Coutts Woman

Taking and MBA...

An MBA programme can transform a career path but, despite a raft of financial incentives and scholarships available to them, relatively few women opt to take the qualification. Typically, women comprise less than one third of every MBA class.

Richard Barker, director of the MBA programme at Judge Business School in Cambridge, explains: ‘It is a big life decision. People need to have worked a few years before taking an MBA. The average student age is 30, which from a woman’s perspective can be a critical time. She may want to start a family.’

"Most people find the pay-off significant. The average salary increases 63 per cent, although it can improve as much as 83 per cent"

Women also find the cost of an MBA programme daunting, particularly if they plan to start a family soon after graduation. ‘If they take a career break, and then go back to work part time, the opportunity to repay the cost of an MBA is reduced,’ explains Barker. The fees for an MBA programme average £26,000, but living costs and a year without earning any income should also be taken into account. The total annual bill can reach £80,000.

‘Most people find the pay-off significant,’ adds Barker. ‘The average salary increases 63 per cent, although it can improve as much as 83 per cent, and anecdotal evidence from our alumni indicates that they are earning significantly more than they had hoped. There is a premium price label on an MBA graduate.’

Barker believes that an MBA ‘enables a student to accelerate a career path or to change direction, or even a combination of both’.

MBA programmes can be one or two years; full time, part time or distance. ‘A two year programme involves job searches, internships and elective courses,’ explains Barker. Most US programmes are two years, while UK programmes are typically one. Would-be investment bankers find two year MBAs, with a placement at a potential employer, particularly useful, but Barker adds: ‘The key is not the length of the programme, but the quality of the school.’

Ten years ago Oxford and Cambridge did not offer MBAs. Today in the UK only the London Business School runs a better programme. ‘It is the best and longest established programme, and considered the market leader,’ concedes Barker. “Warwick, Cranfield and Manchester also run very good programmes.’ An Harvard MBA also acts as a phenomenal calling card.

Barker says that all MBA schools consider the quality of a candidate’s first degree and, if necessary, second degree. But they place considerable emphasis on work experience. ‘We are interested in what the candidate can contribute to an MBA class. We don’t particularly value one experience over another, or favour business management skills. One of our current students used to work in Unicef. We have students from the whole range of public and private sector jobs.’ Most change careers on graduation.

There are a range of grants and scholarships available to students. More than 100 pupils received £1m in funding at Judge Business School last year. ‘It is easier for a woman to get a scholarship than a man,’ says Barker. ‘Some finance schemes are just for women in an effort to encourage more to undertake an MBA course.’

Barker recommends that people considering an MBA qualification should check out the websites of each school to gain an insight into their programmes, and also the availability of scholarships (which may not be obvious).

‘They should also attend an Open Day to gain a real insight, meet the students of the current class and alumni to get a feel for the course,’ he advises. ‘Our oldest student is 52, but many are 40. Come and meet them.’