Business students face wide choice

Applications to business schools have increased rapidly in the past decade, and interest from finance professionals has been especially strong. The steady growth in demand for a business education reflects the increasing value of a business degree for both graduates and their employers in a world of rapid change and complexity.

The most recent surge in applications to graduate business programmes is also understandable. During periods of economic slowdown, a business degree becomes an even more important source of competitive advantage in landing an attractive job as the first step along the path of a successful life-long career.

Moreover, when current economic conditions are slack, the cost of getting a business degree measured in terms of foregone earnings tends to fall, making it an even more attractive proposition.

Finance has always been a popular career choice for business school graduates and an essential component of business school curricula. Financial expertise, after all, is critical to the success of all organisations, so business schools have always attracted both those aspiring to become finance experts and those seeking to recruit them.

The links between business schools and the financial services industry are particularly strong. Finance theory and practice are closely related, and in the past 25 years, most big developments in investment banking, corporate finance and fund management have emanated from path-breaking research at the world's leading business schools.

As a result, financial institutions have developed strong traditions of hiring graduates from the top business schools, and sending some existing top talent to full-time or part-time degree programmes offered by such schools. What is new, however, is that individuals seeking business school training in finance now have many more choices.

Through the end of the 1980s most business schools offered only one option - a full-time MBA programme running over the course of two academic years. During the 1990s several top business schools developed part-time programmes to allow students to pursue their education while continuing to work. Not surprisingly, such part-time programmes have become attractive to a growing number of students and their employers.

Some top schools have also introduced specialist programmes that focus on individual subject areas such as finance, health care management, or the management of technology and that reflect the particular talents of a school's teaching and research faculties.

A few top schools offer full and part-time versions of both their MBA programme and their specialist degree programmes.

Too much choice can be confusing. The key for participants is to determine which option best matches their interests, career goals, and whether they prefer a full-time or part-time programme.

If someone is changing careers - for example, by moving into or out of a career in finance - then a two-year full-time MBA programme is probably the best option.

Such a programme provides general management skills in a variety of fields - including marketing, human resources, accounting, finance, economics, decision sciences, strategy and leadership. And the two-year format allows students to explore different career choices through elective courses, summer jobs placements and client-based project work.

If someone is currently working in a finance-related area and plans a career in finance, a specialised Masters in Finance (MiF) programme, such as that pioneered at the London Business School (LBS) is an attractive option.

In contrast to the general management focus of an MBA programme, the programme at LBS is a focused, in-depth programme designed to give future finance professionals the skills needed to succeed in today's complex financial markets. And the full-time MiF programme at LBS lasts only 10 months and does not include summer job placements.

If an individual does not want to take time out of employment to complete a full-time programme but does want to accelerate his or her career, a part-time programme offers the best option. If someone cannot find the time needed to complete a degree programme on either a full-time or part-time basis, then he or she should consider an executive course.

Most schools, including LBS, offer a range of executive programmes and some such as LBS also offer substantial specialist evening programmes in corporate finance, investment management and economics.

Finally, how should a prospective student choose a business school? In addition to the selection of programmes offered by different schools, there are several other factors to consider. Location usually plays a role. Does the student want to study in the United States or Europe? Does he or she want an urban environment or a rural one? The style of teaching and learning is another consideration. Some schools, for example, offer highly structured learning environments while others allow students more choice among courses. Some schools rely on case-method pedagogy others rely more heavily on analytical material in classroom presentations.

Finally, the overall quality and reputation of different schools will undoubtedly affect a student's decision.