Avia Collinder, Gleaner Writer
The Master's in Business Administration (MBA) and Executive Master's in Business Administration (EMBA) programmes continue to be the flavour of the year among the ambitious, with high demand for the courses at local universities.
But the cost is upwards of a million dollars, though for some, the reward, or to use the language of finance, the returns, are immediate.
Ann-Nadine Williams, a Kingston resident, completed her MBA on August 11 at the Mona School of Business (MSB) and within one month she was promoted.
"I did it because I wanted to create more opportunities for upward mobility, improve my ability to earn more money and gain more knowledge," she told Sunday Business.
"While I could have done other types of master's programmes, the subject offerings of the MBA interested me and it didn't limit me to just one area of training."
It is that type of thinking that continues to drive the demand for business degrees.
The University of Technology saw opportunity in the market and responded.
Its MBA degree was rolled out in September 2007 with over 100 students enrolled in its first 18-month programme. They each paid US$13,000.
This academic year, the enrolment was similar, but students paid US$14,000, which converts to about J$1.008 million.
At the MSB, a graduate school of business at the University of the West Indies, which offers both MBA and EMBA programmes, enrolment is just under 200 annually.
The Northern Caribbean University's degree, which costs in the region of J$1 million, is similar to those offered by a number of US-based universities offering programmes here. It is crafted around skills in general management and leadership and covers a wide range of critical business areas.
Specialised degrees
According to Dr Hopeton Dunn, director of the telecommunications and management policy at the MSB, "Other master's degrees offered in business tend to be specialised to a particular area with less emphasis on the holistic development of the manager."
Williams said her programme strengthened her analytical and communication skills and gave her the confidence to test her own mettle.
"I sought ways to exercise more initiative and go above and beyond what was required," she said.
UTech, which is selling its programme as 'The Ultimate MBA Package', balances theory and practice and offers eight core courses and five concentration/specialisation courses.
The programme is taught on alternate Saturdays or Sundays for a duration of 18 months. Students have the option of selecting one area of concentration from management, finance, marketing, entrepreneurship, hospitality and tourism management.
"We prepare our students to lead by offering a combination of rigorous fundamentals, technology, practical experience and the freedom to explore," said graduate studies coordinator Dr Neville Swaby.
"We prepare our students beyond problem solving to opportunity creation. They are prepared to apply both analytical skills and imagination."
The MSB charges J$1.342 million for its EMBA, up from J$1.2 million last year. The MBA costs $989,000, but if pursued on a part-time basis, is more expensive, at $1.25 million.
Students choose their specialisations from among banking and finance, marketing management, international business, human-resource management, management information systems and general management.
Dunn, who says that many corporate leaders have passed through the MSB and further, that an MBA is a good starting point for persons wanting to climb the corporate ladder, also acknowledges that views on the necessity of the degree have been mixed.
