Is there enough of an appetite for MBAs in the Gulf to support so many schools?
A number of international business schools have set up in the Middle East over the last five years in an effort to tap into what’s widely believed to be a growing demand for MBAs in the region. Certainly, until recently, it seemed that this commonly held view was justified. Is this changing?
INSEAD is reassessing the viability of maintaining its executive MBA programme in Abu Dhabi, according to a report in the Wall Street Journal, and is still debating the possibility of starting an MBA in the region. It launched the course in 2010, but demand has so-far been lacklustre, with just 30 students enrolled this year.
Compared with other international business schools – Cass had 116 enrolled in its most recent class and London Business School (LBS) took on 113 students this year - this looks particularly bad.
It doesn’t help, perhaps, that the INSEAD executive MBA is (marginally) the most expensive in the region. It charges $90k for its course, LBS’s executive MBA costs $89.5k, HEC Paris’s come in at $74.6k and Cass’s $54.8k.
However, it also raises the question of just how big the appetite for MBAs is in the Middle East. There’s no doubt that it improves your career prospects, but many in the financial sector appear to be favouring the cheaper and vocational CFA qualification instead.
Recruiters in the region highlight the value of practical skills and demand for employees who can hit the ground running, which makes the CFA slightly more attractive. And the increasing application rates would suggest that more people prefer this route.
