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Weighing in on the MBA
Do European business schools have a competitive edge on the world scale?
The institutes of higher learning donning the name of European Business Schools are far from a homogenous group.
Their linguistic, historic and cultural differences are as varied as those of the nations in which they are located. Just over 300 schools of graduate level focused on business are scattered throughout the continent, attracting some of the world’s finest business minds to their doors. Yet, it is America that is home to the business school model, enjoying a longer tradition than that of their counterparts in Europe.
In the oft repeated battle of new world versus the old, how do the European business schools measure up? Are there any distinct advantages to attaining an MBA in Europe?
The preference of Europe over the US is highly dependent on what an individual student or academic places importance on. One possible advantage that is unique to virtually all of the business schools in Europe is the international diversity. While the business programmes in the US tend to be composed almost entirely of American students, London Business School, for instance, has a student population that is about 80% international. By the same token, on top of boasting a campus in Fontainebleau, Singapore and Abu Dhabi, INSEAD has an even higher proportion of international students and promises that no more than two students from of a single nationality will be in a particular study group. Part of the reason and allure behind the high levels of diversity in nationality is that students from European Union member states can study in any EU or EEA country without having to obtain a visa. This stands in stark contrast to the bureaucratic procedures that are necessary to obtain a student visa for the United Sates. This is reflected in the statistics found at the likes of Harvard Business School where only 12% of entrants in 2010 were European.
Length of study constitutes another key factor in choice of business school. European institutes tend to provide more short-term course options than those across the Atlantic. The London Business School offers a flexible 15-21 month programme, while INSEAD even has a 10-month course. This means that European courses are, by necessity, more intensive than those taught in the US. Receiving the qualification is thus expedited and could be a possible advantage, though the contrasting argument is that students have less time to absorb and reflect on what they are studying.
Rather indisputably, however, business school in general has traditionally been the domain of the Americans. In the US, the institutes have a reputation as breeding grounds for future business leaders and receive good scores on annual rankings. This fact certainly gives the American business schools a competitive edge in terms of reputation, but it seems Europe is on its way to catching up. In this year’s Financial Times rankings, it was the London Business School that received the top slot.
As with many other sectors, the economic crisis has posed problems for business schools on both sides of the Atlantic. The worrying trend of high unemployment, especially among youth is further enhanced by the climate of austerity, where universities across the continent are facing government cuts. To make matters worse, areas where European universities traditionally achieved high levels of revenue, such as the enrolment of non-EU students, have also witnessed a decline in numbers.
Ultimately, European Business Schools offer a viable alternative to those in the United States. Many can match their American counterparts in research capabilities and facilities, while often offering the added benefits that come with working in a multicultural, multilingual environment. It is likely due to this that Europe was the only region in the world that recorded an increase in applications to full-time MBA courses in 2009 compared to statistics of the previous year. Coupled the higher rate of employment in Europe among graduates within six months of obtaining their MBA, the scale tips in the favour of Europe again, though in this case it is a reflection of quantity rather than quality as the future career prospects for US grads are still somewhat more prestigious.