When choosing between business schools in Europe
and the United States, the main
thing to keep in mind
is that the decision is very personal. Take a good
look at the available options and do not let yourself be influenced by
rankings. If your background fits in better with a school that may be a little
outside the top 10, 20 or 30, don't let that worry you. Here are some of the advantages
European business schools have over their overseas counterparts.
Less
Expensive. The two-year program
is still considered to be the American standard for the full-time MBA. In
Europe, the
duration of an MBA program is one year or eighteen months, which becomes less expensive than a two-year program and
entails lower overall living costs. Nevertheless the quality of the programs can be very high, which
explains the growing number of triple-accredited business schools in Europe.
More Specialized
MBA Programs. Europe boasts schools that are known for
certain specific core competencies. Ranked the
best European business school by the Financial
Times in 2012, IE Business School is, for example, the perfect
place to develop your career with its focus on innovation, diversity and entrepreneurship.
A More International
Network. Reports by GMAC state that 38% of participants in US business school are from foreign countries. The percentage of
international students in European MBA programs is 83%. Due to this, the teaching
language at most business schools in Europe is English. University alliances and
exchange programs contribute to highly
diverse and international student bodies, and ultimately expand personal networks and ability to work on a
global level. IESE Business
School, which offers the fifth best worldwide MBA program according to The
Economist in 2012, has between 26 and 28 exchange partners including 16 top US
schools, such as Columbia and NYU-Stern. In 2010, IESE became the first
European school to open its New York City campus.
High MBA Salaries. During times of economic growth or in times of
crisis, it is important to have a diploma that employers favor. 87% of the
European business school graduates of the class of 2012 was employed after
graduation, according to a GMAC survey. Getting a European MBA is also a great
opportunity to change careers or find a better job, as 43% of graduates found
new employers after graduation. The median starting salary for all management
program graduates in the Old Continent is higher by more than US$22,000. Last
year, MBA employees in Europe were even better paid than in America –
US$108,355 compared to US$100,000.
Better
Return on Investment. The Financial Times value-for-money rankings show that European schools are doing better than
their American counterparts.
With all due critical attitudes towards such calculations
and lists, the top 10 European and American
schools would be as follows: The
first 10 are made up
of European institutions and the second 10 are American.
The question of business school quality is open to debate, and can
never be fully resolved. Although, in terms of
ROI, the European MBA seems to be
gaining the upper hand.
More Experienced
Classmates. The
age of MBA
students in Europe is generally higher
than that of American schools. This may give
experienced professionals
who want
to go back to school an argument in
favour of the Old
Continent. On the other hand,
US institutions accept more a
larger number of students in their programs.
Smaller
Classes, More Individual Attention. The size and culture of a school are often overlooked when considering business schools. In general, US business schools are
larger, with an average intake of 287 full-time MBA students, compared
with 124
in Europe. Professors in the US may therefore have a limited amount of time for individual
work with each student compared with professors in Europe.
Better Career Mobility. Thanks to the Bologna higher education accord, European degrees are recognized in most
countries within the Eurasian
continent, giving unprecedented access to career opportunities worldwide.
This also means that
MBA graduates are not
confined to working in the country they graduated, but
can benefit from the pan-European job market.
Cultural
Diversity. Cultural differences
between European countries shouldn't be
underestimated when considering the added value of an MBA program.
Historically-built attitudes
and social order vary greatly and create a
secondary learning environment outside the classes.
Language
Learning Options. It is a well known fact
that a new language is most efficiently learned when in the foreign country. Even
though English is the teaching
language of
MBA programs, students have the option
to perfect their language skills with
native speakers outside of the
classroom.
Thinking about a European MBA? We invite you to learn more by attending the Access MBA One-to-One event
on Wednesday, May 22nd
2013 from 4pm to 9:30pm at the Warwick New York Hotel. Learn more at www.accessmba.com
