The Master of Business Administration (MBA or M.B.A.) is a master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out scientific approaches to management. The core courses in the MBA program are designed to introduce students to the various areas of business such as accounting, finance, marketing, human resources, operations management, etc. Students in MBA programs have the option of taking general business courses throughout the program or can select an area of concentration and focus approximately one-fourth of their studies in this subject.

Accreditation bodies exist specifically for MBA programs to ensure consistency and quality of graduate business education. Business schools in many countries offer MBA programs tailored to full-time, part-time, executive, and distance learning students, with specialized concentrations.

History[link]

The first graduate school of business in the United States was the Tuck School of Business, part of Dartmouth College ^[1] Founded in 1900, it was the first institution conferring advanced degrees (masters) in the commercial sciences, specifically, a Master of Science in Commerce degree, the forebear of the modern MBA degree.

In 1908, the Graduate School of Business Administration (GSBA) at Harvard University was established; it offered the world's first MBA program,^[2] with a faculty of 15 plus 33 regular students and 47 special students.

The University of Chicago Booth School of Business first offered working professionals the Executive MBA (EMBA) program in 1943,^[3] first available in permanent campus in three continents (Chicago, London and Singapore) and this type of program is offered by most business schools today.

In 1946, Thunderbird School of Global Management was the first school to offer an MBA program focused on global management.^[4]

In 1950, the first MBA degrees awarded outside the United States were by the Richard Ivey School of Business at The University of Western Ontario in Canada,^[5] followed in 1951 with the degree awarded by the University of Pretoria in South Africa.^[6] In 1957, INSEAD became the first European business school to offer an MBA program.^[7] In 1986, the Roy E. Crummer Graduate School of Business at Rollins College (Florida) was the first MBA program to require every student to have a laptop computer in the classroom. Initially, professors wheeled a cart of laptops into the classroom.^[8]

The MBA degree has been adopted by universities worldwide, and has been adopted and adapted by both developed and developing countries.^[9]

Accreditation[link]

Business schools or MBA programs may be accredited by external bodies which provide students and employers with an independent view of their quality, and indicate that the school's educational curriculum meets specific quality standards. The three major accrediting bodies in the United States are Association to Advance Collegiate Schools of Business (AACSB), which accredits research universities, the Accreditation Council for Business Schools and Programs (ACBSP), which accredits universities and colleges, and the International Assembly for Collegiate Business Education (IACBE),^[10] all of which also accredit schools outside the US. The AACSB, the ACBSP, and the IACBE are themselves recognized in the United States by the Council for Higher Education Accreditation (CHEA).^[11] MBA programs with specializations for students pursuing careers in healthcare management also eligible for accreditation by the Commission on the Accreditation of Healthcare Management Education (CAHME).

In the United States, an MBA program may also be considered accredited on the institutional level. Bodies that accredit institutions as a whole include the Council for Higher Education Accreditation (CHEA): Middle States Association of Colleges and Schools (MSA), New England Association of Schools and Colleges (NEASCSC), Higher Learning Commission of the North Central Association of Colleges and Schools (HLC), Northwest Commission on Colleges and Universities (NWCCU), Southern Association of Colleges and Schools (SACS), and Western Association of Schools and Colleges (WASC).^[12]

Accreditation agencies outside the United States include the Association of MBAs (AMBA), a UK based organization that accredits MBA, DBA and MBM programs worldwide, government accreditation bodies such as the All India Council for Technical Education (AICTE) that accredits MBA and PGDM programs across India, the Council on Higher Education (CHE) in South Africa, the European Foundation for Management Development operates the European Quality Improvement System (EQUIS) for mostly European and Asian schools, and the Foundation for International Business Administration Accreditation (FIBAA) in Europe.

Basic types of MBA programs[link]

Two-year (Full Time) MBA programs normally take place over two academic years (i.e. approximately 18 months of term time). For example in the Northern Hemisphere beginning in late August/September of year one and continuing until May of year two, with a three to four month summer break in between years one and two. Students enter with a reasonable amount of prior real-world work experience and take classes during weekdays like other university students.

Accelerated MBA programs are a variation of the two year programs. They involve a higher course load with more intense class and examination schedules. They usually have less "down time" during the program and between semesters. For example, there is no three to four month summer break, and between semesters there might be seven to ten days off rather than three to five weeks vacation.

Part-time MBA programs normally hold classes on weekday evenings, after normal working hours, or on weekends. Part-time programs normally last three years or more. The students in these programs typically consist of working professionals, who take a light course load for a longer period of time until the graduation requirements are met.

Executive MBA (EMBA) programs developed to meet the educational needs of managers and executives, allowing students to earn an MBA or another business-related graduate degree in two years or less while working full time. Participants come from every type and size of organization – profit, nonprofit, government – representing a variety of industries. EMBA students typically have a higher level of work experience, often 10 years or more, compared to other MBA students. In response to the increasing number of EMBA programs offered, The Executive MBA Council was formed in 1981 to advance executive education.

Distance learning MBA programs hold classes off-campus. These programs can be offered in a number of different formats: correspondence courses by postal mail or email, non-interactive broadcast video, pre-recorded video, live teleconference or videoconference, offline or online computer courses. Many schools offer these programs.

Blended learning programs combine distance learning with face-to-face instruction.^[13] These programs typically target working professionals who are unable to attend traditional part-time programs.^[14]

Dual MBA programs combine MBA degree with others (such as an MS, MA, or a J.D., etc.) to let students cut costs (dual programs usually cost less than pursuing 2 degrees separately), save time on education and to tailor the business education courses to their needs. Some business schools offer programs in which students can earn both a graduate's degree in business administration and an MBA in four or five years.

Mini-MBA is a term used by many non-profit and for-profit institutions to describe a training regimen focused on the fundamentals of business. Mini-MBA programs are typically non-credit bearing programs that require less than 100 hours of total learning.

Admissions criteria[link]

Most programs base admission on the Graduate Management Admission Test (GMAT), significant work experience, academic transcripts, essays, references or letters of recommendation and personal interviews. The Graduate Record Examination (GRE) is also accepted by some schools in lieu of the GMAT.^[15] Some schools are also interested in extracurricular activities, community service activities and how the student can improve the diversity of and contribute to the student body as a whole. All of these qualifications can be important for admission; however, some schools do not weigh GMAT scores as heavily as other criteria, and some distance learning programs do not require the GMAT for admission. In order to achieve a diverse class, business schools also consider the target male-female ratio and local-international student ratios. Many MBA degrees do not require students to have an undergraduate degree and will accept experience in lieu of an undergraduate degree. In the UK for example an HND or even HNC is acceptable in some programmes.

Depending on the program, type and length of work experience can be a critical admissions component for many MBA programs. Many top-tier programs require five or more years of work experience for admission.^[16][17]

Program content[link]

Most top MBA programs cover similar subjects within their core required courses. For information about the typical content of an MBA program's core curriculum, see the overview at the Wikiversity MBA topic page. MBA programs expose students to a variety of subjects, which students may choose to specialize in a particular area. Students traditionally study a wide breadth of courses in the program's first year, then pursue a specialized curriculum in the second year. Full-time students typically seek an internship during the interim. Typical specializations include: accounting, economics, entrepreneurship, finance, international business, management science, marketing, operations management, organizational behavior, project management, real estate, and strategy, among others.

Many individuals choosing a specialized field of study, such as real estate or accounting, are well-suited for their respective industries through pursuing a Master of Real Estate Development or Master of Science in Accounting degree, for example. Other specialized programs include Master of Science in Finance, Master of Science in Information Systems, Master of Science in Supply Chain Management.

In Europe[link]

This unreferenced section requires citations to ensure verifiability.

History of the MBA in Europe[link]

In 1957, INSEAD(French name "INStitut Européen d'ADministration des Affaires", or European Institute of Business Administration) became the first European university offering the MBA degree, followed in 1959 by ESADE, ICADE in 1960 (who had started offering in 1956 a "Technical Seminary for Business Administration") ^[18], IESE (first two-year program in Europe) in 1964, UCD Smurfit Business School in 1964, Manchester Business School and London Business School in 1965, The University of Dublin (Trinity College), the Rotterdam School of Management in 1966, the Cranfield School of Management in 1967 and in 1969 by the HEC School of Management (in French, the École des Hautes Études Commerciales) and the Institut d'Etudes Politiques de Paris. In 1972, Swiss business school IMEDE (now IMD) began offering a full-time MBA program, followed in 1974 by AGH University of Science and Technology in Cracow, Poland. [EADA Business School]] in 1989. In 1991, IEDC-Bled School of Management became the first school in the ex-socialist block of the Central and Eastern to offer an MBA degree. Because of technology advances, distance or online MBA programs have recently emerged in Europe. Several business schools in the United Kingdom now offer distance MBA programs. In 2007, ESCEM became the first French Business school to offer their own distance or online MBA. See List of business schools in Europe

Bologna Accord[link]

In Europe, the recent Bologna Accord established uniformity in three levels of higher education: Bachelor (three years), Masters (one or two years in addition to three or four years for a Bachelor), and Doctorate (an additional three or four years after a Masters). Students can acquire professional experience after their initial bachelor degree at any European institution and later complete their masters in any other European institution via the European Credit Transfer and Accumulation System.

Accreditation[link]

Accreditation standards are not uniform in Europe. Some countries have legal requirements for accreditation (e.g. most German states), in some there is a legal requirement only for universities of a certain type (e.g. Austria), and others have no accreditation law at all. Even where there is no legal requirement, many business schools are accredited by independent bodies voluntarily to ensure quality standards.

Austria[link]

In Austria, MBA programs of private universities have to be accredited by the Austrian Accreditation Council (Österreichischer Akkreditierungsrat). State-run universities have no accreditation requirements, however, some of them voluntarily undergo accreditation procedures by independent bodies. There are also MBA programs of non-academic business schools, who are entitled by the Austrian government to offer these programs until 2010 (Lehrgang universitären Charakters). Some non-academic institutions cooperate with state-run universities to ensure legality of their degrees.

Czech Republic[link]

January 1999 saw the first meeting of the Association of the Czech MBA Schools (CAMBAS). The Association is housed within the Centre for Doctoral and Managerial Studies of UEP, Prague. All of the founding members of the Association to have their MBA programs accredited by partner institutions in the United Kingdom or United States of America.

Finland[link]

In Finland, as in most countries, MBA does not have the status of official degree. MBA programs are run by various universities including the top universities in the country.

France and French speaking countries[link]

In France and in the Francophone countries such as Switzerland, Monaco, Belgium, and Canada, the MBA degree programs at the public accredited schools are similar to those offered in the Anglo-Saxon countries. Most French Business Schools are accredited by the Conférence des Grandes Écoles, which is an association of higher educational establishments outside the mainstream framework of the public education system.

Germany[link]

Germany was one of the last western countries to adopt the MBA degree. In 1998, the Hochschulrahmengesetz (Higher Education Framework Act), a German federal law regulating higher education including the types of degrees offered, was modified to permit German universities to offer master's degrees. The traditional German degree in business administration was the Diplom in Betriebswirtschaft (Diplom-Kaufmann; Master's degree equivalent) but since 1999, bachelor's and master's degrees have gradually replaced the traditional degrees (see Bologna process). Today most German business schools offer the MBA. Most German states require that MBA degrees have to be accredited by one of the six agencies officially recognized by the German Akkreditierungsrat (accreditation council), the German counterpart to the American CHEA. The busiest of these six agencies (in respect to MBA degrees) is the Foundation for International Business Administration Accreditation (FIBAA). All universities themselves have to be institutionally accredited by the state (staatlich anerkannt).

Italy[link]

Italian MBAs programs at public accredited schools are similar to those offered elsewhere in Europe. Italian Business Schools are accredited by EQUIS and by ASFOR.

Poland[link]

There are several MBA programs offered in Poland. Some of these are run as partnerships with American or Canadian Universities. For example, the CEMBA program is run by the Warsaw School of Economics and the University of Quebec at Montreal, Warsaw-Illinois Executive MBA (WIEMBA) run as partnership of University of Warsaw and University of Illinois at Urbana-Champaign. Others like the programs offered by the Institute of Economics of the Polish Academy of Sciences (INE PAN) rely on their own faculty and enrich their courses by inviting visiting lecturers. The CEMBA, WIEMBA and INE PAN programs as several other programs in Poland, are offered also in English.

Ukraine[link]

Recently MBA programs appeared in Ukraine where there are now about twenty schools of business offering a variety of MBA programs. Three of these are subsidiaries of European schools of business, while the remaining institutions are independent. Ukrainian MBA programs are concentrated mainly on particulars of business and management in Ukraine. For example, 2/3 of all case studies are based on real conditions of Ukrainian companies.^[19]

United Kingdom[link]

The UK based Association of MBAs (AMBA) was established in 1967 and is an active advocate for MBA degrees. The Association's accreditation service is internationally recognised for all MBA, DBA and Masters in Business and Management (MBM) programs. AMBA also offer the only professional membership association for MBA students and graduates. UK MBA programs typically consist of a set number of taught courses plus a dissertation or project.

Australia and Oceania[link]

Australia[link]

This unreferenced section requires citations to ensure verifiability.

In Australia, 42 Australian business schools offer the MBA degree. Universities differentiate themselves by gaining international accreditation and focusing on national and international rankings. Most MBAs are one to two years full time. There is little use of GMAT, and instead each educational institution specifies its own requirements, which normally entails several years of management-level work experience as well as proven academic skills.

Ratings for Australian MBAs are carried out by the Graduate Management Association of Australia, which publishes an annual Australian MBA Star Ratings. See List of business schools in Australia.

Africa[link]

South Africa[link]

In 2004 South Africa’s Council on Higher Education (CHE) completed an extensive re-accreditation of MBA degrees offered in the country.^{[citation needed]}

Ghana[link]

Business schools of the traditional universities run a variety of MBA programs. In addition, foreign accredited institutions offer MBA degrees by distance learning in Ghana.

Kenya[link]

MBA programs are offered in many public and private universities.

Students choose to specialize in one of the following areas: Accounting, Finance, Entrepreneurship, Insurance and Human Resources. The course takes 4 semesters of about 4 months each.

Asia[link]

Bangladesh[link]

Bangladesh was one of the first countries in Asia to offer MBA degree through Institute of Business Administration, University of Dhaka along with Institute of Business Administration, Karachi in erstwhile Pakistan.

There are now more than 50 business schools in Bangladesh offering MBA; predominantly targeting graduates without any work experience. Most MBAs are two years full time. There is little use of GMAT. The Business Schools conduct their own admission tests instead. The medium of teaching is English in all business schools except National University.

India[link]

There are 1600 business schools in India offering two year MBA programs.^{[citation needed]} The students are a mix of fresh graduates without any work experience and people with significant work experience.^{[citation needed]} Among those schools, the IIM, IISWBM and XLRI are among the oldest institutions for management education in India.^{[citation needed]} In 1949, the XLRI became the first institute in India to offer certificate courses in human resources management.^{[citation needed]} In 1953, the Indian Institute of Social Welfare and Business Management became the first institute in India to offer an MBA degree of an Indian university.^{[citation needed]} Government accreditation bodies such as AICTE established that autonomous business schools can offer only the PGDM or PGPM, whereas a full post-graduate degree can be awarded only by a university, in two-year full-time program.^{[citation needed]} Non-government accredited, one-year fast-track programs have proliferated in India, especially for candidates with work experience.^{[citation needed]} Such programs are commonly known as Post Graduate Programme for Executives (PGPX or ExPGP) in Business Management. See List of business schools in India.^{[citation needed]} MBA degree courses are offered by private universities established in various states, central universities, state universities as well as deemed universities in India.^{[citation needed]}

Israel[link]

All public universities are offering a two year MBA program. Some private colleges are offering a one year MBA program for working people who prefer to study at the evening and on Friday(which is a rest day in Israel).

Pakistan[link]

The IBA was the first institute in Pakistan, set up in 1955 in collaboration with the Wharton School of the University of Pennsylvania and is the first business school in South Asia set up on the US MBA model. Now in Pakistan, 87 Universities that are recognized by the Higher Education Commission of Pakistan are the only ones that offer MBAs.

Sri Lanka[link]

Currently there are few government and private universities conducting MBA programs in Sri Lanka as well. The leading MBA programs are conducted by the University of Colombo and the Postgraduate Institute of Management (PIM).

Other Asian countries[link]

International MBA programs are acquiring brand value in Asia. For example, while a foreign MBA is still preferred in the Philippines, many students are now studying at one of many "Global MBA" English language programs being offered. English-only MBA programs are also offered in Hong Kong, Indonesia, Malaysia, Singapore, South Korea, Taiwan, and Thailand. For international students who want a different experience, many Asian programs offer scholarships and discounted tuition to encourage an international environment in the classroom.

Rankings have been done for Asia Pacific schools by the magazine Asia Inc. which is a regional business magazine with distribution worldwide. The importance of MBA education in China has risen, too.^[20] See List of business schools in Asia.

MBA program rankings[link]

As MBA programs proliferated over time, differences in the quality of schools, faculty, and course offerings became evident. As a means of establishing criteria to assess quality among different MBA programs, a variety of publications began compiling program information and ranking quality. Different methods of varying validity were used. The Gourman Report, which ran from 1967 until 1997, did not disclose criteria or ranking methods,^[21] and these reports were criticized for reporting statistically impossible data, such as no ties among schools, narrow gaps in scores with no variation in gap widths, and ranks of nonexistent departments.^[22] In 1977 The Carter Report published rankings of MBA programs based on the number of academic articles published by faculty. Also in 1977, the Ladd & Lipset Survey relied on opinion surveys of business school faculty as the basis for rankings, and MBA Magazine ranked schools based on votes cast by business school deans.^[23]

Most recently, well-known publications such as US News & World Report, Business Week, Financial Times, The Economist, and the Wall Street Journal publish rankings of selected MBA programs. Often a schools’ rank will vary significantly across publications, as the methodology used to create the ranks is different among each publication. The U.S. News & World Report ranking incorporates responses from deans, program directors, and senior faculty about the academic quality of their programs as well as the opinions of hiring professionals. The ranking is calculated through a weighted formula of quality assessment (40%), placement success (35%), and student selectivity (25%).^[24] The BusinessWeek rankings are similarly based on student surveys, a survey of corporate recruiters, and an intellectual capital rating.^[25] The Financial Times incorporates criteria including survey responses from alumni who graduated three years prior to the ranking and information from business schools. Salary and employment statistics are weighted heavily.^[26] Rankings by the Economist Intelligence Unit and published in The Economist result from surveys administered to business schools (80%) and to students and recent graduates (20%). Ranking criteria includes GMAT scores, employment and salary statistics, class options, and student body demographics.^[27] Although the Wall Street Journal stopped ranking full time MBA programs in 2007, its ranking are based on skill and behavioral development that should lend toward career success, such as social skills, teamwork orientation, ethics, and analytic and problem-solving abilities.^[28]

Other rankings base methodologies on attributes other than standardized test scores, salary of graduates, and recruiter opinions. The Beyond Grey Pinstripes ranking, published by the Aspen Institute is based on the integration of social and environmental stewardship into university curriculum and faculty research. Rankings are calculated on the amount of sustainability coursework made available to students (20%), amount of student exposure to relevant material (25%), amount of coursework focused on stewardship by for-profit corporations (30%), and relevant faculty research (25%).^[29] The 2011 survey and ranking include data from 150 universities.^[30] The QS Global 200 Business Schools Report compiles regional rankings of business schools around the world. Ranks are calculated using a two year moving average of points assigned by employers who hire MBA graduates.^[31] Since 2005, the UT-Dallas Top 100 Business School Research Rankings ranks business schools on the research faculty publish, not unlike The Carter Report of the past.^[32]

The ranking of MBA programs has been discussed in articles and on academic Web sites.^[33] Critics of ranking methodologies maintain that any published rankings should be viewed with caution for the following reasons:^[34]

• Rankings limit the population size to a small number of MBA programs and ignore the majority of schools, many with excellent offerings.
• The ranking methods may be subject to biases and statistically flawed methodologies (especially for methods relying on subjective interviews of hiring managers).
• The same list of well-known schools appears in each ranking with some variation in ranks, so a school ranked as number 1 in one list may be number 17 in another list.
• Rankings tend to concentrate on the school itself, but some schools offer MBA programs of different qualities (e.g. a school may use highly reputable faculty to teach a daytime program, and use adjunct faculty in its evening program).
• A high rank in a national publication tends to become a self-fulfilling prophecy.
• Some leading business schools including Harvard, INSEAD, Wharton and Sloan provide limited cooperation with certain ranking publications due to their perception that rankings are misused.^[35]

One study found that objectively ranking MBA programs by a combination of graduates' starting salaries and average student GMAT score can reasonably duplicate the top 20 list of the national publications.^[34] The study concluded that a truly objective ranking would be individualized to the needs of each prospective student.^[36] National publications have recognized the value of rankings against different criteria, and now offer lists ranked different ways: by salary, GMAT score of students, selectivity, and so forth. Other publications have produced “rankings of the rankings”, which coalesce and summarize the findings of multiple independent rankings.^[37][38] While useful, these rankings have yet to meet the critique that rankings are not tailored to individual needs, that they use an incomplete population of schools, may fail to distinguish between the different MBA program types offered by each school, or rely on subjective interviews.

MBA degree and current financial crisis[link]

The Financial crisis of 2007–2010 has raised new challenges and questions regarding the MBA degree. Graduates of MBA programs have a reported tendency to go into Finance shortly after receiving the degree.^[39] As the field of Finance is tightly linked to the global economic downturn, anecdotal evidence suggests new graduates are stepping onto alternate paths.^[40]

Deans at top business schools have acknowledged media and public perception of the MBA has shown some shifts as a result of the financial crisis.^[41] Articles about public perception related to the crisis range from schools' acknowledgment of issues related to the training students receive^[39][41] to criticisms of the MBA's role in society.^[42]

See also[link]

	University portal
	Business portal

General information[link]

• Wikiversity:Master of Business Administration, MBA Curriculum
• Business school rankings
• Australian MBA Star Ratings
• Outline of business management

Related graduate business degrees[link]

• Master of Accountancy (MAcc or MAcy) / Master of Professional Accountancy (MPA, or MPAcc), a postgraduate degree in accounting
• Master of Commerce (MCom or MComm), a postgraduate business degree usually focused on a particular area
• Master of Economics (M.Econ.)/M.Ec.)
• Master of Enterprise (MEnt), a postgraduate, technology & enterprise-based qualification
• Master of Bioscience Enterprise (MBioEnt), a postgraduate degree focussed on the commercialisation of biotechnology
• Master of Finance (MFin), a postgraduate degree in finance
• Master of Health Administration (MHA), a postgraduate health administration degree
• Master of International Business (MIB), a postgraduate degree focused on International Business
• Master of Management (MM), a postgraduate business degree
• Master of Science in Management, a postgraduate business degree
• Master of Marketing Research (MMR) a postgraduate degree focusing on research in the field of marketing
• Master of Nonprofit Organizations (MNO or MNPO), the postgraduate degree for philanthropy and voluntary sector professionals
• Master of Public Administration (MPA), a postgraduate public administration degree
• Master of Social Science (MSS), a postgraduate degree
• Master of Project Management (MSPM or MPM), a postgraduate project management degree
• Masters of Management: Co-operatives and Credit Unions, a post-graduate degree for co-operative and credit union managers
• Master in Sustainable Business (MSB)
• Master of Real Estate (MScRE), a postgraduate degree focusing on real estate.

Executive

• Executive Master of Science in Business Administration (Executive MScBA), a postgraduate degree focusing advanced-level conceptual foundation in a student’s chosen field such as operational excellence in the biotech/pharma industry.

Doctoral

• Doctor of Business Administration (DBA), a doctorate in business administration
• Doctor of Education (EdD), assessed by Carnegie Foundation as a PhD equivalent
• Doctor of Management (D.M.)
• PhD in Management (PhD), a business doctoral degree
• D.Phil in Management (D.Phil), a doctorate in business
• Engineering Doctorate (EngD), A professional doctorate involving a management thesis and taught MBA courses in the UK

MBA accreditation agencies[link]

• Association to Advance Collegiate Schools of Business (AACSB)
• Accreditation Council for Business Schools and Programs (ACBSP)
• All India Council for Technical Education (AICTE)
• Association of MBAs (AMBA)
• European Quality Improvement System (EQUIS)
• International Assembly for Collegiate Business Education (IACBE)

References[link]

External links[link]

• Business of administration links at the Open Directory Project

This article does not cite any references or sources. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (September 2008)

The administration of a business is synonymous with the performance or management of business operations, maybe including important decision making. Thus it is likely to include the efficient organisation of people and other resources so as to direct activities toward common goals and objectives.

The word is derived from the Middle English word administracioun, which is in turn derived from the French administration, itself derived from the Latin administratio — a compounding of ad ("to") and ministrare ("give service").

Administrator can occasionally serve as the title of the general manager or company secretary who reports to a corporate board of directors. This title is archaic, but, in many enterprises, the general management function, including the associated Finance, Personnel and management information systems services, is what is meant by the term "administration".

In some organizational analyses, management is viewed as a subset of administration, specifically associated with the technical and mundane elements within an organization's operation. It stands distinct from executive or strategic work.

Alternatively, administration can refer to the bureaucratic or operational performance of routine office tasks, usually internally oriented and reactive rather than proactive.

The world's first business school, the Ecole Supérieure de Commerce de Paris, France, was established in 1819. The first business school in the United States, the Wharton School of the University of Pennsylvania, was founded in 1881. Anecdotically, top French business school HEC was also created in 1881, while Harvard Business School, founded in 1908, was born just one year after France's prestigious ESSEC Business School.

Administrative functions Administrators, broadly speaking, engage in a common set of functions to meet the organization's goals. These "functions" of the administrator were described by Henri Fayol as "the 5 elements of administration" (in bold below).

• Planning - is deciding in advance what to do, how to do it, when to do it, and who should do it. It maps the path from where the organization is to where it wants to be. The planning function involves establishing goals and arranging them in a logical order. Administrators engage in both short-range and long-range planning.
• Organizing - involves identifying responsibilities to be performed, grouping responsibilities into departments or divisions, and specifying organizational relationships. The purpose is to achieve coordinated effort among all the elements in the organization (Coordinating). Organizing must take into account delegation of authority and responsibility and span of control within supervisory units.
• Staffing - means filling job positions with the right people at the right time. It involves determining staffing needs, writing job descriptions, recruiting and screening people to fill the positions.
• Directing (Commanding) - is leading people in a manner that achieves the goals of the organization. This involves proper allocation of resources and providing an effective support system. Directing requires exceptional interpersonal skills and the ability to motivate people. One of the crucial issues in directing is to find the correct balance between emphasis on staff needs and emphasis on economic production.
• Controlling - is a function that evaluates quality in all areas and detects potential or actual deviations from the organization's plan. This ensures high-quality performance and satisfactory results while maintaining an orderly and problem-free environment. Controlling includes information management, measurement of performance, and institution of corrective actions.
• Budgeting - exempted from the list above, incorporates most of the administrative functions, beginning with the implementation of a budget plan through the application of budget controls.

See also[link]

• Administration (insolvency) (for administration of an insolvent)
• Bachelor of Business Administration
• Board of directors
• Business school
• Central Administration
• Chairman
• Charitable organization
• Chief executive officer
• Chief administrative officer
• Fundraiser
• Human resources
• Master of Business Administration
• Non-profit organization
• Private sector
• Public Administration
• Post Graduate Diploma in Management
• Public sector
• White-collar worker

References[link]

 This article incorporates text from a publication now in the public domain: Chisholm, Hugh, ed. (1911). Encyclopædia Britannica (11th ed.). Cambridge University Press. 

This article may require copy editing for grammar, style, cohesion, tone, or spelling. You can assist by editing it. (February 2012)

Max Keiser
Max Keiser in a London taxi
Born	Timothy Maxwell Keiser (1960-01-23) January 23, 1960 (age 52) New Rochelle, New York
Education	NYU
Occupation	Journalist
Notable credit(s)	Hollywood Stock Exchange, People & Power, The Oracle with Max Keiser, Karmabanque
Relatives	German and Scottish Ancestry, Hugh Maxwell, V 1777-1860
Website
http://maxkeiser.com

Timothy Maxwell "Max" Keiser (born January 23, 1960) is an American broadcaster and film-maker. He hosts Keiser Report, a financial program broadcast on RT (formerly Russia Today).^[1] Keiser also anchors On the Edge, a program of news and analysis hosted by Iran's Press TV.^[2] He hosted the New Year's Eve special, The Keiser's Business Guide to 2010 for BBC Radio 5 Live.^[3] Keiser presented a season of The Oracle with Max Keiser on BBC World News. Previously he produced and appeared regularly in the TV series People & Power on the Al-Jazeera English network. He also presents a weekly show about finance and markets on London's Resonance FM, as well as writing for The Huffington Post.^[4]

In addition to his broadcasting work Keiser is known for his invention of "Virtual Specialist Technology", a software system used by the Hollywood Stock Exchange.

Early career[link]

Keiser has been involved with markets and finance for 25 years. He started his career as a stock broker on Wall Street after graduating from New York University.

Hollywood Stock Exchange[link]

Keiser is the creator, co-founder and former CEO of HSX Holdings/Hollywood Stock Exchange, later sold to Cantor Fitzgerald.^[5] Alongside Michael R. Burns, he co-created the Hollywood Stock Exchange, ^[6] which allows traders to exchange virtual securities, such as "MovieStocks" and "StarBonds", with convertible virtual currency, the Hollywood Dollar.

Keiser is also the co-founder of HSX films, which went on to make almost a dozen films including Mixed Signals, Six-String Samurai, Dancer, Texas Pop. 81 and Girl. The company was bought by Ignite Entertainment/Lionsgate.

Broadcasting career[link]

Keiser presented Rumble at the Box Office^[7] for NBC's Access Hollywood. He also produced and hosted the weekly talk show Buy, Sell, Hold for CBS radio's KLSX in Los Angeles. Currently, he presents The Truth About Markets on Resonance 104.4 FM in London and on RDU 98.5 in Christchurch, New Zealand.

[edit] People & Power

Keiser produced ten short documentary films covering aspects of financial markets for Al Jazeera's series People & Power.^[8] The films include Rigged Markets,^[9] Money Geyser,^[10] Death of the Dollar,^[11] Peaked,^[12] Extraordinary Antics,^[13] Savers vs Speculators,^[14] Banking On It,^[15] Private Finance or Public Swindle?^[16] and Focus on Locusts.^[17]

[edit] The Oracle with Max Keiser

A pilot episode was produced for Al-Jazeera English titled The Oracle. This was developed into a series for BBC World News.^[18] The series first aired on 9 January 2009 and ran for ten episodes. It explored financial current affairs from the perspective of prediction markets. It was intended to be a humorous take on financial news before it happens.

[edit] On The Edge

A weekly financial commentary show which started in 2009 and is broadcast on Press TV, featuring interviews with well known alternative economists.^[19]

[edit] The Keiser Report

Since September 2009, Keiser has hosted The Keiser Report with financial news and analysis, on the RT network. The 30-minute program is produced three times a week. Stacy Herbert is the co-host and banters with Max on headlines and commentary.^[20]

An episode broadcast in September 2011 featured an interview with comedienne Rosanne Barr who stated that her solution to the financial crisis was to "bring back the guillotine".^[21]

Financial punditry[link]

Keiser has appeared as a financial pundit on a number of news networks. Keiser called for a "fatwā" against Hank Paulson^[22] on Al Jazeera in response to the Troubled Asset Relief Program (TARP). In a later broadcast Keiser said "Paulson stinks".^[23] Keiser has advised investors to buy silver bullion and physical silver, promoting the metal as a store of value.

Activism[link]

Karmabanque[link]

Keiser founded the hedge fund Karmabanque, which sought to profit from any decline in equity-value of companies that are susceptible to boycott from environmental groups.^[24] The hedge fund's progress was followed monthly in The Ecologist magazine.^[25] Its targets included Coca-Cola^[26] and McDonald's.

The Karmabanque hedge fund project was designed to simultaneously short-sell companies while funnelling profits into environmental and ethical-business pressure groups which further act to drive down the price. Describing the project Keiser stated, "The Internet allows people, activists, from all over the world to gather, or swarm, and hit a company where it hurts most - in their stock price".^[27]

Extraordinary Antics[link]

In the Al-Jazeera short film Extraordinary Antics,^[28] Keiser travelled to Milan and Venice to find out how CIA station chief Robert Seldon Lady and his fellow CIA agents spent $500,000 on a procedure known as extraordinary rendition - a practice which is illegal and caused an Egyptian citizen, who had been granted asylum in Italy, to be abducted in order to face torture in Cairo.

The CIA was prosecuted for the case and Mr. Lady was found guilty in a Milan court. He was sentenced on 9 November 2009 to nine years in prison according to the Guardian.^{[citation needed]} This verdict was upheld on appeal. The US refuses to extradite Mr. Lady to Italy.^[29]

Crash JP Morgan - buy silver[link]

Max Keiser has labeled JPMorgan "the biggest financial terrorist on Wall St" in relation to their alleged manipulation of the price of silver.^[30] Keiser started a campaign called "Crash JP Morgan - buy silver",^[31][32][33] whereby people buy silver, thus raising its price and leaving JPMorgan with a huge short position to cover, the margin of which are collateralized by JPMorgan's own stock price, bankrupting itself. Based on the collateralization of silver by the price of its shares and his allegation that JPMorgan's position is an overwhelmingly large naked short position, Keiser predicted that the a per-ounce silver price exceeding JPMorgan's stock price will not only crash JPMorgan but unsettle the underpinnings of the dollar, which he claims are essentially confetti.

Adweek magazine described Keiser as "the most visible character in an underground movement that has spurred hundreds of blog posts and videos, and played some small part in driving up the price of precious metals".^[34] However, Keiser's prediction that JPMorgan would go bust if silver hit 47 dollars has failed to materialise, drawing criticism from the financial community.

Criticism[link]

• The Guardian newspaper, in an item titled "Mad Max", described Keiser's Karmabanque hedge fund as a "fantastical scheme" and accused him of trying to exist "beyond the normal forces and controls of society".^[35]

• Keiser drew criticism at the 2000 ShowBiz Expo in Las Vegas when he said of media content that "Everything is inescapably going to a price point called free". In response Kevin Tsujihara, executive V.P. of New Media at Warner Bros., commented that "Piracy.com" will be the victor if superior content is available on sites supported by advertisements.^[36]

• In 2005 Steven Milloy, the "Junk Science" commentator, demanded that Keiser be removed from the panel of the Triple Bottom Line Investing conference, where he was scheduled to appear. Milloy accused Keiser of making threats against his organization^[37] and petitioned sponsors Calvert Investments and KLD Research & Analytics to withdraw from the project.^[38] Robert Rubenstein, founder of conference organiser Brooklyn Bridge, stated that Keiser's comments "do not constitute a threat to person or property and are not related to the conference or the content that will be presented there".

• Referring to Keiser's Karmabanque project, a spokeswoman for Ryanair said, "Since they put Ryanair on their list our share price has gone up by 10%. We are always delighted to be part of a list which includes Coca-Cola, Starbucks and Wal-Mart".^[39] However, on the same day The Hindu published an article in which Howard Millar, Ryanair deputy chief executive, admitted that his company may be vulnerable to environmental pressure groups, stating, "I am concerned that there is a continuing media campaign and the concern is that people might say 'maybe I will not fly on holiday and maybe I will make a different choice'".^[40]

See also[link]

Biography portal

• Error account - a term often mentioned by Max Keiser
• Central bank or Reserve bank
• Gold standard - where paper currency is backed up by the value of gold
• Hollywood Accounting

References[link]

External links[link]

• MaxKeiser.com Max Keiser's website
• chaostheorien.de Interview with Max Keiser at chaostheorien.de