Everyone who is interested in lifelong learning or whose career goal is a managerial position has probably already heard these magical letters at some point – MBA, or Master of Business Administration. This abbreviation carries many promises, but also many risks if you choose the wrong institution where you decide to complete this program. The MBA degree is undoubtedly the most well-known professional title in the Czech Republic and is also perceived very positively by employers. Over the years, it has become synonymous with comprehensive managerial education and very often even a necessary prerequisite for further career advancement. In cooperation with an expert in professional education, Mgr. Štěpán Mika, who has been active in this field for 8 years, we have prepared an overview of the most important points to focus on when deciding on MBA studies.
1) Consider the form of study you want to choose
Should you study in a modern online format or in the “traditional” on-site form? Both have their advantages and disadvantages. The main disadvantage of on-site study is the disproportionate time burden, which paradoxically managers (for whom this type of study is primarily intended) can afford the least. On-site MBA programs usually take place only on weekends and therefore last 2–3 years. Another disadvantage is the need to commute or arrange accommodation if you do not live directly in the location where classes are held, which means not only a loss of time but also additional costs. On the other hand, the advantage of on-site study is a better opportunity to establish and maintain professional contacts with fellow students.
In contrast, online MBA programs are based on an online learning system in which students communicate with tutors via email, Skype, or directly through the study platform, where they also usually have access to complete study materials. In some cases, it is even possible to create a customized study plan tailored exactly to individual requirements. These MBA programs are fully online, so no on-site attendance is required. Thanks to greater study efficiency and the ability to study anytime and anywhere, it is possible to complete the program within just one year. This form of study is therefore fully compatible even with demanding employment. At some institutions, online study is supplemented by optional on-site sessions where students can meet tutors and fellow students in person, which allows better networking and eliminates the main disadvantage of online study compared to on-site study.
Expert commentary:
“Online study has clearly been winning over on-site study in recent years. Today, it is rather rare to encounter claims that online MBA study is in any way inferior to on-site study. On the contrary, according to a survey by the STEM/MARK agency, 89% of MBA graduates consider it far more effective than on-site study. This is also supported by today’s era, in which people perceive online communication as a natural part of their lives thanks to smartphones and social networks. So why shouldn’t they also study online and benefit from the main advantage of this type of study – excellent compatibility with work and family life, combined with an affordable price and quality?”
2) Study MBA at a university or at a specialized institute?
In the Czech Republic, there are basically two types of institutions where MBA studies can be completed – private commercial institutes or universities (both private and public). Universities often offer these programs as a supplement to their other study programs and as an additional source of income. In many cases, however, the same tutors teach both bachelor’s programs and MBA programs to ensure full workload. MBA education should, however, differ significantly from bachelor’s study, focusing strongly on practice and being tailored to the specific needs of working managers. This should also be reflected in a completely different selection of tutors. Most universities also do not develop their own MBA programs but instead choose partnerships or franchising with foreign universities whose MBA programs they adopt. The disadvantage of such programs is that they often do not reflect the specifics of the local market and teach content that may be useful in the USA but is hardly applicable in practice in the Czech Republic.
On the other hand, there are specialized institutions that, if truly high-quality, focus exclusively on MBA education (including recruiting tutors with extensive practical experience) and even develop their own MBA programs that take into account the specifics of the Czech and Slovak markets. Unlike universities, these institutes are not funded from the state budget, so you are more likely to encounter a strong client-oriented approach and an emphasis on quality and satisfaction, including a focus on the practical benefits of knowledge gained through MBA study. However, in both groups – universities and private institutes – quality differences among providers are often enormous, and the choice of an MBA school requires very careful consideration.
Expert commentary:
“The narrower the specialization of any company, the higher the quality of the final product usually is. This also applies to MBA education. Unfortunately, in the Czech Republic, there are even curiosities where some institutions offer MBA studies alongside activities such as selling spare parts for utility vehicles, handling EU grants, or various courses completely unrelated to MBA. The best guide to quality is references from acquaintances who have already completed the program, or at least personal references from graduates on the website if you do not personally know anyone who has completed MBA studies.”
3) Pay attention to accreditations
Every institution providing MBA education refers to some form of accreditation. But how can you navigate them? First of all, it is important to say that MBA accreditation does not mean the right to award the MBA degree (unlike university education in the Czech Republic) but serves as a measure of the quality of the institution and its teaching. Worldwide, there are hundreds of accreditation bodies of varying quality, and no truly global authority deciding on MBA quality exists. Internationally recognized accreditations include ASIC, AACSB, AMBA, EQUIS, and FIBAA. Their common feature is that the accreditation process often takes several years and includes extensive on-site inspections of teaching quality. Another common feature is that only a small percentage of institutions hold these prestigious accreditations. For example, only one MBA institute in the Czech Republic holds the ASIC Premier Institution accreditation, and only two institutions hold FIBAA accreditation.
Expert commentary:
“Because MBA study in the Czech Republic is not considered academic education and is therefore not governed by the Higher Education Act, institutions of questionable quality can operate on the market. It is also common that institutions present mere membership in an accreditation body as accreditation itself, which is definitely not the same. If you are unsure whether a particular accreditation authority is recognized, you can simply check the list of recognized accreditation institutions.”
4) Beware of fake discounts!
As in other industries, discount campaigns are common in MBA education. Many institutions practice a policy of permanent discounts, often openly. Discounts of up to 40% off the ‘standard’ tuition fee are offered anytime, automatically, simply for enrolling. The problem is that such discounts are not real, as these institutions never actually offer the program at the standard price. Elsewhere, tuition may even be refunded after enrollment if you become one of the randomly selected winners.
Expert commentary:
“All that’s missing here is a wheel of fortune… But seriously – I recommend taking your time when choosing an MBA provider and revisiting their website over several months. This will give you a clear picture of where discounts are real and where they are just marketing bait. Choosing an MBA program solely based on discounts (often fictitious) is the worst thing you can do. Remember that MBA study is a lifelong investment, and the MBA degree will accompany you throughout your professional career. The only criterion I can recommend is quality.
5) Transparency, transparency…
The websites of MBA providers are usually the first place prospective students visit. Therefore, focus on transparency – every reputable institution should provide complete information about the teaching system, structure and course of study, general study conditions, courses taught, tutors’ experience and education, admission requirements, tuition fees and payment options, number of students and graduates, and personal testimonials from successful graduates. The most serious institutions also publish a sample study contract and diploma preview. If any of this is missing or they refuse to provide it upon request, caution is always warranted. In the case of online MBA study, also verify that it is not just a virtual school but a real institution with its own administrative facilities where you can personally resolve any matter.
Expert commentary:
“If I had to name three key things to focus on when reviewing websites, they would be: 1) personal graduate references and number of clients, 2) real benefits of completing the MBA program at the institution (confirmed by independent research), 3) internationally respected accreditation. If any of these are missing, it’s time to be alert. In any case, do not let yourself be brushed off – missing information should be requested. After all, this is your (and not insignificant) investment.”
6) Beware of unsubstantiated claims
MBA providers’ websites are full of attractive claims such as ‘We are the largest MBA school in the Czech Republic,’ ‘99% of students recommend us,’ ‘80% of our graduates have already recouped their MBA investment,’ ‘75% of graduates benefited in their careers,’ etc. But what is actually true? There is no official statistic in the Czech Republic on the total number of MBA students or graduates. Therefore, no one can reliably claim to be the largest or have the most graduates. The best guide is the published number of clients on the institution’s website and comparison with others. Most data on satisfaction or benefits come from internal surveys with virtually no credibility, as they cannot be independently verified. Always ask where such claims come from, and if they are not from an independent agency, do not give them much weight.
Expert commentary:
“Only proper research conducted by an independent, reputable agency can provide relevant evaluations by graduates. Such research requires at least 200 respondents, which means around 1,000 MBA graduates given an average response rate. Most institutions in the Czech Republic do not have that many graduates. Therefore, high-quality independent research on MBA benefits is rare – though fortunately, exceptions do exist.”
7) Use common sense
Is the MBA program suspiciously short (less than 9–12 months) or does it have an unusually low number of study modules (typically fewer than 10)? Is the tuition fee suspiciously low compared to other institutions? Are there no references or only vague ones like “Petr N., Prague”? Does the institution lack a real physical address where you can visit in person? Something is probably not right…
Expert commentary:
“The main purpose of MBA study should be the graduate’s further career development, making them more attractive to employers. HR professionals will be interested in where you studied MBA, often which modules you completed and under whose guidance, and many will also look at your final thesis and its practical application. HR professionals are well oriented in the MBA education market, and today it is easy for them to verify everything online. If you obtain an MBA degree from an institution that does not inspire trust, it may harm rather than help your career. Then everyone must consider whether such ‘study’ – even if half the price of quality institutions – is really worth it. Try calculating online how much a quality MBA program could help you earn extra!”
