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 were 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 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.

By Access MBA Tour

ONE-TO-ONE MEETINGS: THE FIRST STEP TO ADMISSION

Created ten years ago, the renowned Access MBA Tour travels to 65 cities every year with a hundred international business schools. Access MBA gives selected candidates the chance to meet individually with Admissions Directors of top-tier MBA programs. Being held for the sixth time in New York, representatives of Full Time, Part Time or Distance Learning programs will be present at the One-to-One event on Wednesday, May 22nd 2013 from 4pm to 9:30pm at the Warwick New York Hotel.

Some of the business schools participating in the Access MBA Spring Tour 2013 include: London Business School, INSEAD, Duke University–The Fuqua School of Business, IESE, HEC Paris, IE Business School, Cass, ESADE, Hult International Business School, Manchester Business School, EDHEC Business School, Nottingham University, University of Chicago–Booth, SDA Bocconi, Northwestern University–Kellogg, IMD, University of Cambridge, Copenhagen Business School, Durham University, International University of Monaco

How can you take advantage of Access MBA’s exclusive services? All you have to do is register online on www.accessmba.com and bring your CV to the event. Early registration is recommended as places in One-to-One meetings are limited.

Accepted.com’s experienced admissions consultants can help you create the most impressive application possible with comprehensive packages, or provide targeted assistance from picking perfect programs to designing a dazzling resume, constructing engaging essays, or preparing for intense interviews…and more! Accepted.com has guided thousands of applicants to acceptances at top MBA programs since 1994 – we know what works and what doesn’t, so contact us to get started now!

This article originally appeared on the Accepted Admissions Consulting Blog, the official blog of Accepted.com.

The chart below shows some of the most significant declines in European b-school enrollment:

The article states that one reason for the lack of interest in European MBA programs is the weak economy:

MBAs can look like a good way to sit out a short downturn. In a longer one they lose their charm. With no job-producing European recovery in sight, going there for an MBA seems not so much cleverly counter-cyclical as stubbornly contrarian.

Tougher visa requirements in Great Britain can also be held accountable for the drop in enrollment. Now, graduates are only allowed to stay and work in Britain if they have a sponsoring company and a job that pays $32,000 or more. Visas to entrepreneurs, according to the article, are “piddling.”

Not interested in a European MBA for the above reasons? The article goes on to suggest that b-school applicants check out the Canadian or Australian MBA scenes. A few reasons why: Australia has relaxed it’s student visa policies; MBA grads in Canada can stay for three years and work in the country and don’t need a job lined up; finally, both Australia and Canada have vibrant economies (at least more so that Europe).

Analysis

I’m not convinced that Europe’s pain couldn’t mean your gain, especially if you are coming from the U.S. or Europe, aiming for top MBA programs and can’t quite cut the U.S. upper crust. If the European schools have recruiters recruiting on campus from the companies you aspire to work for, they could be interested in competitive or almost competitive candidates that the U.S. programs would decline to admit. As always, analyze your goals, your competitiveness, and be prepared to grasp opportunity if it happens to exist across the pond.

Contra-cyclical and contrarian sometimes works.

Accepted.com ~ Helping You Write Your Best

Accepted.com’s experienced admissions consultants can help you create the most impressive application possible with comprehensive packages, or provide targeted assistance from picking perfect programs to designing a dazzling resume, constructing engaging essays, or preparing for intense interviews…and more! Accepted.com has guided thousands of applicants to acceptances at top MBA programs since 1994 – we know what works and what doesn’t, so contact us to get started now!

This article originally appeared on the Accepted Admissions Consulting Blog, the official blog of Accepted.com.

In the following excerpt, our panelists discussed some of the benefits of pursuing a European MBA.

Linda Abraham: Diego asks “Why choose a European MBA instead of a U.S. MBA? What is the main difference/advantages?”

Marie-Laurence Lemaire: Yes, this is a tough one…Well, a simple question, what do you want to do after your MBA? If you want to work in the U.S. and be happy with your job…stay in the U.S. and you will be happy. You will get a great education, because you have great schools there, highly ranked and so on, so that’s fine. But if you want to have a really strong diversity, get mixed up with different cultures, people coming from all over the world to have a very rich sharing of experience from people coming from countries that are so remote, sometimes you don’t even know where they are on the map, an MBA in Europe is really the place. I’m sure in Spain, in Switzerland, as well, this is happening, but really the major difference between doing an MBA in Europe or doing an MBA in the U.S., [is] if you want to make that jump into becoming international and to have that experience, an MBA in Europe would be the big difference that it will make on your CV.

Lisa Piguet: Sure. I’m American, I actually can relate to the person who asked that question….The one thing about the U.S. is that you have a different kind of…education process there. But [regarding the] international focus of Europe, the programs here, it’s very different…for example, I would be sitting in a class of 90…but everybody spoke like me. They might have considered themselves Mexican, for example, or Argentinean, but in fact, they were born and raised in the U.S. just like I was. But in the European schools…you’ll actually see the true international diversity that is represented worldwide. So in our program this year, we have 46 nationalities with 90 MBAs, and they’re true…we have one Swiss….There are still a lot of multinational headquarters here and a lot of people want to work in those companies, with the hopes of going elsewhere. I think Europe is one of those places you can do that. Like Marie said, if you really want to stay in the U.S., you’re probably going to attend a 2-year program and you probably will end up staying in the U.S., more likely than not….If you want a global career, my advice is to go to Europe.

Jeroen Verhoeven: I’m completely in line with Lisa and Marie…but I would also link that somehow to back home in the United States, [you] somehow have a differentiating factor. There are a lot of top, top schools in the U.S., but there’s also a lot of different people who go to those schools. If you can present yourself in front of a group to having said, “Okay, I’ve done my MBA in Switzerland, in France, in Spain,” it is definitely something different. It will make you stand out. Standing out, I think, is very important when you’re looking for a job….Competition comes from anywhere, anytime.” So in order to be successful in that fast-changing, interconnected world, having that cultural savviness, hopefully with some additional languages, as well, that can really give you the added advantage to land a job also back home, not even including all the interesting options that we might offer in Europe…I think there are a lot of additional advantages, apart from the cultural richness that you can have, studying here in Europe…from a business perspective, there’s also a clear added value to considering European options.

For the complete discussion, please see the 2013 European Virtual Panel transcript and mp3 audio file.

Still not sure where you should apply, or even if you should apply at all? Check out our B-School Zones for detailed info on individual MBA programs (in Europe or anywhere else) and our Why MBA special report for tips on answering the big “Why MBA?” essay question.

According to the Graduate Management Admissions Council (GMAC), Europe, largely represented by Western European countries, was the only region where more full-time MBA programs reported stronger application volume in 2009 compared with 2008. Shorter program length, lower tuition fees, an international environment, and, for Europeans at least, no visa hassle have all played a role in this surge. Even post-grad stats were looking good with a greater percentage of European MBA grads (85%) finding employment within three months than their US counterparts (79%) [1].

However, recent economic woes in Europe and a more positive job outlook in the US MBA job market could make an American MBA more attractive to European applicants. MBA Spain and ZoomInterviews explored what US business schools offer Europeans and what they are doing to attract more top MBA applicants from Europe.

Going beyond rankings and statistics, what are the real differences between European and US MBA programs?

The most obvious differentiator is length. European b-schools have heralded the shorter program–from INSEAD’s intensive 10-month MBA to London Business School’s flexible 15 – 21-month program. In contrast, two years is the norm at top US b-schools. Despite what some applicants may think, required curriculums at both one- and two-year programs are comparable in terms of course content. Of course, you’ll be cramming all that knowledge into a much shorter time period. This means that European MBAs tend to be much more intensive than US programs. In terms of extra-curriculars such as clubs or even social life, while they do exist in European programs (INSEAD’s Chateau parties in Fonty are legendary), candidates may find themselves with very little free time to take advantage of them.

Shorter programs also bring up the question of how students can truly take advantage of an MBA in one year or less. Work experience is one answer. The average career length for entering European MBA candidates is over five years compared to under four for US candidates. Greater time spent in the work force equips European b-school students with the business fundamentals necessary to succeed in the intense shorter MBA programs.

The shorter program also means applicants can get back to work sooner–a key concern for those returning to their company or remaining in the same field. In addition, for many applicants, the main advantage of a shorter MBA program is money. Although tuition and living expenses can be comparable between the top US and European schools, in a European program you are only out of a salary for one year–that can make a big difference in your final MBA costs.

Another key difference is international diversity. Though many US b-school curriculums emphasize international courses and a global perspective, the reality is that the student bodies in US programs tend to be mainly made up of actual US bodies. European b-schools seem like the U.N. in comparison. International students at IESE account for 80% of the student body, London Business School also boasts 80%, and INSEAD with 92% promises that no more than two people from a single nationality will be represented in any study group. For MBA candidates committed to international careers, the diversity offered at European schools is a big plus, not only for the cross-cultural experience they offer, but also the worldwide alumni networks they become a part of.

Despite the advantages of a European program, US business schools still maintain not only the bulk of the top spots in the rankings, but also a long-standing reputation as premiere business training grounds–after all the MBA was invented in the USA. Yet only 12% of Harvard Business School’s 2010 class entrants were from Europe, 8% for Chicago Booth and 6% for Northwestern Kellogg. So why aren’t more Europeans flocking to US programs? Rose Martinelli, until recently long-time Chicago Booth School of Business Dean of Admissions and currently Assistant Vice President for Enrollment at the University of Chicago spoke to us about this question and more.

Beyond demographical factors such as Europe’s lower population numbers, Ms. Martinelli pointed out that location is a driving factor–it is simply easier, geographically, economically, and from a bureaucratic point of view (no visa required), for Europeans to attend a European school. She also conceded that cost can be a major influence, however pointed out that cost disadvantages may not be as big as many applicants think. “At Chicago Booth, for example, students can speed up their MBA from 6 quarters to 4, reducing the overall costs.” In addition, US MBA programs, including Booth, offer merit scholarships to high-performing European applicants which can reduce the cost differences even further or in some lucky cases, make an American MBA a profitable venture.

While location and cost are indeed big concerns, Ms. Martinelli says that US business schools offer invaluable experiences not often found in European programs. Enrollments in US business schools are bigger than European business schools which creates more diversity in the classroom in terms of backgrounds and experiences. They also offer a greater number of extracurricular activities including laboratories, special projects, seminars, and professional and leisure clubs. The top US b-schools are also attached to well-endowed universities allowing MBA students to tap into subjects as diverse as architecture, engineering and public policy.

The longer length of the program also allows students to really specialize in the areas of their interest and truly explore exactly what they want to do when they graduate. They can try out the entrepreneurship ideas of their dreams, participate in consulting projects, and chose from a dizzying array of electives. US b-schools also let students experiment with different careers through their internships before committing themselves to full-time opportunities.

Many European applicants choose a US b-school as a way to access a job in the United States. Despite the negative effects of the financial crisis on recent MBA grads, according to Ms. Martinelli, European students are very sought after in the US. They offer diversity and language skills which are highly valued by US-based international companies. From a recruiting standpoint, she also notes that many European grads tend to perform well in the recruiting process.

But what do European students have to say about all this? We asked two recent MBA grads, Santiago from Spain (Haas School of Business at UC Berkeley) and Joanna from Poland (Chicago Booth) to share their experiences.

According to Santiago, the US is at the forefront of new business practices. Studying at Haas put Santiago in the very middle of that environment of change and innovation, right next to Silicon Valley. With unprecedented access to world leading tech companies, Santiago and his classmates had internships and interactions with Google, Facebook and a host of dynamic tech start-ups. These exposures could not have happened in Europe and made his MBA much more meaningful.

Joanna likes the fact that US business schools have more experience in business education than European schools. Her two-year program at Booth exposed her to multiple educational, networking and employment opportunities which don’t necessary exist in Europe. Another important aspect for her was the opportunity to gain work experience through the summer internship. She concluded that for anyone interested in getting job experience in the US, American b-schools should be a natural choice.

While European and US business schools each have their own advantages and drawbacks, deciding where to study an MBA is a very individual choice. Important considerations such as school location, geographical preference of your post MBA career, career perspectives, expense, length of program and degree of access to extracurricular activities, should rightly be defined by the MBA applicant. Oh, one thing you needn’t worry about: post MBA-salaries. For the top schools, European and American, post-grad salaries are comparable [2].

Alon
http://www.zoominterviews.com/

[1] Based on calculations of the top 15 US and European MBA programs as rated by the FT 2010 Global Rating Report

[2] FT, Global MBA Ranking 2010