Paella to Sangria, Siesta to Fiesta and now MBA in Spain!
This is the first of Gurome's series
on top European Business Schools. In this blog we cover business
schools in Spain. Our subsequent blogs would talk about France and
England.
The demand for MBA education has clearly led to an increase in
the quantity and quality of courses in leading MBA destinations
across the world. Though the US undoubtedly rules the market,
European schools have come up with their own models, uniqueness to
compete with not only the top US schools but also other business
schools in Europe.
Spain has emerged as an increasingly popular destination for
MBA in Europe. Besides obvious attractions like culture, climate,
cuisine, easy going lifestyle, it is the internationally well-known
courses on offer and also the desire to master Spanish (the second
lingua franca of business) which lures the applicants. Spain is a
fast growing economy with some rapidly expanding multinational
corporations and is also home to a growing number of finance,
technology and consulting companies that recruit MBAs. What make
Spain a favored MBA destination is that it is relatively
inexpensive to live and study in Spain and it is well connected to
all of Europe and the rest of the world. Moreover, like most
European MBA programmes, MBA programs in Spain are usually shorter
(10-15 months on an avg.) in duration compared to the standard 2
year courses at business schools in the U.S. While the obvious
advantage of a shorter duration is the time a candidate saves in
earning an MBA, the total tuition and living expense in a shorter
program is considerably less compared to a two-year full time MBA
program. Opportunity cost is also lower; candidates forego
only one year's salary instead of two year's salary...
Spanish business schools have been consistently breaking into
top 20 in BW or FT rankings for past couple of years. A brief
description about each of the 3 top-rated international MBA
programs in Spain follows:
1. IE Business School -
Madrid
At IE, students are given a unique chance to customize their
MBA based on interests, needs, and goals. The International MBA at
IE offers Exchange Programs, Spanish Classes, Venture Lab Program
(for entrepreneurial projects), Dual Degree Program (with Tufts and
MIT), Wharton Global Consulting Forum, and the UK-based Interstate
Program.
Duration of Course: 13 months
Offered Languages: English
International applications received: 90% (as per BW)
Average GMAT Score: 680 (*an entrance test is to be
given at IE, GMAT score is not essential)
Average Professional Work Exp.: 3-5 years
Average Class Size: 60 (for core), 35 (elective) as per
BW
Average Age of a student: 28
International Students in a Class: 82%
Tuition Fees: €49,000 (incl. €1,100 - contribution to the IE
Business School Foundation)
Financial Aid and Scholarships: Available
Estimated Monthly Living Expenses: €1,120 - €1,720
Average Starting Salary Package: €58,500
2. ESADE - Barcelona, Madrid, and
Buenos Aires
Although all students at ESADE start their MBA at same time,
they're allowed to modify the duration of the course according to
requirements and goals. Initiatives such as the LEAD (Leadership
Assessment and Development) Program, Career Services, and Exchange
Programs ensure that they continuously refine their leadership
skills, proactively manage their careers, etc. In addition, ESADE
Creapolis (a business park based on "Open and Cross Innovation")
allows start-up companies (up to 50) to gain from ESADE community's
vast experience and knowledge in entrepreneurship.
Duration of Course: can be customized to 12, 15 or 18
months
Offered Languages: English and Spanish
International applications received: 90% (as per BW)
Average GMAT Score: 670
Average Professional Work Exp.: 5.2 years
Average Class Size: 180; 60 (for core), 25 (elective) as per
BW
Average Age of a student: 28
International Students in a Class: 80%
Tuition Fees: €54,500 (incl. €2,500 - towards programme
related fees)
Financial Aid and Scholarships: Available
Estimated Monthly Living Expenses: €1,020 - €1,450
Average Starting Salary Package: €60,000
(as per BW, Mean base salary, signing bonus, other guaranteed
compensation: $76,000 + $27,000 + $16,000)
3. IESE Business School
(University of Navarra) - Barcelona and Madrid
It was IESE which was first to establish a bilingual MBA in
the world and a 2 year MBA in Europe. IESE students are eligible to
obtain a diploma in Business Spanish at the end of the program.
Moreover at IESE, Case studies occupy a prominent share in the
program structure/teaching methods used.
Duration of Course: 19 months
Offered Languages: English
International applications received: 76% (as per BW)
Average GMAT Score: 672
Average Professional Work Exp.: 4 years
Average Class Size: 215; 70 (for core), 50 (elective) as per
BW
Average Age of a student: 27
International Students in a Class: 80%
Tuition Fees: €69,250 (includes health insurance)
Financial Aid and Scholarships: Available
Estimated Monthly Living Expenses: €1,690
Average Starting Salary Package: (as per BW, Mean base salary,
signing bonus, other guaranteed compensation: $111,000 + $28,000 +
$19,000)
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Last updated on Jun 1, 2010 |