The MBA Forum is a new feature that focuses on the Master’s Degree in Business Administration. The first instalment is a high-level review of the MBA programme in general and specifically about the programme in the Jamaican setting.

In subsequent weeks, we will dive into various aspects of MBA courses. This feature will seek to clarify certain portions of courses and provide short insights into different areas. Emphasis will be placed on both theory and application, so that organisations in particular, and the country in general will benefit.

I will be the point person for the forum but will be assisted by several experts in the different areas. We will definitely thrive on feedback — so your views will be critical to the process.

The target audience for this feature includes past and present MBA students, prospective MBA and business students, as well as those who have a general interest in business. The goal is to provide a forum where we can improve our knowledge in business management and share insights from our experiences.

What is the MBA?

The MBA is a Master’s Degree in Business Administration, and is usually a course of study undertaken by individuals who already hold a bachelor’s degree. The MBA is structured to accept students with a first degree from a variety of disciplines, with the caveat that a student without a business education background may be required to complete some additional foundation courses.

The MBA is a breadth degree that covers several different business courses and prepares students in the area of general management to operate in organisations up to the CEO level.

The difference between the MBA and the MSc in a particular area is that, for example, an MSc in marketing would have several different courses in marketing, and would prepare the student for high-level staff or research positions in marketing. The MBA, however, would cover marketing, finance, accounting, MIS, statistics and several other courses.

MBA programmes typically last from 18 months to two years and can be full-time or part-time, even though more of the programmes are offered on a part-time basis because of the demand. Many MBA courses have a capstone course that forces the student to combine the knowledge gleaned from the other individual courses.

This is important as the student needs to realise that the business problems that he/she will encounter do not come with labels indicating that this problem is “marketing” or this one is “finance”. The student will need to draw from the essence of all the separate courses to solve each “business” problem.

History of the MBA

The MBA programme is said to have started in 1907 or 1908, and Harvard Business School’s website boasts that it developed the world’s first MBA programme.

Through the years, the MBA programme has met with various challenges, some of which stem from questions concerning its relevance. However, the programme has stood robustly over the years and has evolved to meet the changing global business needs.

An example is the inclusion of a course on ethics subsequent to the wave of scandals (Enron, WorldCom and others) that hit the USA in the early 2000s. Dan Ackman, writing in Forbes magazine in 2002, referred to the period then as a “bull market in scandals”!

Other courses that have found their way into the diet of MBA offerings are international business (in response to increasing globalisation), and management of information systems (in response to the increased strategic importance of information technology and information systems). One thing is for sure — the MBA programme is one of the most recognised worldwide and is widely sought after by organisations.

Benefits of MBA

The business training benefit is significant. As indicated before, the MBA’s goal is to impart general management training to equip persons to manage a business — even to the level of CEO. Students are expected to master the cross-section of skills required to make decisions based on sound business practices in the different areas.

Case studies will yank students out of the theoretical ether and ground them in solid business experiences that are useful in enterprises.

A very important skill that is not explicitly taught is how to get assignments done working with a team, some of whom may be lazy and undisciplined, or at the other end obsessive control freaks. You learn how to deal with different personalities because the assignment must get done!

Other “side effects” from doing an MBA are improved time management and organising skills (especially for most people who do the programme while working). For these individuals, let us not forget improved stress management skills.

The MBA classroom is also a great place to network as it is usually loaded with CEOs, managers, and supervisors from the public and private sectors. Many of these persons remain friends for the rest of their lives.

Finally, there are many Jamaican managers who still manage by gut feeling. The MBA will train you to manage using the basic tenets of management. You will be trained to make decisions based on facts, how to relate with persons, and how to get the job done.

MBA programmes in Jamaica

According to the University Council of Jamaica’s (UCJ’s) accredited programmes as at August 2014, MBA programmes are offered by Caribbean Graduate School of Theology, Northern Caribbean University, and University of Technology, Jamaica (UTech). The University of the West Indies (UWI), Mona is listed as an accredited institution with the explanation that all the programmes offered are accredited.

I am aware of other local and overseas institutions offering the MBA programme in Jamaica. I am also aware that at least one of the local programmes (offered by University College of the Caribbean), is in an advanced stage of the accreditation process.

The UCJ also listed MBA programmes by overseas schools Nova Southeastern University, Manchester Business School, and University of New Orleans. However, these programmes are no longer being offered in the country.

The MBA is expensive. You need to plan carefully before undertaking. Based on my survey, the least expensive of the accredited programmes is about $1.2 million, while the most expensive is over $2 million.

Should you do an MBA?

Even if you are a successful entrepreneur, you will need to be able to manage your business well, or at least be able to pose the right questions to those you pay to manage it for you.

As you might have realised, Jamaica has not only suffered from economic inflation over the years, but there is what I will coin “qualification inflation”. In 1980 for example, a high school graduate with five GCE subjects could get a decent job in a bank as a teller or customer service officer. Similarly, a graduate from UWI or UTech with a first degree could expect to step into a management trainee position with the expectation of becoming a full manager in two to three years.

Today, a position may open up in an organisation for a junior manager. If five of your colleagues apply along with you and you are the only one without the MBA, then… you get the drift!

Some institutions now indicate that for entry-level positions, you need a first degree, and for management positions, you absolutely need the MBA.

Dr Kenroy Wedderburn, JP, is a part-time lecturer on the MBA programme at the University of Technology, Jamaica. Send your e-mails to drkwedderburn@gmail.com.