Matt Symonds, a director of QS, the global careers and education network, has a cold. But despite not feeling well, he talks enthusiastically about "the fresh generation of energetic and ambitious young MBA graduates" from emerging economies. Symonds has just returned from an MBA (Master of Business Administration) fair in Bulgaria and Romania, and will soon visit one in South Africa. "You can really feel the dynamism of these new markets," says the Briton, who runs the QS office in Paris. People in emerging economies see the MBA as "a tool to speed up their professional development and make them equals with Western graduates," he adds. At the same time, firms moving into emerging economies are urgently seeking skilled managers there — and the MBA has become a quick first indicator of talent.
Symonds says that, all over the world, there is a "rush" for this postgraduate degree, which is now the most popular international business qualification. Each year, there are more than 100,000 graduates from some 15,000 business schools. The popularity of MBAs has risen sharply since 2004, as the world economy has boomed and business schools have offered increasingly sophisticated and differentiated programmes. Most schools now offer part-time MBA courses for students who don't want to leave their jobs to do a two-year full-time MBA. The Executive MBA (EMBA), aimed at higher-level managers, has also been overhauled. It used to be offered only as a two-year full-time programme. Now most schools offer part-time courses, as well as global programmes with modules in various parts of the world.
"Part of the demand for MBA graduates is about companies planning leadership succession," says Symonds. "But it also has to do with their positive experience with MBA graduates." For example, the Standard Chartered Bank in Britain hired 17 MBAs in 2006, and is talking about hiring 70 more this year. "And with recruiters more than ready to invest in people with MBA backgrounds, it means they have clear support for their career path," says Symonds. "You don't have to go to business school to become a business leader, and we will still see plenty of excellent leaders coming from other sources. But the MBA is a fast track for personal and career development."
