MBA at a Research business school versus MBA at a teaching business school

Research business schools attract and retain accomplished researchers as faculty. Practically all faculty members will have earned doctorates in business or a related discipline, and the emphasis for the faculty is their quality and quantity of research. The research productivity of the faculty is important in that it helps establish the reputation and name recognition of the business school and the program. Furthermore, research productivity influences the public rankings of business schools. Research business schools will typically have a well-established PhD program, and in some cases PhD candidates will teach some of the foundation module courses.

Teaching business schools attract and retain accomplished teachers as faculty, and the emphasis for the faculty members is their ability to effectively teach and advise students. While the teaching effectiveness of a business school only minimally influences its international reputation and ranking, it does provide additional opportunities for students to interact with faculty. Additionally, faculty may have a keener interest in student learning, rather than their own research agenda. In the vast majority of teaching schools, the faculty member will teach all of the classes (not PhD candidates).

Faculty in teaching business schools will also have clearly defined research expectations and most faculty members will have earned a doctorate in business or a related discipline and have successful publication records. Many also have extensive industry experience and all are good instructors.

Which should you choose? Either type of business school will offer a quality MBA experience. Research business schools are often located in Canada's largest cities, afford greater access to government and Canada's largest corporations, and will offer a fast-paced metropolitan environment. Teaching business schools are often located in smaller centres throughout Canada, offering a slower-paced living experience and a more intimate community environment.

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Top 10 reasons to take an MBA in canada

Top 10 reasons to take an MBA will be slightly different for different students, since everyone has their own career and personal goals. Below are some of the most often-cited reasons for taking an MBA.

1. Career advancement

2. Career change

3. Networking and making business/industry contacts

4. Increase earnings/ future salary

5. Recognized, world-wide respected degree

6. Flexible study options (full-time, part-time, online/distance)

7. Huge choice of MBA specializations

8. Access to and opportunity to learn from experts in the field

9. A secure future

10. Personal challenge

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All MBA programs in canada

• Asper School of Business University of Manitoba)
• Centre for Innovative Management Athabasca University)
• College of Management and Economics University of Guelph
• DeGroote School of Business McMaster University
• Desautels Faculty of Management McGill University
• Division of Graduate Studies and Research Royal Military College
• École des sciences de la gestion (ESG) Québec a Montreal (UQAM)Edwards School of Business University of Saskatchewan
• Edwards School of Business University of Saskatchewan
• Faculté d’administrationUniversité de Sherbrooke Université de Sherbrooke
• Faculté d'administration Université de Moncton
• Faculty of Business University of New Brunswick (Saint John)
• Faculty of Business University of Victoria
• Faculty of Business Administration Simon Fraser University
• Faculty of Business Administration Université Laval
• Faculty of Business Administration University of New Brunswick (Fredericton)
• Faculty of Business and Management University Canada West
• Faculty of Management Royal Roads University
• Faculty of Management Vancouver Island University
• Haskayne School of Business University of Calgary
• Hautes Etudes Commerciales Hautes Etudes Commerciales (HEC Montréal)
• Kenneth Levene Graduate School of Business University of Regina

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History of MBA schools in canada

The history of the establishment of MBA schools in Canada

Established in 1948, the MBA degree exists not only to provide individuals with the qualifications to advance their respective careers but also to help meet the needs of Business for specialized individuals well-versed in the abilities to manage in the modern business world. In addition, the introduction of the MBA program has provided the impetus for greater integration between schools and the business world. In fact, not only are former business people increasingly teaching business education but most schools have ongoing, direct dialogue with Business to develop new courses and programs and transform and/or expand existing ones to ensure they are relevant to the needs of the Business. For the latter's purpose, some educational institutions, like Simon Fraser University, have even formed permanent school-corporate committees.

As a result of the conclusions reached at this meeting, Canada's first executive, the Management Training Course, and MBA programs were officially launched in 1948 at UWO, and the first MBA degree was awarded two years later.
Following the success of the MBA program, Canada's fist doctorate program in business administration was offered in 1961, also at UWO. By the late 1970s, every major provincial urban centre in Canada had at least one institution with an MBA degree offering.

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History of MBA schools in canada

Originally, MBA programs were 2 years in duration with the first year devoted to the teaching of a core of business fundamentals and the second year focussing on education in either general management or in an area of concentration as chosen by the student. However, by the late 1970s to early 1980s, there was increasing dissatisfaction, especially on the part of the business community, with two aspects of the MBA programs being offered. Firstly, there was objection to the tendency to educate students in the theoretical knowledge of business while ignoring the teaching of its practical applications; that is, the curriculum was divorced from reality. Secondly, business education was criticized as being crude and amateurish because it was individuals with little or no direct experience and/or formal education in business who were primarily teaching it. Thus, beginning in the late 1970s, graduate business education increasingly blended theoretical with practical knowledge, including, in rare cases, the introduction of cooperative learning. Moreover, the standards of business education were improved by requiring future instructors to have at least an extensive, formal business education, with preference awarded to those with direct business experience. As a result of the latter, it is common today for post-secondary business educators to be former business people and entrepreneurs who not only teach the required curriculum but also divulge personal knowledge and advice accrued during their respective careers. As the business world has continued to change, so to has the form and content of MBA programs. For example, while the traditional 2-year MBA program still exists at the dawn of the 21st century, since the mid-1990s industry- and sector-specific MBA degrees have been offered, and programs have moved beyond simply teaching business fundamentals and disciplines and into developing students' "soft" skills such as analytical, communication, leadership, broadly defined, interpersonal, networking, and teamwork abilities.

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History of MBA schools in canada

Establishment of the Canadian MBA Degree Program

Following the recommendations made by Canada's foremost Corporate Executive Officers (CEOs) and presidents regarding the desirability and feasibility of founding graduate-level business management education, the MBA degree was established in Canada in September of 1948.

Prior to 1948, management education in Canada consisted of individual and Continuing Education courses and non-degree programs. As the structure of the corporation became more complex, in large part due to the introduction of new business and labour management practices, and as the global economy became stabilized following World War II, Canada's business community increasingly required highly specialized, well-educated managers capable of operating in this new environment. Thus, there was growing belief among Business in the desirability for training programs that could turn out the type of business administrators, executives, and managers that were needed in and by the corporate world. Believing that Business should specialize in business and schools should focus on education, the corporate world logically, in its view, saw these new programs as something that should be within the domain of institutions of higher learning. Therefore, in 1948, at the University of Western Ontario (UWO), a meeting of Canada's 100 premier CEOs and presidents convened to discuss if and how business education could be expanded and enhanced particularly through the founding of MBA, executive, and doctorate programs. As a result of the conclusions reached at this meeting, Canada's first executive, the Management Training Course, and MBA programs were officially launched in 1948 at UWO, and the first MBA degree was awarded two years later.
Following the success of the MBA program, Canada's fist doctorate program in business administration commenced in 1961, also at UWO. Based on the UWO model, MBA programs began to be established in post-secondary institutions across Canada; by the late 1970s, every major provincial urban centre in Canada had at least one institution with an MBA degree offering.

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Top mba subject in uk

The MBA is the world’s most popular postgraduate degree. Each year around 90,000 MBAs graduate in the US and around 10,000 in the UK. So what do all these MBA students learn? Here’s a typical list of subjects:

• Marketing
• Accounting
• Organisational Behaviour
• Quantitative Analysis
• Finance
• Operations
• Economics
• Strategy
• Management

Some of the course also offer additional courses relative to their specialisms for example in retail, construction or finance. While subjects such as organisational behaviour are of less immediate use to an entrepreneur marketing, finance, quantitative analysis, strategy, economics and finance all offer skills and knowledge that is immediately applicable to most entrepreneurial businesses.

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MBA tuition fee, living cost and expenses in uk

MBA in UK has lots of financial benefits:

• Most universities in UK offer a One-year MBA
• Access to National Health Centre; which is free for students registered on courses of six months or longer
• Free school education for registered dependent children

Expenses (In Pound Sterling) (approx.)

	Average Tuition Fee	Average Living Costs	Total costs per year
Medium-cost Universities	9,000 - 12,000	6,000	15,000 - 18,000
High-cost Universities	12,000 - 18,000	6,000	18,000 - 24,000
Low-cost Private Colleges	5,000	5,000	10,000

For all the cost data above,

• Fees given are averages
• All costs are given in Pound Sterling
• Living costs include accommodation, Energy bills, food etc.
• Costs are according to 1999 session

Note: The approximate currency exchange rate is:

1 UK Pound = US Dollars 1.75
Indian Rupees 80
Pakistani Rupees 106
Bangladesh Taka 106
Nigerian Naira 235
Euro 1.45

There are many small and private colleges, especially around London that offer low cost MBA programmes to international students. Many of these colleges have university affiliated MBA degree programme. These colleges offer a low-cost alternative to international students.

Please note that these colleges do not have university like campuses and do not offer the same quality of infrastructure, facilities and faculty as the bigger universities.

These are the average living expenses. Many international students manage to live in as less as 4000 pounds a year. Most students prefer off-campus accommodation which they share with other international students, thus saving housing costs to a big extent.

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MBA Application Procedure

1. Academic Record - Transcripts & Marksheets

Full details of your education including your course subjects and grades are required in the applications. Transcripts or official records of your previous academic qualifications are crucial for your application.

Students applying for admission are required to submit an official transcript from each college or university that they have attended after secondary school with complete details of the subjects, credits involved and other details like correspondence courses, diplomas etc. Most universities ask for the transcript to be sealed in an envelope and signed and attested across the seal by the registrar. This procedure is to be done for each and every college that you have attended. Some universities may ask for more than one transcript but most require only one.

Academic documents required include:

- Class X / 'A' Levels / Secondary School Marksheets & Certificate
- Class XII / 'O' Levels / High School Marksheets & Certificate
- Bachelor Degree Transcripts & Degree Certificate
- Transcripts & Certificates of any other programs that you may have attended.

If the originals are not in English, copies and a good English translation must be enclosed. If your undergraduate qualification or university is unknown to the admissions tutor, the British Council would be able to advise.

2. Standardized Tests Score Reports
2.
IELTS : For most courses and universities, International students are required to take IELTS (International English Language Test) which is regularly administered by the British Council. Some universities may accept TOEFL as an alternative. You need to send your IELTS or TOEFL score report with your application package.

Note : Some Universities may waive IELTS if you have been studying in English medium throughout and they are convinced that you are proficient in English.

GMAT : For most management courses, International students are required to take GMAT (Graduate Management Admission Test). You need to send your GMAT score report with your application package.

3. Work History - Resume

Most MBA programs require at least a few years of work experience for admission. Most UK Business Schools are pretty strict about this.

A detailed Résumé is an important part of your application. It should include all information of professional work experience along with the details like positions held, achievements and range of work.

4. Letter of Recommendation

Letters of reference or recommendation letters play a very important part in your admission to a good MBA program. A recommendation letter is a signed statement from a person who knows you well professionally or has taught you in a subject that is related to the course you are applying to. It should list your positive and negative qualities, strengths and other such information.

The author or teacher must indicate his position, how long he/she has known the applicant and in what capacity. He/she should briefly discuss the need, importance and usefulness of the study the applicant proposes to undertake.

Authors are usually asked to rank applicants in their letters of recommendation, which helps admission officers to interpret the academic credentials of foreign students. Students should obtain letters of recommendation (often on the prescribed forms sent by the institutions) from teachers who know them as a person as well as a student. You may like to request your author to give concrete examples that may show your qualities and help your case.

Many universities have their own format and questions that have to be answered by the person who is giving the letter of recommendation on your behalf. Letters, which do not give enough information, can jeopardize a candidate’s chances of selection.

Note : Even if not mentioned, it is advisable to include at least two letters of recommendation in your applications as they increase your chances of getting admissions.


5. Application Essays / Statement of Purpose

The personal application essays, and/or statement of purpose, also play a very important role in the process of evaluating your application for admission to the MBA program. It gives the admission committee assessing your application their most significant impression of you as an individual.

A personal statement should include reasons for choosing this particular course, your area of interest, the suitability of your education and experiential background for this course and your personal and present future goals.

Most business schools have a set of questions that they would like the students to answer. These include questions about your achievements, leadership activities and the reasons for seeking an MBA.

We recommend you to spend as much time as possible in this part of your application as this could make or break your application.

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MBA Application Procedure

This section explains the process of applying to UK universities for an MBA program.

Application Requirements & Documents Required:

1. Academic Record - Transcripts & Marksheets
2. Standardized Tests Score Reports
3. Work Experience Details - Resume
4. Letter of Recommendation
5. Application Essays / Statement of Purpose

Send enquiries at least 12 months before the proposed date of admission. There are two ways to get application forms.

1. Requesting Application Forms : You can request application forms from the universities website. Most universities have a form on their website which can be completed online to request application material.

2. Agents/Representatives : You can contact agents and representatives of the business school you are interested in. Most of the universities have representatives in many countries. These agents will give you the application forms and will guide you in the application process as well.
3. Downloading from the university website : Many universities have a downloadable and ready to print version of their application form on the net. These can be used for applying just as regular forms

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MBA programes

Eligibility

Bachelor Degree:

Most UK universities accept the three-year graduation system for entry into the MBA programme. So, if you have a three-year bachelor degree like Bachelor of Arts (BA), Bachelor of Commerce (BCom) or Bachelor of Science (BSc), this is acceptable as it is considered equivalent to a British Bachelor (Ordinary) Degree.

However, some universities may require an Honours degree. This is usually equivalent to B.Com. (H), B.Sc. (H) or afour year degree course like B.E.

For most good Universities, a good first degree from a leading university in India or its equivalent is essential.

There are some universities that accept students for the MBA without a bachelor degree if they have considerable work experience and significant professional achievements.

AMBA Accredited MBA Programs:

All AMBA accredited MBA programmes require a minimum of three years of full-time work experience.

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What is the Best Small Business Accounting Software

By now you probably realize that the accounting software you use for your business is a critical part to tracking the success of your business. Whether you are currently running a small business, or starting one up, you want to consider what program would work best for your business. What is the best small business accounting software out there in today's market? Let's look at some guidelines that will help you decide which software will work best for you.
Is It Cost Effective?
The biggest questions most small business owners pose when it comes to purchasing software is "Is it worth it?" Does it make sense for your particular business to pay 'x' amount of dollars for accounting software, when the owner only takes home 'x' amount of dollars a year? Well, contrary to what you may think, there are some great solutions in today's market where you can obtain accounting software for about $100-$150. It is becoming more and more affordable for small business owners to run their business with good, affordable accounting software.
Is It Simple and Easy to Use?
As you shop around for software it is important that you look at how easy the software is to use in real life applications. Sure, it may look great as a demo for some XYZ Company, but will it work for you? You don't want to get stuck with software that will take you weeks, or even months, to master. What kind of support is there with the software packages you are looking at? This is an important part of learning the software. Do they have support available to walk you through and to help you better understand the applications and how to get around. Some software programs charge quite a bit of money to train you on their software. Some use modules, which break up the different cycles of accounting into separate programs, which I have found makes it more confusing and difficult to use. The key here is simplification. You want something that is simple.
Does It Have All the Information You Need To Run Your Business Accounting?
You want software that will provide the tools for you to create the reports necessary for you to keep track of your businesses performance, prepare for taxes, payroll, accounts payable, accounts receivables and invoicing, and inventory control. Again, it should be simple and easy to create these things and navigate. Some programs get you the information, but it is a little more difficult to obtain, or even manipulate to look at different aspects of different reports.
All in all, in today's world it is critical that your small business utilizes the best accounting software available so that you can run your business effectively and efficiently. It is important that you stay informed at all times as to how your business is performing so that you can make any course corrections, improve cash flow, and make adjustments to your business model to out perform your competition. The best accounting software is available for you, but it is something unique to your situation and needs. Thus, you will want to take into consideration these three components as you search for the software that will help you control your business.

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8 Things to Know Before Selling Your Accounting Practice8 Things to Know Before Selling Your Accounting Practice

Understand why you are selling the practice. Buyer's want to know that you are committed to the sale and not just testing the waters. I would say one of this is one of the most common questions buyers ask and for good reason.
2. Have a plan for after the practice closes and the deal is done. Will you be helping the new buyer with transiting the client base or are you headed to sunny Florida. This will affect the purchase price as the buyers will be looking for support and guidance in the beginning.
3. Understand the purchase price and what you are asking for the practice. Selling your accounting practice is simple supply and demand economics. Price too high and it won't sell, price too low and you could leave some money on the table.
4. Understand your debt obligations and leases. Make sure you are up to date on all payroll taxes, debts, etc. Buyers will want to know what liabilities they will be taking over such as a copy lease, rent, etc.
5. Provide employee records and policies if available. This will instill confidence that your practice is running as a well oiled machine and organized.
6. Identify key employees. Make sure the buyer understands which employees are vital to the success of the practice once it is sold. Also, do the key employee(s) have non-compete agreements in place?
7. Keep organized financial records. This is fairly obvious, but make sure your financials are up to date and "clean." Make sure that all non discretionary expense are taken out or identified. This will help add back cash flow to the bottom-line but may not be accepted by the lender. Kind of a double edge sword.
8. Keep an open mind. You may have decided exactly what and how much you want for the business. An open mind will help in getting the deal closed. You may or may not get the exact price and terms you are looking for but if the deal closes that is end result you were seeking. A little flexibility can help the deal run smoothly for both sides in the end.

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Diversified Funds - Gain More Profit

Financial institutions today have come up with a wide range of financial services and packages that help in managing risk. Examples of these financial institutions are the different banks found worldwide, insurance companies, and other similar financial companies.
Diversified funds is one of the demands that these banks offer for its clients put aside funds that are in form of investments to different financial instruments that will relatively generate income and profit.
The concept of diversified funds lays solely on the idea that each and every investor should invest in different financial instruments. Needless to say, this means that no investor should put their eggs in one basket; thus the term diversification funds.
These investment options come in different forms such as savings accounts, mutual funds, equity funds, and time deposits. In terms of other financial institutions such as insurance companies, they have different kinds of investment tools such as insurance packages and bank assurance investments.
Diversified funds allow you to invest your money on many things, making you earn more profit. These funds come in two types namely horizontal and vertical diversifications. Horizontal diversification lets you invest your money in similar investments while vertical diversification deals with investing in all kinds of securities.
One thing to take into consideration is the credibility of the financial institution any investor plans to diversify their investments in. This means that investors should choose institutions that are trustworthy and hold a wide portfolio that one can trust with their money. In order to find the ideal financial institution, you should take your time knowing and researching about them.

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Accounting Procedures of Non-Trading concern

Like trading organization, non-trading concerns also maintain some usual books of account like, journal, ledger cash books, trial balance etc. However, it is difficult to keep full set of books by a small organization. Therefore, most of the non-trading organization, prepare cash book only before the preparations of final accounts. These organizations have to prepare the final accounts more or less similar to that of trading organization by following double entry book keeping systems to answer on the following three points.

1. What is the summary of the cash transactions of particulars period?
2. Is the income of the year sufficient to meet the expenditures?
3. What is the financial position of the organization?

The final accounts of non-trading concerns are as follows:

• Receipts and Payments Account.
• Income and Expenditure Account.
• Balance Sheet.

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Receipts and Payments Account

According to J. R. Batliboi, "A Receipt and Payment Account is summary of actual cash receipts and payments extracted form the cash book covering a particular period."

From the above definition, it can be concluded that receipts and payments account is summary of cash transactions. It is prepared on the basis of cash book. It also records the banking transactions. It starts with opening balance of cash and bank. All the cash or cheque receipts are entered on the debit side where as all incomes through cash or cheques are credited. It ends with closing balance. It records all the cash transactions whether they relate to current, past or coming year and whether they are of capital or revenue nature. However, it fails to record the outstanding amount of incomes and expenditure. It is generally prepared to find out the closing balance of cash. Receipts and Payments is the basis of preparing Income and Expenditure Account.

Features of Receipts and Payments Accounts:

1. It is a summary of cash book where the cash and bank transactions are grouped, classified and analyzed under suitable heading.
2. It begins with opening balance and ends with closing balance of cash and bank.
3. All the cash and cheque receipts are recorded on the debit side where all cash and cheques payments are recorded on the credit side.
4. It does not records non-cash items like depreciation, outstanding expenses and incomes, prepaid expenses etc. Only actual receipts and payments are entered.
5. All the cash receipts and payments relating to current, past and coming years are entered in it.
6. All the cash receipts and payments whether they are capital or revenue nature, are recorded in it.

Limitations of Receipts and Payments Account:

1. It does not show profit and loss of the organization.
2. It does not disclose the positions of assets and liabilities other than cash and bank.
3. It fails to distinguish between capital and revenue payment and receipts.
4. It does not follow "accrual concept" of accounting as a result it does not show the outstanding incomes and expenses, prepaid expenses, depreciation or appreciation of fixed assets etc.

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Provision for Discount on Debtors

Discount is allowed to debtors if they make quick and prompt payment. At the end of the accounting year, there may be certain debtors to be allowed discount which is an expected loss. to meet such discount, a provision is created form the profit of current year which is called provision for discount on debtors.

Note: New provisions for discount on debtor is to be calculated on the good debtors because discount is allowed to good debtor but not to bad and doubtful debts.

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Non-Trading Concern

Non-trading concerns are also called as non-trading institutions or organizations which are established for rendering services to the society or its members. Their aim is not to earn profit but to promote and to provide the recreational facilities in the field of sports, are and culture, education, health etc.

Examples of non-trading concerns are:

• Educational institutions as colleges, schools.
• Clubs as Lion Club.
• Societies as Red Cross Society.
• Charitable hospitals.
• Unions as trade union, labour unions.
• Libraries, hostels.
• Associations etc.

Features of Non-trading organization;

1. The main aim of such organization is not to earn profit but to render services to the society or its members.
2. Non-trading organization may have excess of income over expenditures (surplus) but they are not distributable among the members; the surplus (profit) is used for the strengthening the organizational goal.
3. Most of the transactions are dealt with cash rather than credit.
4. The main sources of income of such organizations may be subscription from members, donation from general public, grants from other government etc.
5. They do not prepare Trading and Profit and Loss Account.

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Provision for Bad and Doubtful Debts

Doubtful debt denotes the amount of debtors which may not be recoverable. It is an expected loss. To meet such loss, some amount set aside as provisions which is called provision for doubtful debts. It is calculated a fixed percentage of sundry debtors. While posting it, provision for bad or doubtful debt is shown on the debit of profit and loss account and also shown as a deduction from debtor on the assets side of the balance sheet.
 

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Provision for Bad and Doubtful Debts

Doubtful debt denotes the amount of debtors which may not be recoverable. It is an expected loss. To meet such loss, some amount set aside as provisions which is called provision for doubtful debts. It is calculated a fixed percentage of sundry debtors. While posting it, provision for bad or doubtful debt is shown on the debit of profit and loss account and also shown as a deduction from debtor on the assets side of the balance sheet.
 

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