MPA explores executive education alternatives for those short on time
The traditional business master class has its place, but small business leaders should consider the many other options business schools now offer.
You can’t deny the allure of the MBA. In the past few decades the Master of Business Administration has attracted an almost sacred status; for big corporations it is often the gateway to senior management; for the leaders of smaller businesses it promises to put you on a road to riches.
However this 1950s-vintage US model for executive education has started to show its age. Leaders of small businesses, non-governmental organisations and those without a spare $100,000 or so are often badly served by the traditional MBA, and education providers are beginning to respond. In this article MPA has set out to explore the new generation of executive education offerings which may better suit you.
Ironically our journey to find the new face of executive education begins at a university which is over 800 years old. Oxford University is renowned and disparaged in equal measure for ancient cloisters, dreaming spires and academics high in ivory towers. However its business school, the Saïd Business School (SBS)is quite different entirely. Established in 1996, it’s very much a forward-looking business school, housed in an ultramodern building and perched beside the train line to London’s financial district.
The SBS’s MBA program is similarly up-to-date. Alongside the MBA essentials – modules in accounting, strategy and leadership fundamental - it includes a large number of electives, where students can choose optional modules which are more relevant to their areas of business. There are also innovative ‘cross-cutting’ modules on ‘Entrepreneurship’, ‘Responsible Leadership’ and ‘Global Rules of the Game’.
According to Kathy Harvey, Director of the Oxford Executive MBA, the pace of change in business is driving that innovation “we are finding that many of our participants want to understand how they can manage themselves as leaders in uncertainty, and understand more about their role as communicators for their firm. Our leadership programmes include executive coaching, and we work with our students and executive participants to explore their leadership style and give them the tools to manage change. This coaching approach is part of a wider trend in business education.”
The school’s character is unmistakeably global, with only 4% of MBA graduates being based in the UK, compared to 26% in North America and 9% in Australia/NZ. Worldwide connections are something the school leverages heavily within their programs, according to Harvey, with faculty consulting with industry and governments. All students take the ‘Global Opportunities and Threats Oxford’ course, which brings together students, academics and alumni to develop responses to typical global threats, which conveniently also provides an invaluable global networking opportunity.
The Executive MBA
Whilst innovative, the Oxford MBA is a considerable commitment, currently costing around $91,000 (at exchange rates at the time of writing). We asked EMBA Director Harvey to explain these costs: “These programmes are high touch, with senior faculty teaching in an intensive manner over a long period of time. All MBA programmes represent a huge investment for the students and we recognise this, but we also realise that to provide the best teaching, to innovate and to offer a truly global business education we have to invest. And of course, like all business schools, we have the usual overheads you would expect of any organisation, but the key is always providing excellence in all aspects of our programmes.”
Other than cost, perhaps the greatest disincentive for potential MBA participants is the investment in time, as the MBA is a one year full-time course, based in Oxford. If you’re not able to leave your business for that amount of time, a better solution may be the Executive MBA (EMBA): a 21 month course which only requires you to be physically present in Oxford part of the time.
The idea of an executive MBA is not new, or unique to Oxford. Moreover the EMBA shouldn’t be thought of as simply a part time MBA; it has a very different aim and structure. Students spend a week studying a module, and then go back to their businesses and attempt to apply what they’ve learnt. It’s intended for more experienced and senior professionals and arguably a better fit for those already at the top of their organisations.
Oxford’s EMBA also takes the emphasis on global business to a whole new level, with modules previously held in India, China and the USA. Given most students are businesspeople, networking also takes on additional importance; incidentally, this provides a compelling reason for being physically present at the SBS, rather than studying the entire course online.
Executive education programs
The EMBA still doesn’t address the question of cost, and is in fact more expensive than the MBA, at approximately $129,000. There’s also the cost involved in attending 17 week-long modules in Oxford and overseas. There are a number of shorter non-MBA programmes which are both cheaper and more practical for business leaders.
If the certification aspect of executive education still matters to you (i.e. the letters after your name) than taking a diploma may be a good alternative. Diplomas are considerably cheaper, around $40,000 for the SBS’ ‘Oxford Diploma in Strategy and Innovation’. Many are part time courses, usually spread over a year, with several four-day courses to attend and may, Oxford’s Harvey suggests, be a better fit for some senior leaders.
“Someone who did their MBA in their late twenties and finds themselves expanding their business globally in their forties may still benefit from refreshing their skills and knowledge”, she explains. “They may choose to focus on strategy and globalisation, through a programme like our Diploma in Global Business, or if they are looking at an acquisition they might come back to business school to immerse themselves in corporate finance through our Finance for Senior Executives programme, which is a one week intensive experience.”
The diploma has many of the same perks as the MBA; membership of an Oxford college (an excellent base for networking) and access to the Oxford Business Alumni Network. The diploma is linked with the EMBA; upon completion, participants can get a considerable discount on the EMBA and may be exempt from needing to complete certain modules.
Outside the formal qualifications, the SBS also runs a number of programs, which are generally 1-2 week events with very specific aims. The ‘Strategic Leadership’ program, which takes six days, involves participants hearing a number of different expert speakers bring very different approaches to leadership: change management, psychological and historical, to name but a few. One past example involved a famous conductor getting students to try conducting a college choir, to demonstrate the importance of clear communication.
Harvey claims that Oxford’s programs can offer a gateway to executive education; “we recognise that many senior managers have never studied for an MBA and for them, a short intensive programme can be very effective.” What distinguishes a program from an industry conference is the opportunity for dialogue between industry leaders and academics, she adds; “we want to learn from business leaders and executive programmes are the bridge between academia and the business community. We have much to offer each other.”
The benefit of programs, as opposed to the generalist MBA and diploma options is that they can be more specialised and customised. The SBS has programs on real estate, impact investing, negotiation, retail and transport, as well as on leadership and strategy. Finally the school creates customised programs, previously working with the UK Government, brewing giant SABMiller and defence firm BAE Systems.
More than three letters
It’s increasingly obvious that small business leaders need to move beyond the letters MBA. Certainly having a structured program has a lot to offer, but potential participants should be looking at specific modules, commitment to entrepreneurship and opportunities for global networking, rather than the certification itself.
The academic reputation of universities such as Oxford certainly adds prestige, but it’s the work their academics do with real businesses worldwide which keeps executive education at a high level. These academics practice what they peach: many schools – not just Oxford – are moving towards ‘experiential learning’; learning through doing, and executive education participants will find courses are far more hands-on than their long-forgotten undergraduate degrees.
What potential executive education participants need to do is balance their time and cost constraints with opportunities for collaboration and in-person networking, which are the auxiliary benefits of executive education. With so many intermediary options – the EMBA, the diploma and individual programs – striking that balance is becoming easier than ever.
You can find out more about Oxford University’s Said Business School by visiting their website http://www.sbs.ox.ac.uk/. The school runs a number of presentations in Australia and online about their MBA and other courses.
You can’t deny the allure of the MBA. In the past few decades the Master of Business Administration has attracted an almost sacred status; for big corporations it is often the gateway to senior management; for the leaders of smaller businesses it promises to put you on a road to riches.
However this 1950s-vintage US model for executive education has started to show its age. Leaders of small businesses, non-governmental organisations and those without a spare $100,000 or so are often badly served by the traditional MBA, and education providers are beginning to respond. In this article MPA has set out to explore the new generation of executive education offerings which may better suit you.
Ironically our journey to find the new face of executive education begins at a university which is over 800 years old. Oxford University is renowned and disparaged in equal measure for ancient cloisters, dreaming spires and academics high in ivory towers. However its business school, the Saïd Business School (SBS)is quite different entirely. Established in 1996, it’s very much a forward-looking business school, housed in an ultramodern building and perched beside the train line to London’s financial district.
The SBS’s MBA program is similarly up-to-date. Alongside the MBA essentials – modules in accounting, strategy and leadership fundamental - it includes a large number of electives, where students can choose optional modules which are more relevant to their areas of business. There are also innovative ‘cross-cutting’ modules on ‘Entrepreneurship’, ‘Responsible Leadership’ and ‘Global Rules of the Game’.
According to Kathy Harvey, Director of the Oxford Executive MBA, the pace of change in business is driving that innovation “we are finding that many of our participants want to understand how they can manage themselves as leaders in uncertainty, and understand more about their role as communicators for their firm. Our leadership programmes include executive coaching, and we work with our students and executive participants to explore their leadership style and give them the tools to manage change. This coaching approach is part of a wider trend in business education.”
The school’s character is unmistakeably global, with only 4% of MBA graduates being based in the UK, compared to 26% in North America and 9% in Australia/NZ. Worldwide connections are something the school leverages heavily within their programs, according to Harvey, with faculty consulting with industry and governments. All students take the ‘Global Opportunities and Threats Oxford’ course, which brings together students, academics and alumni to develop responses to typical global threats, which conveniently also provides an invaluable global networking opportunity.
The Executive MBA
Whilst innovative, the Oxford MBA is a considerable commitment, currently costing around $91,000 (at exchange rates at the time of writing). We asked EMBA Director Harvey to explain these costs: “These programmes are high touch, with senior faculty teaching in an intensive manner over a long period of time. All MBA programmes represent a huge investment for the students and we recognise this, but we also realise that to provide the best teaching, to innovate and to offer a truly global business education we have to invest. And of course, like all business schools, we have the usual overheads you would expect of any organisation, but the key is always providing excellence in all aspects of our programmes.”
Other than cost, perhaps the greatest disincentive for potential MBA participants is the investment in time, as the MBA is a one year full-time course, based in Oxford. If you’re not able to leave your business for that amount of time, a better solution may be the Executive MBA (EMBA): a 21 month course which only requires you to be physically present in Oxford part of the time.
The idea of an executive MBA is not new, or unique to Oxford. Moreover the EMBA shouldn’t be thought of as simply a part time MBA; it has a very different aim and structure. Students spend a week studying a module, and then go back to their businesses and attempt to apply what they’ve learnt. It’s intended for more experienced and senior professionals and arguably a better fit for those already at the top of their organisations.
Oxford’s EMBA also takes the emphasis on global business to a whole new level, with modules previously held in India, China and the USA. Given most students are businesspeople, networking also takes on additional importance; incidentally, this provides a compelling reason for being physically present at the SBS, rather than studying the entire course online.
Executive education programs
The EMBA still doesn’t address the question of cost, and is in fact more expensive than the MBA, at approximately $129,000. There’s also the cost involved in attending 17 week-long modules in Oxford and overseas. There are a number of shorter non-MBA programmes which are both cheaper and more practical for business leaders.
If the certification aspect of executive education still matters to you (i.e. the letters after your name) than taking a diploma may be a good alternative. Diplomas are considerably cheaper, around $40,000 for the SBS’ ‘Oxford Diploma in Strategy and Innovation’. Many are part time courses, usually spread over a year, with several four-day courses to attend and may, Oxford’s Harvey suggests, be a better fit for some senior leaders.
“Someone who did their MBA in their late twenties and finds themselves expanding their business globally in their forties may still benefit from refreshing their skills and knowledge”, she explains. “They may choose to focus on strategy and globalisation, through a programme like our Diploma in Global Business, or if they are looking at an acquisition they might come back to business school to immerse themselves in corporate finance through our Finance for Senior Executives programme, which is a one week intensive experience.”
The diploma has many of the same perks as the MBA; membership of an Oxford college (an excellent base for networking) and access to the Oxford Business Alumni Network. The diploma is linked with the EMBA; upon completion, participants can get a considerable discount on the EMBA and may be exempt from needing to complete certain modules.
Outside the formal qualifications, the SBS also runs a number of programs, which are generally 1-2 week events with very specific aims. The ‘Strategic Leadership’ program, which takes six days, involves participants hearing a number of different expert speakers bring very different approaches to leadership: change management, psychological and historical, to name but a few. One past example involved a famous conductor getting students to try conducting a college choir, to demonstrate the importance of clear communication.
Harvey claims that Oxford’s programs can offer a gateway to executive education; “we recognise that many senior managers have never studied for an MBA and for them, a short intensive programme can be very effective.” What distinguishes a program from an industry conference is the opportunity for dialogue between industry leaders and academics, she adds; “we want to learn from business leaders and executive programmes are the bridge between academia and the business community. We have much to offer each other.”
The benefit of programs, as opposed to the generalist MBA and diploma options is that they can be more specialised and customised. The SBS has programs on real estate, impact investing, negotiation, retail and transport, as well as on leadership and strategy. Finally the school creates customised programs, previously working with the UK Government, brewing giant SABMiller and defence firm BAE Systems.
More than three letters
It’s increasingly obvious that small business leaders need to move beyond the letters MBA. Certainly having a structured program has a lot to offer, but potential participants should be looking at specific modules, commitment to entrepreneurship and opportunities for global networking, rather than the certification itself.
The academic reputation of universities such as Oxford certainly adds prestige, but it’s the work their academics do with real businesses worldwide which keeps executive education at a high level. These academics practice what they peach: many schools – not just Oxford – are moving towards ‘experiential learning’; learning through doing, and executive education participants will find courses are far more hands-on than their long-forgotten undergraduate degrees.
What potential executive education participants need to do is balance their time and cost constraints with opportunities for collaboration and in-person networking, which are the auxiliary benefits of executive education. With so many intermediary options – the EMBA, the diploma and individual programs – striking that balance is becoming easier than ever.
You can find out more about Oxford University’s Said Business School by visiting their website http://www.sbs.ox.ac.uk/. The school runs a number of presentations in Australia and online about their MBA and other courses.
