THE Master of Business Administration degree (MBA) is the world's most popular business qualification. It is recognised in every country in the world.
Furthermore, it often brings increased salaries and improved promotion prospects, according to the authoritative Which MBA ? guide published by the Economist Intelligence Unit.
Yet, the guide also states: ''Despite the huge publicity the MBA has attracted in recent years, there is no real consensus about what it is, what it is supposed to achieve for those who study for it and those organisations who hire degree holders, or where its future direction lies.'' The MBA is under pressure from all directions: from the companies which are questioning its value; from the students, now unsure about its career-enhancing abilities; and even from the business schools themselves, as they debate the way forward.
The MBA, developed in the United States, was originally a full-time, two-year postgraduate university programme, comparable with law or medicine.
It now comes in a range of flexible formats lasting anything from 10 months to five years. The study can be either full-time, part-time, modular, consortium, company or distance learning.
Which MBA? says: ''[An MBA] prepares individuals for a job as a manager. It is complementary to previous experience and education; it never replaces anything, but rather builds on it.