MBA Glossary

AACSB:

AACSB means American Assembly of Collegiate Schools of Business. AACSB is the main source of Accrediting organization for American MBAs. Lots of programs are accredited by the AACSB which lays down various standards of programs and schools which covers matters like curriculum, faculty, student body, library and other facility. As there is an increase in the interest of accreditation and in several programs around the whole world, accreditation is started in all other countries of the world. There are many schools having accreditation through the governance of various organizations of USA.

Getting membership in AACSB is not similar as having an accreditation. Moreover there are lots of schools defined themselves as a contender of accreditation. In USA, there are many different accreditation agencies, that works at national level or at regional level and AACSB is one of those accreditation agencies.

Academic counseling/advising:

It is a counseling or advice provided by academic advisor to the students studying in USA Universities and colleges on regular basis. Academic counselors help students to elect their own courses and guide them in planning their academic calendars. It gives guarantee that your classes are taken properly and regularly which is essential for becoming a graduate.

ACBSP:

Basically, ACBSP means Association of Collegiate Business Schools and Programs. ACBSP is activates in USA. The main objective of ACBSP is to launch, endorse and became aware of various standards of education that constantly progresses the education of the business and to identify those schools and colleges which remains stick to various education standards. Now ACBSP do the work of accreditation especially for small-scale and middle-scale graduate and bachelor’s degree programs.

Accreditation:

It is a certificate given to a school or program which meets with the approved standards of the academic programs. It is very important to know that a college or university is accredited.

Advanced placement (AP):

Several universities or colleges in USA grant credit for the work done in the class room in high school or proved through an examination that they have achieved adequate proficiency in a certain subject up to university level.

American Management Association:

American Management Association is one of the largest Associations having management membership. AMA i.e. American Management Association offers services specifically to individuals and corporate members from their four main regional centers.

Associate's Degree:

It is a degree that is earned after completing of a degree program for a two-year college.

Association and Institutions:

In various countries of the world, there is an Association and Institutions for Managers are established. Members of these Associations get various advantages like events, publications etc. Many of them provide conferences and courses for study also. There are also many institutions which has given membership eligibility to the managers in order to affix with their names. Many individuals who want to become the member of these associations or institutions must have specific qualifications like MBA or adequate amount of experience in the membership. Many institutions also invite membership from the students are doing their study of management.

Bachelor's Degree:

The degree received for an undergraduate program of four years in the college or university.

Campus:

Campus is a place of a university, college, or school's main buildings. USA campuses are famous for their abundant size, architecture, landscaping, etc.

Coeducational:

It is an educational environment which includes both male and female students to studying together.

Company Program:

There are several programs which run through or for a single business particularly for the employees of that business. This means that they are not an open or programs available for common public. They are lope by some schools having replica of open MBA colleges. But they are designed keeping in mind the requirements of the company. Sometimes these programs are run by some companies which have corroboration with the schools and universities. There are also such programs which are run by some group of companies. It is only in exceptional case when the company is accredited.

Cooperative education:

Co-operative education is a program in which students spend some time in a professional environment outside university. The program of a bachelor degree is generally 5 years.

CORE:

The meaning of Core is Central Curriculum of particular program. It is mandatory course to be done for the applicants, but they have various options to choose from certain available courses.

Credits:

Typically, Credits are given to all the courses conducted by USA Universities and colleges. Basically number of credits is equal to the number of hours spent in class room to study per week.

Distance learning:

Some universities/colleges offer courses which can be taken up off-campus is called Distance Learning. It can be done through variety of means like Internet, videotapes, or cable television.

Dormitory:

Dormitories are a facility of live which is designed to house students. Typically, cafeteria resides in the same building. Dormitory is also known as “Dorms”.

ESL:

The word “ESL” means English as a Second Language.

Elective:

Several MBA Programs offers various options in the courses for the candidates. The main intention of doing this is to expand the Core Curriculum which allows an individual to go ahead with their specific field of interest. To some extent to tailor the program to their particular needs. This means that each and every good programs aim to cover a specific core curriculum at proper amount of profundity. It may happen that lengthy program will have more amounts of options in available courses.

Electronic Program:

Electronic Program refers to the medium of delivering of a particular program but not the curriculum.

In order to deliver the electronic program, it is an allusion that Information technology plays a significant role in it. Electronic MBAs are frequently developments of Distance Learning programs. Information technology is used to delivery of various materials of the course, to make possible the contact between students and the faculty, in order to grant entrance of additional information, for computer conferencing etc. As the easiest means, E mail is used for student to student contact and from student to faculty contact, and materials which are delivered are electronic files through E mail or FTP i.e. File Transfer Protocol. For more complicated use, Electronic Program will offer materials and communication through the Internet, computer and video conferencing, the electronic submission of assignments, right to use of multi media materials, interactive case studies etc. Using these procedures is not restricted only to the Distance Learning programs. Such facilities are increasingly used in part time and modular programs also and sometimes in order to boost full time programs.

Executive MBA:

Executive MBA i.e. EMBA, is a word which signifies that this program is basically for experienced managers that have germane experience of several years. This means that such people will be at the superior posts in the business. They are not able to follow a conservative full time program. Therefore, the term EMBA is used to signify that this program is run especially for and in a way that is suitable to such people. For example part time or modular.

Faculty:

Faculty refers to professors, teachers and lecturers of a particular college or university.

FIBAA:

FIBAA means Foundation for International Business Administration Accreditation. FIBAA is a tri-national organization established by Chambers and Federations of Commerce and Industry in Germany, Austria and Switzerland in order to accredit programs like BBA and MBA. FIBAA is not only run in schools of Germany, Austria and Switzerland, but also in various schools of USA.

Focus or Concentration:

Almost all MBA programs are “General Management” oriented. This means they cover all the management topics and functions in full length. They grant education and development to those people who want to work in general management, strategic management, or movement in particular functions. Some programs are designed for specific management functions or sectors of business. Management functions include doing MBA in Marketing, Finance, information management etc while sectors of business include doing MBA in service sector or particular areas like travel or tourism.

Franchise:

In some situations, various Business Schools or Universities permit their programs to be executed by other Institutions. This allows that program to enter into a completely different market, or the nurture institution is unable to access them easily.

Different terms are used to describe this practice for e.g. Validation .To some level Franchise is used as dependent on the extent to which the parent institution has delegated authority for the program to the other body.

There might be full delegate powers till the end level of the program. For e.g. wrapping the authority to take the students to the program for scrutinize and to judge for making awards. This type of arrangements is termed as “full franchise”. But this system occurs in rare case; the most frequent is to allocation of various activities to the some other like local, body, for instance, for promoting a program, distribution of the information, providing support for students, facilities, local tutoring etc.

Due to such situations, several Schools have been successful in taking their programs to different parts of the world but they do not have any facility of their own. Hence, those peoples who cannot have a chance to follow a specific program can now able to use a version of that program in the vicinity.

Because of these types of preparations, there is frequent fall of full franchise in a shorter duration. Local institutions enable to provide those programs which they can not able to grant by their own. In all the cases, it is clearly specified are validated by the parent institution and schools.

Freshman:

Freshman is the student of first year in high schools, universities and colleges.

Full Time Program:

Full time program includes enthusiastic contribution. The basic requirement of the program is the adequate attendance in schools, colleges etc. Candidate engage in full time program are not able to do work, however some people able to do part time job in order to earn some money to pay the fees simultaneously while participating in the program. A full time program will provide considerable benefits to individuals through their work alongside others from different backgrounds. If the candidates are not able to join in the community during their full time program in both out and in from their formal sessions, then the school authority take care for the same.

GMAT:

The word “GMAT” refers to Graduate Management Admission Test. It determines the basic skill of writing, language and quantitative ability. Moreover it also point out individual potential of the candidate joining the MBA program. It is a pre-requisite for many schools. GMAT is taken in various parts of the world as a computer - adaptive test held on fixed dates. The scores range from 200 to 800. In many schools, specific requirement from minimum score ranges from 400 to 600.

Home stay:

An arrangement made for living along with a family of USA.

Honors college/classes:

Various universities are having an entire college or program devoted to academically talented students, who are ready to take more challenging or accelerated courses.

IACBE:

IACBE means International Assembly for Collegiate Business Education. The head office of IACBE is in USA. IACBE has centers in Europe, Latin, Asia, South America, and in Pacific Rim. IACBE is a specific accrediting organization for higher education of Business and Business-Related degree programs. IACBE works primarily with small-scale and middle-scale institutions basically of four years.

International Program:

The phrase “International Program” is used to refer to a range of things. It can be explained as the orientation of the program which means a program accentuate International business having a curriculum related with that program. It might refer to the student body on the course -i.e. a program intended to be followed by a wide range of participants from different parts of the world. It may portray a program which runs or available locally in different parts of the world. For e.g., using the method of Distance learning Program or for the support of local organizations authorization program. The word International Program is frequently used to explain a program that offers participants studying, undertaking of different projects or assignments, or being on placement in different parts of the entire world. These programs are over and over again offered by two or more Schools situated in different countries working together in a joint international program and recommend the system of exchanging the students between their programs.

Internship/intern:

An arrangement done through which a student can work in a company for a shorter period of time is called Internship or Intern.

Liberal arts:

The study of arts and literature, humanities, language, and Physical and natural and physical sciences is called liberal arts. Several universities and colleges of USA provide huge amount of liberal arts program. Some schools are completely devoted to the study of liberal arts.

Location:

Location is a word used for explaining from where a particular program is running. It is useful only for “attendance’’ programs.

Major:

Major is a field of study for a college student. Generally US students declare their major at the end of their second (sophomore) year of program.

Master's and Doctorate degree:

The degree earned after completing a graduate degree program.

Modular Program:

Modular Program means the structure of a particular program. Modular and Part Time programs are similar in some ways. But there is one different point in them, a Part Time programs require strict attendance at the School on an ordinary and everyday basis for short periods of time generally which is of one day on the contrary, Modular programs does not entail frequent attendances but it do entail longer periods of attendance which ranges from a fewer days up to fewer weeks.

Open Program:

Open Program is similar to that of a 'Distance Program' which means that due to the method that the program is communicated. – It is more nearby for the common people. More often however it refers to the entry requirements. Open Program is used when a program that do not have basic academic requirements for entry and is available to those having qualifications or substantial practical experience and no formal further or higher qualifications - may be described as 'open'.

Part Time Program:

Part Time Program is specially designed for those students who wants to do regular, recurrent but having shorter period of time and attendance in the school. Part Time Program is different from Modular Program due to figure and length of required attendances. For more details about the modular program click here, Modular Program.

Rankings:

Ranks given to MBA programs and to Business Schools are ordinary process in various countries especially in USA. Such rankings are given usually by Business News or by the business pages of national newspapers. Apparently the main purpose of publishing the rank is to inform the market regarding position and status of the listed programs and Schools. Regrettably the criteria for the rankings differ and are not declared frequently, so it is advisable not to follow the ranks as such rankings can be quite deceptive. for example - a ranking of Schools based on recruiters' opinions of the quality of their MBA output will be relevant for a School with a large full time program - but will say little about one which concentrates on part time, distance and executive programs. Generally, ranking is predisposed by the average result of GMAT of those students who wants to enter in such programs in USA. The ranking of AACSB programs will disregard most other programs of non-America.

The majority of the major Business Schools and major programs emerged on the top group according to the ranking at times. It can be a good display for the position of the School rather than any one 'league table' because the amount of Schools and programs are in large size and no single method of ranking will show the true ranking for all the types of schools and programs.

Room and board:

It is the facilities of living and getting food to eat.

Structure:

The use of the word “Structure” is done to explain the type of program deeply. On the basis of this we classify the programs in Part Time, Full time, Modular or Distance. The word has the various categories. For more information check the list of Glossary.

TOEFL:

TOEFL refers to the Test of English as a Foreign Language. TOEFL one of the best well-known test for using of English as a foreign language test which means it measures the proficiency of English language for those students whose English is not a first language. It is like an entrance test for those students who want an entry in an English language program from such a country in which English is not the mother tongue -and especially in such situations where interviews cannot be conducted. The minimum requirements for getting entry in MBA are around 550 marks. Various other tests embrace the Test of Written and Speaking of English language.

Tuition:

Tuition is a fees charged for attending a university or college. Payment of tuition is done at each quarter or semester and it varies according to the number of credits for which students are recruited, along with your status as a state resident or U.S. citizen.

Validation:

The word Validation has different meanings to different people. But in general it means a program which has been 'approved' by another organization. A validated program run by an organization is awarded by other institutions of an MBA. But it is application only when the organization running the program is unable to award its own degrees or in the cases when the validating organization is having higher status. A validated degree may differ from that of the organization which is providing it – which means that the organization will have to present its own program to another institution. On the other hand it may be much similar with the program offered through a validating institute, but it works locally on their behalf.

Vocational college:

An institution which is committed to teach various skills those are necessary for a particular type of work, like electronics.

Work-study:

Various students do part-time job on campus and earn money for their tuition fees is termed as work-study. Don’t get surprised while watching your classmates working in campus facilities.