4. Graduates who have neither worked in nor studied business are suited to
our programme.
5. There is evidence that companies may prefer to employ people without a
masters degree.
‘You could be forgiven for thinking just about every man and his dog has an MBA these days,’ says
Anthony Hesketh, of Lancaster University management school. We know what he means. Such is the
worldwide growth and awareness of the MBA that this icon of career advancement and high salaries has
almost become synonymous with postgraduate education in the business sector.
In reality, many postgraduate alternatives to an MBA exist. The total number of MBA programmes
worldwide is around 2,400, while other masters and advanced courses in the whole spectrum of business
education add up to more than l0,000.
Two key distinctions exist in matching what aspiring students want with what the universities offer:
first is generalization versus specialization, and second is pre-experience versus post-experience and the two
distinctions are interlinked. Carol Blackman, of the University of Westminster school of business, explains
the first distinction. ‘Specialist masters programmes are designed either for career preparation in a clearly
defined type of job or profession, or are intended to develop or enhance professional competence in
individuals who are already experienced. The aim is to increase the depth of their knowledge in the
specialist area. The MBA, on the other hand, is a general management programme which provides practising
managers with an opportunity for personal development with a broadly-based introduction to all
management subject areas and the theory and practice of management’.
Specialist knowledge, however, is not everything when it comes to finding a job. Surveys by the
UK’s Association of Graduate Recruiters (AGR) repeatedly confirm that what employers seek, and continue
to find scarce, are the personal skills that will make graduates valuable employees. In fact, when recruiting
new graduates most employers considered these skills more important than specialist knowledge. What
employers seek most from new graduates are enthusiasm and self- motivation, interpersonal skills, team
working and good oral communication.
Of the nineteen skills considered important in AGR’s 2002 survey, just three require specialist
education numeracy, computer literacy and foreign languages – and these are low on the list. Nunzio
Quacquarelli, chief executive of topcareers.net, takes this further. ‘Clearly, salary differentials for those with
a second degree, but no significant work experience, do not match those of a good MBA and a number of
years in the workplace. According to the AGR research, about l4% of employers offered a better salary to
those new graduates with a masters or even a doctorate. In my view, the salary improvement of l0% to I5%
largely reflects the recruit’s age and earning expectancy rather than the increase in human capital perceived
by the employer. Contrast this with our latest topmba.com MBA Recruiters Survey results which shows that
the average salary paid to an MBA with good work experience in the US and Europe is US$80,000 —
around two and a half times the average starting salary for a young postgraduate.’
Anthony Hesketh poses the question whether holding a second degree may even be a disadvantage. ‘l
have seen many reports over the years suggesting that employers view postgraduates as eminently less
employable than those with a first degree. Drive, motivation and career focus, not to mention ability, are