On this page you will find the glossary with a wide range of information on a wide variety of terms that you will encounter especially during the preparation for your studies. MBA means master of business administration. See here for more or this site for more acronyms.
MBA Glossary and Abbreviations
AACSB means “American Assembly of Collegiate Schools of Business” or “Association to Advance Collegiate Schools of Business.” Its members include the majority of the leading US universities and many top companies. The AACSB is a US accreditation body for MBA training programs. The accreditation by the AACSB depends on whether you are allowed to hold an MBA earned in Germany in Germany, whether you are granted a scholarship or whether the university is included in one of the major US university rankings. The AACSB accredits worldwide; accreditation by the AACSB is the internationally recognized proof of quality for an MBA program. Below is a list of all MBA colleges in United States that are accredited by AACSB.
The Accreditation, Certification and Quality Assurance Institute (ACQUIN) is known as the largest of a total of six accreditation agencies, which, on behalf of the German Foundation for the Accreditation of Study Programs, provides the technical and content-related assessment of courses with the degrees Bachelor / Bachelor and Master / Magister carried out nationally and internationally. ACQUIN is a registered non-profit organization and is supported by its members, which meanwhile include over 100 universities in Germany, Austria, Switzerland, Hungary, the Middle East, Kazakhstan, China and the USA, as well as scientific professional and professional associations. The head office is located in Bayreuth, the founding president was Klaus Dieter Wolff.
The Admission Office is the admission office of a business school. Since the MBA is a so-called graduate degree, it is the responsibility of the graduate admissions. The undergraduate admission is available for undergraduates.
The Accreditation Agency in the field of health and social affairs (AHPGS) distinguishes itself as an interdisciplinary and multi-professional organization, whose main task is to offer Bachelor and Master degree programs in the field of health and social affairs as well as in related and related fields of activity (program accreditation) and the internal control and accreditation of quality assurance systems (system accreditation) at universities, technical colleges, universities of teacher education and art and music colleges.
The AHPGS works as a registered non-profit association, which is supported by the departmental days or dean conferences of curative education, nursing, health and social work, representatives of the scientific societies as well as relevant professional, specialist and supporting associations from the relevant fields of activity and by private individuals .
The declared aim of the AHPGS is to support quality assurance, academization and professionalization of the health and social professions in Germany.
The Bonn public law foundation for the accreditation of study programs in Germany is legally responsible for organizing the system of quality assurance in study and teaching through the accreditation of study programs. For this purpose, rules for the accreditation of degree programs and for system accreditation are adopted, for example. AKAST also carries out the approval of accreditation agencies. The foundation is also known as the Accreditation Council.
The accreditation should guarantee the highest possible standard of MBA training. It is a seal of approval for business schools. Either a master’s program or the business school or university is accredited as an institution. Since a study program can hardly be successfully established without accreditation, business schools strive for extensive accreditation. The growing number of accreditation agencies required the formation of the Accreditation Council, which accredits agencies, which in turn are allowed to accredit the new Bachelor and Master courses. Seven agencies are now allowed to accredit Bachelor and Master courses. This means that not all accreditation agencies are recognized. In German-speaking countries, the FIBAA in particular is reviewing the new Bachelor and MBA programs. Accreditation is not a one-off process, but is repeated every four to ten years, depending on the agency. The aim is not only to maintain the level of training over a long period of time, but also to continuously improve it. Quality characteristics checked in the course of the accreditation process include a management-oriented, technical focus, certain minimum content, the variety of the curriculum, the quality of the teaching staff and the practical relevance as well as the internationality of the training. but are also constantly being improved. Quality characteristics checked in the course of the accreditation process include a management-oriented, technical focus, certain minimum content, the variety of the curriculum, the quality of the teaching staff and the practical relevance as well as the internationality of the training. but are also constantly being improved. Quality characteristics checked in the course of the accreditation process include a management-oriented, technical focus, certain minimum content, the variety of the curriculum, the quality of the teaching staff and the practical relevance as well as the internationality of the training.
Alumni are former participants of a course of study at a university or business school. Alumni organizations are important for interested parties as well as applicants and graduates. For the last, of course, when looking for a job. This is all the more important since alumni often work in top companies. For those interested, they are a very good source of information about the programs of the envisaged business school. Among other things, alumni conduct interviews with new applicants, act as a link between the applicant and the business school, and save the applicant from having to travel to the planned training location. Alumni connect you with other alumni – and this network is indispensable even for the best students.
The AMBA is the UK’s most prestigious accreditation body. It primarily accredits UK MBA programs. Students and graduates of British MBA programs and selected foreign MBA programs are eligible as members. Anyone booking a British MBA program should make sure that it has been accredited by the AACSB, by the EFMD (according to EQUIS) or by the AMBA.
ASII, founded in 1999 as an independent non-profit association, merged in 2002 with the accreditation agency for courses in chemistry, biochemistry and chemical engineering at universities and technical colleges, which gave rise to today’s ASIIN. The Düsseldorf-based ASIIN eV (accreditation agency for courses in engineering, computer science, natural sciences and mathematics eV) is committed nationally and internationally to the recognition, comparability and quality testing (accreditation) of bachelor’s and master’s programs. ASIIN eV is one of ten accreditation agencies examined by the Accreditation Council.
The Bachelor comes from the Anglo-American study system, in which the first stage (the undergraduate course) is completed after 4 years with the Bachelor. The following qualifications must be used in Germany:
– Bachelor of Arts (BA)
– Bachelor of Science (B.Sc.)
– Bachelor of Engineering (B.Eng.)
– Bachelor of Laws (LL.B.)
In Austria, the bachelor’s degree is called a bachelor’s degree; the graduate is the bachelor or bachelor. The final titles are more differentiated. The bachelor is the lowest academic degree, but it is the first professional qualification. A completed bachelor’s degree also qualifies for a master’s degree. With regard to the possibilities of completing an apprenticeship as a bachelor, the recognition and the continuation of the studies after the bachelor’s degree are complicated, but have changed in favor of the bachelor’s degree. In Bavaria, for example, particularly qualified graduates of a bachelor’s degree can be admitted to a doctorate as part of an aptitude assessment procedure.
The application for an MBA course is not as compact as admission to a university based on grades. Rather, a “mix” of various factors is crucial. This includes the GMAT, essays, references, resume, transcripts, TOEFL, bank statement, interview, approval and visa.
If a certain minimum number of points is not achieved within the scope of the GMAT, the application usually failed prematurely. If the GMAT score is sufficient, the essays and recommendations are screened. Summary and transcripts are not weighted as much. The TOEFL also only slightly enhances an application. Interviews are handled differently depending on the training institution; however, the trend is towards the cockpit interview.
As already introduced in many companies, the forms of teaching and learning in the further education offers are also changing to so-called distance learning. The new media also make it possible to convey complex learning materials in faster processes with increased flexibility. The student no longer has to go to the “place” of knowledge, but can have the available knowledge delivered specifically to his or her personal situation. The saving in time resource is significant and the knowledge thereby experiences an even higher use intensity, since the knowledge transfer is noticeably accelerated and adjusted depending on the situation. However, it should be noted that the people involved also have the technical access at the required times. Since tests and entire project work are also dealt with in distance learning,
The ECTS, European Credit Transfer (and Accumulation) system, is intended to make student performance comparable so that it can be credited and accumulated when changing from one university to another. Students who have successfully completed a module receive a defined number of credit points. This type of assessment of performance is typical for Bachelor and Master courses.
The credit points (LP) should represent the average workload of the course (the “Work Load”). The basis for awarding the credit points is the assumption of an average amount of work to be done for the degree, measured in hours. The effort of 1500 – 1800 hours per academic year is expressed in 60 CP. One credit point corresponds to 25 to 30 working hours. With the ECTS system, the average learning, preparation and post-processing of an event can be taken into account over the semester hours per week. In the case of modules with increased workload, this is not evident due to the presence at the university (semester hours per week); however, by the number of credits acquired, where the credits for the entire module represent the sum of the effort for the individual module parts.
This British company was founded in 1996 as an organization that deals with the qualification of academic and professional training in the fields of mathematics, science, languages and history. From an international perspective, EDEXCEL is the largest examination board in private hands. Upon completion of an EDEXCEL exam, you will receive a corresponding internationally recognized certificate as proof of successful completion.
The term EDUQUA is a Swiss certification procedure for training institutions. It has existed since 2000 and ensures the quality of further training offers. An institution that has this certificate can list it on the market as a quality certificate. In the sense of a quality label, it offers consumers a guarantee for the overall quality of an educational institute. In many Swiss cantons, this certificate is a prerequisite for public funds to be awarded. The Swiss Conference of Cantonal Ministers of Education (EDK) therefore recommends that its members pay attention to this certificate when awarding contributions to private education providers.
The European Foundation for Management Development (EFMD) was founded in Brussels in 1972 and is an international organization in the legal form of an association that deals with the accreditation of business schools and various management training programs. The EFMD has around 44 members in Germany, which mainly include DAX companies, public and private universities, business schools and technical universities. The organization also deals with the exchange of best practice and benchmarking in the areas of management training and further education.
EQUIS is the abbreviation for “European Quality Improvement System”. Therefore, it is a system for accreditation of business schools, which was introduced in 1997 by the European Foundation for Management Development (EFMD) in Brussels. The initiative, supported by the Commission of the European Union, was implemented in close cooperation with the already existing national, European accreditation institutions. The aim of this initiative, similar to that in the USA, is to introduce a uniform European quality standard for business schools from the local accreditation body AACSB, which meets international requirements.
EPAS is an international system for program accreditation. It evaluates the quality of economic and management programs with an international focus and accredits them accordingly. Each program is reviewed in detail and compared with other international programs. EPAS is based on the same process steps as EQUIS.
Essays are an important part of the application for an MBA program, because the universities want to use these short essays to get an overall impression of the candidate in terms of writing ability, academic skills, personality and suitability for a job in management. Essays should convince above all. The following should be noted when preparing the essays:
– Obtain instructions for writing essays.
– Formulate interesting, not too short and yet exhaustive.
– Make several drafts and present them to a “native speaker” for assessment.
– Read the texts again after a certain time interval – you will be amazed at how many changes and improvements you can think of!
Get the help of a professional application editing service. He is able to create an overall application that sets you apart from your competitors.
Evalag (Evaluation Agency Baden-Württemberg), founded in 2000, is a foundation under public law and was created on the basis of agreements between the Ministry of Science, Research and Art of Baden-Württemberg and the state’s universities. Evalag is committed to non-profit purposes and, as a competence center for quality assurance and quality development, supports German and international universities, other scientific institutions and ministries in their commitment to quality in teaching, research and services. Evalag takes care of the coordination and support of evaluation procedures, conducts institutional quality assurance audits, advises in the area of quality management and also organizes assessment procedures within the framework of science funding.
The offer of business schools to complete an Executive MBA is aimed at managers with several years of professional experience. The Executive MBA is typically acquired on the path of non-consecutive, part-time postgraduate studies, the MBA part-time program, however, on weekends or in block tuition, which extends over at least one week. An Executive MBA program therefore takes two years or more.
An Executive MBA also needs to be well planned: You practice your job on the side, so you have to work extra. When you are away from work, you have to appoint reliable deputies and accept loss of income. In any case, one should insure the support from the employer – at least organizationally. Financial support can be added. It is very likely that the company will be more committed to the company after obtaining the MBA than before.
The FIBAA (Foundation for International Business Administration Accreditation) is an accreditation agency that carries out the technical and content-related assessment of courses on behalf of the Accreditation Council. It is a tri-national foundation. The foundation’s headquarters are in Zurich, the main office is in Bonn. The main field of work of the FIBAA is the assessment of economics-oriented courses. It is recognized by the German and the Dutch Accreditation Council.
FIBAA is an international quality and accreditation agency, but it is primarily active in Europe. It supports universities in the further development of their Bachelor, Master and PhD courses. The goals are on the one hand the quality improvement of the study programs and on the other hand of course the accreditation of the course. FIBAA provides advice on quality management, assesses the degree program and checks the requirements for the awarding of the FIBAA quality seal. The advantage of FIBAA’s work, like that of accreditation agencies in general, lies in the better comparability of training offers: Economics-based courses, their providers, students, companies and other accreditation agencies experience transparency.
The GMAT is a four-hour, standardized test in English designed by the Education Testing Service (ETS) and offered worldwide on behalf of the Graduate Management Admission Council (GMAC). It determines the logical and verbal skills of the participants who have to take the test under time pressure. From the test result, the comprehension in view of complex facts, the analytical thinking ability and problem-solving competence can be seen. From this, the efficiency of the working method and subsequently the chances of success can be read in an MBA program.
At renowned business schools, the GMAT is mandatory and the decisive size is the number of points. Although formally only one of many selection criteria, the GMAT is of great importance as part of the application documents. An excellent GMAT result can open the door to a business school, a bad one can destroy all opportunities. This means that preparation for the GMAT is highly recommended. It can mean the difference between “average” and “shortlist”.
A recommended GMAT course should be able to convey the required mathematical and linguistic knowledge, the most efficient solution strategies and the shortest possible solutions. The course itself ensures better understanding and easier memorization of learning content. An additional advantage is the interactivity of the courses, which sharpens the sense for efficient solutions and the time budget. You can also see which area you are behind and where you have a head start. It should not be forgotten that you can compare your own performance with the performance of other participants.
The International English Language Testing System (IELTS) is a special language test that determines individual skills in the English language. The test is mainly taken by students who plan to study at a university in an English-speaking country or at a German university. Most universities in Australia, the UK, Ireland, Canada, and New Zealand, as well as more than 3,000 facilities in the United States, accept this test as an admission requirement. In Germany, too, more and more universities and technical colleges are demanding the IELTS for their degree programs if they contain international components. Anyone working in the medical field must take the IELTS test in any case in order to obtain a work permit in the countries mentioned above.
MBA Degree / MBA Degree
A degree, which in the figurative sense means the degree, certifies the graduate that he has successfully completed the Master of Business Administration. This degree is awarded by the respective school or university. A master’s or MBA is recognized nationally or internationally. This distinction must be taken into account when choosing a course. The recognition range is particularly important for employers who may contribute to the costs of the training.
In its long form, OAQ means “organ for accreditation and quality assurance of Swiss universities”. In cooperation with the Swiss University Conference, the OAQ carries out the accreditation of public or private university institutions and courses in Switzerland. The OAQ works independently and uses internationally recognized methods. It also draws on the knowledge and experience of renowned experts.
MBA programs are demanding. Be it during the lectures and the associated group work, as well as during the so-called e-learning processes. However, if the personal situation does not allow the required amount of time for the presence units, the possibility of an online MBA is a real alternative. In these programs, the possibilities of the new technologies are used for a learning process that allows the participant to achieve a certain flexibility in terms of time.
With e-lectures on scripts with video lectures and online tests, the necessary knowledge is not only conveyed to the participants, but also queried in order to achieve a corresponding knowledge transfer. The skepticism about programs completed in the past is slowly diminishing as the quality achieved steadily increases and the online MBAs experience a new image. The price for this form of study is the falling social component. Participants in such programs rarely see each other, if at all personally. However, the social environment is an important factor for many people and so this point should be included in the decision for a program.
See more terms and glossaries.
A postgraduate study program is one that requires a first academic degree – a so-called undergraduate degree (e.g. Bachelor). The admission requirements are not standardized, which means that a completed pre-diploma or an intermediate examination is sufficient for admission at one university, but a university degree is required for admission to the graduate program at another. One should therefore always be well informed about the specific academic and other training required at the respective university or business school.
A ranking is the result of sorting several comparable objects, combined with a comparative evaluation. Rankings enable the evaluation and selection according to certain criteria. Business magazines and newspapers in particular regularly publish business school rankings, including reputation and accreditation. A good place in the ranking is definitely a significant advertising factor for the business schools, which also cost a little.
Rankings are a multi-page thing and not without controversy. With a ranking you can be renowned; if the business school has dropped in the ranking, you can explain this with unfair criteria. Of course, you can always argue about the criteria of the rankings. In particular, top business schools with a high reputation and accredited programs can be found at the top of all rankings, which is certainly justified.
The graduates of these business schools are also among the top earners in management. Since rankings have a certain – but also a limited – meaningfulness, they should not be used as the sole or priority selection criterion for choosing a business school. Because the ranking is not necessarily reflected in the experiences of the graduates.
Many universities require two to three references, also called Letters of Recommendation, written by university professors or former employers. These should highlight the strengths of the applicant, praise his way of working and make positive forecasts for the work in the MBA program. Since the references form an essential part of the application, they should be kept a little longer and more detailed. As they must also be perfect in terms of language and content, the exhibitors must be carefully selected.
They should include:
– The applicant’s previous professional experience and development
– Advantages compared to others in the same field of activity
– Special strengths of the applicant
– Previous research experience and future research ability
As with the essays, you should not be afraid to use the help of a professional editing service.
The summary is a table listing the previous professional and academic career. Since only one page of A4 or US letter is intended for the resume, a few main points, under which the essential stages of training and career are described in short, concise sentences, must suffice. These sentences are mostly without subject in English, such as “Developed new advertising strategies for web-based businesses”. As the summary is used for the pre-selection of applicants, it should be written by a person with native English or by a professional editing service.
A scholarship is a financial support for students or young scientists (the scholarship holders), which usually consists of monthly payments and is used to replace the tuition fees or living expenses up to a certain maximum amount.
The three permanent test centers for the GMAT and the TOEFL in Germany are located in Berlin, Frankfurt am Main and Munich. Registration is only possible through Sylvan in the Netherlands. If you live close to the border, you should consider taking the test in a foreign test center. The tests can be taken every working day from September to November. In the other months, tests are not offered in the first week, but every second Saturday.
Registration for the GMAT can be made by phone, fax or post at Sylvan Learning Systems BV in the Netherlands. By the way, you can save the old test format on paper and possibly in the non-permanent test centers. Local organizations offer the TOEFL (not the GMAT) in Düsseldorf, Hamburg and Freiburg as a paper test. (Information about places and times without guarantee).
The TOEFL is a standardized test that all applicants whose mother tongue is not English or who do not have a degree from an English university must take. The test is designed in multiple choice format. The TOEFL is stored on the computer, in the same test centers as the GMAT. Registration for German test centers in the Netherlands also takes place. Falling through is not possible; the minimum number of points required by the respective business school must be achieved. 0 to 300 points are possible. If you achieve the required number of points, the TOEFL is of little importance for the further application process. The test can be repeated until you have achieved the required number of points. Since this involves time and money, at least a short-term preparation is recommended. You can concentrate on the rules that are the subject of the TOEFL.
An undergraduate course of study is completed at a university, takes two to four years and ends with a bachelor’s degree (roughly corresponds to the previous cand.phil. In classical studies or the baccalaureate in the new study regulations).
The Central Evaluation and Accreditation Agency (ZEvA) was founded in 1995 by several universities in Lower Saxony and is now financed by the Lower Saxony state government. Since 1998 it has had its own accreditation department, which acts across disciplines, universities and countries. In 2000, ZEvA was certified by the German Foundation for the Accreditation of Study Programs, making it the first accreditation agency in Germany. It not only provides accreditations, but also has an advisory role, for example with regard to international programs. ZEvA is a member of various international accreditation associations and, due to its early foundation, in many cases even a founding member of these associations.
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