MBA Terms & Definitions

Welcome to the MBA Corner dictionary and terms section.  We attempt to explain a few of the complex (to some) and not so complex (to other) terms concerning an MBA program and education process.  As an MBA student I learned that some concepts and terms that were familiar to me as an American, I found that some terms were new to my international colleagues.  Let us know if there is something you would like to add to this section.  Post a comment or send us an email at  If you see something we missed or have some new insight into one of our definitions let us know.  One constant about business is that the rules of the game change.  How do I know this you might ask?  I am not only the "hair club president..."  I am also an MBA.



AACSB is the main Accrediting organization for American MBAs. Several hundreds of programs are now accredited by the AACSB which lays down standards for Programs and their Schools covering such matters as the curriculum, the faculty, the student body, library and other facilities. More


Most Universities and degree awarding establishments are accredited or licensed by a Government or Government agency to offer degree programs and award degrees. More


ACBSP (Association of Collegiate Business Schools and Programs) operates mainly in the USA. It aims to establish, promote, and recognize educational standards that contribute to the continuous improvement of business education and to recognize those Schools and programs that adhere to these standards. More

Distance Learning Program

The term was originally associated with a correspondence type program for which course materials would be sent to a student who was remote from the School campus for them to study individually and to submit work for assessment and/or occasionally to sit examinations. More

Executive MBA (EMBA)

Essentially indicates that the program is for experienced managers with several years of relevant experience. More

International Executive MBA (IEMBA)

Essentially indicates that the program is for experienced managers with several years of relevant experience however, the program is focused on centers around learning in an international environment. Universities offering an International Executive MBA include the International School of Management in Paris, France. More


The faculty is the teaching and research staff of a Business School. More


FIBAA (Foundation for International Business Administration Accreditation)

The Foundation for International Business Administration Accreditation (FIBAA) is a tri-national (Germany, Austria, and Switzerland) organization set up by Chambers and Federations of Commerce and Industry in those countries to accredit MBA and BBA (Bachelor of Business Administration) programs. More

Focus or Concentration

Some MBA programs are aimed at particular management functions or particular sectors of business. More


Some Business Schools or Universities allow their programs, under certain conditions, to be run by other Institutions. More

Full Time Program

Such programs require dedicated participation. They will normally require attendance at a designated place -normally the School - most days of the week. Participation in such programs will not allow time for an individual also to undertake a job. More


The Graduate Management Admission Test measures language, writing skills and quantitative abilities and is intended to indicate a person's potential as a participant of an MBA program. The test is administered throughout the world as a computer - adaptive test, at fixed dates. Total scores range from 200 to 800. Most entry requirements - where specified -require a minimum score between 400 and 600. More


IACBE (International Assembly for Collegiate Business Education)

Headquartered in the USA, IACBE operates internationally with Centres serving Europe, Latin and South America, and Asia and the Pacific Rim. IACBE is a specialized accrediting body for Business and Business-Related degree programs in Higher Education. IACBE works mainly with small to mid-size four year institutions. More

International Program

The term is used to refer to a range of things. It might describe the orientation of the program - i.e. a program emphasizing International business - with a curriculum related to that. 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 might describe a program that runs - i.e. is available locally - in many parts of the world e.g. using Distance learning methods or local organizations supporting a validated/franchised program. Finally the term is often used to describe a program which involves participants studying, undertaking projects or assignments, or being on placements in other parts of the world. More

Part Time Program

This typically describes a program which requires regular, frequent - but short periods of attendance at a School or other designated place. More

QAA (Quality Assurance Agency)

This is the UK national government agency charged with monitoring and seeking to ensure adequate quality in higher-education. More


The ranking of MBA programs and of Business Schools is common in some countries - e.g. the USA. Such rankings generally appear in the business press or the business pages of national newspapers. More


TOEFL (Test of English as a Foreign Language)

A test of English language ability for those whose first language is not English. Schools will often require such a test for those seeking entry to an English language program from a country where English is not the mother tongue -and especially in such situations where interviews cannot be conducted. The minimum entry requirement for and MBA tends to be around 550. More