Korean MBAs are Evolving Once Again
A growing number of international students are looking for Korean MBA programs. As the world’s economic axis is moving to Asia, awareness and competitiveness of MBAs in Asia are also growing. The global status of Samsung Electronics, Hyundai Motors, and POSCO has steadily increased. Surely, there is a demand for learning the secrets of success in Korean companies; the demand for getting a job in these companies is ever increasing. More and more Korean MBAs receive high marks in MBA world rankings. There is some evidence to show the improvement of Korean MBA programs.
◆ Korean MBAs’ competitiveness is rising
According to the Ministry of Education, since their launch in June 2007, Korean MBAs the number of international students has continuously increased, and the number of new international students was 97 last year. New students came from 35 countries. In the past, most international students were Korean-Americans or Chinese, but these days more international students from different countries are applying and some students choose to go to Korea even if they were accepted by world-class MBAs such as Hong Kong UST and National University of Singapore, said Seo Gil-su, Vice President of Yonsei University Graduate School of Management
Full-time global MBA programs conducted in English have continued to attract global applicants. The percentage of international students in SNU Global MBA grew from 27 percent in 2010 to 38 percent last year. Since 2009, Yonsei University has consistently maintained the percentage of foreign students as 50%. KAIST College of Business established a global program last year; 8 out of its quota of 11 students (73%) are international students. One aspect of an MBA’s competitiveness, diversity, is becoming more apparent.
The rise in the competitiveness of Korean business schools is revealed. in the international rankings. For example, KAIST College of Business was ranked 99th in Financial Times Global MBA Rankings 2011 for the first time among Korean MBAs.
◆ Fusion is the key to the rise in competitiveness
Korean MBAs are developed around fusion curriculums. This is because demand for combined talent is rising as the industries evolve to become more complex and combined. Traditional management areas such as finance and organizational management as well as knowledge of various professional areas (law, culture, medicine) are necessary. Korean MBAs launched a variety of fusion curriculums for competent students.
KAIST, Korea’s best institute for science and technology research, offers Information & Media MBA program combining IT skills and the Media. This program fosters an understanding of IT and media convergence technology, digital media content production & distribution, and managerial skills to create business models. There are some specialized curriculums for information and communication systems, and the entertainment industry.
◆ Cooperation between industry and academia is essential
An MBA cultivates talented individuals who can immediately jump into the field after their completion of the MBA courses. For this reason, Korean MBAs strengthen their business links. Recently, cooperation between industry and academia in MBAs is increasing. More Korean MBA curriculums give students a chance to try to find solutions to current management issues.