Considered the ultimate business qualification, there is much to consider when applying for an MBA. You may decide to stay in your home country and do your MBA part-time or by distance-learning, or you may opt for an overseas experience. For example, American or Indian students may wish to choose a European location so they can get valuable insight which will set them apart from others back home. And it is a popular choice; in Europe, 61% of MBA students are studying in a country other than their own.
While the Masters in Management remains the most popular business qualification offered by European institutions, one year and two year MBAs are gaining ground. Worldwide, student recruitment for MBA programs tends to target working professionals, undergraduate students, and international students. However, the Graduate Management Admission Council (GMAC), the organisation which manages the Graduate Management Admission Test (GMAT) reported that European programs also actively recruit women and entrepreneur/business owners.
European MBAs generally tend to come with opportunities to acquire another language and they may come with interesting business specialisations such as fashion, luxury goods or even wine trading!
So what are the popular European destinations for MBA programmes? The UK, France and Spain continue to dominate the European rankings of business schools but a small number of Italian, Danish and German institutions consistently make it into the top 50. Always to be taken with a pinch of salt (as the British say), rankings of universities or business schools can give you some useful information, but it has to be considered in context, especially if you are looking for a particular type of MBA and/or a specialisation.
While the USA remains the top choice for MBAs and Asia is gaining ground as a provider globally, European business schools have fared well considering the economic climate. Perhaps this is because undergraduates and young professionals (not funded by their employers) are the biggest group. International students show a steady interest European programs, with a third of programs in Europe showing an increase in demand. Whilst a very diverse bunch, most European countries are characterised by a cultural openness, international outlook and most often a flexible immigration framework.
An important factor in choosing a business school is the accreditation of its MBA. The most prestigious accreditation bodies are:
Each of these will provide a mark of quality to programmes. Only 59 institutions worldwide, three-quarters of them in Europe, have a triple-accreditation status so you can be sure that these are top-quality, although others with fewer accreditations or none, that feature high in the rankings are not to be ignored. The European triple accredited business schools, are in:
Being a professional qualification, MBA programs provide a high employability rate for their graduates and work opportunities are available in the numerous global and local companies, throughout Europe and beyond, especially in emerging economies keen to engage with partners in European countries.
When choosing at which institution to study, there will be other considerations for the success of your post-MBA career:
A 'European' MBA need not be taken only in one European country, or solely in Europe. Options are available to:
The traditional MBA can be 12-24 months full-time, although there are part-time and distance learning options as well as an executive option. Most programmes will start in September but business schools may have several entry points or alternative start dates depending on the type of MBA and the institution.
Each MBA will have a specific curriculum but as a general rule, the structure will include core courses, which provide students with an integrated body of basic practical skills. In addition, about a third of the credits will be gained from elective courses which students can choose from.
Business schools may also offer out-of-classroom activities so if you are after practical experience as part of your MBA, check what is on offer in your course. For example:
You’ll be expected to have a minimum GPA of 3.0/4.0 (or its international equivalent such a UK upper second class bachelor) for your undergraduate degree. A GMAT score is often required and generally a minimum score of 500-600 will be required but there is huge variation in the requirements.
Excellent verbal and written skills are required and if English is not your first language, you’ll have to provide evidence of proficiency through an English language test such as TOEFL or IELTS. Similar requirements will apply in other languages, if you are opting for a bilingual programme or for a programme delivered mainly in the local language.
In brief, admissions officers will be looking for candidates who:
MBA tuition fees vary considerably depending on which institution you choose. In Europe, these range from €11,000 to 40,000 (executive or international MBAs may carry higher fees). So it can be a considerably cheaper option than an MBA in North America, for example.
Most MBA programs will carry an application fee up to €100, depending on the institution. Others will apply an administrative fee for non-EU students. Once accepted onto a program, it is likely you will have to pay a non-refundable deposit to secure a place, although this is then redeemed against your tuition fees once you have started the program.
Institutions will sometimes have additional fees for student services, either optional or compulsory. International students are also required to have adequate health insurance and will have to subscribe to a policy through their institution. For living expenses and accommodation costs, consult our student guides to living in European countries.
If sponsorship from your employer is not an option, you may wish to explore scholarships to support your MBA studies. Business schools may offer MBA entrance scholarships, based in on merit or scholarships created from donations and legacies, recipients being selected on merit but on a wide variety of criteria. External organisations, such as banks and financial institutions may also have scholarships on offer.
To find out what programmes are available in Europe, check the FindAMasters and FindAnMBA databases.
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