Why should I opt for an MBA in the UK?
UK is home to some of the most renowned MBA courses in the world and is recognized by all the major global league tables. According to Financial Times Global MBA Ranking 2018, UK fares pretty well as 14 of its business schools makes an appearance in the top 100 schools. Some of the most popular reasons for which you should opt for an MBA in the UK are as follows:
Duration of the MBA program
The most important reason for opting an MBA program in the UK is the duration. MBA programs in the UK are usually of one year when compared to the programs offered by the US and Canadian universities. It has also been seen that the majority of the UK universities recognize the Indian system of 3 years bachelor degree.
Varied MBA courses for you to choose
When compared to American business schools, UK offers students a varied range of programmes to opt for. Also, MBA programmes in the UK are more diverse when it comes to content and specializations. Educationalists and curriculum planners strive continuously to add new topics considering the latest changes in the international job market.
Besides the core management subjects like Finance, Economics, Human resources, Accounting, Marketing, Management Operations, Information systems, and Quantitative methods, a number of other electives are also offered for students to choose from.
Affordable tuition fees
Although the tuition fees for MBAs slightly increase each year in the UK, the business schools here are still more affordable when compared to American business schools. The tuition fees for one-year MBA programs range around £10,000 – £15,000 on average. Whereas, MBA programmes at top schools like Oxford and Cambridge potentially cost up to £45,000.
There are however a number of universities and business schools offering high-quality degrees at a much lower cost. However, executive or international MBA courses may have higher fees. There are ample opportunities for students to finance their business studies here in this country. Whereas in the USA, for the state schools, the tuition fees range around 30,000 USD per year or about 60,000 USD for full program for international students. For the private schools, the tuition fee can be much higher, it can be as high as 65,000 USD per year for an MBA.
Strong Research Infrastructure
According to surveys and studies by Research Excellence Framework (REF), 30% of UK university research is classified as ‘world-leading’ and 46% as ‘internationally excellent’. The REF is the system for evaluating the quality of research in UK higher education institutions. So, the UK provides a very strong research platform for you to explore different intriguing concepts in a practical lab environment.
Some libraries in the UK have millions of books available for their students and staff to consult, borrow, and read. The universities also give you subscriptions to a number of the best academic databases that comprises of thousands of journals and papers from around the world. This is a great way for students to access the best and the latest in research to support their assignments with.
The standard of teaching and research at the universities and colleges is regularly evaluated and graded by official organizations to make sure that the set benchmarks are met. Although UK institutes take the responsibility of ensuring the standard and quality of different programmes by themselves, independent reviews are carried out by the Quality Assurance Agency for Higher Education (QAA). Professional bodies can also guide the curriculum and perform specific reviews on individual departments in an institute.
UK universities actively develop close connections with industries in different business sectors. Faculty members at the MBA schools have significant professional experience in their fields. This enables them to provide practical knowledge and insights to students along with helping them secure good placements and mentoring opportunities.
An MBA from a reputed UK business school gives instant global recognition. The student profile and program portfolio tend to attract some of the top world recruiters. Equipped with an MBA from any of the top UK business schools will surely give you a competitive edge over others once when you are back in your country.
After completing your MBA program from a reputed institute, you gain alumni status and the right to join the alumni club. A strong alumni network offers networking opportunities and opens a rich storehouse of resources and knowledge that will impact your career in the future. Studying in a global school only widens this network.
Career Guidance services
Most business schools in the country have full-time career services to help you tap your talent and realize your potential. Career Service advisors will help you enrich your CV and also the cover letters. They also give you interview tips and equip you with the skills to get that dream job or start a new business.
The UK education system provides a close interaction between students and lecturers. The system offers the freedom to combine varied subjects into a single course of study. Support in English language is offered by many institutions to guide international students in acquiring language skills that are required to complete their course successfully. Most universities have a team of experienced counselors and advisors to give information and also support in getting acquainted with the education system or any aspect of your course.
What are the requirements to do an MBA in the UK?
Before you are beginning the application process, it is very important to be aware of the requirements to do an MBA in the UK. All business schools vary, but as a general rule applicant will need the following:
- A minimum of 3 years of full-time work experience is required to pursue an MBA in the UK. The requirement of work experience is must to take admission in reputed universities in the UK. Most of the UK universities ask for a minimum of two to three years of work experience. If a student has work experience then it’s easier for him to understand the lessons that are taught in the MBA class.
- A Bachelor’s degree or equivalent having relevance to the MBA program you wish to pursue.
- GMAT scores: A number of business schools require students to take the Graduate Management Admission Test (GMAT). The GMAT tests ability in:
- Analytical Writing: Argument analysis
Integrated Reasoning: Graphics and table analysis
Quantitative Aptitude: an ability to read a passage and problem solve
Verbal: Critical reasoning and sentence correction
- IELTS score of at least 6.0-6.5
Most of the business schools in the UK require students to submit GMAT scores. Indians and students from other non-English speaking countries also need to demonstrate English proficiency by submitting TOEFL or IELTS scores.
How can I apply for an MBA in the UK?
This section of the article explains the process of applying to UK universities for an MBA program. The steps to apply for an MBA in the UK are as follows-
Getting the admission form: You need to send inquiries at least 12 months before the mentioned date of admission. There are two ways to collect application forms for a particular program.
Requesting Application Forms: You can request application forms from the university website. Most universities have a form on their website that can be completed online to request application material.
University Representatives: You can contact agents and representatives of the business school you are interested in. Most of the universities have representatives in many countries. These agents will give you the application forms and will guide you in the application process as well.
Downloading from the website: Many universities have a downloadable and ready to print version of their application form on the net. These can be used for application just as a regular form. Complete details of your education including your course subjects and grades are required for the application process. The official records of your previous academic qualifications are also important for your application.
Students applying for admission need to submit an official record from each college or university that they have attended after their secondary school. They need to submit complete details of the subjects, credits involved and other details like correspondence courses and diplomas.
Most universities ask for the records to be sealed in an envelope and signed and attested across the seal by the registrar. Some universities may also ask for more than one record/transcript but most require only one.
Academic documents required include:
- Class X / ‘A’ Levels / Secondary School Marksheets & Certificate
- Class XII / ‘O’ Levels / High School Marksheets & Certificate
- Bachelor Degree Transcripts & Degree Certificate
- Transcripts & Certificates of any other programs that you may have attended.
If the originals are not in English, copies and also a good English translation must be enclosed. If your undergraduate qualification or university is unknown to the admissions tutor, the British Council would be able to advise.
Letter of recommendation: Letters of reference or recommendation letters usually play an integral role in your admission to a good MBA program. A recommendation letter is regarded as a signed statement from an individual who knows you professionally or has taught you in a subject which is related to the course you are applying to. It should talk about your positive and negative qualities, strengths and other such relevant information
Statement of Purpose: The personal application essays, and statement of purpose, also play a very vital role in the process of assessing your application for admission to the MBA program. The admission committee evaluates your candidature mostly based on these essays.
A personal statement includes reasons for choosing a particular course, your areas of interest, your educational background along with your work experience(if any), unique attributes, special achievements along with your career goals. It also talks about why you chose a particular program in a particular university and how you would hope to contribute to the university.
Different Types of MBA
A general MBA is regarded is always the best MBA option for you, if you’re looking forward to a leap in your career but you have limited managerial experience. For most of the universities, applicants need to spend at least three years in a relevant job before they apply for the MBA program, although the number of years may vary between universities.
The MBA courses offer broad business skills which are applicable in varied job sectors. The core modules comprise of topics such as marketing, organizational behavior, and financial management. Additional elective modules allow you to customize the programme according to your interests. Whereas, a personal project will give you the chance to learn in a hands-on, practical environment.
General MBAs are usually studied full or part-time. A full-time course will usually take one to two years to complete.
This particular program is ideal if you are in a senior management position and you are looking for rapid career progression. The program mainly focuses on developing the leadership skills that are required to manage business operations seamlessly.
Students for this program, usually tend to be older than on general MBAs, with some experience already under their belt, usually, five to ten years in a relevant role is required. Programmes are usually studied part-time during evenings and weekends, as you fit your course along with your day job, and take one to two years to complete the program.
If you have some experience within a specific industry or you are clear about the sector you wish to move to, then a specialist MBA could be your perfect choice. You’ll learn business and management skills but also apply them to a certain area of work.These courses usually draw students who feel that a general programme does not meet their specific needs.
In the UK, specialist MBAs are available comprising a diverse range of sectors like oil and gas, football, aviation, biotechnology, music, and creative industries. Taking one of these courses, that is usually taught by experts with significant experience of the relevant sector, will enable you to gain a better understanding of your field and also help you to build your career in an area of business that excites you.
Best MBA Colleges in the UK
- London Business School (LBS) – Global rankings: Financial Times: 4th, QS: 5th, The Economist: 31st
- The University of Cambridge-Global rankings: Financial Times: 13th, QS: 19th, The Economist: 55th
- The University of Warwick- Global rankings: Financial Times: 41st, QS: 41st, The Economist: 18th
- The University of Oxford-Global rankings: Financial Times: 27th, QS: 9th, The Economist: 75th.
- Cranfield University- Global rankings: Financial Times: 61st, QS: 40th, The Economist: 62nd
- Imperial College London- Global rankings: Financial Times: 51st, QS: 16th
- Durham University- Global rankings: Financial Times: 64th, QS: 67th, The Economist: 57th
- City, University of London- Global rankings: Financial Times: 46th, QS: 72nd, The Economist: 65th
- The University of Manchester- Global rankings: Financial Times: 36th, QS: 55th
- University of Reading- Global rankings: The Economist: 61st
How much does it cost to do an MBA in the UK?
One-year MBA degrees can cost £10,000 – £15,000 on average, with MBA programmes at top schools such as Oxford and Cambridge probably costing up to£45,000. There are a number of universities and business schools offering high-quality degrees at a much lower cost.
How long does an MBA take in the UK?
An MBA programme in the UK usually takes one-year to complete in the majority of the MBA schools. But some programmes can take two years and prospective MBA students can also study part-time so that your career may continue. Online MBA courses are also available.
What is the scope of an MBA in the UK in terms of career prospects?
Education in the UK has always been top notch with various academic programs that are provided along with varied career opportunities after the completion of the course. Masters in Business Administration(MBA) in the UK is offering excellent opportunities for young students to scale new heights. Before listing down the opportunities, you need to gauge the marketability of the MBA degree you are holding. Depending on your stream of focus, you should streamline your search of opportunities accordingly, in order to choose the organization you would like to work for.
Some of the opportunities that you opt for as an MBA graduate is listed below:
For individuals who wish to be bank chiefs with good levels of analytical skills and to do business with prospective consumers in the UK, banking is one of the most appropriate fields of entry for MBA graduates. Since bankers usually have to deal with huge clients with rich business ideals, MBA graduates who are knowledgeable aplenty with regards to the finance sector and the current market trend can excel well.
This is regarded as another aspect of administrative necessity in an organization. Almost every SME company in the UK recruits a business advisor who takes care of all the financial decisions that are profitable to the company. An MBA graduate would be a perfect fit for this position as the job role deals with analyzing market trends and encouraging companies to invest wisely.
One of the most common career options for MBA graduates, insurance brokers require an extra round of training methods by specific firms to take their schemes to the people required. Thus MBA graduates would act work as an agent between the insurance firms and clients and help the safe delivery of the company product to its clients.
With a Masters in Administration providing students a valuable insight into the good and bad investments, it is always better to ask for the help of investment analysts who have completed an MBA program. They provide top notch financial solutions to your investment needs by doing an in-depth analysis of the economy of the UK and predicting the action of the market shares for a better future.
Aided with ample knowledge of management skills, MBA graduates can be good managers of various projects across different spheres like Information technology projects, Industrial engineering assignments and much more.
Apart from the career prospects mentioned above, MBA graduates in the UK can also be employed as Loss Adjusters, Payroll Manager, Merchandiser, and even Economists. Thus, with ample opportunities available in the UK, it is in the hands of the young MBA graduates to excel in their chosen field.
Some of the reputed companies offering job opportunities to MBA graduates are
- EY (Ernst & Young)
- International Business Machines (IBM) Corp.
- Mahindra-British Telecom
- Royal Bank of Scotland
- Aecom Corporation
- J.P. Morgan Chase & Co. (JPMCC)
- Aecom Corporation
What benefits does a UK MBA provide in comparison to an MBA from another country?
The United Kingdom is considered as one of the leading economies of the world. As a G20 member, it already has an edge over other countries. Some of the benefits
Management programmes are often seen as great networking opportunities, MBA in the UK provides you a chance to come across the most powerful business leaders during lectures, seminars, and also during events that feature guest speakers. The top MBA schools also provide great opportunities to do MBA projects and internships with some of the most prestigious industry giants.
It has been seen that about 80 percent of MBA students in the UK are from overseas, aiding an excellent exposure to cultural diversity, work practices around the world, and this enables students to develop a global perspective.
A small number of students in MBA classes
Business schools in the UK usually have around 120 students in one year. The120 students are usually separated in groups of around 30-35. This number of students is actually good enough for students to get personalized attention and also gain sufficient practical business knowledge at the same time.
Work while study
Along with studying MBA in the UK, you can go for a part-time job, internship or placement to develop valuable skills that are added to your CV. Working to acquire practical industrial skills can be a part of the study course for some colleges. Also, your university will support in providing placement after study.
Scholarships and Financial Support
Most of the UK universities provide merit-based scholarship programs and funding opportunities to international students in order to support your study and also the living expenditure. To apply, all you need is to enroll your name for the program you wish to pursue.
Every year, the UK government warmly welcomes international students across the world. Besides organizing parties, arranging events, planning activities, and outings, the International student societies help in your rough days, giving advice to personal problems and assist you.
U.K. Student visas
You need to get the UK Tier 4 General student visa to study higher education in UK University. It is also quite easy to obtain and the process is usually simpler, more transparent and user-friendly for international students. Especially for students who have received an offer/CAS and are able to show the required funding available, the visa process is seamless and hassle-free. The Tier 4 UK Study Visa permits you to work part-time during your studies, and full time during non-study periods. Your eligible dependents can work and also attend school if they are traveling with you.
The tier 2 UK work visa allows you to stay in the UK for up to six months following your graduation. Within this time, however, you need to accept an offer from a UK company in order to remain in the country.
Also, if you wish to start your own company after graduating from the UK, you can always go for it after you have got the Tier 1 UK Graduate Entrepreneur Visa. It helps you to be in the country while starting your business, but you may have to go through a couple of hoops to do it.
If enrolled in a full-time course in MBA schools in the UK, Indian students are eligible to receive free medical aid by the National Health Service (NHS). Your spouse and dependent children are exempted from payment if they stay with you during the course of your study programme. Your MBA college or university may also have a special health policy for students too.
Life in the UK
It is very easy to sustain in the environment of the country that offers a perfect blend of global cultures. People with different backgrounds and contemporary way of thinking gather together to experience exciting opportunities. The experience of trying exotic food, discovering new places, and making new friends with global connections in the cosmopolitan city is surely remarkable.
How should a student maximize the value they get from a UK MBA?
A Masters in Business Administration unlocks the door of several opportunities in front of you. It provides you with all the relevant tools to go for a senior management role in a business. Going for an MBA program requires a significant amount of time. The program requires a student to acquire a significant amount of learning across many disciplines. It requires a perfect balance between theoretical and practical skills to put it into place. Some of the ways a student needs to maximize the value they get from a UK MBA is as follows:
To ensure the best possible career, it is very important to network with your contacts. You can talk to your professors, classmates and the alumni network to connect with employers and professionals. This will help you to be aware of the different career opportunities you may explore and also get valuable advice about the jobs that interest you.
Brush up your soft skills
It is very important to polish your soft skills to maximize the value of your MBA. An MBA graduate is expected to work in senior positions where it is very important to communicate effectively with other co-workers and also with the higher management. Strong communication skills, social skills, people skills are very important to manage a team and effectively carry out business functions daily. So, brush up your soft skills to get the best of opportunities in your domain,
Ensure your research project is relevant and practical
It is very important to choose a final year project which is relevant to your domain and has practical real-life applications at the same time. Most of the times recruiters evaluate your candidature for a job role based on your final year project. So, choose the project topic wisely and make it a more practical approach oriented to make your profile more strong.
Internships help to strengthen your profile
Interning with companies will always give you the necessary skills and experience required to work in industries. It strengthens your profile and you get a practical experience of how an industry works. Students interning with companies relevant to their MBA program have better chances of employment once they complete their studies.
To sum up, an MBA program in the UK provides high investment returns owing to excellent network opportunities and employment options available, The friendly visa policies make it easy for students to study MBA in the UK. According to the website of the British Council, industry-specific MBA programmes like hospitality and sports, MBA programmes focusing on a particular aspect of management like Financial Management, International Business and Marketing are very popular in the UK nowadays.