The Master of Business Administration (MBA) is the most popular business related programme for those who have already gained experience. It is a highly sought after qualification and is seen as offering a forward leap in career terms.

MBAs teach techniques of business management and incorporate a range of business theory from leadership, finance, operations and people management as well as practical components such as real life business projects.

Demand for these courses has been growing at a rapid rate and competition is fierce to get a place on an MBA programme. This is because of the potential rewards they offer in terms of career prospects. Click here for a league table of global MBA providers. However, these courses are also expensive and fees alone can range from £6,000 to £40,000 per annum.

The Syllabus
A typical syllabus will include training in a broad range of areas such as accounting and financial reporting, business economics and strategy and information management and marketing. It will often also include components that focus on the challenges of doing business in the modern global environment. Alongside these core components, there will also be a broad range of electives, which go deeper into different specialisms.

MBA courses usually involve a lot of classroom training as well as group discussions and plenty of private study.

Choosing a Course
With the costs of an MBA so high and the potential rewards so great, it is important to choose you course carefully. In general there are differences between the programmes offered in the USA, UK, mainland Europe and the Far East.

European (including British) courses are considered to be more international in content and are generally shorter at 10 to 15 months, rather than the two year courses in the US.

America, the home of the MBA, offers among the best MBA training in the world. But these courses have sometimes been described as less connected to the real business environment unlike those in Europe.

Half of all European MBAs are located in the UK with France, Spain and Switzerland being the other primary destinations.

When researching what course to apply for, one factor to look at is how much attention the school and its graduates attract from the recruiters you are interested in working for. This will give you a good idea if that particular course is for you.

Requirements
Despite the high fees, there is a strong and growing demand for places on MBA courses and entry can be extremely competitive. The requirements will include a strong academic background with good grades at A Level and degree level. In Europe, most courses will also look for a minimum of 3 years high calibre work experience.

There are usually three elements involved in applying for an MBA course – an application form, a Graduate Management Admissions Test (GMAT) and an interview.

The GMAT looks at verbal, mathematical and analytical competencies and many schools do not have a minimum score for GMAT performance, but take the score into account alongside other factors.

Funding an MBA
Many people taking MBAs are, at least, partly funded by their employers. However, for those who are not company sponsored, there are a range of loans and scholarships available. Some loans are offered by the Association of MBAs scheme, through NatWest bank. This allows full-time students to borrow up to two-thirds of their most recent salary on top of tuition fees for each year. Different arrangements are also available to part-timers and distance learners.

An increasing number of bank loan schemes are also available through individual institutions. Manchester Business School has a scheme with HSBC open to all full-time MBA students. This covers living expenses plus two-thirds of the pre-student salary or £5,000, whichever is greater.

The Department for Education and Skills also offers Career Development Loans, (up to £8,000 for course fees, materials and living expenses) to students on any course of two years duration or less.

A small number of MBA students are also funded by professional bodies. The Engineering Construction Industry Training Board (ECITB), for example, provides financial support for eight students at Henley Management College.

Prospective students should also look out for business school scholarships offered in conjunction with national newspapers. These are normally judged on the submission of an essay.