In 1902, the first Masters degree in business was awarded at Dartmouth College in New Hampshire, USA. The American concept of a high-standard, hands-on business and economics education was a sensation. Under the name ‘Master of Business Administration (MBA)’, the program gradually developed into one of the most popular graduate degrees

worldwide.  Subsequent US business programs emerged in the early decades of the 20th century, spearheaded by institutions like Tuck at Dartmouth and Harvard Business School, with the goal of enhancing America’s global economic stature with specific business relevant education modules. Business and economics programs previously offered by universities were primarily theoretical in academic content and did not place a great emphasis on elements of innovation. As a result, these traditional programs were no longer able to produce competent leaders and managers for a rapidly changing economic environment. The introduction of MBA programs thus revolutionized the landscape of education in business and economics.

England soon followed the American example, and the first Masters programs in business administration were offered at European business schools in 1910. The number of programs offered rapidly increased during the first half of the 20th century. Bachelor degrees in business and management followed suit in popularity and soon produced even more graduates than the new MBA programs did. In the 1950s, the MBA curriculum was extended to include compulsory courses in management, finance, marketing and accounting. During this decade, the MBA moved away from being solely an extension of specialized economics and management knowledge to integrate social skills and competences such as leadership qualities, team development, motivation and optimal use of available resources. This evolution of the curriculum elevated the MBA degree to even higher levels of popularity.

In the wake of anti-capitalist sentiments in the 1960s and 70s MBA programs met with considerable criticism. Popular economics and business media predicted a steady downfall of these management programs, anticipating fewer and fewer students and graduates. Yet, despite all negative projections, the MBA remained in demand as an educational qualification and even experienced a further boost in growth as more and more programs were offered in the US.

The decades to follow saw the MBA qualification go from strength to strength. Students in a variety of subject areas (i.e. law, history, philosophy and international studies) whose career outlook had deteriorated hoped to gain new opportunities by studying an MBA. Business schools responded to this trend with the introduction of new course methods. The above-average salary an MBA graduate received served as unequivocal testimony to the success of these programs.

New criticisms emerged in the 1980s and a perceived lack of consideration for environmental concerns by a number of MBA graduates became the subject of many debates. Terms like ˜materialism” and ˜arrogance” were prevalent in this context and appeared over and over again in discussion and media coverage on the subject. As a result, top business schools amended their curriculum to offer more courses to enhance a student’s cooperative abilities and social competences. Knowledge about economic, social and political frameworks was integrated with equal importance to subjects like team leadership, presentation and negotiation skills.