 recruiters. This illustrates an increasingly evident truth: the US MBA, as a benchmark and
 point of reference, is facing competition.
For all concerned, debate concerning the modern MBA is rife.
 In Europe, the Bologna Accord, which aims to build a European ‘space’ for Higher
 Education in the European Union is underway, but it reflects the frictions in the MBA
 debate. The process’ main goal is to clarify curricula in general, and of management
 diplomas in particular. At the same time, it’s should help to bring to the fore a clearly
 identified MBA standard, distinguishable from Masters or even Bachelors degrees in
 Management.
1 For example, in 1999, Europe accounted for 220 MBA programmes. This number rose to 400 in 2004.
 During the same period, the figure rose from 50 to 120 in Asia Pacific and from 700 to 750 in North
 America (US and Canada). (Source: QS Top MBA, organiser of the World MBA Forum Tour, October
 2004).
In the United States, the debate is equally fierce. Much reflection has taken place, notably
 about the ideal age of candidates, the under representation of women, the fall in
 recruitment of foreign students, the often prohibitive cost of the studies2, the absence of
 ethical issues taught, programme conformism, the rise in strength of European, Australian
 and Asian competition, etc.
The main cause of such lively debate and acute tension is, undoubtedly, the increasingly
 stringent competition to which MBA programmes are subjected.
For the past 15 years or so, the market has undergone structural changes which are
 currently bearing fruit: expansion beyond North America to European, Asian, Australian
 and South-American universities, the introduction of alternative courses (MBAs specialising
 in a particular field, the part-time MBA, the executive MBA, the impact of e-learning)….
 Added to these developments are more cyclical changes which are having a qualitative and
 quantitative impact on recruitment, the geographical origin of students, university
 reputations…For example, the effect of the US visa-granting policies on foreign student
 recruitment. Equally, the stagnation in both the economy and employment market has
 resulted in one candidate segment to opt for both the shortest and least onerous courses.
 The classic American model of the ‘generalist’ MBA, of 18 or 24 months duration, reserved
 for already wealthy candidates with significant business experience behind them, has
 today been demolished both in form and content by a highly-inventive competition. This is
 doubtlessly, spurred on by the major constraint of universities having far fewer means at
 their disposal compared to North American universities.
This Noir sur Blanc survey is devoted to the questions currently enlivening and reshaping
 the MBA landscape. One should not underestimate the fact that these discussions
 foreshadow the evolutions and broader discussions on the horizon in fields other than
 management training.
Methodology and Data
Data for this study were collated between November and December 2004, via an email
 questionnaire sent to senior people involved in running MBA courses (Deans, Senior Faculty
 Members, Programme Directors…). Out of 3,020 emails sent out, 154 complete and usable
 replies were returned to us, giving us a feedback response of 5.1 %. This is sufficient to
 provide a valid statistical sample from which to paint a meaningful picture of
 developments in the MBA market.
This manner of collecting the data, geared as it was to capturing quantitative details,
 nevertheless allowed substantial scope for qualitative responses. Those surveyed were
 furnished with a broad range of so-called ‘open’ questions, which left room for the
 expression of opinions (see appended questionnaire).
Noir sur Blanc also called upon its network and contacts for additional interviews designed
 to expand on and hone the purely quantitative aspects of the survey.
Added to the original data collated by our Agency are statistical analyses and documents
 published by official bodies such as GMAC (Graduate Management Admission Council), the
 2 Upwards from 15 000 to 100 000 dollars.
Forum World MBA Tour organised by the QS Top MBA, accrediting institutions such as the
 EFMD (European Foundation for Management Development) and the AACSB (Association for
 Advance Collegiate Schools of Business), as well as surveys and rankings published in wellknown
 French and international press titles.
The depth and richness of the study should not however, allow us to overlook a certain
 bias that may have led to some distortion in the results of the on-line questionnaire. We
 highlight these (potential) areas of bias in the course of the report.
• Firstly, the questionnaire, which appeared on the Internet, was published in English
 and the responses were given in the same language, a fact which may have led to a
 certain “self selection” amongst those administering MBAS. Those managing MBA
 courses with no or little command of English were consequently excluded from the
 survey. It should however, be emphasised that in this field these are few and far
 between, almost a rarity, and that the level of English required in order to answer
 the survey was not particularly high.
• Secondly, for linguistic reasons linked to those mentioned above and due to
 practical constraints, the replies to the survey, although originating from a vast
 sample of countries, come principally from two continents, Europe (48.1%) and
 North America (28.6% for the USA).
• The overrepresentation of Europe in relation to the global share of universities
 offering MBAs, is due to the fact that this market has teemed with new initiatives
 and innovations over the past years.
• The third of the big groupings that makes up the global arena of the MBA market,
 Asia, is, therefore, under represented in the following pages and will be the object
 of a specific survey at a later date.
As a result, this survey principally assesses the existing relationship between the American
 and European provision of higher education (in the form of the MBA).
 The first part of this report, which provides a current overview of the MBA market, is
 followed by a discussion and analysis of trends identified by those surveyed.
I – Overview: A Changing Equilibrium
 This section attempts to take stock of the fundamental changes currently affecting MBA
 courses. What are the trends in terms of the length of courses? What are the pedagogical
 developments? How do MBAs adapt to suit the demands of candidates? How are candidates
 selected?
• Geographical Reach
 Responses to the survey were obtained from 154 people managing MBA courses, located in
 28 different countries3, from all five continents.
 USA 28.6%
 France 11.7%
 UK 6.5%
 The Netherlands 5.2%
 India 3.9%
 Germany 3.9%
 Suisse 2.6%
 SPAIN 2.6%
 Hungary 2.6%
 Brazil 2.6%
 Belgium 2.6%
 Australia 2.6%
In addition to the countries one would expect to feature in the sample (the United States,
 the United Kingdom, France, Germany, China, India), came replies from countries such as
 Croatia, Lithuania, and Egypt. This attests, if such proof is still necessary, that the MBA is,
 and is perceived to be an internationally recognised benchmark qualification.
As highlighted above, Europe and the United States constitute the two most important
 samples in the survey, supplying, respectively, 48.1% and 28.6% of the replies. In Europe,
 French MBAs formed the largest sample (11.7% of replies), ahead of the United Kingdom4
 (6.5%) and The Netherlands (5.2 %). The strong representation by French schools can be
 explained by the fact that the questionnaire had more of a tendency to attract academic
 institutions located in the Agency’s country of origin.
The variety of responses reflects the global explosion in a market long and overwhelmingly
 dominated by the United States, as well as the rise in strength of Europe.
3 By way of simplification, only significant percentages are illustrated in the table, that is to say, 12 countries,
 and not the totality of respondents.
4 In spite of the fact that today, one European MBA in two is undertaken in the United Kingdom.
The quantitative gap between the number of MBAs offered in the US and to those in the
 rest of the world confirms the vitality and attractiveness of the Anglo-Saxon model as a
 benchmark.
English as the Official Language of Instruction
english 71.4%
Spanish 5.2%
English and French 3.9%
The MBA’s Anglo-Saxon roots resurface when one considers the language in which MBA
 programmes are traditionally taught.5 Taking into consideration the fact that Anglo-Saxon
 speaking countries were not the majority of respondents, the choice of English as the
 unique language of instruction remains surprising (71.4%). It also incorporates countries
 such as France, where the resistance to everything English has been nevertheless
 traditionally very strong.
The only notable development seems to be that institutions are increasingly offering
 programmes exclusively in English, as opposed to in two languages (English and the
 national language), as was previously common. A few rare courses continue to be taught
 solely in another language, e.g. Spanish (5.2%). All these programmes are to be found in
 Central or South America.
Some programmes based in France remain bilingual, as is the case elsewhere in countries
 not figuring in the table. One Lithuanian university teaches half of its course in the
 students’ mother tongue, and half in English.
The overwhelming importance of English, as THE business language, is therefore
 incontestable and uncontested, with the exception of a few marginal examples. English
 then, more than ever, is an inescapable factor of business courses.
 In the international arena, non-Anglophone MBAs are not credible.
The MBA: Impossible to Stereotype
The responses given by those in charge of MBA programmes illustrate the developments
 noted by market observers over the past few years.
At this juncture it would seem that the initial MBA model — long considered a general
 management course of one or two years’ duration destined for graduates with a wealth of
 career experience behind them — is no longer valid. The different types of MBA are now
 so varied that in itself, the title ‘MBA’ in no way suffices as a description of the actual
 content, quality and length of a programme.
5 The graph does not total 100 % as it excludes thoses responses that are too marginal to be significant.
The proof of this diversity is that those surveyed refer almost equally to three predominant
 types of MBA:
• Programmes of more than 18 months – the closest to the original model.
• Programmes of less than 18 months that could qualify as an accelerated MBA, along
 the lines of the model introduced by INSEAD, for example. This model offers a
 solution to the concerns of numerous candidates for whom an interruption in their
 professional life of more than 18 months, given the cost of the programme and a
 less than flourishing employment market, is an unviable investment.
• Part-time MBA programmes, clearly destined for salaried employees who cannot or
 do not want to interrupt their professional life. They therefore opt for this model in
 order to reconcile education with career.
 Two further types of MBA also exist, though having recently appeared amongst a product
 offering which has become heterogeneous, their prevalence lags behind that of the major
 models.
• Executive MBAs, destined for an audience of 30 or 40-year-olds looking to give their
 careers a boost, feature later in this survey’s sample but are often referred to.
• Specialist MBAs (such as Groupe ESC Toulouse’s Aerospace MBA in France, or
 Hamburg School of Logistics’ MBA specialising in management and logistics) also
 have made a not insignificant appearance on the market, but are still quite far
 behind the three major models.
Another indicator of a major change is the length of required professional experience.
 None 19.5%
Less than 5 years 57.1%
Between 5 and 8 years 16.9%
8 years or more 2.6%
Three-quarters of those surveyed tend to require less professional experience than in the
 past (less than 5 years in 57.1% of cases), or in the case of one-fifth of respondents, none
 at all. In the eyes of numerous advocators of the traditional model for whom MBA studies
 cannot be envisaged without significant business experience, this is heresy.
 The average age of MBA students (30 years old) is directly affected by this development.
 Students are slightly younger than ten years ago, with 50% of students under 29, although
 there is a not inconsiderable proportion of part-time and executive MBAs which
 traditionally target seasoned professionals. However, the percentage of 40-year-olds is
 highly limited: 85.8 % of MBA students polled were aged between 24 and 35, and more than
 four students in ten were younger than 30. This is surprising given the long-held belief that
 professional experience obtained by this age is too ‘lightweight’ to merit access to an MBA
 course.
This being the case, one person surveyed in two (50.6%) indicated that the average age had
 neither increased or decreased over the last few years. It had increased in 23.4% of cases
 and fallen in 19.5% of MBAs polled. Students on US MBA programmes are, on average, older
 than in other countries.
In all, it is difficult to continue to regard the MBA as a norm or standard: with the
 original model changing, the term MBA today unites very disparate notions, including
 proliferating teaching methods, length of programmes, target audiences, costs, methods,
 pedagogic approach…
Current and Previous MBA Programmes
The longevity of the MBAs studied is equally symptomatic of current developments and the
 implosion in the market:
Less than 10 years 29.9%
10-20 years 22.1%
More than 20 years 45.5%
Of those surveyed, less than one MBA programme in two predates 1984. One programme
 in three was created between 1994 and 2004.
Even though courses dating more than 20 years are still the most numerous (45.5%), 29.9%
 of programmes are less than ten-years-old. This illustrates two points:
- The marked increase in the number of MBAs worldwide explains the attendant
 downturn in the number of candidates for each individual programme; and
- The undiminished appeal of the MBA brand for establishments that have created
 high-level management courses in the last few years.
When universities seek to create flagship management qualifications, they consistently dub
 it with the title of an MBA, with all the excess that, in certain cases, this can imply.
 In the long run, to the extent that many degrees bearing the MBA name exploit the power
 of the brand, one can speculate as to the eventual erosion of the acronym, which for the
 moment retains an almost charmed ability to attract attention. Hence, the question arises,
 given the multifarious range of products encompassing the entire spectrum of quality and
 levels of demand, how can one distinguish the good from the less good?
 International accreditations are one way in which the market has responded to these
 developments.
• Accreditation: Imperative for Visibility
 Almost all the programmes surveyed indicated that they have one or several accreditations
 awarded by one of the large international bodies: the AACSB, EFMD (and its accreditation
 EQUIS) or the AMBA.
 AACSB (48.1%)
 EQUIS (22.1%)
 AMBA (19.5%)
 Other (16.9%)
 This means that this survey failed to attract the attention of non-accredited MBAs, though
 those running them were obviously able to appreciate the inopportunity of drawing
 attention to their missing ingredients.
On the other hand, the surprising abundance of accredited programmes draws attention to
 the fact that many MBA programmes avail themselves of the AACSB or EQUIS accreditation
 granted to the university as a whole, and not specifically to the programme: only the AMBA
 accreditation applies solely to MBA programmes.
AACSB is the first accreditation cited (48.1%), ahead of EQUIS (the most recent
 accreditation of the EFMD) (22.1%), followed just behind by that of the AMBA (19.5%).
 16.9Contact: Brigitte FOURNIER
Director
bfournier@noirsurblanc.com
The Global MBA Market: Trends and Developments
 April 2005 © Noir sur Blanc / All rights reserved
 Tel : +33 1 41 43 72 70 – Fax : +33 1 41 43 72 71
TABLE OF CONTENTS
 Introduction page 3
I – Overview: A Changing Equilibrium page 6
 Geographical Reach page 6
 English as the Official Language of Instruction page 7
 The MBA: Impossible to Stereotype page 7
 Current and Previous MBA Programmes page 9
 Accreditation: Imperative for Visibility page 10
 The Undergraduate MBA: The Road to a Junior MBA? page 11
 Programme Directors’ View of Student Expectations page 12
 Expansion Options page 12
 Excess Supply and Stagnating Demand page 14
II – The Outlook: Stability or Change? page 15
 Market Conditions page 15
 The Alternative Model of the European MBA page 16
 The Conceal Concern of American MBAs page 17
 Attracting New Candidates page 18
 Prospects for Alternative MBA Programmes page 19
 Conclusion page 20
 Appendix: The Questionnaire page 22
Introduction
Over and above all other management qualifications, the Master of Business Administration
(MBA) has become a symbol of excellence and competence and a benchmark for
 employers. For some time, the stature of the qualification has been established in both the
 global marketplace for higher education as among the general public, now more than
 familiar with its acronym.
The explosion in the number of MBA courses1 continues, yet another more recent trend has
 been acknowledged collectively in the sector. With an increasing number of courses on
 offer, stagnation in the number of applications at times leads to a severe shortage of
 candidates.
Today, the MBA market is heterogeneous and constantly changing. It is extremely
 competitive reflecting the issues of interest to both large international organisations and
 states. In essence, its challenge is to provide quality training for an elite called upon to
 take up positions of great responsibility in large-scale companies, across all sectors of the
 economy.
In a booming MBA market, which threatens to expand even further given that any
 management course can call itself an ‘MBA’, the best and the worst find themselves side
 by side. Despite the different systems of accreditation that have been put in place by
 organisations such as the AACSB, AMBA or EFMD, it is the allure and reputation of a
 university in the eyes of students, recruiters and the media that determines the value of a
 course and ultimately assigns it a place in the global hierarchy.
This flagship academic symbol of excellence has long been considered the exclusive
 property of US universities. However, the Wall Street Journal’s world MBA ranking of
 22 September 2004 placed four European schools among the five most highly-regarded by
 recruiters. This illustrates an increasingly evident truth: the US MBA, as a benchmark and
 point of reference, is facing competition.
For all concerned, debate concerning the modern MBA is rife.
 In Europe, the Bologna Accord, which aims to build a European ‘space’ for Higher
 Education in the European Union is underway, but it reflects the frictions in the MBA
 debate. The process’ main goal is to clarify curricula in general, and of management
 diplomas in particular. At the same time, it’s should help to bring to the fore a clearly
 identified MBA standard, distinguishable from Masters or even Bachelors degrees in
 Management.
1 For example, in 1999, Europe accounted for 220 MBA programmes. This number rose to 400 in 2004.
 During the same period, the figure rose from 50 to 120 in Asia Pacific and from 700 to 750 in North
 America (US and Canada). (Source: QS Top MBA, organiser of the World MBA Forum Tour, October
 2004).
In the United States, the debate is equally fierce. Much reflection has taken place, notably
 about the ideal age of candidates, the under representation of women, the fall in
 recruitment of foreign students, the often prohibitive cost of the studies2, the absence of
 ethical issues taught, programme conformism, the rise in strength of European, Australian
 and Asian competition, etc.
The main cause of such lively debate and acute tension is, undoubtedly, the increasingly
 stringent competition to which MBA programmes are subjected.
For the past 15 years or so, the market has undergone structural changes which are
 currently bearing fruit: expansion beyond North America to European, Asian, Australian
 and South-American universities, the introduction of alternative courses (MBAs specialising
 in a particular field, the part-time MBA, the executive MBA, the impact of e-learning)….
 Added to these developments are more cyclical changes which are having a qualitative and
 quantitative impact on recruitment, the geographical origin of students, university
 reputations…For example, the effect of the US visa-granting policies on foreign student
 recruitment. Equally, the stagnation in both the economy and employment market has
 resulted in one candidate segment to opt for both the shortest and least onerous courses.
 The classic American model of the ‘generalist’ MBA, of 18 or 24 months duration, reserved
 for already wealthy candidates with significant business experience behind them, has
 today been demolished both in form and content by a highly-inventive competition. This is
 doubtlessly, spurred on by the major constraint of universities having far fewer means at
 their disposal compared to North American universities.
This Noir sur Blanc survey is devoted to the questions currently enlivening and reshaping
 the MBA landscape. One should not underestimate the fact that these discussions
 foreshadow the evolutions and broader discussions on the horizon in fields other than
 management training.
Methodology and Data
Data for this study were collated between November and December 2004, via an email
 questionnaire sent to senior people involved in running MBA courses (Deans, Senior Faculty
 Members, Programme Directors…). Out of 3,020 emails sent out, 154 complete and usable
 replies were returned to us, giving us a feedback response of 5.1 %. This is sufficient to
 provide a valid statistical sample from which to paint a meaningful picture of
 developments in the MBA market.
This manner of collecting the data, geared as it was to capturing quantitative details,
 nevertheless allowed substantial scope for qualitative responses. Those surveyed were
 furnished with a broad range of so-called ‘open’ questions, which left room for the
 expression of opinions (see appended questionnaire).
Noir sur Blanc also called upon its network and contacts for additional interviews designed
 to expand on and hone the purely quantitative aspects of the survey.
Added to the original data collated by our Agency are statistical analyses and documents
 published by official bodies such as GMAC (Graduate Management Admission Council), the
 2 Upwards from 15 000 to 100 000 dollars.
Forum World MBA Tour organised by the QS Top MBA, accrediting institutions such as the
 EFMD (European Foundation for Management Development) and the AACSB (Association for
 Advance Collegiate Schools of Business), as well as surveys and rankings published in wellknown
 French and international press titles.
The depth and richness of the study should not however, allow us to overlook a certain
 bias that may have led to some distortion in the results of the on-line questionnaire. We
 highlight these (potential) areas of bias in the course of the report.
• Firstly, the questionnaire, which appeared on the Internet, was published in English
 and the responses were given in the same language, a fact which may have led to a
 certain “self selection” amongst those administering MBAS. Those managing MBA
 courses with no or little command of English were consequently excluded from the
 survey. It should however, be emphasised that in this field these are few and far
 between, almost a rarity, and that the level of English required in order to answer
 the survey was not particularly high.
• Secondly, for linguistic reasons linked to those mentioned above and due to
 practical constraints, the replies to the survey, although originating from a vast
 sample of countries, come principally from two continents, Europe (48.1%) and
 North America (28.6% for the USA).
• The overrepresentation of Europe in relation to the global share of universities
 offering MBAs, is due to the fact that this market has teemed with new initiatives
 and innovations over the past years.
• The third of the big groupings that makes up the global arena of the MBA market,
 Asia, is, therefore, under represented in the following pages and will be the object
 of a specific survey at a later date.
As a result, this survey principally assesses the existing relationship between the American
 and European provision of higher education (in the form of the MBA).
 The first part of this report, which provides a current overview of the MBA market, is
 followed by a discussion and analysis of trends identified by those surveyed.
I – Overview: A Changing Equilibrium
 This section attempts to take stock of the fundamental changes currently affecting MBA
 courses. What are the trends in terms of the length of courses? What are the pedagogical
 developments? How do MBAs adapt to suit the demands of candidates? How are candidates
 selected?
• Geographical Reach
 Responses to the survey were obtained from 154 people managing MBA courses, located in
 28 different countries3, from all five continents.
 USA 28.6%
 France 11.7%
 UK 6.5%
 The Netherlands 5.2%
 India 3.9%
 Germany 3.9%
 Suisse 2.6%
 SPAIN 2.6%
 Hungary 2.6%
 Brazil 2.6%
 Belgium 2.6%
 Australia 2.6%
In addition to the countries one would expect to feature in the sample (the United States,
 the United Kingdom, France, Germany, China, India), came replies from countries such as
 Croatia, Lithuania, and Egypt. This attests, if such proof is still necessary, that the MBA is,
 and is perceived to be an internationally recognised benchmark qualification.
As highlighted above, Europe and the United States constitute the two most important
 samples in the survey, supplying, respectively, 48.1% and 28.6% of the replies. In Europe,
 French MBAs formed the largest sample (11.7% of replies), ahead of the United Kingdom4
 (6.5%) and The Netherlands (5.2 %). The strong representation by French schools can be
 explained by the fact that the questionnaire had more of a tendency to attract academic
 institutions located in the Agency’s country of origin.
The variety of responses reflects the global explosion in a market long and overwhelmingly
 dominated by the United States, as well as the rise in strength of Europe.
3 By way of simplification, only significant percentages are illustrated in the table, that is to say, 12 countries,
 and not the totality of respondents.
4 In spite of the fact that today, one European MBA in two is undertaken in the United Kingdom.
The quantitative gap between the number of MBAs offered in the US and to those in the
 rest of the world confirms the vitality and attractiveness of the Anglo-Saxon model as a
 benchmark.
English as the Official Language of Instruction
english 71.4%
Spanish 5.2%
English and French 3.9%
The MBA’s Anglo-Saxon roots resurface when one considers the language in which MBA
 programmes are traditionally taught.5 Taking into consideration the fact that Anglo-Saxon
 speaking countries were not the majority of respondents, the choice of English as the
 unique language of instruction remains surprising (71.4%). It also incorporates countries
 such as France, where the resistance to everything English has been nevertheless
 traditionally very strong.
The only notable development seems to be that institutions are increasingly offering
 programmes exclusively in English, as opposed to in two languages (English and the
 national language), as was previously common. A few rare courses continue to be taught
 solely in another language, e.g. Spanish (5.2%). All these programmes are to be found in
 Central or South America.
Some programmes based in France remain bilingual, as is the case elsewhere in countries
 not figuring in the table. One Lithuanian university teaches half of its course in the
 students’ mother tongue, and half in English.
The overwhelming importance of English, as THE business language, is therefore
 incontestable and uncontested, with the exception of a few marginal examples. English
 then, more than ever, is an inescapable factor of business courses.
 In the international arena, non-Anglophone MBAs are not credible.
The MBA: Impossible to Stereotype
The responses given by those in charge of MBA programmes illustrate the developments
 noted by market observers over the past few years.
At this juncture it would seem that the initial MBA model — long considered a general
 management course of one or two years’ duration destined for graduates with a wealth of
 career experience behind them — is no longer valid. The different types of MBA are now
 so varied that in itself, the title ‘MBA’ in no way suffices as a description of the actual
 content, quality and length of a programme.
5 The graph does not total 100 % as it excludes thoses responses that are too marginal to be significant.
The proof of this diversity is that those surveyed refer almost equally to three predominant
 types of MBA:
• Programmes of more than 18 months – the closest to the original model.
• Programmes of less than 18 months that could qualify as an accelerated MBA, along
 the lines of the model introduced by INSEAD, for example. This model offers a
 solution to the concerns of numerous candidates for whom an interruption in their
 professional life of more than 18 months, given the cost of the programme and a
 less than flourishing employment market, is an unviable investment.
• Part-time MBA programmes, clearly destined for salaried employees who cannot or
 do not want to interrupt their professional life. They therefore opt for this model in
 order to reconcile education with career.
 Two further types of MBA also exist, though having recently appeared amongst a product
 offering which has become heterogeneous, their prevalence lags behind that of the major
 models.
• Executive MBAs, destined for an audience of 30 or 40-year-olds looking to give their
 careers a boost, feature later in this survey’s sample but are often referred to.
• Specialist MBAs (such as Groupe ESC Toulouse’s Aerospace MBA in France, or
 Hamburg School of Logistics’ MBA specialising in management and logistics) also
 have made a not insignificant appearance on the market, but are still quite far
 behind the three major models.
Another indicator of a major change is the length of required professional experience.
 None 19.5%
Less than 5 years 57.1%
Between 5 and 8 years 16.9%
8 years or more 2.6%
Three-quarters of those surveyed tend to require less professional experience than in the
 past (less than 5 years in 57.1% of cases), or in the case of one-fifth of respondents, none
 at all. In the eyes of numerous advocators of the traditional model for whom MBA studies
 cannot be envisaged without significant business experience, this is heresy.
 The average age of MBA students (30 years old) is directly affected by this development.
 Students are slightly younger than ten years ago, with 50% of students under 29, although
 there is a not inconsiderable proportion of part-time and executive MBAs which
 traditionally target seasoned professionals. However, the percentage of 40-year-olds is
 highly limited: 85.8 % of MBA students polled were aged between 24 and 35, and more than
 four students in ten were younger than 30. This is surprising given the long-held belief that
 professional experience obtained by this age is too ‘lightweight’ to merit access to an MBA
 course.
This being the case, one person surveyed in two (50.6%) indicated that the average age had
 neither increased or decreased over the last few years. It had increased in 23.4% of cases
 and fallen in 19.5% of MBAs polled. Students on US MBA programmes are, on average, older
 than in other countries.
In all, it is difficult to continue to regard the MBA as a norm or standard: with the
 original model changing, the term MBA today unites very disparate notions, including
 proliferating teaching methods, length of programmes, target audiences, costs, methods,
 pedagogic approach…
Current and Previous MBA Programmes
The longevity of the MBAs studied is equally symptomatic of current developments and the
 implosion in the market:
Less than 10 years 29.9%
10-20 years 22.1%
More than 20 years 45.5%
Of those surveyed, less than one MBA programme in two predates 1984. One programme
 in three was created between 1994 and 2004.
Even though courses dating more than 20 years are still the most numerous (45.5%), 29.9%
 of programmes are less than ten-years-old. This illustrates two points:
- The marked increase in the number of MBAs worldwide explains the attendant
 downturn in the number of candidates for each individual programme; and
- The undiminished appeal of the MBA brand for establishments that have created
 high-level management courses in the last few years.
When universities seek to create flagship management qualifications, they consistently dub
 it with the title of an MBA, with all the excess that, in certain cases, this can imply.
 In the long run, to the extent that many degrees bearing the MBA name exploit the power
 of the brand, one can speculate as to the eventual erosion of the acronym, which for the
 moment retains an almost charmed ability to attract attention. Hence, the question arises,
 given the multifarious range of products encompassing the entire spectrum of quality and
 levels of demand, how can one distinguish the good from the less good?
 International accreditations are one way in which the market has responded to these
 developments.
• Accreditation: Imperative for Visibility
 Almost all the programmes surveyed indicated that they have one or several accreditations
 awarded by one of the large international bodies: the AACSB, EFMD (and its accreditation
 EQUIS) or the AMBA.
 AACSB (48.1%)
 EQUIS (22.1%)
 AMBA (19.5%)
 Other (16.9%)
 This means that this survey failed to attract the attention of non-accredited MBAs, though
 those running them were obviously able to appreciate the inopportunity of drawing
 attention to their missing ingredients.
On the other hand, the surprising abundance of accredited programmes draws attention to
 the fact that many MBA programmes avail themselves of the AACSB or EQUIS accreditation
 granted to the university as a whole, and not specifically to the programme: only the AMBA
 accreditation applies solely to MBA programmes.
AACSB is the first accreditation cited (48.1%), ahead of EQUIS (the most recent
 accreditation of the EFMD) (22.1%), followed just behind by that of the AMBA (19.5%).
 16.9% of other accreditations relate to quality standards such as ISO 9001, which are not
 specific to higher education, or to accreditations of a national kind such as the one
 awarded by the Executive MBA Council, under the authority of the Brazilian Ministry for
 Education and Culture. In Germany, the FIBAA (Foundation for International Business
 Administration Accreditation) only awards accreditations in German-speaking countries:
 Germany, Austria and Switzerland.
The ACICS (Accrediting Council for Independent Colleges and Schools) figures amongst
 these national, or principally national, certifying bodies – although this particular
 organisation also accredits academic institutions outside of the US. Other bodies specialise
 in specific fields, such as the certification attributed by the ICA (Interuniversity
 Consortium for Agricultural and Related Sciences in Europe).
Though not every MBA programme is accredited, for those in the top tier, or aspiring to be
 in the top tier, accreditation is essential, except for very few programmes. The rarity of
 non-accredited programmes indicatives that for them there is little purpose in launching
 the long and onerous accreditation process given that their recruitment is principally local.
 As the ways of gaining accreditation steadily increase, it has become increasingly clear
 that this status alone does not guarantee the success of an MBA programme. Although
 it has become a necessary condition, accreditation has also become an increas

% of other accreditations relate to quality standards such as ISO 9001, which are not
 specific to higher education, or to accreditations of a national kind such as the one
 awarded by the Executive MBA Council, under the authority of the Brazilian Ministry for
 Education and Culture. In Germany, the FIBAA (Foundation for International Business
 Administration Accreditation) only awards accreditations in German-speaking countries:
 Germany, Austria and Switzerland.
The ACICS (Accrediting Council for Independent Colleges and Schools) figures amongst
 these national, or principally national, certifying bodies – although this particular
 organisation also accredits academic institutions outside of the US. Other bodies specialise
 in specific fields, such as the certification attributed by the ICA (Interuniversity
 Consortium for Agricultural and Related Sciences in Europe).
Though not every MBA programme is accredited, for those in the top tier, or aspiring to be
 in the top tier, accreditation is essential, except for very few programmes. The rarity of
 non-accredited programmes indicatives that for them there is little purpose in launching
 the long and onerous accreditation process given that their recruitment is principally local.
 As the ways of gaining accreditation steadily increase, it has become increasingly clear
 that this status alone does not guarantee the success of an MBA programme. Although
 it has become a necessary condition, accreditation has also become an increas


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