Quantic: Democratising the MBA
An MBA might not be the only qualification necessary for becoming a CEO, but holding one certainly helps. A quarter of FTSE 100 CEOs have one whilst a third of Fortune 500 CEOs do.
Hiring rates for MBAs have returned to pre-pandemic levels, as has the median salary of MBA graduates (currently $115,000 – 77% higher than those with a bachelor’s degree). In an increasingly competitive workplace, the MBA is the only professional qualification providing ambitious leaders broad-ranging business knowledge and the additional tools they need to take the next steps in their career. It’s no surprise that application rates have increased – even with the impact of the pandemic.
Too often though, keen would-be students with plenty of potential face too many practical barriers that prevent them from studying for an MBA. Many MBA programmes require a significant block of time commitment, possibly with a need to relocate, putting them out of reach for anyone who is not prepared to put a pause on their current employment.
The high cost of some courses cannot be ignored either. The average total cost of doing an MBA in Europe (including tuition, fees, living costs, healthcare and materials) has been estimated to be $130,000, whilst in the US it is even higher at $217,000. From the employer’s point of view, letting an employee with great potential go and study for a year may be a cost too far, and supporting them by funding or part-funding studies can be simply unrealistic. This is especially true for fast-moving industries where a hiatus is tantamount to taking a step backwards.
But in part supported by technological breakthroughs, there are ways in which the barriers to study are being broken down. Quantic was established in 2013 as an online business school, offering an MBA and Executive MBA years before the pandemic made remote learning and working the norm rather than the exception. Students can study whenever and wherever they like, with the vast majority remaining employed through the duration of their study. For comparison, the full cost of Quantic’s programs is just 1/20th that of an MBA from Wharton, but even so, around a third of students have their studies fully funded through scholarships or employer sponsorship. Crucially, unlike some distance learning programmes, Quantic does not compromise on quality – its acceptance rate is just 12% and its aim is for its alumni to hold a qualification that is respected equally with the highest-ranking MBA schools. It has a growing global network of students and alumni working in a variety of industries, already including over 400 at Google, Amazon, Facebook and Apple.
“One of our motivations at Quantic, from the very start, has been to increase access to the very best in business education.” Says Tom Adams, co-founder and Chairman. “I passionately believe that high-potential employees should be supported to develop their skills by their employers who are a primary beneficiary of their talent. We need to make sure we are giving leaders the tools they need to achieve their potential. But today’s students expect education to move with the times. We knew we needed to offer way more than just videos of dusty lectures – which is why we developed Quantic to be a highly-interactive, mobile platform that is deeply rooted in proven pedagogical practices.”
Chris McDougall is an Associate Director at Atkins and has just completed his Executive MBA with Quantic, supported by a scholarship. “I wanted to do an MBA to gain valuable knowledge that I wouldn’t necessarily get through my normal working – including international business strategy and operational management,” Chris explains. “The flexibility of the Quantic course was really important to me. It allowed me to continue my studies whilst juggling full-time work as well as the birth of our two children. The app-based learning and the way the course was broken into bite-size chunks means I could complete individual modules in 20 minutes or even less. It if wasn’t for how flexible the programme is and the fact that you can pick up where you left off, an MBA would probably have remained inaccessible.”
Find out more at https://quantic.edu.