ULTIMO ADIOS A LA MADRE DE DOS
Familiares, vecinos y conocidos despidieron este lunes a una mujer de 30 años cuyos restos fueron sepultados tras un hecho...
Roger Alba
CUMPLIENDO SU PRIMER AÑITO
Autoridades investigan el fallecimiento de un niño de un año en la comunidad El Coroso, Jima Arriba, tras ser encontrado...
EN EL AEROPUERTO DE PUNTA CANA
Autoridades investigan el hallazgo de un joven sin vida ocurrido la tarde de este lunes en uno de los baños del...
EL VIDEO DEL MOMENTO
Nuevas imágenes de una cámara de vigilancia registraron el instante preciso en que ocurrió el accidente que cobró la vida...
OTRO AGENTE DE LA DIGESETT
Las redes sociales han vuelto a encenderse con una grave denuncia ciudadana que pone en tela de juicio el accionar...
EL MAESTRO DE MÚSICA.
En seguimiento al fallecimiento del maestro de música Yoharison Margarito Vilorio Silvestre, reportado por este medio tras el accidente ocurrido...
UN HOMBRE DE TRABAJO
Un hombre de 65 años perdió la vida este lunes por la mañana tras un accidente de tránsito registrado en...
TRABAJÓ POR MUCHOS AÑOS EN HOSPITAL
La comunidad lamenta el fallecimiento de Cristian Rondón, quien durante varios años trabajó en el Hospital Regional Dr. Antonio Musa de esta...
QUERIDA POR TODA LA FAMILIA
Autoridades y familiares confirmaron el fallecimiento de la joven Nikelmi Henríquez, conocida como “Didi”, residente en el sector Playa Oeste, lo que...
JOVENES CON TODO UN FUTURO
Autoridades investigan una denuncia ciudadana sobre un incidente violento ocurrido en el sector Los Girasoles, donde residentes piden acciones para...
¿Vale la pena cursar un MBA?
A medida que las tarifas de los programas de Maestría en Administración de Empresas (MBA) continúan aumentando, muchos profesionales se preguntan si la inversión realmente vale la pena. Los programas más prestigiosos pueden llegar a costar más de 80.000 dólares al año, lo que ha llevado a una disminución del 4,9% en las solicitudes de MBA en 2023, según datos del Graduate Management Admission Council (GMAC). Además, empresas líderes como Apple Inc. y Alphabet Inc. han eliminado la necesidad de este tipo de títulos para muchos de sus puestos. Ante esta situación, surge la pregunta: ¿es rentable obtener un MBA en el entorno laboral actual?
El retorno de inversión del MBA
Los MBA son conocidos por mejorar las oportunidades profesionales, aumentar la compensación salarial y facilitar ascensos dentro de las organizaciones. Este título otorga las habilidades y conocimientos necesarios para emprender un negocio o acceder a puestos gerenciales que, en muchos casos, requieren un MBA. Asimismo, permite a profesionales de distintos sectores cambiar de carrera o acceder a un mundo empresarial en el que las conexiones juegan un papel crucial.
No obstante, incluso en universidades estatales de gran calidad, obtener un MBA sigue siendo una inversión significativa tanto en tiempo como en dinero. La pregunta central sigue siendo si el beneficio financiero y profesional justifica este elevado coste.
¿Qué incluye un programa de MBA?
El contenido académico de los MBA cubre una amplia gama de temas empresariales, como contabilidad, finanzas, estadísticas, economía, comunicaciones y gestión. Estos programas no solo preparan a los estudiantes para trabajar en instituciones financieras, sino que también los capacitan para roles gerenciales o incluso para fundar sus propias empresas. Muchos programas de MBA permiten especializaciones en áreas como la salud, bienes raíces o tecnología, lo que incrementa su aplicabilidad en diversas industrias.
En general, los programas de MBA valoran mucho la experiencia laboral relevante, lo que explica la oferta de MBA ejecutivos (EMBA) diseñados específicamente para personas con experiencia en gestión o liderazgo. Estos programas suelen dar más importancia a la experiencia profesional que al rendimiento académico.
¿Tiempo completo o parcial?
Existen dos modalidades principales para obtener un MBA: a tiempo completo o a tiempo parcial. Los programas de tiempo completo suelen estar destinados a estudiantes más jóvenes, recién graduados de licenciaturas, que pueden dedicar tiempo completo a los estudios. Por otro lado, los programas a tiempo parcial, como los EMBA, están dirigidos a empleados que ya están en posiciones de liderazgo y buscan avanzar en su carrera sin dejar de trabajar.
Pros y contras de un MBA
Obtener un MBA tiene sus ventajas y desventajas. Entre los beneficios, se encuentra el potencial de obtener un salario más alto y avanzar en el mundo corporativo, especialmente si el título proviene de una escuela de prestigio. Sin embargo, no todos los MBA tienen el mismo valor en el mercado laboral. Un título de una institución desconocida o exclusivamente en línea puede no ser tan atractivo para los reclutadores.
Además, no todos los sectores valoran de la misma manera un MBA. Mientras que en el ámbito empresarial o de gestión puede ser imprescindible, en otras áreas puede no ser tan relevante, a menos que esté vinculado a otro programa especializado.
Alternativas al MBA
Para aquellos que buscan avanzar en su carrera en finanzas o negocios, pero no desean cursar un MBA, existen otras opciones viables. Un Máster en Finanzas, que se completa en un año, es una opción para aquellos interesados en inversiones, gestión de activos o riesgo financiero. Asimismo, programas como el Chartered Financial Analyst (CFA), que se estudia de forma autodidacta, ofrecen una formación exhaustiva y son altamente valorados en el proceso de contratación.
¿Incrementa un MBA el salario?
De acuerdo con un informe del GMAC, el salario inicial promedio para un graduado de MBA es de 125.000 dólares, lo que representa un aumento del 22% al 40% en comparación con aquellos sin este título. Sin embargo, este impacto varía según la escuela, el campo laboral y la experiencia previa.
Opinión de los graduados
El informe de GMAC Alumni Perspectives Survey de 2022 revela que más del 90% de los graduados valoraron positivamente su experiencia educativa, y el 85% consideró que la inversión fue rentable. Además, dos tercios de los graduados reportaron haber avanzado al menos un nivel en su carrera tras obtener el título.
Conclusión
Si bien obtener un MBA puede ser un gran impulso para la carrera profesional, su rentabilidad depende en gran medida de la institución de donde provenga el título y del sector en el que se desee trabajar. En un mercado laboral cada vez más competitivo, contar con un MBA de una escuela de prestigio sigue siendo una ventaja considerable. Sin embargo, para aquellos que no pueden permitirse el tiempo o los costos, existen alternativas igualmente válidas para avanzar en el mundo empresarial.
Decidir estudiar un MBA (Master of Business Administration) es un paso importante para quienes buscan destacarse en el mundo empresarial. Aunque la inversión financiera puede parecer elevada, las ventajas de obtener este título en una escuela de negocios reconocida justifican el esfuerzo, abriendo puertas a mayores oportunidades profesionales y salarios competitivos.
¿Qué es un MBA?
Un MBA es un programa de posgrado diseñado para profesionales con experiencia laboral que desean profundizar sus conocimientos en administración y negocios. Este título prestigioso, altamente valorado por empleadores, ofrece diversas especializaciones que permiten a los egresados avanzar en sus carreras o emprender nuevos desafíos.
1. Desarrollo de Habilidades Gerenciales
El MBA te equipa con las habilidades necesarias para liderar con éxito una empresa. Aprenderás a gestionar equipos, desarrollar estrategias de mercado, mantener la salud financiera de una organización y enfrentar situaciones críticas, como crisis financieras. También te prepararás para tomar decisiones importantes en momentos clave.
2. Amplia Variedad de Especializaciones
Existen diversas áreas de especialización dentro de los programas de MBA, lo que permite a los estudiantes elegir el camino que mejor se adapte a sus intereses y objetivos profesionales. Algunas de las opciones más populares incluyen:
Gestión General: Ideal para quienes buscan una visión integral de los negocios.
Negocios Internacionales: Enfocado en empresas globales y la alineación de objetivos comerciales a nivel internacional.
Finanzas: Orientado a roles como banqueros, gerentes financieros y analistas.
Emprendimiento: Perfecto para aquellos con ideas de negocio innovadoras que buscan lanzar su propio emprendimiento.
3. Acceso a una Red Empresarial Global
Uno de los mayores beneficios de un MBA es la oportunidad de hacer networking. A lo largo del programa, tendrás acceso a una red global de estudiantes, profesores y egresados con experiencia en gestión, lo que te permitirá obtener una visión profunda del panorama empresarial global.
4. Altos Salarios y Seguridad Laboral
Los graduados de MBA suelen disfrutar de salarios significativamente superiores en comparación con aquellos que poseen otros títulos universitarios. En países como Estados Unidos, el salario promedio anual para un egresado de MBA es de aproximadamente 102,100 USD, mientras que en Suiza puede alcanzar los 123,500 USD. Además, un MBA mejora tus oportunidades de ocupar posiciones de liderazgo en grandes corporaciones.
5. Preparación para Emprender
Muchos estudiantes optan por un MBA para adquirir los conocimientos necesarios para iniciar su propio negocio. Los programas de MBA suelen contar con profesores experimentados en el mundo empresarial, quienes comparten sus conocimientos sobre cómo evitar los errores más comunes y asegurar el crecimiento sostenido de una empresa.
6. Oportunidad de Cambiar de Carrera
Para aquellos que buscan un cambio de carrera o ascender a puestos administrativos, un MBA es una excelente opción. Aproximadamente uno de cada tres estudiantes de MBA utiliza su formación para explorar nuevas industrias o asumir funciones que no habían desempeñado previamente.
7. Perspectivas Globales
Obtener un MBA internacional te permite vivir y estudiar en el extranjero, sumergiéndote en diferentes culturas empresariales. Esto te brinda una nueva perspectiva sobre cómo se gestionan los negocios en otros países y te prepara para un entorno global en constante cambio.
8. Flexibilidad de Estudio
Existen opciones de MBA en línea y MBA a tiempo parcial que permiten a los estudiantes equilibrar sus estudios con sus responsabilidades laborales. Estas modalidades son ideales para quienes desean continuar trabajando mientras obtienen su título.
9. Experiencia Real para Ejecutivos
El MBA Ejecutivo (EMBA) está dirigido a profesionales con más experiencia que buscan fortalecer sus habilidades directivas. Los programas EMBA suelen ser flexibles, permitiendo a los estudiantes continuar con sus trabajos a tiempo completo mientras cursan el programa.
10. Un Retorno de Inversión Garantizado
Aunque los programas de MBA pueden ser costosos, el retorno de inversión suele ser rápido. En muchos casos, los graduados logran cubrir el costo de su educación en solo dos o tres años gracias a los altos salarios y las oportunidades laborales que se les presentan.
En conclusión, un MBA no solo te proporciona habilidades avanzadas de gestión, sino que también te prepara para un mundo empresarial cada vez más competitivo y globalizado, garantizándote una ventaja competitiva a lo largo de tu carrera.
Hult International Business School ofrece programas de MBA diseñados específicamente para desarrollar las habilidades más demandadas por los empleadores a nivel mundial. Los estudiantes que se gradúan obtienen competencias prácticas, conocimientos aplicables y una mentalidad efectiva para transformar tanto su vida personal como profesional.
Programas a Tiempo Completo (1 año)
Con una duración de un año, estos programas inician en el otoño de 2025 y proporcionan una experiencia educativa transformadora en campus internacionales. Las opciones de campus incluyen Boston, Londres, San Francisco y Dubái.
Especializaciones disponibles:
Análisis de Datos
Finanzas
Marketing
Emprendimiento
Estrategia
Los estudiantes que completen el programa en el Reino Unido pueden acceder a una ruta de inmigración de dos años para graduados. Además, el MBA especializado en finanzas tiene un reconocimiento como título STEM, facilitando la autorización de trabajo (OPT) en EE.UU. para aquellos que estudien en Boston o Londres, con la posibilidad de realizar una rotación en Nueva York.
Programas a Tiempo Parcial (2 años)
Estos programas, flexibles y adaptados a las necesidades de profesionales activos, combinan clases en línea con sesiones presenciales concentradas en un fin de semana largo cada mes. Las fechas de inicio son variadas, incluyendo enero, abril, julio y octubre, con opciones adicionales en mayo y octubre. Los estudiantes pueden elegir entre los campus de Londres, Dubái y San Francisco (este último solo disponible para residentes de EE.UU. o ciudadanos permanentes).
Ayuda Financiera y Becas
Los estudiantes del Hybrid Executive MBA pueden solicitar una beca de hasta 5,000 USD para cubrir gastos de viaje. Este beneficio es una de las varias opciones de apoyo financiero disponibles para aquellos que cumplan con los requisitos de elegibilidad.
Desarrollo de Habilidades Prácticas
El enfoque pedagógico de Hult integra desafíos de aprendizaje práctico en todo el programa. Esto garantiza que los estudiantes no solo comprendan la teoría, sino que también desarrollen las habilidades y la mentalidad necesarias para liderar en un entorno global. Al finalizar el programa central, los estudiantes tienen la oportunidad de personalizar su título mediante la elección de materias optativas que se alineen con sus intereses y objetivos profesionales.
Cursos y Recursos de Apoyo
La escuela ofrece un directorio detallado de cursos, donde los estudiantes pueden buscar por palabra clave o explorar la lista completa de asignaturas. Cada curso incluye una descripción y los puntos clave de los temas y habilidades que serán cubiertos.
Hult también se enfoca en el desarrollo de liderazgo, incorporando prácticas avanzadas de autoconciencia en todos sus programas. Los estudiantes tienen la oportunidad de asumir roles de liderazgo en proyectos del mundo real, lo que les permite mejorar continuamente sus capacidades. Además, la institución ofrece opciones de aprendizaje permanente, permitiendo a los graduados mantenerse actualizados y relevantes en un mundo laboral en constante cambio.
Contacto y Proceso de Admisión
El equipo internacional de asesores está disponible para discutir los objetivos individuales de los candidatos y responder cualquier pregunta. La fecha límite de la Ronda 6 de aplicaciones es el 30 de septiembre de 2024. Los solicitantes que presenten su solicitud antes de esta fecha tendrán prioridad en el proceso de inscripción.
Para obtener más información sobre los programas de MBA de Hult y sus opciones de financiamiento, los interesados pueden descargar un folleto o ponerse en contacto directamente con los asesores de admisiones.
La Maestría en Administración de Empresas (MBA) con residencia corporativa está diseñada tanto para quienes acaban de finalizar un título universitario como para aquellos que están en los primeros años de su carrera y buscan redirigir su trayectoria profesional. Los candidatos ideales deben contar con menos de 5 años de experiencia laboral.
Oportunidades de Carrera
Los graduados de este programa tienen la posibilidad de acceder a diversos sectores profesionales, como Servicios Financieros y Bancarios, Consultoría, Marketing, Salud, Sector Público, Emprendimiento e Innovación. Entre los puestos laborales más comunes se encuentran:
Consultor
Gerente Financiero
Gerente de Marketing
El 92% de los graduados que buscan empleo de forma activa obtienen un puesto dentro de los seis meses posteriores a la graduación, y el 54% logra empleo dentro de Nueva Escocia, con una compensación anual promedio de $68,872.
Requisitos de Admisión y Apoyo Financiero
En Dalhousie University, los estudiantes pueden concentrarse en su educación sin preocuparse en exceso por sus finanzas personales. Ofrecemos tarifas de matrícula competitivas y una variedad de programas de apoyo financiero para estudiantes de posgrado en la mayoría de nuestras carreras.
Opciones del Programa
Año 1 – Verano: Después de una orientación inicial en junio, los estudiantes completan cuatro cursos fundamentales que proporcionan una comprensión esencial del mundo empresarial. También participan en sesiones de desarrollo personal y profesional para prepararse para la residencia corporativa.
Año 1 – Otoño: Los estudiantes cursan dos materias adicionales y cinco asignaturas base, lo que les permite desarrollar una sólida comprensión de conceptos clave organizacionales, independientemente del sector. El semestre concluye con una intensa sesión integradora por equipos, en la que se aplican todos los aprendizajes previos en situaciones competitivas y desafiantes, enfocadas en ventas, negociación y trabajo en equipo.
Residencia Corporativa: En enero, los estudiantes inician su residencia corporativa de ocho meses, la cual está remunerada. Durante este tiempo, aplican los conocimientos adquiridos en el aula dentro de un entorno corporativo. Al finalizar el año, se lleva a cabo una evaluación intensiva para analizar las experiencias obtenidas y celebrar los logros alcanzados.
Año 2 – Otoño/Invierno: Los estudiantes completan cuatro cursos finales y tienen la oportunidad de personalizar su MBA seleccionando entre 9 y 15 créditos de asignaturas electivas especializadas. El programa ofrece seis áreas de especialización, y se puede combinar con otros cursos de posgrado fuera de la Facultad de Administración. El MBA se concluye oficialmente en la ceremonia de graduación de junio.
Duración estándar del programa: 23 meses o más.
Modalidad: Tiempo completo con clases presenciales.
Oportunidades Internacionales
El programa también ofrece la posibilidad de realizar el primer semestre del segundo año en el extranjero, en instituciones como Toulouse Business School en Francia o Copenhagen Business School en Dinamarca. Las solicitudes para esta experiencia internacional se deben realizar durante el primer año del MBA.
Contacto y Consultas
Para preguntas sobre el proceso de admisión o más detalles del programa, los interesados pueden contactar a un asesor de admisiones. Si ya está listo para aplicar, el proceso se encuentra disponible en el sitio web oficial de Dalhousie University.
The Business Division is accredited by the International Assembly of Collegiate Business Education (IACBE).
The Thomas University MBA is a professional and applied degree, preparing students for leadership in the 21st century business world through readings, research, and case study analysis. MBA courses are offered in a variety of delivery models.
Important features:
Built from strong undergraduate program in business administration
Is open to undergraduates with majors in all fields (assuming the satisfaction of the prerequisites for four non-business majors or the completion of a bachelor’s degree in accounting for students wishing to pursue the MBA Accounting concentration)
Prerequisite courses are offered online or in an 8 week workshop format
Complete the program within two years on campus and / or online courses, assuming progress
MBA courses are offered in a variety of delivery models – fully online, hybrid (online and classroom), and face-to-face.
MBA with a concentration in Accounting (projects are applied to your work environment)
graduate assistantships available.
IMPORTANT MESSAGE FOR OUTSIDE CANDIDATE SITUATION: Each state government regulates whether universities located in other states can enroll students in online programs. This process is called “state authorization.” Some states do not allow their students to enroll in online programs at outside universities at all; other states charge outside universities a high fee to enroll , even a student from that state. For this reason, Thomas University may not be able to enroll students from outside of Georgia in every online program we offer. We accept students from the largest possible number of states.Please contact admissions at [email protected] or 800.538.9784 ext 1114 to find out if your state is licensed for Thomas University.
Results of the MBA program
Students apply the knowledge and information necessary for coaching development and problem solving. Students will demonstrate competence in integrating functional areas of the business.
Students demonstrate an understanding of the link between strategic analysis, integration of theory and practical application. Students will demonstrate a mastery or exemplary level of business case analysis in a global business environment.
Students apply quantitative techniques. Students will demonstrate the ability to apply the appropriate analytical concepts from the common body of business knowledge to assess the business environment and to choose the appropriate action for the business problem.
Students demonstrate an understanding of professional levels of oral and written business communications and presentation skills.
Students will demonstrate the ability to communicate through written and oral presentations. Students will demonstrate the ability to function as an effective and productive member of a project team and demonstrate the ability to apply project management skills in a diverse world. Students will participate in group project management facing practical business situations.
Students will gain an awareness of professional business ethics. Students demonstrate an understanding of ethical issues and behaviors through an exit survey.
Student will develop an understanding of diversity, including ethnicity, gender, age, physical differences, sexual orientation, race, and religion. Students demonstrate an understanding of diversity issues and its influence in national and international business communities.
Objectives of the MBA program
To offer a postgraduate business degree is distinguished by its integration of theory and practical application.
To offer through the curriculum the required knowledge and information for the development of managers and administrators with high potential.
To provide a variety of primary and additional learning experiences and activities to prepare students for the challenges they will face in the modern business environment.
To add value to students by preparing them for lifelong learning and for continuing professional development.
To educate students about the importance of understanding issues of ethics and diversity, the changing nature of the international market, and the role of technology in the workplace.
To meet community and regional business needs by preparing students for positions of greater managerial responsibility in our city, county and state.
To develop in students an understanding of the levels of professional oral and written communication skills, including computer hardware and software applications.
To engage in appropriate institutional effectiveness activities, including programmatic self-monitoring and evaluation, as well as effectiveness evaluation and graduate success.
To maintain affiliations with businesses and other academic institutions to ensure that the program meets the specific needs of our students and the larger business community as well.
To provide information regarding postgraduate career development and educational opportunities.
Master of Business Administration (MBA)
The Aldersgate Graduate School of MBA Management program combines the best of global business with a unique focus on the vibrant Asian region. To complement this, the MBA program is constantly reinforced by a team of faculty and industry professionals, ensuring that students obtain the necessary rigor, business discipline, and innovative thinking, which sets them apart from other MBA graduates.
Major in:
Strategy management
Knowledge management
Financial management
Human Resource Management
Entrepreneurial management
This graduate degree is suitable for entrepreneurs, businessmen, managers, supervisors, and technical personnel involved in the following types of businesses:
marketing
finance
Production, logistics and operations
Subcontracting
Human resources placement
Training and advice
international trade
Basic modules [15 units]
GS-MBA218 Computer and Knowledge Management Applications
GS-MBA203 Research and Statistics
GS-MBA290 Management Theory and Practice (w / Business, Go NGO Applications)
GS-MBA202 Quantitative Research and Management Techniques
GS-MBA220 Marketing Management
GS-MBA230 financial management 1
Major modules [30 units]
GS-MBA232 Management Economics and Accounting
GS-MBA292 Total Quality Management w / Strategic Planning and Program
Business Policy-Laws GS-MBA291, Values, Ethics and Culture
GS-MBA285 local and national development of government management
GS-MBA241 Supply Chain, Operations and Procurement Management
GS-MBA233 Financial Management 2 w / Investment Mgt Development Finance
GS-MBA270 Business Development and Entrepreneurship
GS-MBA256 Human Resources Management w / Human Behavior in Organization
GS-MBA253 Communication Mgt w / Social Marketing
GS-MBA281 International and Multicultural Business
Duration and deliveries Methods
Duration: The program is designed to be delivered over two full-time academic years, but it is also flexible in its delivery to accommodate part-time learning.
Delivery Method: You will receive face-to-face instruction, including lectures, group discussions in seminars, and tutorials.
Entry requirements
At the entrance, you must have at least one of the following:
A License from an accredited and recognized institution
Foreign diplomas which may be accepted by the Aldersgate International Admission Board as being equivalent to the above.
Those without formal academic qualifications, but holding recognized professional qualifications, 25 years and older who have held a suitable job for at least five years. A letter of reference from the employer (s) must accompany this application.
MBA for tax consultants
Many tax advisors are looking for new professional strategies. The reason: your industry is changing. Activities such as bookkeeping or the preparation of annual financial statements are becoming increasingly easier thanks to digitization. The previous fees will therefore no longer be realizable on the market in the future. The result will be a decline in margins. The view therefore often goes to the nearby management consultancy.
From the tax office to management consulting
For the professional reorientation you need additional management skills. The MBA Business Consulting gives you this knowledge – part-time, practical and flexible. Gain in-depth specialist knowledge on topics such as project management, business start-up advice, business model advice, digitization, digital business models, mergers and acquisitions advice as well as change and turnaround management.
Based on the concepts of American business schools, the MBA Business Consulting is based on current case studies that are worked on in interdisciplinary groups.
Prof. Dr. Zeis Head of the MBA Business Consulting program at WINGS “These case studies offer a complex practical relevance. Our distance students develop the required core competencies here and can then implement them 1: 1 in their jobs. ”Prof. Dr. Jürgen Zeis, tax advisor and professor at the University of Wismar
The MBA Business Consulting enables you to flexibly expand your skills at the highest academic level.
Your benefits at a glance
International university degree “Master of Business Administration (MBA)”
Linking the business topics: project management, digitization and management, change and turnaround management
Practical relevance through projects, case studies and face-to-face seminars
Close contact with professors and experienced lecturers in the consulting industry
Personal study support
Study anytime and anywhere via the online campus and study app
You can start your studies at any time
Qu’est-ce qu’un Master of Business Administration?
Une maîtrise en administration des affaires (MBA) est un diplôme d’études supérieures qui offre une formation théorique et pratique pour la gestion des affaires ou des investissements. Un MBA est conçu pour aider les diplômés à mieux comprendre les fonctions générales de gestion d’entreprise. Le MBA peut avoir une orientation générale ou une concentration spécifique dans des domaines tels que la comptabilité, la finance ou le marketing, y compris les gestionnaires de relations.
POINTS CLÉS À RETENIR
Un MBA est un diplôme d’études supérieures en gestion axé sur la gestion.
Les étudiants au MBA peuvent également se concentrer sur d’autres aspects des affaires, comme la finance ou la gestion des risques.
De nombreuses écoles offrent maintenant des programmes spécialisés, tels que la gestion du sport, l’entrepreneuriat, le divertissement ou la gestion des soins de santé.
Les programmes Executive MBA sont disponibles pour les professionnels expérimentés qui ne peuvent pas s’engager dans un emploi du temps à plein temps.
Comprendre le Master of Business Administration (MBA)
Une maîtrise en administration des affaires (MBA) est un niveau supérieur à un diplôme de premier cycle en commerce et place généralement le diplômé bien au-dessus de ceux qui n’ont que des diplômes de premier cycle. La plupart des grandes universités et collèges proposent des programmes de MBA, qui durent généralement deux ans. Pour entrer dans un programme de MBA, un candidat doit passer le test d’admission en gestion des diplômés (GMAT) et être accepté par le programme en fonction de ses critères de sélection.
Les programmes de MBA comprennent généralement des cours de base en comptabilité, gestion, finance, marketing et droit des affaires. La formation en gestion est au cœur de tout programme de MBA, avec un accent sur le leadership, la planification, la stratégie d’entreprise, le comportement organisationnel et les aspects plus humains de la gestion d’une grande ou petite entreprise. De plus en plus, les programmes de MBA élargissent leur champ d’action pour inclure une formation en commerce international et se concentrer sur les responsabilités et la responsabilité des entreprises au sein de leurs communautés.
Le diplôme de MBA est considéré comme essentiel pour accéder à certains domaines, notamment la planification stratégique et les fonds spéculatifs et les sociétés de capital-investissement. Cependant, d’autres domaines des services financiers peuvent ne plus considérer un MBA comme un diplôme d’entrée de gamme pour commencer. Il n’est pas rare d’acquérir une expérience professionnelle avant de postuler à des programmes de MBA d’élite.
Programmes de MBA spécialisés
Alors que les candidats au MBA peuvent se concentrer sur l’une des disciplines de base du diplôme, telles que la gestion ou la finance, de nombreux programmes de MBA permettent aux étudiants de développer des concentrations dans des industries spécifiques. Par exemple, un étudiant au MBA peut se spécialiser dans la gestion du sport, l’entrepreneuriat, le divertissement ou la gestion des soins de santé. Même dans une spécialité de gestion, les diplômes de MBA peuvent permettre une concentration sur les technologies de l’information, l’hôtellerie, l’éducation ou la justice pénale. Certains programmes de MBA s’associent à divers programmes de soins de santé professionnels, tels que les écoles d’infirmières, pour offrir des diplômes conjoints.
Des programmes de MBA spécialisés sont également disponibles pour les étudiants dont la vie et la carrière ne leur permettent pas de fréquenter l’école à plein temps. Les programmes Executive MBA sont conçus pour les professionnels qui souhaitent ajouter à leurs titres et qualifications. Ces programmes d’études prévoient généralement des cours le soir et le week-end, nécessitant parfois également de courtes résidences de cours intensifs. Les programmes Executive MBA ne sont généralement ouverts qu’aux candidats qui ont déjà une expérience professionnelle substantielle, et ils ont donc tendance à se concentrer sur des sujets plus avancés tels que le développement du leadership.
Compétez sans risque avec 100000 $ en argent virtuel
Mettez vos compétences en trading à l’épreuve avec notre simulateur d’actions GRATUIT. Rivaliser avec des milliers de traders Investopedia et négocier votre chemin vers le sommet! Soumettez des transactions dans un environnement virtuel avant de commencer à risquer votre propre argent. Pratiquez les stratégies de trading afin que lorsque vous êtes prêt à entrer sur le marché réel, vous ayez la pratique dont vous avez besoin.
What is insurance and how does it work?
Insurances are contracts through which, in exchange for charging a premium (insurance price), the insurance company undertakes, in the event of a claim covered by said contract, to compensate the damage produced or to satisfy a capital, income or other agreed benefit.
Terminology
Special terminology is used in the insurance world. To understand the characteristics and operation of these products, you must first understand the meaning given to the following words:
Four figures representing those involved in insurance: the insurer, the policyholder, the insured and the beneficiary.
People involved
The insurer: It is the insurance company. In exchange for collecting a premium, it assumes the obligation to compensate the insured or beneficiary a certain amount of money, in the event of a certain event (contingency) occurring.
The policyholder: It is the person or company that contracts the insurance and pays the premium.
The insured: It is the person exposed to the risk covered by the insurance contract. The risk may fall on the insured’s own person, on the assets that he or she has an economic interest or on their assets as a whole.
The beneficiary: It is the person or company that has the right to receive the consideration agreed in the contract.
The policyholder, insured and beneficiary could be the same person, or different people.
Other terms
Policy: it is the document in which the insurance contract is reflected. It contains its regulation and is made up of general, particular and special conditions.
Premium: the price of insurance
Insured sum: is the amount set in each of the agreed coverages and constitutes the maximum limit of compensation to be paid by the insurer, in the event of a contingency or loss.
Contingency / Claim: the event foreseen in the policy and which gives rise to the fulfillment of the insurer’s obligations. The production of the contingency or claim gives rise to the agreed compensation. (Examples of contingencies: death, illness, fire, accident, etc.)
Life insurances
a figure holding an umbrella above a family
Life insurance is contracted in order to alleviate the unfavorable economic impact that circumstances that affect a person’s life can produce. For example, a person can take out life insurance so that, if she dies, her children will not have financial problems; or a worker takes out retirement insurance so that when she retires her total income does not decrease. There are three basic types:
Survival insurance: in exchange for the collection of a premium, the insurer is obliged to pay a certain amount (insured sum), if the insured lives on the date established in the contract.
Death insurance: in exchange for the collection of a premium, the insurer undertakes, in the event of the death of the insured, to pay the beneficiary a specified amount (insured sum).
Mixed insurance: they combine, in a single contract, a benefit for the event of death and another for the event of survival.
Among the variables with the greatest influence on the price of the insurance (premium) are the age, the health status of the insured and their profession. People who pose higher risk, such as people who smoke, those in dangerous jobs or those who play risky sports, pay higher premiums than the average.
When a person takes out life insurance, the insurer must initially carry out a risk assessment, which normally consists of subjecting the person who takes out the insurance to a questionnaire about their health. Regarding the answers to this questionnaire, it is necessary to highlight the importance of what is stated in it, since if it is answered inaccurately or data is omitted, the insurer in case of a contingency, may even be exonerated from the payment of the benefit if there was intent or gross negligence in the declaration. In addition, on some occasions, the insurer requires a medical examination prior to signing the insurance contract. Within life insurance, special mention should be made of the following modalities:
Unit-link insurance
They are life insurance in which the policyholder assumes the risk of the investment.
The eventual return (positive or negative) inherent in this insurance derives from the fact that the premium is invested in investment funds and / or securities that the insured chooses from among those offered by the insurer. The policyholder has the possibility to change the securities or the investment fund associated with her policy.
The subscription of this type of product involves risks, since in the event of negative returns on the securities in which the premium is invested, the losses are fully assumed by the policyholder. Therefore, when choosing the investment, the level of risk that the policyholder is willing to assume must be borne in mind, and that past returns do not ensure future returns.
Retirement insurance
Retirement insurance is mixed life insurance (that is, it combines a benefit in case of death and another in case of survivorship) that are intended to constitute long-term insured capital through the payment of periodic premiums. The benefit can be received in the form of capital, temporary income or life annuity.
In this type of product, there are no limits regarding the amount of the premiums and they can enjoy full liquidity, generally after two years, if provided for in the contract, although insurance companies penalize for early divestment (redemption) of these products. You do not have to wait for the legal retirement age to be able to exercise the right of redemption.
Insured Provident Plans (PPA)
The taxation of the PPA is similar to that of the individual pension plan, but offers a guaranteed technical (not financial) interest rate.
PPAs are life insurance intended to constitute capital that is received at the time of the contingency established in the contract. The contingencies covered will only be those provided for in the regulations governing pension plans and funds: retirement, death, permanent incapacity for work (total for the usual profession, absolute for all work and severe disability) and dependency. However, the main coverage is retirement.
Its legal and tax regime is similar to that of individual pension plans (see the final section of this section). In other words, the premiums paid are reduced in the taxable income of the personal income tax for the same year, up to the maximum limit of the lower of the following amounts:
€ 10,000 per year (€ 12,500 for over 50s)
30% of the total income of the insured, including income from work and those from professional activities (50% for people over 50 years old)
This limit is joint for the sum of all contributions (including contributions from promoters) to the different social welfare products: pension plans, PPAs, business social welfare plans, mutual benefit societies for self-employed professionals or employed workers. and dependency insurance.
The benefits that are collected in retirement are taxed as income from work.
Its operation and characteristics (covered contingencies, way of collecting the benefit, illiquidity, and exceptional liquidity cases) are also similar to those of pension plans. The difference between the two products is that the PPA offers a guaranteed technical interest rate. The law allows to mobilize the economic rights of a pension plan and a business social security plan to a PPA and vice versa without penalty.
Individual Systematic Savings Plans (PIAS)
PIAS are also life insurances that seek to channel long-term savings to accumulate capital to complement retirement. They are individual long-term savings insurance, the purpose of which is to pay premiums to constitute an insured life annuity, which may be received from an age indicated in the contract.
From a fiscal point of view, unlike pension plans and PPAs, the premiums paid do not reduce the taxable income of personal income tax and therefore do not have tax benefits during the savings stage. On the other hand, when the benefit is collected as life annuity, the income generated (the difference between the value of the income at the time it is received and the sum of the premiums paid) are totally exempt from taxes, provided that the following requirements are met:
The collection of the rent must begin at least ten years after the payment of the first premium.
The policyholder, the insured and the beneficiary must be the same person.
Premiums paid cannot exceed the following limits: € 8,000 per year and € 240,000 total.
Another differentiating characteristic of PIAS is that its enjoyment is not linked to the assumptions of retirement, incapacity for work, death and great dependency, as occurs in pension plans and PPAs. This means that you can start collecting the rent without waiting for the legal retirement age, although the minimum period of 10 years must have passed from the first contribution for your enjoyment.
Other personal insurance
They ensure certain circumstances or contingencies that may affect the bodily integrity or health status of people.
Depending on the objective you want to achieve, there are different academic degrees that will help you achieve it.
To know which is the best option for you, the first step will be to know very well what each one is about, therefore, here we will share the main differences between a bachelor’s, master’s and doctorate.
Bachelor’s degree
A bachelor’s degree is a degree or academic title that you will obtain upon completing a higher education program, that is, your professional career. The duration will be between 4 to 6 years, depending on the profession chosen. In order to obtain this title, it is required to present a final thesis work.
master’s degree
A master’s degree is a postgraduate academic degree. In order to take a master’s degree, it is necessary to have a professional degree, and to obtain a master’s degree, a final project or thesis is required.
The objective of a master’s degree is to achieve a theoretical, technological and professional deepening on a certain area. This postgraduate degree is ideal for those seeking a more professional rather than academic update.
The minimum duration of a master’s degree is 500 hours (between 1 and 2 years).
Doctorate
It is the maximum degree of a postgraduate degree, and the third cycle of university studies. To access a doctorate, a bachelor’s or bachelor’s degree plus a master’s degree is required.
The objective of a doctorate is to acquire research skills that can drive the development of your disciplines. A PhD is designed for those with a profile more inclined towards teaching and research.
The average duration of a doctorate is between 3 and 6 years.
After knowing what each type of degree offers and identifying the one that best suits your professional goals, the next step will be to learn about the different programs available. You can find out what is currently offered in Colombia, here.
If you are leaving college or finished your bachelor’s degree several years ago, the major is always a good idea to advance professionally. Continuing to study allows you to acquire useful knowledge and skills for the job market: find out what each option implies and choose the best program for you. Know the differences between master’s, master’s and postgraduate degrees and choose the ideal option for you.
What is a graduate degree?
When we talk about postgraduate studies, you should know that in Mexico, any post-university study can be included under the term “postgraduate”. Why? Well, because the university gives us precisely the academic “degree” of bachelor’s degree and everything that is studied afterwards is something after that degree: postgraduate.
What postgraduate options exist in Mexico?
The times when studying for a bachelor’s degree was enough to access the best job opportunities are long gone. It is becoming more and more necessary for professionals to continue preparing academically after finishing university. If you want to be more competitive and access better jobs, it is time to consider studying for a postgraduate degree.
According to the annual report Main Figures of the National Educational System 2018-2019, in Mexico there are more than 350 thousand students studying a postgraduate program. This includes both the school and non-school modes. There are different graduate programs and all of them promote that professionals specialize in certain subjects.
Master, Master or Postgraduate: What is the difference?
Here is an account of the different postgraduate options in Mexico and their most important characteristics:
What is a diploma?
A diploma is a course on specific topics that helps you have a more global vision and increase your network of contacts. People who enroll in a diploma course generally do so with the aim of updating their knowledge in their area of study or to have contact with other disciplines.
Why take a diploma?
One of the main advantages of graduates is that it is not necessary to have a university degree in order to enroll. Thus, if you did not finish university, a diploma can be the ideal way to rejoin the academic world, keep up to date and regain the necessary momentum to revalidate your studies and complete your degree.
The duration of the diplomas is usually between six months and one year. With few subjects to take, the cost is also less than other graduate programs.
Master, Master or Postgraduate: What is the difference?
What is a specialty?
A specialty is an academic degree that certifies you as a specialist in a certain area. Graduates of health care related degrees, such as dentists, have many specialty options from which to choose, as the care of the human body is extremely broad and complex.
Why study a specialty?
Those who decide to do a specialty do so to delve into a specific area of a discipline in order to be more competitive in the job market. A specialty is the best option for recent university graduates, since it is necessary to have prior knowledge, as in the case of Health Sciences specialties. The duration of the specialties is a maximum of one year.
Master, Master or Postgraduate: What is the difference?
What is a master’s degree?
A master’s degree is an academic degree; In other words, just as when you graduate from the university, you receive the degree of “bachelor”, upon completion of a master’s degree, you receive the degree of “teacher.” In general, master’s programs in Mexico require students to complete a thesis.
Why study a master’s degree?
People who study a master’s degree usually do it to deepen a theoretical, technological or professional level in the area of knowledge. Thus, doing a master’s degree is ideal for those seeking a professional update in a specific area. It is required to have a university degree, which may or may not be related to the area of study of the master’s degree.
More and more universities offer the possibility for their students to obtain a bachelor’s degree by taking a master’s degree, which is a great advantage, since master’s degrees last between one and two years.
What is the difference between Master or Master?
What Mexicans know as a “master’s degree” in Spain is a “master’s degree”; and the “diploma” of Mexico is equivalent to a “postgraduate” in Spain. Now you know what the difference is between master’s, master’s or postgraduate degrees.
Master, Master or Postgraduate: What is the difference?
What is a PhD?
The doctorate is the highest academic degree there is and always involves the completion of a thesis. The thesis is a requirement of doctorates, since the objective of this type of program is for students to develop work
Qu’est-ce qu’un Master of Business Administration?
Une maîtrise en administration des affaires (MBA) est un diplôme d’études supérieures qui offre une formation théorique et pratique pour la gestion des affaires ou des investissements. Un MBA est conçu pour aider les diplômés à mieux comprendre les fonctions générales de gestion d’entreprise. Le MBA peut avoir une orientation générale ou une concentration spécifique dans des domaines tels que la comptabilité, la finance ou le marketing, y compris les gestionnaires de relations.
POINTS CLÉS À RETENIR
Un MBA est un diplôme d’études supérieures en gestion axé sur la gestion.
Les étudiants au MBA peuvent également se concentrer sur d’autres aspects des affaires, comme la finance ou la gestion des risques.
De nombreuses écoles offrent maintenant des programmes spécialisés, tels que la gestion du sport, l’entrepreneuriat, le divertissement ou la gestion des soins de santé.
Les programmes Executive MBA sont disponibles pour les professionnels expérimentés qui ne peuvent pas s’engager dans un emploi du temps à plein temps.
Comprendre le Master of Business Administration (MBA)
Une maîtrise en administration des affaires (MBA) est un niveau supérieur à un diplôme de premier cycle en commerce et place généralement le diplômé bien au-dessus de ceux qui n’ont que des diplômes de premier cycle. La plupart des grandes universités et collèges proposent des programmes de MBA, qui durent généralement deux ans. Pour entrer dans un programme de MBA, un candidat doit passer le test d’admission en gestion des diplômés (GMAT) et être accepté par le programme en fonction de ses critères de sélection.
Les programmes de MBA comprennent généralement des cours de base en comptabilité, gestion, finance, marketing et droit des affaires. La formation en gestion est au cœur de tout programme de MBA, avec un accent sur le leadership, la planification, la stratégie d’entreprise, le comportement organisationnel et les aspects plus humains de la gestion d’une grande ou petite entreprise. De plus en plus, les programmes de MBA élargissent leur champ d’action pour inclure une formation en commerce international et se concentrer sur les responsabilités et la responsabilité des entreprises au sein de leurs communautés.
Le diplôme de MBA est considéré comme essentiel pour accéder à certains domaines, notamment la planification stratégique et les fonds spéculatifs et les sociétés de capital-investissement. Cependant, d’autres domaines des services financiers peuvent ne plus considérer un MBA comme un diplôme d’entrée de gamme pour commencer. Il n’est pas rare d’acquérir une expérience professionnelle avant de postuler à des programmes de MBA d’élite.
Programmes de MBA spécialisés
Alors que les candidats au MBA peuvent se concentrer sur l’une des disciplines de base du diplôme, telles que la gestion ou la finance, de nombreux programmes de MBA permettent aux étudiants de développer des concentrations dans des industries spécifiques. Par exemple, un étudiant au MBA peut se spécialiser dans la gestion du sport, l’entrepreneuriat, le divertissement ou la gestion des soins de santé. Même dans une spécialité de gestion, les diplômes de MBA peuvent permettre une concentration sur les technologies de l’information, l’hôtellerie, l’éducation ou la justice pénale. Certains programmes de MBA s’associent à divers programmes de soins de santé professionnels, tels que les écoles d’infirmières, pour offrir des diplômes conjoints.
Des programmes de MBA spécialisés sont également disponibles pour les étudiants dont la vie et la carrière ne leur permettent pas de fréquenter l’école à plein temps. Les programmes Executive MBA sont conçus pour les professionnels qui souhaitent ajouter à leurs titres et qualifications. Ces programmes d’études prévoient généralement des cours le soir et le week-end, nécessitant parfois également de courtes résidences de cours intensifs. Les programmes Executive MBA ne sont généralement ouverts qu’aux candidats qui ont déjà une expérience professionnelle substantielle, et ils ont donc tendance à se concentrer sur des sujets plus avancés tels que le développement du leadership.
Compétez sans risque avec 100000 $ en argent virtuel
Mettez vos compétences en trading à l’épreuve avec notre simulateur d’actions GRATUIT. Rivaliser avec des milliers de traders Investopedia et négocier votre chemin vers le sommet! Soumettez des transactions dans un environnement virtuel avant de commencer à risquer votre propre argent. Pratiquez les stratégies de trading afin que lorsque vous êtes prêt à entrer sur le marché réel, vous ayez la pratique dont vous avez besoin.
What is insurance and how does it work?
Insurances are contracts through which, in exchange for charging a premium (insurance price), the insurance company undertakes, in the event of a claim covered by said contract, to compensate the damage produced or to satisfy a capital, income or other agreed benefit.
Terminology
Special terminology is used in the insurance world. To understand the characteristics and operation of these products, you must first understand the meaning given to the following words:
Four figures representing those involved in insurance: the insurer, the policyholder, the insured and the beneficiary.
People involved
The insurer: It is the insurance company. In exchange for collecting a premium, it assumes the obligation to compensate the insured or beneficiary a certain amount of money, in the event of a certain event (contingency) occurring.
The policyholder: It is the person or company that contracts the insurance and pays the premium.
The insured: It is the person exposed to the risk covered by the insurance contract. The risk may fall on the insured’s own person, on the assets that he or she has an economic interest or on their assets as a whole.
The beneficiary: It is the person or company that has the right to receive the consideration agreed in the contract.
The policyholder, insured and beneficiary could be the same person, or different people.
Other terms
Policy: it is the document in which the insurance contract is reflected. It contains its regulation and is made up of general, particular and special conditions.
Premium: the price of insurance
Insured sum: is the amount set in each of the agreed coverages and constitutes the maximum limit of compensation to be paid by the insurer, in the event of a contingency or loss.
Contingency / Claim: the event foreseen in the policy and which gives rise to the fulfillment of the insurer’s obligations. The production of the contingency or claim gives rise to the agreed compensation. (Examples of contingencies: death, illness, fire, accident, etc.)
Life insurances
a figure holding an umbrella above a family
Life insurance is contracted in order to alleviate the unfavorable economic impact that circumstances that affect a person’s life can produce. For example, a person can take out life insurance so that, if she dies, her children will not have financial problems; or a worker takes out retirement insurance so that when she retires her total income does not decrease. There are three basic types:
Survival insurance: in exchange for the collection of a premium, the insurer is obliged to pay a certain amount (insured sum), if the insured lives on the date established in the contract.
Death insurance: in exchange for the collection of a premium, the insurer undertakes, in the event of the death of the insured, to pay the beneficiary a specified amount (insured sum).
Mixed insurance: they combine, in a single contract, a benefit for the event of death and another for the event of survival.
Among the variables with the greatest influence on the price of the insurance (premium) are the age, the health status of the insured and their profession. People who pose higher risk, such as people who smoke, those in dangerous jobs or those who play risky sports, pay higher premiums than the average.
When a person takes out life insurance, the insurer must initially carry out a risk assessment, which normally consists of subjecting the person who takes out the insurance to a questionnaire about their health. Regarding the answers to this questionnaire, it is necessary to highlight the importance of what is stated in it, since if it is answered inaccurately or data is omitted, the insurer in case of a contingency, may even be exonerated from the payment of the benefit if there was intent or gross negligence in the declaration. In addition, on some occasions, the insurer requires a medical examination prior to signing the insurance contract. Within life insurance, special mention should be made of the following modalities:
Unit-link insurance
They are life insurance in which the policyholder assumes the risk of the investment.
The eventual return (positive or negative) inherent in this insurance derives from the fact that the premium is invested in investment funds and / or securities that the insured chooses from among those offered by the insurer. The policyholder has the possibility to change the securities or the investment fund associated with her policy.
The subscription of this type of product involves risks, since in the event of negative returns on the securities in which the premium is invested, the losses are fully assumed by the policyholder. Therefore, when choosing the investment, the level of risk that the policyholder is willing to assume must be borne in mind, and that past returns do not ensure future returns.
Retirement insurance
Retirement insurance is mixed life insurance (that is, it combines a benefit in case of death and another in case of survivorship) that are intended to constitute long-term insured capital through the payment of periodic premiums. The benefit can be received in the form of capital, temporary income or life annuity.
In this type of product, there are no limits regarding the amount of the premiums and they can enjoy full liquidity, generally after two years, if provided for in the contract, although insurance companies penalize for early divestment (redemption) of these products. You do not have to wait for the legal retirement age to be able to exercise the right of redemption.
Insured Provident Plans (PPA)
The taxation of the PPA is similar to that of the individual pension plan, but offers a guaranteed technical (not financial) interest rate.
PPAs are life insurance intended to constitute capital that is received at the time of the contingency established in the contract. The contingencies covered will only be those provided for in the regulations governing pension plans and funds: retirement, death, permanent incapacity for work (total for the usual profession, absolute for all work and severe disability) and dependency. However, the main coverage is retirement.
Its legal and tax regime is similar to that of individual pension plans (see the final section of this section). In other words, the premiums paid are reduced in the taxable income of the personal income tax for the same year, up to the maximum limit of the lower of the following amounts:
€ 10,000 per year (€ 12,500 for over 50s)
30% of the total income of the insured, including income from work and those from professional activities (50% for people over 50 years old)
This limit is joint for the sum of all contributions (including contributions from promoters) to the different social welfare products: pension plans, PPAs, business social welfare plans, mutual benefit societies for self-employed professionals or employed workers. and dependency insurance.
The benefits that are collected in retirement are taxed as income from work.
Its operation and characteristics (covered contingencies, way of collecting the benefit, illiquidity, and exceptional liquidity cases) are also similar to those of pension plans. The difference between the two products is that the PPA offers a guaranteed technical interest rate. The law allows to mobilize the economic rights of a pension plan and a business social security plan to a PPA and vice versa without penalty.
Individual Systematic Savings Plans (PIAS)
PIAS are also life insurances that seek to channel long-term savings to accumulate capital to complement retirement. They are individual long-term savings insurance, the purpose of which is to pay premiums to constitute an insured life annuity, which may be received from an age indicated in the contract.
From a fiscal point of view, unlike pension plans and PPAs, the premiums paid do not reduce the taxable income of personal income tax and therefore do not have tax benefits during the savings stage. On the other hand, when the benefit is collected as life annuity, the income generated (the difference between the value of the income at the time it is received and the sum of the premiums paid) are totally exempt from taxes, provided that the following requirements are met:
The collection of the rent must begin at least ten years after the payment of the first premium.
The policyholder, the insured and the beneficiary must be the same person.
Premiums paid cannot exceed the following limits: € 8,000 per year and € 240,000 total.
Another differentiating characteristic of PIAS is that its enjoyment is not linked to the assumptions of retirement, incapacity for work, death and great dependency, as occurs in pension plans and PPAs. This means that you can start collecting the rent without waiting for the legal retirement age, although the minimum period of 10 years must have passed from the first contribution for your enjoyment.
Other personal insurance
They ensure certain circumstances or contingencies that may affect the bodily integrity or health status of people.
Depending on the objective you want to achieve, there are different academic degrees that will help you achieve it.
To know which is the best option for you, the first step will be to know very well what each one is about, therefore, here we will share the main differences between a bachelor’s, master’s and doctorate.
Bachelor’s degree
A bachelor’s degree is a degree or academic title that you will obtain upon completing a higher education program, that is, your professional career. The duration will be between 4 to 6 years, depending on the profession chosen. In order to obtain this title, it is required to present a final thesis work.
master’s degree
A master’s degree is a postgraduate academic degree. In order to take a master’s degree, it is necessary to have a professional degree, and to obtain a master’s degree, a final project or thesis is required.
The objective of a master’s degree is to achieve a theoretical, technological and professional deepening on a certain area. This postgraduate degree is ideal for those seeking a more professional rather than academic update.
The minimum duration of a master’s degree is 500 hours (between 1 and 2 years).
Doctorate
It is the maximum degree of a postgraduate degree, and the third cycle of university studies. To access a doctorate, a bachelor’s or bachelor’s degree plus a master’s degree is required.
The objective of a doctorate is to acquire research skills that can drive the development of your disciplines. A PhD is designed for those with a profile more inclined towards teaching and research.
The average duration of a doctorate is between 3 and 6 years.
After knowing what each type of degree offers and identifying the one that best suits your professional goals, the next step will be to learn about the different programs available. You can find out what is currently offered in Colombia, here.
If you are leaving college or finished your bachelor’s degree several years ago, the major is always a good idea to advance professionally. Continuing to study allows you to acquire useful knowledge and skills for the job market: find out what each option implies and choose the best program for you. Know the differences between master’s, master’s and postgraduate degrees and choose the ideal option for you.
What is a graduate degree?
When we talk about postgraduate studies, you should know that in Mexico, any post-university study can be included under the term “postgraduate”. Why? Well, because the university gives us precisely the academic “degree” of bachelor’s degree and everything that is studied afterwards is something after that degree: postgraduate.
What postgraduate options exist in Mexico?
The times when studying for a bachelor’s degree was enough to access the best job opportunities are long gone. It is becoming more and more necessary for professionals to continue preparing academically after finishing university. If you want to be more competitive and access better jobs, it is time to consider studying for a postgraduate degree.
According to the annual report Main Figures of the National Educational System 2018-2019, in Mexico there are more than 350 thousand students studying a postgraduate program. This includes both the school and non-school modes. There are different graduate programs and all of them promote that professionals specialize in certain subjects.
Master, Master or Postgraduate: What is the difference?
Here is an account of the different postgraduate options in Mexico and their most important characteristics:
What is a diploma?
A diploma is a course on specific topics that helps you have a more global vision and increase your network of contacts. People who enroll in a diploma course generally do so with the aim of updating their knowledge in their area of study or to have contact with other disciplines.
Why take a diploma?
One of the main advantages of graduates is that it is not necessary to have a university degree in order to enroll. Thus, if you did not finish university, a diploma can be the ideal way to rejoin the academic world, keep up to date and regain the necessary momentum to revalidate your studies and complete your degree.
The duration of the diplomas is usually between six months and one year. With few subjects to take, the cost is also less than other graduate programs.
Master, Master or Postgraduate: What is the difference?
What is a specialty?
A specialty is an academic degree that certifies you as a specialist in a certain area. Graduates of health care related degrees, such as dentists, have many specialty options from which to choose, as the care of the human body is extremely broad and complex.
Why study a specialty?
Those who decide to do a specialty do so to delve into a specific area of a discipline in order to be more competitive in the job market. A specialty is the best option for recent university graduates, since it is necessary to have prior knowledge, as in the case of Health Sciences specialties. The duration of the specialties is a maximum of one year.
Master, Master or Postgraduate: What is the difference?
What is a master’s degree?
A master’s degree is an academic degree; In other words, just as when you graduate from the university, you receive the degree of “bachelor”, upon completion of a master’s degree, you receive the degree of “teacher.” In general, master’s programs in Mexico require students to complete a thesis.
Why study a master’s degree?
People who study a master’s degree usually do it to deepen a theoretical, technological or professional level in the area of knowledge. Thus, doing a master’s degree is ideal for those seeking a professional update in a specific area. It is required to have a university degree, which may or may not be related to the area of study of the master’s degree.
More and more universities offer the possibility for their students to obtain a bachelor’s degree by taking a master’s degree, which is a great advantage, since master’s degrees last between one and two years.
What is the difference between Master or Master?
What Mexicans know as a “master’s degree” in Spain is a “master’s degree”; and the “diploma” of Mexico is equivalent to a “postgraduate” in Spain. Now you know what the difference is between master’s, master’s or postgraduate degrees.
Master, Master or Postgraduate: What is the difference?
What is a PhD?
The doctorate is the highest academic degree there is and always involves the completion of a thesis. The thesis is a requirement of doctorates, since the objective of this type of program is for students to develop work
The MBA is a terminal degree and a professional degree.[2][3] Accreditation bodies specifically for MBA programs ensure consistency and quality of education. Business schools in many countries offer programs tailored to full-time, part-time, executive (abridged coursework typically occurring on nights or weekends) and distance learning students, many with specialized concentrations.
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 they often begin in late August or early September of year one and continue until May or June 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. A typical full-time, accelerated, part-time, or modular MBA requires 60 credits (600 class hours) of graduate work.[25] Accelerated MBA programs are a variation of the two-year programs. They involve a higher course load with more intense class and examination schedules and are usually condensed into one year. 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. Accelerated programs typically have a lower cost than full-time two-year programs. 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. Evening (second shift) MBA programs are full-time programs that normally hold classes on weekday evenings, after normal working hours, or on weekends for a duration of two years. The students in these programs typically consist of working professionals, who can not leave their work to pursue a full-time regular shift MBA. Most second shift programs are offered at universities in India. Modular MBA programs are similar to part-time programs, although typically employing a lock-step curriculum with classes packaged together in blocks lasting from one to three weeks. 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. Full-time executive MBA programs are a new category of full-time 1 year MBA programs aimed at professionals with approx. 5 years or more. They are primarily offered in countries like India where the 2-year MBA program is targeted at fresh graduates with no experience or minimal experience. These full-time executive MBA programs are similar to 1 year MBA programs offered by schools like Insead and IMD. 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.[26] These programs typically target working professionals who are unable to attend traditional part-time programs.[27] MBA dual degree programs combine an MBA with others (such as an MS, MA, or a JD, 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. This is generally achieved by allowing core courses of one program count as electives in the other. Some business schools offer programs in which students can earn both a bachelor’s degree in business administration and an MBA in 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. In the past, Mini-MBA programs have typically been offered as non-credit bearing courses that require less than 100 hours of total learning. However, due to the criticisms of these certificates, many schools have now shifted their programs to offer courses for full credit so that they may be applied towards a complete traditional MBA degree. This is to allow students to verify business related coursework for employment purposes and still allow the option to complete a full-time MBA degree program at a later period, if they elect to do so.
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits. Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion. Life-based contracts tend to fall into two major categories: Protection policies designed to provide a benefit, typically a lump sum payment, in the event of a specified occurrence. A common form more common in years past of a protection policy design is term insurance. Investment policies the main objective of these policies is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are whole life, universal life, and variable life policies. Parties to contract The person responsible for making payments for a policy is the policy owner, while the insured is the person whose death will trigger payment of the death benefit. The owner and insured may or may not be the same person. For example, if Joe buys a policy on his own life, he is both the owner and the insured. But if Jane, his wife, buys a policy on Joe’s life, she is the owner and he is the insured. The policy owner is the guarantor and he will be the person to pay for the policy. The insured is a participant in the contract, but not necessarily a party to it. Chart of a life insurance The beneficiary receives policy proceeds upon the insured person’s death. The owner designates the beneficiary, but the beneficiary is not a party to the policy. The owner can change the beneficiary unless the policy has an irrevocable beneficiary designation. If a policy has an irrevocable beneficiary, any beneficiary changes, policy assignments, or cash value borrowing would require the agreement of the original beneficiary. In cases where the policy owner is not the insured (also referred to as the celui qui vit or CQV), insurance companies have sought to limit policy purchases to those with an insurable interest in the CQV. For life insurance policies, close family members and business partners will usually be found to have an insurable interest. The insurable interest requirement usually demonstrates that the purchaser will actually suffer some kind of loss if the CQV dies. Such a requirement prevents people from benefiting from the purchase of purely speculative policies on people they expect to die. With no insurable interest requirement, the risk that a purchaser would murder the CQV for insurance proceeds would be great. In at least one case, an insurance company which sold a policy to a purchaser with no insurable interest (who later murdered the CQV for the proceeds), was found liable in court for contributing to the wrongful death of the victim (Liberty National Life v. Weldon, 267 Ala.171 (1957)). Contract terms Special exclusions may apply, such as suicide clauses, whereby the policy becomes null and void if the insured commits suicide within a specified time (usually two years after the purchase date; some states provide a statutory one-year suicide clause). Any misrepresentations by the insured on the application may also be grounds for nullification. Most US states specify a maximum contestability period, often no more than two years. Only if the insured dies within this period will the insurer have a legal right to contest the claim on the basis of misrepresentation and request additional information before deciding whether to pay or deny the claim. The face amount of the policy is the initial amount that the policy will pay at the death of the insured or when the policy matures, although the actual death benefit can provide for greater or lesser than the face amount. The policy matures when the insured dies or reaches a specified age (such as 100 years old). Costs, insurability, and underwriting The insurance company calculates the policy prices (premiums) at a level sufficient to fund claims, cover administrative costs, and provide a profit. The cost of insurance is determined using mortality tables calculated by actuaries. Mortality tables are statistically based tables showing expected annual mortality rates of people at different ages. Put simply, people are more likely to die as they get older and the mortality tables enable the insurance companies to calculate the risk and increase premiums with age accordingly. Such estimates can be important in taxation regulation.[8][9] In the 1980s and 1990s, the SOA 1975 80 Basic Select & Ultimate tables were the typical reference points, while the 2001 VBT and 2001 CSO tables were published more recently. As well as the basic parameters of age and gender, the newer tables include separate mortality tables for smokers and non-smokers, and the CSO tables include separate tables for preferred classes.[10] The mortality tables provide a baseline for the cost of insurance, but the health and family history of the individual applicant is also taken into account (except in the case of Group policies). This investigation and resulting evaluation is termed underwriting. Health and lifestyle questions are asked, with certain responses possibly meriting further investigation. Specific factors that may be considered by underwriters include: Personal medical history[11] Family medical history[12] Driving record[13] Height and weight matrix, otherwise known as BMI (Body Mass Index)[14] Based on the above and additional factors, applicants will be placed into one of several classes of health ratings which will determine the premium paid in exchange for insurance at that particular carrier.[13] Life insurance companies in the United States support the Medical Information Bureau (MIB),[15] which is a clearing house of information on persons who have applied for life insurance with participating companies in the last seven years. As part of the application, the insurer often requires the applicant’s permission to obtain information from their physicians.[16] Automated Life Underwriting is a technology solution which is designed to perform all or some of the screening functions traditionally completed by underwriters, and thus seeks to reduce the work effort, time and/or data necessary to underwrite a life insurance application.[17] These systems allow point of sale distribution and can shorten the time frame for issuance from weeks or even months to hours or minutes, depending on the amount of insurance being purchased.[18] The mortality of underwritten persons rises much more quickly than the general population. At the end of 10 years, the mortality of that 25-year-old, non-smoking male is 0.66/1000/year. Consequently, in a group of one thousand 25-year-old males with a $100,000 policy, all of average health, a life insurance company would have to collect approximately $50 a year from each participant to cover the relatively few expected claims. (0.35 to 0.66 expected deaths in each year $100,000 payout per death = $35 per policy.) Other costs, such as administrative and sales expenses, also need to be considered when setting the premiums. A 10-year policy for a 25-year-old non-smoking male with preferred medical history may get offers as low as $90 per year for a $100,000 policy in the competitive US life insurance market. Most of the revenue received by insurance companies consists of premiums, but revenue from investing the premiums forms an important source of profit for most life insurance companies. Group Insurance policies are an exception to this. In the United States, life insurance companies are never legally required to provide coverage to everyone, with the exception of Civil Rights Act compliance requirements. Insurance companies alone determine insurability, and some people are deemed uninsurable. The policy can be declined or rated (increasing the premium amount to compensate for the higher risk), and the amount of the premium will be proportional to the face value of the policy. Many companies separate applicants into four general categories. These categories are preferred best, preferred, standard, and tobacco. Preferred best is reserved only for the healthiest individuals in the general population. This may mean, that the proposed insured has no adverse medical history, is not under medication, and has no family history of early-onset cancer, diabetes, or other conditions.[19] Preferred means that the proposed insured is currently under medication and has a family history of particular illnesses. Most people are in the standard category. People in the tobacco category typically have to pay higher premiums due to the higher mortality. Recent US mortality tables predict that roughly 0.35 in 1,000 non-smoking males aged 25 will die during the first year of a policy.[20] Mortality approximately doubles for every extra ten years of age, so the mortality rate in the first year for non-smoking men is about 2.5 in 1,000 people at age 65.[20] Compare this with the US population male mortality rates of 1.3 per 1,000 at age 25 and 19.3 at age 65 (without regard to health or smoking status).[21] Death proceeds Upon the insured’s death, the insurer requires acceptable proof of death before it pays the claim. The normal minimum proof required is a death certificate, and the insurer’s claim form completed, signed, and typically notarized.[citation needed] If the insured’s death is suspicious and the policy amount is large, the insurer may investigate the circumstances surrounding the death before deciding whether it has an obligation to pay the claim. Payment from the policy may be as a lump sum or as an annuity, which is paid in regular installments for either a specified period or for the beneficiary’s lifetime.[22] Insurance vs assurance The specific uses of the terms “insurance” and “assurance” are sometimes confused. In general, in jurisdictions where both terms are used, “insurance” refers to providing coverage for an event that might happen (fire, theft, flood, etc.), while “assurance” is the provision of coverage for an event that is certain to happen. In the United States, both forms of coverage are called “insurance” for reasons of simplicity in companies selling both products.[citation needed] By some definitions, “insurance” is any coverage that determines benefits based on actual losses whereas “assurance” is coverage with predetermined benefits irrespective of the losses incurred. Life insurance may be divided into two basic classes: temporary and permanent; or the following subclasses: term, universal, whole life, and endowment life insurance. Term insurance Main article: Term life insurance Term assurance provides life insurance coverage for a specified term. The policy does not accumulate cash value. Term insurance is significantly less expensive than an equivalent permanent policy but will become higher with age. Policy holders can save to provide for increased term premiums or decrease insurance needs (by paying off debts or saving to provide for survivor needs).[23] Mortgage life insurance insures a loan secured by real property and usually features a level premium amount for a declining policy face value because what is insured is the principal and interest outstanding on a mortgage that is constantly being reduced by mortgage payments. The face amount of the policy is always the amount of the principal and interest outstanding that are paid should the applicant die before the final installment is paid. Group life insurance Group life insurance (also known as wholesale life insurance or institutional life insurance) is term insurance covering a group of people, usually employees of a company, members of a union or association, or members of a pension or superannuation fund. Individual proof of insurability is not normally a consideration in its underwriting. Rather, the underwriter considers the size, turnover, and financial strength of the group. Contract provisions will attempt to exclude the possibility of adverse selection. Group life insurance often allows members exiting the group to maintain their coverage by buying individual coverage. The underwriting is carried out for the whole group instead of individuals. Permanent life insurance Permanent life insurance is life insurance that covers the remaining lifetime of the insured. A permanent insurance policy accumulates a cash value up to its date of maturation. The owner can access the money in the cash value by withdrawing money, borrowing the cash value, or surrendering the policy and receiving the surrender value. The three basic types of permanent insurance are whole life, universal life, and endowment. Whole life Main article: Whole life insurance Whole life insurance provides lifetime coverage for a set premium amount (see main article for a full explanation of the many variations and options). Universal life coverage Universal life insurance (ULl) is a relatively new insurance product, intended to combine permanent insurance coverage with greater flexibility in premium payments, along with the potential for greater growth of cash values. There are several types of universal life insurance policies, including interest-sensitive (also known as “traditional fixed universal life insurance”), variable universal life (VUL), guaranteed death benefit, and has equity-indexed universal life insurance. Universal life insurance policies have cash values. Paid-in premiums increase their cash values; administrative and other costs reduce their cash values. Universal life insurance addresses the perceived disadvantages of whole life namely that premiums and death benefits are fixed. With universal life, both the premiums and death benefit are flexible. With the exception of guaranteed-death-benefit universal life policies, universal life policies trade their greater flexibility off for fewer guarantees. “Flexible death benefit” means the policy owner can choose to decrease the death benefit. The death benefit can also be increased by the policy owner, usually requiring new underwriting. Another feature of flexible death benefit is the ability to choose option A or option B death benefits and to change those options over the course of the life of the insured. Option A is often referred to as a “level death benefit”; death benefits remain level for the life of the insured, and premiums are lower than policies with Option B death benefits, which pay the policy’s cash value i.e., a face amount plus earnings/interest. If the cash value grows over time, the death benefits do too. If the cash value declines, the death benefit also declines. Option B policies normally feature higher premiums than option A policies. Endowments Main article: Endowment policy The endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its ‘maturity’) or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness. Policies are typically traditional with-profits or unit-linked (including those with unitized with-profits funds). Endowments can be cashed in early (or surrendered) and the holder then receives the surrender value which is determined by the insurance company depending on how long the policy has been running and how much has been paid into it. Accidental death Accidental death insurance is a type of limited life insurance that is designed to cover the insured should they die as the result of an accident. “Accidents” run the gamut from abrasions to catastrophes but normally do not include deaths resulting from non-accident-related health problems or suicide. Because they only cover accidents, these policies are much less expensive than other life insurance policies. Such insurance can also be accidental death and dismemberment insurance or AD&D. In an AD&D policy, benefits are available not only for accidental death but also for the loss of limbs or body functions such as sight and hearing. Accidental death and AD&D policies very rarely pay a benefit, either because the cause of death is not covered by the policy or because death occurs well after the accident, by which time the premiums have gone unpaid. To know what coverage they have, insureds should always review their policies. Risky activities such as parachuting, flying, professional sports, or military service are often omitted from coverage. Accidental death insurance can also supplement standard life insurance as a rider. If a rider is purchased, the policy generally pays double the face amount if the insured dies from an accident. This was once called double indemnity insurance. In some cases, triple indemnity coverage may be available. Senior and pre-need products Insurance companies have in recent years developed products for niche markets, most notably targeting seniors in an aging population. These are often low to moderate face value whole life insurance policies, allowing senior citizens to purchase affordable insurance later in life. This may also be marketed as final expense insurance and usually have death benefits between $2,000 and $40,000. One reason for their popularity is that they only require answers to simple “yes” or “no” questions, while most policies require a medical exam to qualify. As with other policy types, the range of premiums can vary widely and should be scrutinized prior to purchase, as should the reliability of the companies. Health questions can vary substantially between exam and no-exam policies. It may be possible for individuals with certain conditions to qualify for one type of coverage and not another.[citation needed] Because seniors sometimes are not fully aware of the policy provisions it is important to make sure that policies last for a lifetime and that premiums do not increase every 5 years as is common in some circumstances.[citation needed] Pre-need life insurance policies are limited premium payment, whole life policies that are usually purchased by older applicants, though they are available to everyone. This type of insurance is designed to cover specific funeral expenses that the applicant has designated in a contract with a funeral home. The policy’s death benefit is initially based on the funeral cost at the time of prearrangement, and it then typically grows as interest is credited. In exchange for the policy owner’s designation, the funeral home typically guarantees that the proceeds will cover the cost of the funeral, no matter when death occurs. Excess proceeds may go either to the insured’s estate, a designated beneficiary, or the funeral home as set forth in the contract. Purchasers of these policies usually make a single premium payment at the time of prearrangement, but some companies also allow premiums to be paid over as much as ten years.
A LEADER IN ATTORNEY, COPY & MESSENGER SERVICES For over two decades, Advanced Attorney Services, Inc. has been a leading Attorney, Copy and Messenger services provider in Southern California. With a wide range of business solutions offered, Advanced is committed to superior service standards by providing our clients with new and innovative methods of operating to ensure the highest quality of services available at competitive rates. If your firm is in need of immediate or same day court service, process service, deposition services, writ services, fax filings, E-Filings, messenger, on or off-site copy services, as well as a wide range of other services, allow Advanced Attorney Services to get the job done right.A lawyer referral service maintains a network of lawyers, and connects people in need of lawyers with its participating attorneys. A potential client who contacts a lawyer referral service is directed to a lawyer who practices in the area of law that is most appropriate for their situation. Some lawyer referral services charge a fee for providing a referral, while others provide referrals at no cost to the prospective client. Many referral services connect prospective clients with lawyers who have agreed to provide a low-cost or free initial consultation.[1] Referral services are often provided by state and local bar associations as a public service. Referral services may also be offered by non-profit organizations and advocacy groups. For-profit referral services[1] may connect lawyers with clients who pay a membership fee, or a fee for successfully referred clients, subject to rules against sharing fees with non-lawyers.[2] Historically, lawyer referral services involved prospective clients contacting a bar association or responding to an advertisement, by placing a telephone call to the service and seeking a referral. [3] With the internet boom in the 1990s, many consumers turned to the web to search for goods and services.[4] A research study released in 2012, shows that 76 percent of adult consumers looking for a lawyer used online resources at some point during the search process.[5]Some referral services provide referrals to lawyers in a broad range of areas of legal practice. Others may focus on referrals within a narrow range of practice areas, or a single practice area.[6] Online lawyer referral services are sometimes called attorney-client matching services. People who contact a service may be matched with one or more attorneys, based upon such factors as area of legal practice and geographic location. Lawyers who participate in these services may pay a fee for participation, a fee for each referral, or in some cases a percentage of the amount charged to a referred client.[7] In some cases the prospective client will be able to choose from a list of referred attorneys, while in other cases the referral will be made to a specific participating lawyer.[8] If a client is unable to afford a lawyer and the legal problem is not a matter that can be handled by a lawyer on a percentage fee basis, some referral services may attempt to match the client with a pro bono lawyer, or direct the client to contact a legal aid organization or law student clinic for help.[9] Ethical issues may arise for lawyers who participate in for-profit referral services, and state rules governing participation can vary significantly.[10][11][12] Some referral services are certified by bar associations,[13] including the American Bar Association.[14] Certified referral services must maintain standards of service as defined by the certifying organization. Among those standards, certification may require that participating lawyers meet minimum standards of experience, or maintain legal malpractice insurance. The American Bar Association provides a list attorney referral services that meet its certification requirements.[15] Some legal associations have expressed concern that lawyer referral services can lead to lawyers trying to undercut each other to get clients, rather than focusing on quality of service and the development of their reputation among their peers.[16] Another concern about lawyer referral services relates to client confidentiality. When a prospective client contacts a lawyer directly about retaining the lawyer’s services, the communication is normally held absolutely confidential under principles of attorney-client privilege. Where a lawyer referral service collects information from a person who is seeking a lawyer, that information will not normally be confidential, raising the possibility that information provided to the referral service will be discoverable by the opposing party in any subsequent litigation.[17] Lawyer referral services may have minimal requirements for participation, and in some cases may not do any verification of a lawyer’s qualification or credentials. As a consequence, it remains necessary for a person who uses a referral service to investigate a lawyer’s qualification before retaining the lawyer.[7] Some controversy also arises from whether professional referral services are anti-competitive in nature.[citation needed] For instance, since Board Certified attorneys often charge a higher hourly rate than other competent general practitioners, if a Lawyer Referral Service requires Board Certification for certain types of referrals, instead of merely providing the public a choice between a Board Certified attorney and a competent attorney who is not Board Certified, the effect may be to restrict competition and restrict public choice and push up consumer prices.[citation needed] State bars, which license attorneys, may be complicit in restricting client choice.[citation needed] A LEADER IN ATTORNEY, COPY & MESSENGER SERVICES For over two decades, Advanced Attorney Services, Inc. has been a leading Attorney, Copy and Messenger services provider in Southern California. With a wide range of business solutions offered, Advanced is committed to superior service standards by providing our clients with new and innovative methods of operating to ensure the highest quality of services available at competitive rates. If your firm is in need of immediate or same day court service, process service, deposition services, writ services, fax filings, E-Filings, messenger, on or off-site copy services, as well as a wide range of other services, allow Advanced Attorney Services to get the job done right.A lawyer referral service maintains a network of lawyers, and connects people in need of lawyers with its participating attorneys. A potential client who contacts a lawyer referral service is directed to a lawyer who practices in the area of law that is most appropriate for their situation. Some lawyer referral services charge a fee for providing a referral, while others provide referrals at no cost to the prospective client. Many referral services connect prospective clients with lawyers who have agreed to provide a low-cost or free initial consultation.[1] Referral services are often provided by state and local bar associations as a public service. Referral services may also be offered by non-profit organizations and advocacy groups. For-profit referral services[1] may connect lawyers with clients who pay a membership fee, or a fee for successfully referred clients, subject to rules against sharing fees with non-lawyers.[2] Historically, lawyer referral services involved prospective clients contacting a bar association or responding to an advertisement, by placing a telephone call to the service and seeking a referral. [3] With the internet boom in the 1990s, many consumers turned to the web to search for goods and services.[4] A research study released in 2012, shows that 76 percent of adult consumers looking for a lawyer used online resources at some point during the search process.[5]Some referral services provide referrals to lawyers in a broad range of areas of legal practice. Others may focus on referrals within a narrow range of practice areas, or a single practice area.[6] Online lawyer referral services are sometimes called attorney-client matching services. People who contact a service may be matched with one or more attorneys, based upon such factors as area of legal practice and geographic location. Lawyers who participate in these services may pay a fee for participation, a fee for each referral, or in some cases a percentage of the amount charged to a referred client.[7] In some cases the prospective client will be able to choose from a list of referred attorneys, while in other cases the referral will be made to a specific participating lawyer.[8] If a client is unable to afford a lawyer and the legal problem is not a matter that can be handled by a lawyer on a percentage fee basis, some referral services may attempt to match the client with a pro bono lawyer, or direct the client to contact a legal aid organization or law student clinic for help.[9] Ethical issues may arise for lawyers who participate in for-profit referral services, and state rules governing participation can vary significantly.[10][11][12] Some referral services are certified by bar associations,[13] including the American Bar Association.[14] Certified referral services must maintain standards of service as defined by the certifying organization. Among those standards, certification may require that participating lawyers meet minimum standards of experience, or maintain legal malpractice insurance. The American Bar Association provides a list attorney referral services that meet its certification requirements.[15] Some legal associations have expressed concern that lawyer referral services can lead to lawyers trying to undercut each other to get clients, rather than focusing on quality of service and the development of their reputation among their peers.[16] Another concern about lawyer referral services relates to client confidentiality. When a prospective client contacts a lawyer directly about retaining the lawyer’s services, the communication is normally held absolutely confidential under principles of attorney-client privilege. Where a lawyer referral service collects information from a person who is seeking a lawyer, that information will not normally be confidential, raising the possibility that information provided to the referral service will be discoverable by the opposing party in any subsequent litigation.[17] Lawyer referral services may have minimal requirements for participation, and in some cases may not do any verification of a lawyer’s qualification or credentials. As a consequence, it remains necessary for a person who uses a referral service to investigate a lawyer’s qualification before retaining the lawyer.[7] Some controversy also arises from whether professional referral services are anti-competitive in nature.[citation needed] For instance, since Board Certified attorneys often charge a higher hourly rate than other competent general practitioners, if a Lawyer Referral Service requires Board Certification for certain types of referrals, instead of merely providing the public a choice between a Board Certified attorney and a competent attorney who is not Board Certified, the effect may be to restrict competition and restrict public choice and push up consumer prices.[citation needed] State bars, which license attorneys, may be complicit in restricting client choice.[citation needed]
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 they often begin in late August or early September of year one and continue until May or June 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. A typical full-time, accelerated, part-time, or modular MBA requires 60 credits (600 class hours) of graduate work.[25] Accelerated MBA programs are a variation of the two-year programs. They involve a higher course load with more intense class and examination schedules and are usually condensed into one year. 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. Accelerated programs typically have a lower cost than full-time two-year programs. 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. Evening (second shift) MBA programs are full-time programs that normally hold classes on weekday evenings, after normal working hours, or on weekends for a duration of two years. The students in these programs typically consist of working professionals, who can not leave their work to pursue a full-time regular shift MBA. Most second shift programs are offered at universities in India. Modular MBA programs are similar to part-time programs, although typically employing a lock-step curriculum with classes packaged together in blocks lasting from one to three weeks. 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. Full-time executive MBA programs are a new category of full-time 1 year MBA programs aimed at professionals with approx. 5 years or more. They are primarily offered in countries like India where the 2-year MBA program is targeted at fresh graduates with no experience or minimal experience. These full-time executive MBA programs are similar to 1 year MBA programs offered by schools like Insead and IMD. 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.[26] These programs typically target working professionals who are unable to attend traditional part-time programs.[27] MBA dual degree programs combine an MBA with others (such as an MS, MA, or a JD, 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. This is generally achieved by allowing core courses of one program count as electives in the other. Some business schools offer programs in which students can earn both a bachelor’s degree in business administration and an MBA in 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. In the past, Mini-MBA programs have typically been offered as non-credit bearing courses that require less than 100 hours of total learning. However, due to the criticisms of these certificates, many schools have now shifted their programs to offer courses for full credit so that they may be applied towards a complete traditional MBA degree. This is to allow students to verify business related coursework for employment purposes and still allow the option to complete a full-time MBA degree program at a later period, if they elect to do so.
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits. Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion. Life-based contracts tend to fall into two major categories: Protection policies designed to provide a benefit, typically a lump sum payment, in the event of a specified occurrence. A common form more common in years past of a protection policy design is term insurance. Investment policies the main objective of these policies is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are whole life, universal life, and variable life policies. Parties to contract The person responsible for making payments for a policy is the policy owner, while the insured is the person whose death will trigger payment of the death benefit. The owner and insured may or may not be the same person. For example, if Joe buys a policy on his own life, he is both the owner and the insured. But if Jane, his wife, buys a policy on Joe’s life, she is the owner and he is the insured. The policy owner is the guarantor and he will be the person to pay for the policy. The insured is a participant in the contract, but not necessarily a party to it. Chart of a life insurance The beneficiary receives policy proceeds upon the insured person’s death. The owner designates the beneficiary, but the beneficiary is not a party to the policy. The owner can change the beneficiary unless the policy has an irrevocable beneficiary designation. If a policy has an irrevocable beneficiary, any beneficiary changes, policy assignments, or cash value borrowing would require the agreement of the original beneficiary. In cases where the policy owner is not the insured (also referred to as the celui qui vit or CQV), insurance companies have sought to limit policy purchases to those with an insurable interest in the CQV. For life insurance policies, close family members and business partners will usually be found to have an insurable interest. The insurable interest requirement usually demonstrates that the purchaser will actually suffer some kind of loss if the CQV dies. Such a requirement prevents people from benefiting from the purchase of purely speculative policies on people they expect to die. With no insurable interest requirement, the risk that a purchaser would murder the CQV for insurance proceeds would be great. In at least one case, an insurance company which sold a policy to a purchaser with no insurable interest (who later murdered the CQV for the proceeds), was found liable in court for contributing to the wrongful death of the victim (Liberty National Life v. Weldon, 267 Ala.171 (1957)). Contract terms Special exclusions may apply, such as suicide clauses, whereby the policy becomes null and void if the insured commits suicide within a specified time (usually two years after the purchase date; some states provide a statutory one-year suicide clause). Any misrepresentations by the insured on the application may also be grounds for nullification. Most US states specify a maximum contestability period, often no more than two years. Only if the insured dies within this period will the insurer have a legal right to contest the claim on the basis of misrepresentation and request additional information before deciding whether to pay or deny the claim. The face amount of the policy is the initial amount that the policy will pay at the death of the insured or when the policy matures, although the actual death benefit can provide for greater or lesser than the face amount. The policy matures when the insured dies or reaches a specified age (such as 100 years old). Costs, insurability, and underwriting The insurance company calculates the policy prices (premiums) at a level sufficient to fund claims, cover administrative costs, and provide a profit. The cost of insurance is determined using mortality tables calculated by actuaries. Mortality tables are statistically based tables showing expected annual mortality rates of people at different ages. Put simply, people are more likely to die as they get older and the mortality tables enable the insurance companies to calculate the risk and increase premiums with age accordingly. Such estimates can be important in taxation regulation.[8][9] In the 1980s and 1990s, the SOA 1975 80 Basic Select & Ultimate tables were the typical reference points, while the 2001 VBT and 2001 CSO tables were published more recently. As well as the basic parameters of age and gender, the newer tables include separate mortality tables for smokers and non-smokers, and the CSO tables include separate tables for preferred classes.[10] The mortality tables provide a baseline for the cost of insurance, but the health and family history of the individual applicant is also taken into account (except in the case of Group policies). This investigation and resulting evaluation is termed underwriting. Health and lifestyle questions are asked, with certain responses possibly meriting further investigation. Specific factors that may be considered by underwriters include: Personal medical history[11] Family medical history[12] Driving record[13] Height and weight matrix, otherwise known as BMI (Body Mass Index)[14] Based on the above and additional factors, applicants will be placed into one of several classes of health ratings which will determine the premium paid in exchange for insurance at that particular carrier.[13] Life insurance companies in the United States support the Medical Information Bureau (MIB),[15] which is a clearing house of information on persons who have applied for life insurance with participating companies in the last seven years. As part of the application, the insurer often requires the applicant’s permission to obtain information from their physicians.[16] Automated Life Underwriting is a technology solution which is designed to perform all or some of the screening functions traditionally completed by underwriters, and thus seeks to reduce the work effort, time and/or data necessary to underwrite a life insurance application.[17] These systems allow point of sale distribution and can shorten the time frame for issuance from weeks or even months to hours or minutes, depending on the amount of insurance being purchased.[18] The mortality of underwritten persons rises much more quickly than the general population. At the end of 10 years, the mortality of that 25-year-old, non-smoking male is 0.66/1000/year. Consequently, in a group of one thousand 25-year-old males with a $100,000 policy, all of average health, a life insurance company would have to collect approximately $50 a year from each participant to cover the relatively few expected claims. (0.35 to 0.66 expected deaths in each year $100,000 payout per death = $35 per policy.) Other costs, such as administrative and sales expenses, also need to be considered when setting the premiums. A 10-year policy for a 25-year-old non-smoking male with preferred medical history may get offers as low as $90 per year for a $100,000 policy in the competitive US life insurance market. Most of the revenue received by insurance companies consists of premiums, but revenue from investing the premiums forms an important source of profit for most life insurance companies. Group Insurance policies are an exception to this. In the United States, life insurance companies are never legally required to provide coverage to everyone, with the exception of Civil Rights Act compliance requirements. Insurance companies alone determine insurability, and some people are deemed uninsurable. The policy can be declined or rated (increasing the premium amount to compensate for the higher risk), and the amount of the premium will be proportional to the face value of the policy. Many companies separate applicants into four general categories. These categories are preferred best, preferred, standard, and tobacco. Preferred best is reserved only for the healthiest individuals in the general population. This may mean, that the proposed insured has no adverse medical history, is not under medication, and has no family history of early-onset cancer, diabetes, or other conditions.[19] Preferred means that the proposed insured is currently under medication and has a family history of particular illnesses. Most people are in the standard category. People in the tobacco category typically have to pay higher premiums due to the higher mortality. Recent US mortality tables predict that roughly 0.35 in 1,000 non-smoking males aged 25 will die during the first year of a policy.[20] Mortality approximately doubles for every extra ten years of age, so the mortality rate in the first year for non-smoking men is about 2.5 in 1,000 people at age 65.[20] Compare this with the US population male mortality rates of 1.3 per 1,000 at age 25 and 19.3 at age 65 (without regard to health or smoking status).[21] Death proceeds Upon the insured’s death, the insurer requires acceptable proof of death before it pays the claim. The normal minimum proof required is a death certificate, and the insurer’s claim form completed, signed, and typically notarized.[citation needed] If the insured’s death is suspicious and the policy amount is large, the insurer may investigate the circumstances surrounding the death before deciding whether it has an obligation to pay the claim. Payment from the policy may be as a lump sum or as an annuity, which is paid in regular installments for either a specified period or for the beneficiary’s lifetime.[22] Insurance vs assurance The specific uses of the terms “insurance” and “assurance” are sometimes confused. In general, in jurisdictions where both terms are used, “insurance” refers to providing coverage for an event that might happen (fire, theft, flood, etc.), while “assurance” is the provision of coverage for an event that is certain to happen. In the United States, both forms of coverage are called “insurance” for reasons of simplicity in companies selling both products.[citation needed] By some definitions, “insurance” is any coverage that determines benefits based on actual losses whereas “assurance” is coverage with predetermined benefits irrespective of the losses incurred. Life insurance may be divided into two basic classes: temporary and permanent; or the following subclasses: term, universal, whole life, and endowment life insurance. Term insurance Main article: Term life insurance Term assurance provides life insurance coverage for a specified term. The policy does not accumulate cash value. Term insurance is significantly less expensive than an equivalent permanent policy but will become higher with age. Policy holders can save to provide for increased term premiums or decrease insurance needs (by paying off debts or saving to provide for survivor needs).[23] Mortgage life insurance insures a loan secured by real property and usually features a level premium amount for a declining policy face value because what is insured is the principal and interest outstanding on a mortgage that is constantly being reduced by mortgage payments. The face amount of the policy is always the amount of the principal and interest outstanding that are paid should the applicant die before the final installment is paid. Group life insurance Group life insurance (also known as wholesale life insurance or institutional life insurance) is term insurance covering a group of people, usually employees of a company, members of a union or association, or members of a pension or superannuation fund. Individual proof of insurability is not normally a consideration in its underwriting. Rather, the underwriter considers the size, turnover, and financial strength of the group. Contract provisions will attempt to exclude the possibility of adverse selection. Group life insurance often allows members exiting the group to maintain their coverage by buying individual coverage. The underwriting is carried out for the whole group instead of individuals. Permanent life insurance Permanent life insurance is life insurance that covers the remaining lifetime of the insured. A permanent insurance policy accumulates a cash value up to its date of maturation. The owner can access the money in the cash value by withdrawing money, borrowing the cash value, or surrendering the policy and receiving the surrender value. The three basic types of permanent insurance are whole life, universal life, and endowment. Whole life Main article: Whole life insurance Whole life insurance provides lifetime coverage for a set premium amount (see main article for a full explanation of the many variations and options). Universal life coverage Universal life insurance (ULl) is a relatively new insurance product, intended to combine permanent insurance coverage with greater flexibility in premium payments, along with the potential for greater growth of cash values. There are several types of universal life insurance policies, including interest-sensitive (also known as “traditional fixed universal life insurance”), variable universal life (VUL), guaranteed death benefit, and has equity-indexed universal life insurance. Universal life insurance policies have cash values. Paid-in premiums increase their cash values; administrative and other costs reduce their cash values. Universal life insurance addresses the perceived disadvantages of whole life namely that premiums and death benefits are fixed. With universal life, both the premiums and death benefit are flexible. With the exception of guaranteed-death-benefit universal life policies, universal life policies trade their greater flexibility off for fewer guarantees. “Flexible death benefit” means the policy owner can choose to decrease the death benefit. The death benefit can also be increased by the policy owner, usually requiring new underwriting. Another feature of flexible death benefit is the ability to choose option A or option B death benefits and to change those options over the course of the life of the insured. Option A is often referred to as a “level death benefit”; death benefits remain level for the life of the insured, and premiums are lower than policies with Option B death benefits, which pay the policy’s cash value i.e., a face amount plus earnings/interest. If the cash value grows over time, the death benefits do too. If the cash value declines, the death benefit also declines. Option B policies normally feature higher premiums than option A policies. Endowments Main article: Endowment policy The endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its ‘maturity’) or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness. Policies are typically traditional with-profits or unit-linked (including those with unitized with-profits funds). Endowments can be cashed in early (or surrendered) and the holder then receives the surrender value which is determined by the insurance company depending on how long the policy has been running and how much has been paid into it. Accidental death Accidental death insurance is a type of limited life insurance that is designed to cover the insured should they die as the result of an accident. “Accidents” run the gamut from abrasions to catastrophes but normally do not include deaths resulting from non-accident-related health problems or suicide. Because they only cover accidents, these policies are much less expensive than other life insurance policies. Such insurance can also be accidental death and dismemberment insurance or AD&D. In an AD&D policy, benefits are available not only for accidental death but also for the loss of limbs or body functions such as sight and hearing. Accidental death and AD&D policies very rarely pay a benefit, either because the cause of death is not covered by the policy or because death occurs well after the accident, by which time the premiums have gone unpaid. To know what coverage they have, insureds should always review their policies. Risky activities such as parachuting, flying, professional sports, or military service are often omitted from coverage. Accidental death insurance can also supplement standard life insurance as a rider. If a rider is purchased, the policy generally pays double the face amount if the insured dies from an accident. This was once called double indemnity insurance. In some cases, triple indemnity coverage may be available. Senior and pre-need products Insurance companies have in recent years developed products for niche markets, most notably targeting seniors in an aging population. These are often low to moderate face value whole life insurance policies, allowing senior citizens to purchase affordable insurance later in life. This may also be marketed as final expense insurance and usually have death benefits between $2,000 and $40,000. One reason for their popularity is that they only require answers to simple “yes” or “no” questions, while most policies require a medical exam to qualify. As with other policy types, the range of premiums can vary widely and should be scrutinized prior to purchase, as should the reliability of the companies. Health questions can vary substantially between exam and no-exam policies. It may be possible for individuals with certain conditions to qualify for one type of coverage and not another.[citation needed] Because seniors sometimes are not fully aware of the policy provisions it is important to make sure that policies last for a lifetime and that premiums do not increase every 5 years as is common in some circumstances.[citation needed] Pre-need life insurance policies are limited premium payment, whole life policies that are usually purchased by older applicants, though they are available to everyone. This type of insurance is designed to cover specific funeral expenses that the applicant has designated in a contract with a funeral home. The policy’s death benefit is initially based on the funeral cost at the time of prearrangement, and it then typically grows as interest is credited. In exchange for the policy owner’s designation, the funeral home typically guarantees that the proceeds will cover the cost of the funeral, no matter when death occurs. Excess proceeds may go either to the insured’s estate, a designated beneficiary, or the funeral home as set forth in the contract. Purchasers of these policies usually make a single premium payment at the time of prearrangement, but some companies also allow premiums to be paid over as much as ten years.
A LEADER IN ATTORNEY, COPY & MESSENGER SERVICES For over two decades, Advanced Attorney Services, Inc. has been a leading Attorney, Copy and Messenger services provider in Southern California. With a wide range of business solutions offered, Advanced is committed to superior service standards by providing our clients with new and innovative methods of operating to ensure the highest quality of services available at competitive rates. If your firm is in need of immediate or same day court service, process service, deposition services, writ services, fax filings, E-Filings, messenger, on or off-site copy services, as well as a wide range of other services, allow Advanced Attorney Services to get the job done right.A lawyer referral service maintains a network of lawyers, and connects people in need of lawyers with its participating attorneys. A potential client who contacts a lawyer referral service is directed to a lawyer who practices in the area of law that is most appropriate for their situation. Some lawyer referral services charge a fee for providing a referral, while others provide referrals at no cost to the prospective client. Many referral services connect prospective clients with lawyers who have agreed to provide a low-cost or free initial consultation.[1] Referral services are often provided by state and local bar associations as a public service. Referral services may also be offered by non-profit organizations and advocacy groups. For-profit referral services[1] may connect lawyers with clients who pay a membership fee, or a fee for successfully referred clients, subject to rules against sharing fees with non-lawyers.[2] Historically, lawyer referral services involved prospective clients contacting a bar association or responding to an advertisement, by placing a telephone call to the service and seeking a referral. [3] With the internet boom in the 1990s, many consumers turned to the web to search for goods and services.[4] A research study released in 2012, shows that 76 percent of adult consumers looking for a lawyer used online resources at some point during the search process.[5]Some referral services provide referrals to lawyers in a broad range of areas of legal practice. Others may focus on referrals within a narrow range of practice areas, or a single practice area.[6] Online lawyer referral services are sometimes called attorney-client matching services. People who contact a service may be matched with one or more attorneys, based upon such factors as area of legal practice and geographic location. Lawyers who participate in these services may pay a fee for participation, a fee for each referral, or in some cases a percentage of the amount charged to a referred client.[7] In some cases the prospective client will be able to choose from a list of referred attorneys, while in other cases the referral will be made to a specific participating lawyer.[8] If a client is unable to afford a lawyer and the legal problem is not a matter that can be handled by a lawyer on a percentage fee basis, some referral services may attempt to match the client with a pro bono lawyer, or direct the client to contact a legal aid organization or law student clinic for help.[9] Ethical issues may arise for lawyers who participate in for-profit referral services, and state rules governing participation can vary significantly.[10][11][12] Some referral services are certified by bar associations,[13] including the American Bar Association.[14] Certified referral services must maintain standards of service as defined by the certifying organization. Among those standards, certification may require that participating lawyers meet minimum standards of experience, or maintain legal malpractice insurance. The American Bar Association provides a list attorney referral services that meet its certification requirements.[15] Some legal associations have expressed concern that lawyer referral services can lead to lawyers trying to undercut each other to get clients, rather than focusing on quality of service and the development of their reputation among their peers.[16] Another concern about lawyer referral services relates to client confidentiality. When a prospective client contacts a lawyer directly about retaining the lawyer’s services, the communication is normally held absolutely confidential under principles of attorney-client privilege. Where a lawyer referral service collects information from a person who is seeking a lawyer, that information will not normally be confidential, raising the possibility that information provided to the referral service will be discoverable by the opposing party in any subsequent litigation.[17] Lawyer referral services may have minimal requirements for participation, and in some cases may not do any verification of a lawyer’s qualification or credentials. As a consequence, it remains necessary for a person who uses a referral service to investigate a lawyer’s qualification before retaining the lawyer.[7] Some controversy also arises from whether professional referral services are anti-competitive in nature.[citation needed] For instance, since Board Certified attorneys often charge a higher hourly rate than other competent general practitioners, if a Lawyer Referral Service requires Board Certification for certain types of referrals, instead of merely providing the public a choice between a Board Certified attorney and a competent attorney who is not Board Certified, the effect may be to restrict competition and restrict public choice and push up consumer prices.[citation needed] State bars, which license attorneys, may be complicit in restricting client choice.[citation needed] A LEADER IN ATTORNEY, COPY & MESSENGER SERVICES For over two decades, Advanced Attorney Services, Inc. has been a leading Attorney, Copy and Messenger services provider in Southern California. With a wide range of business solutions offered, Advanced is committed to superior service standards by providing our clients with new and innovative methods of operating to ensure the highest quality of services available at competitive rates. If your firm is in need of immediate or same day court service, process service, deposition services, writ services, fax filings, E-Filings, messenger, on or off-site copy services, as well as a wide range of other services, allow Advanced Attorney Services to get the job done right.A lawyer referral service maintains a network of lawyers, and connects people in need of lawyers with its participating attorneys. A potential client who contacts a lawyer referral service is directed to a lawyer who practices in the area of law that is most appropriate for their situation. Some lawyer referral services charge a fee for providing a referral, while others provide referrals at no cost to the prospective client. Many referral services connect prospective clients with lawyers who have agreed to provide a low-cost or free initial consultation.[1] Referral services are often provided by state and local bar associations as a public service. Referral services may also be offered by non-profit organizations and advocacy groups. For-profit referral services[1] may connect lawyers with clients who pay a membership fee, or a fee for successfully referred clients, subject to rules against sharing fees with non-lawyers.[2] Historically, lawyer referral services involved prospective clients contacting a bar association or responding to an advertisement, by placing a telephone call to the service and seeking a referral. [3] With the internet boom in the 1990s, many consumers turned to the web to search for goods and services.[4] A research study released in 2012, shows that 76 percent of adult consumers looking for a lawyer used online resources at some point during the search process.[5]Some referral services provide referrals to lawyers in a broad range of areas of legal practice. Others may focus on referrals within a narrow range of practice areas, or a single practice area.[6] Online lawyer referral services are sometimes called attorney-client matching services. People who contact a service may be matched with one or more attorneys, based upon such factors as area of legal practice and geographic location. Lawyers who participate in these services may pay a fee for participation, a fee for each referral, or in some cases a percentage of the amount charged to a referred client.[7] In some cases the prospective client will be able to choose from a list of referred attorneys, while in other cases the referral will be made to a specific participating lawyer.[8] If a client is unable to afford a lawyer and the legal problem is not a matter that can be handled by a lawyer on a percentage fee basis, some referral services may attempt to match the client with a pro bono lawyer, or direct the client to contact a legal aid organization or law student clinic for help.[9] Ethical issues may arise for lawyers who participate in for-profit referral services, and state rules governing participation can vary significantly.[10][11][12] Some referral services are certified by bar associations,[13] including the American Bar Association.[14] Certified referral services must maintain standards of service as defined by the certifying organization. Among those standards, certification may require that participating lawyers meet minimum standards of experience, or maintain legal malpractice insurance. The American Bar Association provides a list attorney referral services that meet its certification requirements.[15] Some legal associations have expressed concern that lawyer referral services can lead to lawyers trying to undercut each other to get clients, rather than focusing on quality of service and the development of their reputation among their peers.[16] Another concern about lawyer referral services relates to client confidentiality. When a prospective client contacts a lawyer directly about retaining the lawyer’s services, the communication is normally held absolutely confidential under principles of attorney-client privilege. Where a lawyer referral service collects information from a person who is seeking a lawyer, that information will not normally be confidential, raising the possibility that information provided to the referral service will be discoverable by the opposing party in any subsequent litigation.[17] Lawyer referral services may have minimal requirements for participation, and in some cases may not do any verification of a lawyer’s qualification or credentials. As a consequence, it remains necessary for a person who uses a referral service to investigate a lawyer’s qualification before retaining the lawyer.[7] Some controversy also arises from whether professional referral services are anti-competitive in nature.[citation needed] For instance, since Board Certified attorneys often charge a higher hourly rate than other competent general practitioners, if a Lawyer Referral Service requires Board Certification for certain types of referrals, instead of merely providing the public a choice between a Board Certified attorney and a competent attorney who is not Board Certified, the effect may be to restrict competition and restrict public choice and push up consumer prices.[citation needed] State bars, which license attorneys, may be complicit in restricting client choice.[citation needed]
The MBA is a terminal degree and a professional degree.[2][3] Accreditation bodies specifically for MBA programs ensure consistency and quality of education. Business schools in many countries offer programs tailored to full-time, part-time, executive (abridged coursework typically occurring on nights or weekends) and distance learning students, many with specialized concentrations.
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 they often begin in late August or early September of year one and continue until May or June 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. A typical full-time, accelerated, part-time, or modular MBA requires 60 credits (600 class hours) of graduate work.[25] Accelerated MBA programs are a variation of the two-year programs. They involve a higher course load with more intense class and examination schedules and are usually condensed into one year. 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. Accelerated programs typically have a lower cost than full-time two-year programs. 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. Evening (second shift) MBA programs are full-time programs that normally hold classes on weekday evenings, after normal working hours, or on weekends for a duration of two years. The students in these programs typically consist of working professionals, who can not leave their work to pursue a full-time regular shift MBA. Most second shift programs are offered at universities in India. Modular MBA programs are similar to part-time programs, although typically employing a lock-step curriculum with classes packaged together in blocks lasting from one to three weeks. 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. Full-time executive MBA programs are a new category of full-time 1 year MBA programs aimed at professionals with approx. 5 years or more. They are primarily offered in countries like India where the 2-year MBA program is targeted at fresh graduates with no experience or minimal experience. These full-time executive MBA programs are similar to 1 year MBA programs offered by schools like Insead and IMD. 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.[26] These programs typically target working professionals who are unable to attend traditional part-time programs.[27] MBA dual degree programs combine an MBA with others (such as an MS, MA, or a JD, 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. This is generally achieved by allowing core courses of one program count as electives in the other. Some business schools offer programs in which students can earn both a bachelor’s degree in business administration and an MBA in 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. In the past, Mini-MBA programs have typically been offered as non-credit bearing courses that require less than 100 hours of total learning. However, due to the criticisms of these certificates, many schools have now shifted their programs to offer courses for full credit so that they may be applied towards a complete traditional MBA degree. This is to allow students to verify business related coursework for employment purposes and still allow the option to complete a full-time MBA degree program at a later period, if they elect to do so.
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits. Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion. Life-based contracts tend to fall into two major categories: Protection policies designed to provide a benefit, typically a lump sum payment, in the event of a specified occurrence. A common form more common in years past of a protection policy design is term insurance. Investment policies the main objective of these policies is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are whole life, universal life, and variable life policies. Parties to contract The person responsible for making payments for a policy is the policy owner, while the insured is the person whose death will trigger payment of the death benefit. The owner and insured may or may not be the same person. For example, if Joe buys a policy on his own life, he is both the owner and the insured. But if Jane, his wife, buys a policy on Joe’s life, she is the owner and he is the insured. The policy owner is the guarantor and he will be the person to pay for the policy. The insured is a participant in the contract, but not necessarily a party to it. Chart of a life insurance The beneficiary receives policy proceeds upon the insured person’s death. The owner designates the beneficiary, but the beneficiary is not a party to the policy. The owner can change the beneficiary unless the policy has an irrevocable beneficiary designation. If a policy has an irrevocable beneficiary, any beneficiary changes, policy assignments, or cash value borrowing would require the agreement of the original beneficiary. In cases where the policy owner is not the insured (also referred to as the celui qui vit or CQV), insurance companies have sought to limit policy purchases to those with an insurable interest in the CQV. For life insurance policies, close family members and business partners will usually be found to have an insurable interest. The insurable interest requirement usually demonstrates that the purchaser will actually suffer some kind of loss if the CQV dies. Such a requirement prevents people from benefiting from the purchase of purely speculative policies on people they expect to die. With no insurable interest requirement, the risk that a purchaser would murder the CQV for insurance proceeds would be great. In at least one case, an insurance company which sold a policy to a purchaser with no insurable interest (who later murdered the CQV for the proceeds), was found liable in court for contributing to the wrongful death of the victim (Liberty National Life v. Weldon, 267 Ala.171 (1957)). Contract terms Special exclusions may apply, such as suicide clauses, whereby the policy becomes null and void if the insured commits suicide within a specified time (usually two years after the purchase date; some states provide a statutory one-year suicide clause). Any misrepresentations by the insured on the application may also be grounds for nullification. Most US states specify a maximum contestability period, often no more than two years. Only if the insured dies within this period will the insurer have a legal right to contest the claim on the basis of misrepresentation and request additional information before deciding whether to pay or deny the claim. The face amount of the policy is the initial amount that the policy will pay at the death of the insured or when the policy matures, although the actual death benefit can provide for greater or lesser than the face amount. The policy matures when the insured dies or reaches a specified age (such as 100 years old). Costs, insurability, and underwriting The insurance company calculates the policy prices (premiums) at a level sufficient to fund claims, cover administrative costs, and provide a profit. The cost of insurance is determined using mortality tables calculated by actuaries. Mortality tables are statistically based tables showing expected annual mortality rates of people at different ages. Put simply, people are more likely to die as they get older and the mortality tables enable the insurance companies to calculate the risk and increase premiums with age accordingly. Such estimates can be important in taxation regulation.[8][9] In the 1980s and 1990s, the SOA 1975 80 Basic Select & Ultimate tables were the typical reference points, while the 2001 VBT and 2001 CSO tables were published more recently. As well as the basic parameters of age and gender, the newer tables include separate mortality tables for smokers and non-smokers, and the CSO tables include separate tables for preferred classes.[10] The mortality tables provide a baseline for the cost of insurance, but the health and family history of the individual applicant is also taken into account (except in the case of Group policies). This investigation and resulting evaluation is termed underwriting. Health and lifestyle questions are asked, with certain responses possibly meriting further investigation. Specific factors that may be considered by underwriters include: Personal medical history[11] Family medical history[12] Driving record[13] Height and weight matrix, otherwise known as BMI (Body Mass Index)[14] Based on the above and additional factors, applicants will be placed into one of several classes of health ratings which will determine the premium paid in exchange for insurance at that particular carrier.[13] Life insurance companies in the United States support the Medical Information Bureau (MIB),[15] which is a clearing house of information on persons who have applied for life insurance with participating companies in the last seven years. As part of the application, the insurer often requires the applicant’s permission to obtain information from their physicians.[16] Automated Life Underwriting is a technology solution which is designed to perform all or some of the screening functions traditionally completed by underwriters, and thus seeks to reduce the work effort, time and/or data necessary to underwrite a life insurance application.[17] These systems allow point of sale distribution and can shorten the time frame for issuance from weeks or even months to hours or minutes, depending on the amount of insurance being purchased.[18] The mortality of underwritten persons rises much more quickly than the general population. At the end of 10 years, the mortality of that 25-year-old, non-smoking male is 0.66/1000/year. Consequently, in a group of one thousand 25-year-old males with a $100,000 policy, all of average health, a life insurance company would have to collect approximately $50 a year from each participant to cover the relatively few expected claims. (0.35 to 0.66 expected deaths in each year $100,000 payout per death = $35 per policy.) Other costs, such as administrative and sales expenses, also need to be considered when setting the premiums. A 10-year policy for a 25-year-old non-smoking male with preferred medical history may get offers as low as $90 per year for a $100,000 policy in the competitive US life insurance market. Most of the revenue received by insurance companies consists of premiums, but revenue from investing the premiums forms an important source of profit for most life insurance companies. Group Insurance policies are an exception to this. In the United States, life insurance companies are never legally required to provide coverage to everyone, with the exception of Civil Rights Act compliance requirements. Insurance companies alone determine insurability, and some people are deemed uninsurable. The policy can be declined or rated (increasing the premium amount to compensate for the higher risk), and the amount of the premium will be proportional to the face value of the policy. Many companies separate applicants into four general categories. These categories are preferred best, preferred, standard, and tobacco. Preferred best is reserved only for the healthiest individuals in the general population. This may mean, that the proposed insured has no adverse medical history, is not under medication, and has no family history of early-onset cancer, diabetes, or other conditions.[19] Preferred means that the proposed insured is currently under medication and has a family history of particular illnesses. Most people are in the standard category. People in the tobacco category typically have to pay higher premiums due to the higher mortality. Recent US mortality tables predict that roughly 0.35 in 1,000 non-smoking males aged 25 will die during the first year of a policy.[20] Mortality approximately doubles for every extra ten years of age, so the mortality rate in the first year for non-smoking men is about 2.5 in 1,000 people at age 65.[20] Compare this with the US population male mortality rates of 1.3 per 1,000 at age 25 and 19.3 at age 65 (without regard to health or smoking status).[21] Death proceeds Upon the insured’s death, the insurer requires acceptable proof of death before it pays the claim. The normal minimum proof required is a death certificate, and the insurer’s claim form completed, signed, and typically notarized.[citation needed] If the insured’s death is suspicious and the policy amount is large, the insurer may investigate the circumstances surrounding the death before deciding whether it has an obligation to pay the claim. Payment from the policy may be as a lump sum or as an annuity, which is paid in regular installments for either a specified period or for the beneficiary’s lifetime.[22] Insurance vs assurance The specific uses of the terms “insurance” and “assurance” are sometimes confused. In general, in jurisdictions where both terms are used, “insurance” refers to providing coverage for an event that might happen (fire, theft, flood, etc.), while “assurance” is the provision of coverage for an event that is certain to happen. In the United States, both forms of coverage are called “insurance” for reasons of simplicity in companies selling both products.[citation needed] By some definitions, “insurance” is any coverage that determines benefits based on actual losses whereas “assurance” is coverage with predetermined benefits irrespective of the losses incurred. Life insurance may be divided into two basic classes: temporary and permanent; or the following subclasses: term, universal, whole life, and endowment life insurance. Term insurance Main article: Term life insurance Term assurance provides life insurance coverage for a specified term. The policy does not accumulate cash value. Term insurance is significantly less expensive than an equivalent permanent policy but will become higher with age. Policy holders can save to provide for increased term premiums or decrease insurance needs (by paying off debts or saving to provide for survivor needs).[23] Mortgage life insurance insures a loan secured by real property and usually features a level premium amount for a declining policy face value because what is insured is the principal and interest outstanding on a mortgage that is constantly being reduced by mortgage payments. The face amount of the policy is always the amount of the principal and interest outstanding that are paid should the applicant die before the final installment is paid. Group life insurance Group life insurance (also known as wholesale life insurance or institutional life insurance) is term insurance covering a group of people, usually employees of a company, members of a union or association, or members of a pension or superannuation fund. Individual proof of insurability is not normally a consideration in its underwriting. Rather, the underwriter considers the size, turnover, and financial strength of the group. Contract provisions will attempt to exclude the possibility of adverse selection. Group life insurance often allows members exiting the group to maintain their coverage by buying individual coverage. The underwriting is carried out for the whole group instead of individuals. Permanent life insurance Permanent life insurance is life insurance that covers the remaining lifetime of the insured. A permanent insurance policy accumulates a cash value up to its date of maturation. The owner can access the money in the cash value by withdrawing money, borrowing the cash value, or surrendering the policy and receiving the surrender value. The three basic types of permanent insurance are whole life, universal life, and endowment. Whole life Main article: Whole life insurance Whole life insurance provides lifetime coverage for a set premium amount (see main article for a full explanation of the many variations and options). Universal life coverage Universal life insurance (ULl) is a relatively new insurance product, intended to combine permanent insurance coverage with greater flexibility in premium payments, along with the potential for greater growth of cash values. There are several types of universal life insurance policies, including interest-sensitive (also known as “traditional fixed universal life insurance”), variable universal life (VUL), guaranteed death benefit, and has equity-indexed universal life insurance. Universal life insurance policies have cash values. Paid-in premiums increase their cash values; administrative and other costs reduce their cash values. Universal life insurance addresses the perceived disadvantages of whole life namely that premiums and death benefits are fixed. With universal life, both the premiums and death benefit are flexible. With the exception of guaranteed-death-benefit universal life policies, universal life policies trade their greater flexibility off for fewer guarantees. “Flexible death benefit” means the policy owner can choose to decrease the death benefit. The death benefit can also be increased by the policy owner, usually requiring new underwriting. Another feature of flexible death benefit is the ability to choose option A or option B death benefits and to change those options over the course of the life of the insured. Option A is often referred to as a “level death benefit”; death benefits remain level for the life of the insured, and premiums are lower than policies with Option B death benefits, which pay the policy’s cash value i.e., a face amount plus earnings/interest. If the cash value grows over time, the death benefits do too. If the cash value declines, the death benefit also declines. Option B policies normally feature higher premiums than option A policies. Endowments Main article: Endowment policy The endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its ‘maturity’) or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness. Policies are typically traditional with-profits or unit-linked (including those with unitized with-profits funds). Endowments can be cashed in early (or surrendered) and the holder then receives the surrender value which is determined by the insurance company depending on how long the policy has been running and how much has been paid into it. Accidental death Accidental death insurance is a type of limited life insurance that is designed to cover the insured should they die as the result of an accident. “Accidents” run the gamut from abrasions to catastrophes but normally do not include deaths resulting from non-accident-related health problems or suicide. Because they only cover accidents, these policies are much less expensive than other life insurance policies. Such insurance can also be accidental death and dismemberment insurance or AD&D. In an AD&D policy, benefits are available not only for accidental death but also for the loss of limbs or body functions such as sight and hearing. Accidental death and AD&D policies very rarely pay a benefit, either because the cause of death is not covered by the policy or because death occurs well after the accident, by which time the premiums have gone unpaid. To know what coverage they have, insureds should always review their policies. Risky activities such as parachuting, flying, professional sports, or military service are often omitted from coverage. Accidental death insurance can also supplement standard life insurance as a rider. If a rider is purchased, the policy generally pays double the face amount if the insured dies from an accident. This was once called double indemnity insurance. In some cases, triple indemnity coverage may be available. Senior and pre-need products Insurance companies have in recent years developed products for niche markets, most notably targeting seniors in an aging population. These are often low to moderate face value whole life insurance policies, allowing senior citizens to purchase affordable insurance later in life. This may also be marketed as final expense insurance and usually have death benefits between $2,000 and $40,000. One reason for their popularity is that they only require answers to simple “yes” or “no” questions, while most policies require a medical exam to qualify. As with other policy types, the range of premiums can vary widely and should be scrutinized prior to purchase, as should the reliability of the companies. Health questions can vary substantially between exam and no-exam policies. It may be possible for individuals with certain conditions to qualify for one type of coverage and not another.[citation needed] Because seniors sometimes are not fully aware of the policy provisions it is important to make sure that policies last for a lifetime and that premiums do not increase every 5 years as is common in some circumstances.[citation needed] Pre-need life insurance policies are limited premium payment, whole life policies that are usually purchased by older applicants, though they are available to everyone. This type of insurance is designed to cover specific funeral expenses that the applicant has designated in a contract with a funeral home. The policy’s death benefit is initially based on the funeral cost at the time of prearrangement, and it then typically grows as interest is credited. In exchange for the policy owner’s designation, the funeral home typically guarantees that the proceeds will cover the cost of the funeral, no matter when death occurs. Excess proceeds may go either to the insured’s estate, a designated beneficiary, or the funeral home as set forth in the contract. Purchasers of these policies usually make a single premium payment at the time of prearrangement, but some companies also allow premiums to be paid over as much as ten years.
A LEADER IN ATTORNEY, COPY & MESSENGER SERVICES For over two decades, Advanced Attorney Services, Inc. has been a leading Attorney, Copy and Messenger services provider in Southern California. With a wide range of business solutions offered, Advanced is committed to superior service standards by providing our clients with new and innovative methods of operating to ensure the highest quality of services available at competitive rates. If your firm is in need of immediate or same day court service, process service, deposition services, writ services, fax filings, E-Filings, messenger, on or off-site copy services, as well as a wide range of other services, allow Advanced Attorney Services to get the job done right.A lawyer referral service maintains a network of lawyers, and connects people in need of lawyers with its participating attorneys. A potential client who contacts a lawyer referral service is directed to a lawyer who practices in the area of law that is most appropriate for their situation. Some lawyer referral services charge a fee for providing a referral, while others provide referrals at no cost to the prospective client. Many referral services connect prospective clients with lawyers who have agreed to provide a low-cost or free initial consultation.[1] Referral services are often provided by state and local bar associations as a public service. Referral services may also be offered by non-profit organizations and advocacy groups. For-profit referral services[1] may connect lawyers with clients who pay a membership fee, or a fee for successfully referred clients, subject to rules against sharing fees with non-lawyers.[2] Historically, lawyer referral services involved prospective clients contacting a bar association or responding to an advertisement, by placing a telephone call to the service and seeking a referral. [3] With the internet boom in the 1990s, many consumers turned to the web to search for goods and services.[4] A research study released in 2012, shows that 76 percent of adult consumers looking for a lawyer used online resources at some point during the search process.[5]Some referral services provide referrals to lawyers in a broad range of areas of legal practice. Others may focus on referrals within a narrow range of practice areas, or a single practice area.[6] Online lawyer referral services are sometimes called attorney-client matching services. People who contact a service may be matched with one or more attorneys, based upon such factors as area of legal practice and geographic location. Lawyers who participate in these services may pay a fee for participation, a fee for each referral, or in some cases a percentage of the amount charged to a referred client.[7] In some cases the prospective client will be able to choose from a list of referred attorneys, while in other cases the referral will be made to a specific participating lawyer.[8] If a client is unable to afford a lawyer and the legal problem is not a matter that can be handled by a lawyer on a percentage fee basis, some referral services may attempt to match the client with a pro bono lawyer, or direct the client to contact a legal aid organization or law student clinic for help.[9] Ethical issues may arise for lawyers who participate in for-profit referral services, and state rules governing participation can vary significantly.[10][11][12] Some referral services are certified by bar associations,[13] including the American Bar Association.[14] Certified referral services must maintain standards of service as defined by the certifying organization. Among those standards, certification may require that participating lawyers meet minimum standards of experience, or maintain legal malpractice insurance. The American Bar Association provides a list attorney referral services that meet its certification requirements.[15] Some legal associations have expressed concern that lawyer referral services can lead to lawyers trying to undercut each other to get clients, rather than focusing on quality of service and the development of their reputation among their peers.[16] Another concern about lawyer referral services relates to client confidentiality. When a prospective client contacts a lawyer directly about retaining the lawyer’s services, the communication is normally held absolutely confidential under principles of attorney-client privilege. Where a lawyer referral service collects information from a person who is seeking a lawyer, that information will not normally be confidential, raising the possibility that information provided to the referral service will be discoverable by the opposing party in any subsequent litigation.[17] Lawyer referral services may have minimal requirements for participation, and in some cases may not do any verification of a lawyer’s qualification or credentials. As a consequence, it remains necessary for a person who uses a referral service to investigate a lawyer’s qualification before retaining the lawyer.[7] Some controversy also arises from whether professional referral services are anti-competitive in nature.[citation needed] For instance, since Board Certified attorneys often charge a higher hourly rate than other competent general practitioners, if a Lawyer Referral Service requires Board Certification for certain types of referrals, instead of merely providing the public a choice between a Board Certified attorney and a competent attorney who is not Board Certified, the effect may be to restrict competition and restrict public choice and push up consumer prices.[citation needed] State bars, which license attorneys, may be complicit in restricting client choice.[citation needed] A LEADER IN ATTORNEY, COPY & MESSENGER SERVICES For over two decades, Advanced Attorney Services, Inc. has been a leading Attorney, Copy and Messenger services provider in Southern California. With a wide range of business solutions offered, Advanced is committed to superior service standards by providing our clients with new and innovative methods of operating to ensure the highest quality of services available at competitive rates. If your firm is in need of immediate or same day court service, process service, deposition services, writ services, fax filings, E-Filings, messenger, on or off-site copy services, as well as a wide range of other services, allow Advanced Attorney Services to get the job done right.A lawyer referral service maintains a network of lawyers, and connects people in need of lawyers with its participating attorneys. A potential client who contacts a lawyer referral service is directed to a lawyer who practices in the area of law that is most appropriate for their situation. Some lawyer referral services charge a fee for providing a referral, while others provide referrals at no cost to the prospective client. Many referral services connect prospective clients with lawyers who have agreed to provide a low-cost or free initial consultation.[1] Referral services are often provided by state and local bar associations as a public service. Referral services may also be offered by non-profit organizations and advocacy groups. For-profit referral services[1] may connect lawyers with clients who pay a membership fee, or a fee for successfully referred clients, subject to rules against sharing fees with non-lawyers.[2] Historically, lawyer referral services involved prospective clients contacting a bar association or responding to an advertisement, by placing a telephone call to the service and seeking a referral. [3] With the internet boom in the 1990s, many consumers turned to the web to search for goods and services.[4] A research study released in 2012, shows that 76 percent of adult consumers looking for a lawyer used online resources at some point during the search process.[5]Some referral services provide referrals to lawyers in a broad range of areas of legal practice. Others may focus on referrals within a narrow range of practice areas, or a single practice area.[6] Online lawyer referral services are sometimes called attorney-client matching services. People who contact a service may be matched with one or more attorneys, based upon such factors as area of legal practice and geographic location. Lawyers who participate in these services may pay a fee for participation, a fee for each referral, or in some cases a percentage of the amount charged to a referred client.[7] In some cases the prospective client will be able to choose from a list of referred attorneys, while in other cases the referral will be made to a specific participating lawyer.[8] If a client is unable to afford a lawyer and the legal problem is not a matter that can be handled by a lawyer on a percentage fee basis, some referral services may attempt to match the client with a pro bono lawyer, or direct the client to contact a legal aid organization or law student clinic for help.[9] Ethical issues may arise for lawyers who participate in for-profit referral services, and state rules governing participation can vary significantly.[10][11][12] Some referral services are certified by bar associations,[13] including the American Bar Association.[14] Certified referral services must maintain standards of service as defined by the certifying organization. Among those standards, certification may require that participating lawyers meet minimum standards of experience, or maintain legal malpractice insurance. The American Bar Association provides a list attorney referral services that meet its certification requirements.[15] Some legal associations have expressed concern that lawyer referral services can lead to lawyers trying to undercut each other to get clients, rather than focusing on quality of service and the development of their reputation among their peers.[16] Another concern about lawyer referral services relates to client confidentiality. When a prospective client contacts a lawyer directly about retaining the lawyer’s services, the communication is normally held absolutely confidential under principles of attorney-client privilege. Where a lawyer referral service collects information from a person who is seeking a lawyer, that information will not normally be confidential, raising the possibility that information provided to the referral service will be discoverable by the opposing party in any subsequent litigation.[17] Lawyer referral services may have minimal requirements for participation, and in some cases may not do any verification of a lawyer’s qualification or credentials. As a consequence, it remains necessary for a person who uses a referral service to investigate a lawyer’s qualification before retaining the lawyer.[7] Some controversy also arises from whether professional referral services are anti-competitive in nature.[citation needed] For instance, since Board Certified attorneys often charge a higher hourly rate than other competent general practitioners, if a Lawyer Referral Service requires Board Certification for certain types of referrals, instead of merely providing the public a choice between a Board Certified attorney and a competent attorney who is not Board Certified, the effect may be to restrict competition and restrict public choice and push up consumer prices.[citation needed] State bars, which license attorneys, may be complicit in restricting client choice.[citation needed]
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 they often begin in late August or early September of year one and continue until May or June 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. A typical full-time, accelerated, part-time, or modular MBA requires 60 credits (600 class hours) of graduate work.[25] Accelerated MBA programs are a variation of the two-year programs. They involve a higher course load with more intense class and examination schedules and are usually condensed into one year. 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. Accelerated programs typically have a lower cost than full-time two-year programs. 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. Evening (second shift) MBA programs are full-time programs that normally hold classes on weekday evenings, after normal working hours, or on weekends for a duration of two years. The students in these programs typically consist of working professionals, who can not leave their work to pursue a full-time regular shift MBA. Most second shift programs are offered at universities in India. Modular MBA programs are similar to part-time programs, although typically employing a lock-step curriculum with classes packaged together in blocks lasting from one to three weeks. 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. Full-time executive MBA programs are a new category of full-time 1 year MBA programs aimed at professionals with approx. 5 years or more. They are primarily offered in countries like India where the 2-year MBA program is targeted at fresh graduates with no experience or minimal experience. These full-time executive MBA programs are similar to 1 year MBA programs offered by schools like Insead and IMD. 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.[26] These programs typically target working professionals who are unable to attend traditional part-time programs.[27] MBA dual degree programs combine an MBA with others (such as an MS, MA, or a JD, 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. This is generally achieved by allowing core courses of one program count as electives in the other. Some business schools offer programs in which students can earn both a bachelor’s degree in business administration and an MBA in 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. In the past, Mini-MBA programs have typically been offered as non-credit bearing courses that require less than 100 hours of total learning. However, due to the criticisms of these certificates, many schools have now shifted their programs to offer courses for full credit so that they may be applied towards a complete traditional MBA degree. This is to allow students to verify business related coursework for employment purposes and still allow the option to complete a full-time MBA degree program at a later period, if they elect to do so.
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits. Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion. Life-based contracts tend to fall into two major categories: Protection policies designed to provide a benefit, typically a lump sum payment, in the event of a specified occurrence. A common form more common in years past of a protection policy design is term insurance. Investment policies the main objective of these policies is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are whole life, universal life, and variable life policies. Parties to contract The person responsible for making payments for a policy is the policy owner, while the insured is the person whose death will trigger payment of the death benefit. The owner and insured may or may not be the same person. For example, if Joe buys a policy on his own life, he is both the owner and the insured. But if Jane, his wife, buys a policy on Joe’s life, she is the owner and he is the insured. The policy owner is the guarantor and he will be the person to pay for the policy. The insured is a participant in the contract, but not necessarily a party to it. Chart of a life insurance The beneficiary receives policy proceeds upon the insured person’s death. The owner designates the beneficiary, but the beneficiary is not a party to the policy. The owner can change the beneficiary unless the policy has an irrevocable beneficiary designation. If a policy has an irrevocable beneficiary, any beneficiary changes, policy assignments, or cash value borrowing would require the agreement of the original beneficiary. In cases where the policy owner is not the insured (also referred to as the celui qui vit or CQV), insurance companies have sought to limit policy purchases to those with an insurable interest in the CQV. For life insurance policies, close family members and business partners will usually be found to have an insurable interest. The insurable interest requirement usually demonstrates that the purchaser will actually suffer some kind of loss if the CQV dies. Such a requirement prevents people from benefiting from the purchase of purely speculative policies on people they expect to die. With no insurable interest requirement, the risk that a purchaser would murder the CQV for insurance proceeds would be great. In at least one case, an insurance company which sold a policy to a purchaser with no insurable interest (who later murdered the CQV for the proceeds), was found liable in court for contributing to the wrongful death of the victim (Liberty National Life v. Weldon, 267 Ala.171 (1957)). Contract terms Special exclusions may apply, such as suicide clauses, whereby the policy becomes null and void if the insured commits suicide within a specified time (usually two years after the purchase date; some states provide a statutory one-year suicide clause). Any misrepresentations by the insured on the application may also be grounds for nullification. Most US states specify a maximum contestability period, often no more than two years. Only if the insured dies within this period will the insurer have a legal right to contest the claim on the basis of misrepresentation and request additional information before deciding whether to pay or deny the claim. The face amount of the policy is the initial amount that the policy will pay at the death of the insured or when the policy matures, although the actual death benefit can provide for greater or lesser than the face amount. The policy matures when the insured dies or reaches a specified age (such as 100 years old). Costs, insurability, and underwriting The insurance company calculates the policy prices (premiums) at a level sufficient to fund claims, cover administrative costs, and provide a profit. The cost of insurance is determined using mortality tables calculated by actuaries. Mortality tables are statistically based tables showing expected annual mortality rates of people at different ages. Put simply, people are more likely to die as they get older and the mortality tables enable the insurance companies to calculate the risk and increase premiums with age accordingly. Such estimates can be important in taxation regulation.[8][9] In the 1980s and 1990s, the SOA 1975 80 Basic Select & Ultimate tables were the typical reference points, while the 2001 VBT and 2001 CSO tables were published more recently. As well as the basic parameters of age and gender, the newer tables include separate mortality tables for smokers and non-smokers, and the CSO tables include separate tables for preferred classes.[10] The mortality tables provide a baseline for the cost of insurance, but the health and family history of the individual applicant is also taken into account (except in the case of Group policies). This investigation and resulting evaluation is termed underwriting. Health and lifestyle questions are asked, with certain responses possibly meriting further investigation. Specific factors that may be considered by underwriters include: Personal medical history[11] Family medical history[12] Driving record[13] Height and weight matrix, otherwise known as BMI (Body Mass Index)[14] Based on the above and additional factors, applicants will be placed into one of several classes of health ratings which will determine the premium paid in exchange for insurance at that particular carrier.[13] Life insurance companies in the United States support the Medical Information Bureau (MIB),[15] which is a clearing house of information on persons who have applied for life insurance with participating companies in the last seven years. As part of the application, the insurer often requires the applicant’s permission to obtain information from their physicians.[16] Automated Life Underwriting is a technology solution which is designed to perform all or some of the screening functions traditionally completed by underwriters, and thus seeks to reduce the work effort, time and/or data necessary to underwrite a life insurance application.[17] These systems allow point of sale distribution and can shorten the time frame for issuance from weeks or even months to hours or minutes, depending on the amount of insurance being purchased.[18] The mortality of underwritten persons rises much more quickly than the general population. At the end of 10 years, the mortality of that 25-year-old, non-smoking male is 0.66/1000/year. Consequently, in a group of one thousand 25-year-old males with a $100,000 policy, all of average health, a life insurance company would have to collect approximately $50 a year from each participant to cover the relatively few expected claims. (0.35 to 0.66 expected deaths in each year $100,000 payout per death = $35 per policy.) Other costs, such as administrative and sales expenses, also need to be considered when setting the premiums. A 10-year policy for a 25-year-old non-smoking male with preferred medical history may get offers as low as $90 per year for a $100,000 policy in the competitive US life insurance market. Most of the revenue received by insurance companies consists of premiums, but revenue from investing the premiums forms an important source of profit for most life insurance companies. Group Insurance policies are an exception to this. In the United States, life insurance companies are never legally required to provide coverage to everyone, with the exception of Civil Rights Act compliance requirements. Insurance companies alone determine insurability, and some people are deemed uninsurable. The policy can be declined or rated (increasing the premium amount to compensate for the higher risk), and the amount of the premium will be proportional to the face value of the policy. Many companies separate applicants into four general categories. These categories are preferred best, preferred, standard, and tobacco. Preferred best is reserved only for the healthiest individuals in the general population. This may mean, that the proposed insured has no adverse medical history, is not under medication, and has no family history of early-onset cancer, diabetes, or other conditions.[19] Preferred means that the proposed insured is currently under medication and has a family history of particular illnesses. Most people are in the standard category. People in the tobacco category typically have to pay higher premiums due to the higher mortality. Recent US mortality tables predict that roughly 0.35 in 1,000 non-smoking males aged 25 will die during the first year of a policy.[20] Mortality approximately doubles for every extra ten years of age, so the mortality rate in the first year for non-smoking men is about 2.5 in 1,000 people at age 65.[20] Compare this with the US population male mortality rates of 1.3 per 1,000 at age 25 and 19.3 at age 65 (without regard to health or smoking status).[21] Death proceeds Upon the insured’s death, the insurer requires acceptable proof of death before it pays the claim. The normal minimum proof required is a death certificate, and the insurer’s claim form completed, signed, and typically notarized.[citation needed] If the insured’s death is suspicious and the policy amount is large, the insurer may investigate the circumstances surrounding the death before deciding whether it has an obligation to pay the claim. Payment from the policy may be as a lump sum or as an annuity, which is paid in regular installments for either a specified period or for the beneficiary’s lifetime.[22] Insurance vs assurance The specific uses of the terms “insurance” and “assurance” are sometimes confused. In general, in jurisdictions where both terms are used, “insurance” refers to providing coverage for an event that might happen (fire, theft, flood, etc.), while “assurance” is the provision of coverage for an event that is certain to happen. In the United States, both forms of coverage are called “insurance” for reasons of simplicity in companies selling both products.[citation needed] By some definitions, “insurance” is any coverage that determines benefits based on actual losses whereas “assurance” is coverage with predetermined benefits irrespective of the losses incurred. Life insurance may be divided into two basic classes: temporary and permanent; or the following subclasses: term, universal, whole life, and endowment life insurance. Term insurance Main article: Term life insurance Term assurance provides life insurance coverage for a specified term. The policy does not accumulate cash value. Term insurance is significantly less expensive than an equivalent permanent policy but will become higher with age. Policy holders can save to provide for increased term premiums or decrease insurance needs (by paying off debts or saving to provide for survivor needs).[23] Mortgage life insurance insures a loan secured by real property and usually features a level premium amount for a declining policy face value because what is insured is the principal and interest outstanding on a mortgage that is constantly being reduced by mortgage payments. The face amount of the policy is always the amount of the principal and interest outstanding that are paid should the applicant die before the final installment is paid. Group life insurance Group life insurance (also known as wholesale life insurance or institutional life insurance) is term insurance covering a group of people, usually employees of a company, members of a union or association, or members of a pension or superannuation fund. Individual proof of insurability is not normally a consideration in its underwriting. Rather, the underwriter considers the size, turnover, and financial strength of the group. Contract provisions will attempt to exclude the possibility of adverse selection. Group life insurance often allows members exiting the group to maintain their coverage by buying individual coverage. The underwriting is carried out for the whole group instead of individuals. Permanent life insurance Permanent life insurance is life insurance that covers the remaining lifetime of the insured. A permanent insurance policy accumulates a cash value up to its date of maturation. The owner can access the money in the cash value by withdrawing money, borrowing the cash value, or surrendering the policy and receiving the surrender value. The three basic types of permanent insurance are whole life, universal life, and endowment. Whole life Main article: Whole life insurance Whole life insurance provides lifetime coverage for a set premium amount (see main article for a full explanation of the many variations and options). Universal life coverage Universal life insurance (ULl) is a relatively new insurance product, intended to combine permanent insurance coverage with greater flexibility in premium payments, along with the potential for greater growth of cash values. There are several types of universal life insurance policies, including interest-sensitive (also known as “traditional fixed universal life insurance”), variable universal life (VUL), guaranteed death benefit, and has equity-indexed universal life insurance. Universal life insurance policies have cash values. Paid-in premiums increase their cash values; administrative and other costs reduce their cash values. Universal life insurance addresses the perceived disadvantages of whole life namely that premiums and death benefits are fixed. With universal life, both the premiums and death benefit are flexible. With the exception of guaranteed-death-benefit universal life policies, universal life policies trade their greater flexibility off for fewer guarantees. “Flexible death benefit” means the policy owner can choose to decrease the death benefit. The death benefit can also be increased by the policy owner, usually requiring new underwriting. Another feature of flexible death benefit is the ability to choose option A or option B death benefits and to change those options over the course of the life of the insured. Option A is often referred to as a “level death benefit”; death benefits remain level for the life of the insured, and premiums are lower than policies with Option B death benefits, which pay the policy’s cash value i.e., a face amount plus earnings/interest. If the cash value grows over time, the death benefits do too. If the cash value declines, the death benefit also declines. Option B policies normally feature higher premiums than option A policies. Endowments Main article: Endowment policy The endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its ‘maturity’) or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness. Policies are typically traditional with-profits or unit-linked (including those with unitized with-profits funds). Endowments can be cashed in early (or surrendered) and the holder then receives the surrender value which is determined by the insurance company depending on how long the policy has been running and how much has been paid into it. Accidental death Accidental death insurance is a type of limited life insurance that is designed to cover the insured should they die as the result of an accident. “Accidents” run the gamut from abrasions to catastrophes but normally do not include deaths resulting from non-accident-related health problems or suicide. Because they only cover accidents, these policies are much less expensive than other life insurance policies. Such insurance can also be accidental death and dismemberment insurance or AD&D. In an AD&D policy, benefits are available not only for accidental death but also for the loss of limbs or body functions such as sight and hearing. Accidental death and AD&D policies very rarely pay a benefit, either because the cause of death is not covered by the policy or because death occurs well after the accident, by which time the premiums have gone unpaid. To know what coverage they have, insureds should always review their policies. Risky activities such as parachuting, flying, professional sports, or military service are often omitted from coverage. Accidental death insurance can also supplement standard life insurance as a rider. If a rider is purchased, the policy generally pays double the face amount if the insured dies from an accident. This was once called double indemnity insurance. In some cases, triple indemnity coverage may be available. Senior and pre-need products Insurance companies have in recent years developed products for niche markets, most notably targeting seniors in an aging population. These are often low to moderate face value whole life insurance policies, allowing senior citizens to purchase affordable insurance later in life. This may also be marketed as final expense insurance and usually have death benefits between $2,000 and $40,000. One reason for their popularity is that they only require answers to simple “yes” or “no” questions, while most policies require a medical exam to qualify. As with other policy types, the range of premiums can vary widely and should be scrutinized prior to purchase, as should the reliability of the companies. Health questions can vary substantially between exam and no-exam policies. It may be possible for individuals with certain conditions to qualify for one type of coverage and not another.[citation needed] Because seniors sometimes are not fully aware of the policy provisions it is important to make sure that policies last for a lifetime and that premiums do not increase every 5 years as is common in some circumstances.[citation needed] Pre-need life insurance policies are limited premium payment, whole life policies that are usually purchased by older applicants, though they are available to everyone. This type of insurance is designed to cover specific funeral expenses that the applicant has designated in a contract with a funeral home. The policy’s death benefit is initially based on the funeral cost at the time of prearrangement, and it then typically grows as interest is credited. In exchange for the policy owner’s designation, the funeral home typically guarantees that the proceeds will cover the cost of the funeral, no matter when death occurs. Excess proceeds may go either to the insured’s estate, a designated beneficiary, or the funeral home as set forth in the contract. Purchasers of these policies usually make a single premium payment at the time of prearrangement, but some companies also allow premiums to be paid over as much as ten years.
A LEADER IN ATTORNEY, COPY & MESSENGER SERVICES For over two decades, Advanced Attorney Services, Inc. has been a leading Attorney, Copy and Messenger services provider in Southern California. With a wide range of business solutions offered, Advanced is committed to superior service standards by providing our clients with new and innovative methods of operating to ensure the highest quality of services available at competitive rates. If your firm is in need of immediate or same day court service, process service, deposition services, writ services, fax filings, E-Filings, messenger, on or off-site copy services, as well as a wide range of other services, allow Advanced Attorney Services to get the job done right.A lawyer referral service maintains a network of lawyers, and connects people in need of lawyers with its participating attorneys. A potential client who contacts a lawyer referral service is directed to a lawyer who practices in the area of law that is most appropriate for their situation. Some lawyer referral services charge a fee for providing a referral, while others provide referrals at no cost to the prospective client. Many referral services connect prospective clients with lawyers who have agreed to provide a low-cost or free initial consultation.[1] Referral services are often provided by state and local bar associations as a public service. Referral services may also be offered by non-profit organizations and advocacy groups. For-profit referral services[1] may connect lawyers with clients who pay a membership fee, or a fee for successfully referred clients, subject to rules against sharing fees with non-lawyers.[2] Historically, lawyer referral services involved prospective clients contacting a bar association or responding to an advertisement, by placing a telephone call to the service and seeking a referral. [3] With the internet boom in the 1990s, many consumers turned to the web to search for goods and services.[4] A research study released in 2012, shows that 76 percent of adult consumers looking for a lawyer used online resources at some point during the search process.[5]Some referral services provide referrals to lawyers in a broad range of areas of legal practice. Others may focus on referrals within a narrow range of practice areas, or a single practice area.[6] Online lawyer referral services are sometimes called attorney-client matching services. People who contact a service may be matched with one or more attorneys, based upon such factors as area of legal practice and geographic location. Lawyers who participate in these services may pay a fee for participation, a fee for each referral, or in some cases a percentage of the amount charged to a referred client.[7] In some cases the prospective client will be able to choose from a list of referred attorneys, while in other cases the referral will be made to a specific participating lawyer.[8] If a client is unable to afford a lawyer and the legal problem is not a matter that can be handled by a lawyer on a percentage fee basis, some referral services may attempt to match the client with a pro bono lawyer, or direct the client to contact a legal aid organization or law student clinic for help.[9] Ethical issues may arise for lawyers who participate in for-profit referral services, and state rules governing participation can vary significantly.[10][11][12] Some referral services are certified by bar associations,[13] including the American Bar Association.[14] Certified referral services must maintain standards of service as defined by the certifying organization. Among those standards, certification may require that participating lawyers meet minimum standards of experience, or maintain legal malpractice insurance. The American Bar Association provides a list attorney referral services that meet its certification requirements.[15] Some legal associations have expressed concern that lawyer referral services can lead to lawyers trying to undercut each other to get clients, rather than focusing on quality of service and the development of their reputation among their peers.[16] Another concern about lawyer referral services relates to client confidentiality. When a prospective client contacts a lawyer directly about retaining the lawyer’s services, the communication is normally held absolutely confidential under principles of attorney-client privilege. Where a lawyer referral service collects information from a person who is seeking a lawyer, that information will not normally be confidential, raising the possibility that information provided to the referral service will be discoverable by the opposing party in any subsequent litigation.[17] Lawyer referral services may have minimal requirements for participation, and in some cases may not do any verification of a lawyer’s qualification or credentials. As a consequence, it remains necessary for a person who uses a referral service to investigate a lawyer’s qualification before retaining the lawyer.[7] Some controversy also arises from whether professional referral services are anti-competitive in nature.[citation needed] For instance, since Board Certified attorneys often charge a higher hourly rate than other competent general practitioners, if a Lawyer Referral Service requires Board Certification for certain types of referrals, instead of merely providing the public a choice between a Board Certified attorney and a competent attorney who is not Board Certified, the effect may be to restrict competition and restrict public choice and push up consumer prices.[citation needed] State bars, which license attorneys, may be complicit in restricting client choice.[citation needed] A LEADER IN ATTORNEY, COPY & MESSENGER SERVICES For over two decades, Advanced Attorney Services, Inc. has been a leading Attorney, Copy and Messenger services provider in Southern California. With a wide range of business solutions offered, Advanced is committed to superior service standards by providing our clients with new and innovative methods of operating to ensure the highest quality of services available at competitive rates. If your firm is in need of immediate or same day court service, process service, deposition services, writ services, fax filings, E-Filings, messenger, on or off-site copy services, as well as a wide range of other services, allow Advanced Attorney Services to get the job done right.A lawyer referral service maintains a network of lawyers, and connects people in need of lawyers with its participating attorneys. A potential client who contacts a lawyer referral service is directed to a lawyer who practices in the area of law that is most appropriate for their situation. Some lawyer referral services charge a fee for providing a referral, while others provide referrals at no cost to the prospective client. Many referral services connect prospective clients with lawyers who have agreed to provide a low-cost or free initial consultation.[1] Referral services are often provided by state and local bar associations as a public service. Referral services may also be offered by non-profit organizations and advocacy groups. For-profit referral services[1] may connect lawyers with clients who pay a membership fee, or a fee for successfully referred clients, subject to rules against sharing fees with non-lawyers.[2] Historically, lawyer referral services involved prospective clients contacting a bar association or responding to an advertisement, by placing a telephone call to the service and seeking a referral. [3] With the internet boom in the 1990s, many consumers turned to the web to search for goods and services.[4] A research study released in 2012, shows that 76 percent of adult consumers looking for a lawyer used online resources at some point during the search process.[5]Some referral services provide referrals to lawyers in a broad range of areas of legal practice. Others may focus on referrals within a narrow range of practice areas, or a single practice area.[6] Online lawyer referral services are sometimes called attorney-client matching services. People who contact a service may be matched with one or more attorneys, based upon such factors as area of legal practice and geographic location. Lawyers who participate in these services may pay a fee for participation, a fee for each referral, or in some cases a percentage of the amount charged to a referred client.[7] In some cases the prospective client will be able to choose from a list of referred attorneys, while in other cases the referral will be made to a specific participating lawyer.[8] If a client is unable to afford a lawyer and the legal problem is not a matter that can be handled by a lawyer on a percentage fee basis, some referral services may attempt to match the client with a pro bono lawyer, or direct the client to contact a legal aid organization or law student clinic for help.[9] Ethical issues may arise for lawyers who participate in for-profit referral services, and state rules governing participation can vary significantly.[10][11][12] Some referral services are certified by bar associations,[13] including the American Bar Association.[14] Certified referral services must maintain standards of service as defined by the certifying organization. Among those standards, certification may require that participating lawyers meet minimum standards of experience, or maintain legal malpractice insurance. The American Bar Association provides a list attorney referral services that meet its certification requirements.[15] Some legal associations have expressed concern that lawyer referral services can lead to lawyers trying to undercut each other to get clients, rather than focusing on quality of service and the development of their reputation among their peers.[16] Another concern about lawyer referral services relates to client confidentiality. When a prospective client contacts a lawyer directly about retaining the lawyer’s services, the communication is normally held absolutely confidential under principles of attorney-client privilege. Where a lawyer referral service collects information from a person who is seeking a lawyer, that information will not normally be confidential, raising the possibility that information provided to the referral service will be discoverable by the opposing party in any subsequent litigation.[17] Lawyer referral services may have minimal requirements for participation, and in some cases may not do any verification of a lawyer’s qualification or credentials. As a consequence, it remains necessary for a person who uses a referral service to investigate a lawyer’s qualification before retaining the lawyer.[7] Some controversy also arises from whether professional referral services are anti-competitive in nature.[citation needed] For instance, since Board Certified attorneys often charge a higher hourly rate than other competent general practitioners, if a Lawyer Referral Service requires Board Certification for certain types of referrals, instead of merely providing the public a choice between a Board Certified attorney and a competent attorney who is not Board Certified, the effect may be to restrict competition and restrict public choice and push up consumer prices.[citation needed] State bars, which license attorneys, may be complicit in restricting client choice.[citation needed]
Acontecer Dominicano, con las últimas noticias de nuestro país, para que te enteres.An MBA in New York, for many, is the ideal way to spend a year or two. There’s New York City, obviously, which hosts many business schools, but accredited MBA programs can also be found in other parts of the state.
The Big Apple itself is a primary destination for many international students, who enjoy NYC’s many diverse neighborhoods and tourist sites. It’s also a global financial center and home to many multinational businesses. Indeed, New York hosts the headquarters of many Fortune 500 companies. The city also features an active arts scene, nightlife, and several national sports teams.
But of course, the state is not just New York City: Business schools also host MBA programs in other parts of New York, in cities like Syracuse, Albany, and Ithaca.
In all, New York currently hosts over 200 MBAs and other business programs. Some 35 business schools in the state have accreditation from AMBA, EQUIS, or AACSB. See below for a list of all MBA programs in New York.
The Master of Business Administration (MBA) is an internationally-recognized degree designed to develop the skills required for careers in business and management. The value of the MBA, however, is not limited strictly to the business world. An MBA can also be useful for those pursuing a managerial career in the public sector, government, private industry, and other areas.
Most MBA programs include a “core” curriculum of subjects, such as accounting, economics, marketing, and operations, as well as elective courses that allow participants to follow their own personal or professional interests. Some schools require that MBA candidates complete an internship at a company or organization, which can lead to concrete job opportunities after the program.
Quality business schools generally require that candidates have at least a few years of professional work experience before starting an MBA program. Applicants are also asked to submit Graduate Management Admission Test (GMAT) or Graduate Record Examinations (GRE) scores, academic transcripts, letters of reference, and an essay or statement of purpose that reflects why they want to pursue an MBA. Non-native English speakers usually have to prove adequate English skills with TOEFL or IELTS scores, or through previous academic experience.
The MBA is currently the most popular professional degree program in the world. Today there are over 2,500 MBA programs offered worldwide; most are offered in English. First introduced at universities in the United States around the turn of the 20th century, MBA programs have evolved to keep up with the demands of the times.
While traditional two-year MBA programs are still common, especially in the United States, one-year programs have become increasingly popular. Part-time and online programs are also widely available for professionals not willing or unable to take a year or two off to do a full-time program. Executive MBA (EMBA) programs are part-time programs targeted at professionals with more years of managerial experience than traditional MBA candidates.
So you’ve decided it’s time to further your higher education and pursue an MBA. Maybe you want to network, maybe you want to acquire new business skills, maybe you want to redirect your already flourishing career towards start-ups, entrepreneurship, or some other area of business. Maybe you want to make more money once you graduate.
Now, it’s time to start the application process. You’ll need to spend a lot of time putting together your MBA applications and making sure you’re the best candidate you can be. But the good news is that many MBA programs, even programs that are located all over the world, are usually looking for similar application materials and have similar requirements. Read on to find out what those are.
What do I need to be a viable MBA candidate?
Business schools are looking for a certain set of baseline requirements from their MBA candidates. First of all, it’s essential that you have an undergraduate degree from an accredited university.
Second of all, you’ll need standardized test scores, either the GRE (Graduate Record Examinations, the standard test for a wide range of graduate school programs) or the GMAT (Graduate Management Admission Test, the test specifically geared towards business school applicants).
Most schools accept either the GRE or GMAT, but most require that you took the test within the last five years. Schools generally don’t require that you achieve a minimum GMAT or GRE score, but many schools publish the range of scores for their accepted classes.
Applicants who are not from an English-majority country usually must also complete a standardized test proving English proficiency, such as the TOEFL (Test of English as Foreign Language) or the IELTS (International English Language Testing System). Even schools outside of the English-speaking world, such as the University of Mannheim’s Mannheim Business School in Germany and China Europe International Business School in Shanghai, require English proficiency.
Finally, you’ll need work experience. Some MBA programs require two years of relevant work experience; other MBA programs, such as Stanford’s, don’t have any minimum work requirement, but even for these programs most accepted applicants still have at least two years of work experience. For college seniors who want to apply for an MBA, some schools will issue acceptances contingent on the applicant completing at least two years of work experience before matriculating at the MBA program.
Which materials do I need for my MBA application?
If you want to apply for an MBA program, you’ll need to gather a fair number of application materials. Many MBA programs require that you submit these materials online; you can find the place to do that at the various schools’ websites.
For your applications, you’ll usually need official test results from the GRE or GMAT, an official transcript, two to three letters of recommendations, a resume, answers to the school’s essay questions, and an application fee.
The application fee depends on the school.
The essay questions depend on the school. A recent Harvard MBA application essay prompt asked students to imagine that they are introducing themselves to their classmates on the first day of the MBA program. Oxford University’s Saïd Business School has asked students how they fit with Oxford’s mission, and whether there is anything not covered in the admission form that Oxford should know.
Other business schools want something more than just a written essay. Boston University’s Questrom School of Business, for instance, currently requires students to make three video essays when applying to the school’s MBA program.
Some business schools also ask shortlisted applicants to attend an application interview as part of the MBA application process. Many schools, however, now give the option for students to do the interview online, either through Skype or another platform.
When do I need to apply to an MBA?
Many business schools use the rounds system for application deadlines. That is, some schools have four or five application deadlines. For business schools in the US, these rounds generally start in October or November and continue through April or May (for fall intake). Students can apply for any of the four or five deadlines, and the school will accept students during each application round.
But other schools don’t use the rounds system, and instead require students to apply by one hard deadline. Make sure to check the deadlines for the schools on your list.
If you’re hoping to win a scholarship, keep in mind that some schools have special scholarship deadlines as well.
How do I choose which schools to apply to?
Choosing your schools is an integral part of the application process. Experts and officials often remind prospective students to avoid applying only to top-ranked programs. Every student has different needs, and it’s important to consider a variety of factors when you’re applying to schools, including cost, specializations, contacts and geographical location.
Accreditation from a reputable organization is one good way to check the quality of a business school. Accreditation organizations evaluate the quality standards of a business school’s teaching, faculty, services, and students, among other things.
The three most-coveted, international accreditations for MBA programs are those awarded by AACSB, AMBA, and EQUIS; their methodologies and regional focuses are briefly described below. Note that while FIND MBA’s program listings only reference these three accreditation organization, it’s possible that a business school may be accredited by other institutions, including domestic accreditation bodies and other international organizations. Check with the schools you are interested in for more information.
In 2018, there were over 90 business schools worldwide that were accredited by all three of the main international organizations—AMBA, EQUIS, and AACSB. This distinction is often referred to as the “triple crown.”
AACSB
The US- and Singapore-based Association to Advance Collegiate Schools of Business (AACSB) accredits business schools offering graduate and undergraduate business programs. It began doing this in 1919, and now accredits business schools in over 51 countries. It has also been accrediting accounting programs since 1980.
An AACSB accreditation in business represents a positive evaluation of a “school’s mission, operations, faculty qualifications and contributions, programs, and other critical areas.” Schools are reevaluated every five years.
As of 2018, over 800 institutions held an AACSB accreditation in business, of which about 75 percent were located in the United States. Other countries with high numbers of AACSB-accredited business schools include Britain, France, and Canada.
List of AACSB-accredited business schools
List of AACSB-accredited Online MBA programs
AMBA
The London-based Association of MBAs (AMBA) accredits MBA programs in around 70 countries. As of 2018, about 50 percent of all AMBA-accredited MBAs and other business programs were in Europe or the United Kingdom. Together, Latin America and Asia contained 33 percent of AMBA-accredited schools, with only two percent located in North America.
AMBA has been accrediting programs since the early 1980s. Along with MBAs, it also accredits Doctor of Business Administration (DBA) and Master of Business and Management (MBM) programs. It judges the quality of a business school’s strategy, mission, faculty, students, curriculum, and assessment. By AMBA standards, for example, students admitted onto an AMBA-accredited program must have at least three years of work experience. Three quarters of a business school’s faculty must have a Masters or Doctoral degree in a relevant discipline.
List of AMBA-accredited business schools
EQUIS
The European Quality Improvement System (EQUIS) is run by the Brussels-based EFMD Management Development Network. EFMD offers a number of accreditations, but EQUIS focuses on institutions that offer undergraduate, graduate, and doctoral business programs, including the MBA.
EQUIS evaluates a business school’s governance, strategy, programs, students, faculty, research and development, executive education, contribution to the community, resources and administration, internationalization, and corporate connections.
Most of over 176 EQUIS-accredited business schools are located in Europe or the UK. As of 2018, only three US business schools had earned an EQUIS accreditation. The countries with the most EQUIS-accredited business schools include the UK (26), France (20), and China (22).
CALSOUTHERN’S SCHOOL OF BUSINESS As supplements to your coursework, students in CalSouthern’s School of Business benefit from a helpful ALA-certified research librarian and a state-of-the-art online library, dedicated academic advisors and the Master Lecture Series which enables you—live at the university’s California campus or via streaming webcast—to learn from and interact with leading scholars, authors and business practitioners. You’ll also receive a complete suite of cloud-based productivity tools at no additional charge for both your coursework and personal use. The primary objective of the MBA program is to create managers and leaders competent in strategic thinking, operational excellence, people management and self-development while also understanding the key components of sales, marketing, accounting, finance, HRM and organizational behavior. Have you ever thought of advancing your career in the healthcare industry? Are you working in management or administration in a hospital or healthcare facility in Eastern Europe? If so, you might want to consider the new online Hospital and Healthcare Management MBA offered jointly by the highly ranked Management Center Innsbruck (MCI), the prestigious Charles University and the dynamic Advance Institute in Prague. With the online Mini MBA course from Excel with Business, you receive training from experts with Strategy, Finance, Project Management, Computing, and Commercial experience. Taking your MBA online will give you the opportunity to be a student with a flexible schedule and to study at a top university in whichever country you choose! MBA online programs are highly time-efficient and allow you to create your own schedule. Get your MBA online and expand your career! EMBA Online programs provide quality education for professionals that must juggle work, school, and family. EMBA Online programs let students create their own schedule. Universities offer EMBA Online programs through email, computer conferencing, sound and video clips etc. Most EMBA Online programs can be completed within 2 years, but can also be taken at a pace that fits the student best. The study format for a 1 year MBA online is very similar to the classroom MBA format, with the key difference being that coursework is completed via the internet – meaning it can be done anywhere in the world at any time of the day or night. 1 year MBA online programs open doors for full time working professionals or those with family commitments to make this a valuable investment in their professional career. A Dual Degree allows students to acquire new skills in the business field while learning to master another discipline. Various fields of study can be combined with an MBA with universities from all around the world. Taking an online Dual Degree can open the possibilities of graduate study to more people than ever before, using up-to-date e-learning technology to bring the classroom to you.Management Consulted, a leading resource for consulting-related data and news, recently released its latest report, ‘Management Consulting Salaries for Undergraduates, MBAs/PhDs & Interns’ — and the average salary for new MBA graduates looks good.It’s nearly $150,000 per year — and that’s just the start! Most graduates sign a one-time signing bonus of $25,000 and are eligible for performance bonuses.The firm compared data from hundreds of confirmed offer letters from MBA candidates. The data comes directly from consulting firms. There’s a big gap between MBAs and undergrads. In fact, undergrads make about half of what starting MBAs make, according to the report. In an exclusive report, Jenny Rae Le Roux, a former Bain consultant and Columbia Business School MBA who serves as Management Consulted’s managing director, told Poets & Quants that this trend reflects consulting firms’ values on the MBA experience compared to the undergraduate experience.She said, “The intangible value prop of a consulting education is still more differential for someone with less work experience (undergrad/Masters) — it’s his or her first brand name, c-suite exposure, analytics training, and travel. Plus, it comes with the potential for MBA sponsorship. MBAs – many of whom have already had those things – are making more focused career choices. Many of the things they want then — lifestyle, specific cities, accelerated promotions, managerial experience, etc. — come as adequately in tech as in consulting. In short, the market for MBAs is more competitive and their values are different.”Le Roux explained MBAs often make the same as PhDs. She said, “Some firms may have special practices that will treat them slightly differently, but in general [MBA/Ph.D. and Undergrad/Master’s] come in at equivalent levels based on their years of work experience. This is not a change from 2018-2019, but standard consulting industry practice.”Your takeaway? That MBA is worth it. So if you are thinking of applying for one, go for it!The Master of Business Administration (MBA or M.B.A.) is a master’s degree in business administration (management). The MBA degree originated in the United States in the early 20th century when the country industrialized and companies sought scientific approaches to management.[1] The core courses in an MBA program cover various areas of business such as accounting, applied statistics, business communication, business ethics, business law, finance, managerial economics, management, entrepreneurship, marketing and operations in a manner most relevant to management analysis and strategy. Most programs also include elective courses and concentrations for further study in a particular area, for example accounting, finance, and marketing. MBA programs in the United States typically require completing about sixty credits, nearly twice the number of credits typically required for degrees that cover some of the same material such as the Master of Economics, Master of Finance, Master of Accountancy, Master of Science in Marketing and Master of Science in Management.
CALSOUTHERN’S SCHOOL OF BUSINESS As supplements to your coursework, students in CalSouthern’s School of Business benefit from a helpful ALA-certified research librarian and a state-of-the-art online library, dedicated academic advisors and the Master Lecture Series which enables you—live at the university’s California campus or via streaming webcast—to learn from and interact with leading scholars, authors and business practitioners. You’ll also receive a complete suite of cloud-based productivity tools at no additional charge for both your coursework and personal use. The primary objective of the MBA program is to create managers and leaders competent in strategic thinking, operational excellence, people management and self-development while also understanding the key components of sales, marketing, accounting, finance, HRM and organizational behavior. Have you ever thought of advancing your career in the healthcare industry? Are you working in management or administration in a hospital or healthcare facility in Eastern Europe? If so, you might want to consider the new online Hospital and Healthcare Management MBA offered jointly by the highly ranked Management Center Innsbruck (MCI), the prestigious Charles University and the dynamic Advance Institute in Prague. With the online Mini MBA course from Excel with Business, you receive training from experts with Strategy, Finance, Project Management, Computing, and Commercial experience. Taking your MBA online will give you the opportunity to be a student with a flexible schedule and to study at a top university in whichever country you choose! MBA online programs are highly time-efficient and allow you to create your own schedule. Get your MBA online and expand your career! EMBA Online programs provide quality education for professionals that must juggle work, school, and family. EMBA Online programs let students create their own schedule. Universities offer EMBA Online programs through email, computer conferencing, sound and video clips etc. Most EMBA Online programs can be completed within 2 years, but can also be taken at a pace that fits the student best. The study format for a 1 year MBA online is very similar to the classroom MBA format, with the key difference being that coursework is completed via the internet – meaning it can be done anywhere in the world at any time of the day or night. 1 year MBA online programs open doors for full time working professionals or those with family commitments to make this a valuable investment in their professional career. A Dual Degree allows students to acquire new skills in the business field while learning to master another discipline. Various fields of study can be combined with an MBA with universities from all around the world. Taking an online Dual Degree can open the possibilities of graduate study to more people than ever before, using up-to-date e-learning technology to bring the classroom to you.Management Consulted, a leading resource for consulting-related data and news, recently released its latest report, ‘Management Consulting Salaries for Undergraduates, MBAs/PhDs & Interns’ — and the average salary for new MBA graduates looks good.It’s nearly $150,000 per year — and that’s just the start! Most graduates sign a one-time signing bonus of $25,000 and are eligible for performance bonuses.The firm compared data from hundreds of confirmed offer letters from MBA candidates. The data comes directly from consulting firms. There’s a big gap between MBAs and undergrads. In fact, undergrads make about half of what starting MBAs make, according to the report. In an exclusive report, Jenny Rae Le Roux, a former Bain consultant and Columbia Business School MBA who serves as Management Consulted’s managing director, told Poets & Quants that this trend reflects consulting firms’ values on the MBA experience compared to the undergraduate experience.She said, “The intangible value prop of a consulting education is still more differential for someone with less work experience (undergrad/Masters) — it’s his or her first brand name, c-suite exposure, analytics training, and travel. Plus, it comes with the potential for MBA sponsorship. MBAs – many of whom have already had those things – are making more focused career choices. Many of the things they want then — lifestyle, specific cities, accelerated promotions, managerial experience, etc. — come as adequately in tech as in consulting. In short, the market for MBAs is more competitive and their values are different.”Le Roux explained MBAs often make the same as PhDs. She said, “Some firms may have special practices that will treat them slightly differently, but in general [MBA/Ph.D. and Undergrad/Master’s] come in at equivalent levels based on their years of work experience. This is not a change from 2018-2019, but standard consulting industry practice.”Your takeaway? That MBA is worth it. So if you are thinking of applying for one, go for it!The Master of Business Administration (MBA or M.B.A.) is a master’s degree in business administration (management). The MBA degree originated in the United States in the early 20th century when the country industrialized and companies sought scientific approaches to management.[1] The core courses in an MBA program cover various areas of business such as accounting, applied statistics, business communication, business ethics, business law, finance, managerial economics, management, entrepreneurship, marketing and operations in a manner most relevant to management analysis and strategy. Most programs also include elective courses and concentrations for further study in a particular area, for example accounting, finance, and marketing. MBA programs in the United States typically require completing about sixty credits, nearly twice the number of credits typically required for degrees that cover some of the same material such as the Master of Economics, Master of Finance, Master of Accountancy, Master of Science in Marketing and Master of Science in Management.
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 they often begin in late August or early September of year one and continue until May or June 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. A typical full-time, accelerated, part-time, or modular MBA requires 60 credits (600 class hours) of graduate work.[25] Accelerated MBA programs are a variation of the two-year programs. They involve a higher course load with more intense class and examination schedules and are usually condensed into one year. 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. Accelerated programs typically have a lower cost than full-time two-year programs. 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. Evening (second shift) MBA programs are full-time programs that normally hold classes on weekday evenings, after normal working hours, or on weekends for a duration of two years. The students in these programs typically consist of working professionals, who can not leave their work to pursue a full-time regular shift MBA. Most second shift programs are offered at universities in India. Modular MBA programs are similar to part-time programs, although typically employing a lock-step curriculum with classes packaged together in blocks lasting from one to three weeks. 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. Full-time executive MBA programs are a new category of full-time 1 year MBA programs aimed at professionals with approx. 5 years or more. They are primarily offered in countries like India where the 2-year MBA program is targeted at fresh graduates with no experience or minimal experience. These full-time executive MBA programs are similar to 1 year MBA programs offered by schools like Insead and IMD. 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.[26] These programs typically target working professionals who are unable to attend traditional part-time programs.[27] MBA dual degree programs combine an MBA with others (such as an MS, MA, or a JD, 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. This is generally achieved by allowing core courses of one program count as electives in the other. Some business schools offer programs in which students can earn both a bachelor’s degree in business administration and an MBA in 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. In the past, Mini-MBA programs have typically been offered as non-credit bearing courses that require less than 100 hours of total learning. However, due to the criticisms of these certificates, many schools have now shifted their programs to offer courses for full credit so that they may be applied towards a complete traditional MBA degree. This is to allow students to verify business related coursework for employment purposes and still allow the option to complete a full-time MBA degree program at a later period, if they elect to do so.
An MBA in New York, for many, is the ideal way to spend a year or two. There’s New York City, obviously, which hosts many business schools, but accredited MBA programs can also be found in other parts of the state.
The Big Apple itself is a primary destination for many international students, who enjoy NYC’s many diverse neighborhoods and tourist sites. It’s also a global financial center and home to many multinational businesses. Indeed, New York hosts the headquarters of many Fortune 500 companies. The city also features an active arts scene, nightlife, and several national sports teams.
But of course, the state is not just New York City: Business schools also host MBA programs in other parts of New York, in cities like Syracuse, Albany, and Ithaca.
In all, New York currently hosts over 200 MBAs and other business programs. Some 35 business schools in the state have accreditation from AMBA, EQUIS, or AACSB. See below for a list of all MBA programs in New York.
The Master of Business Administration (MBA) is an internationally-recognized degree designed to develop the skills required for careers in business and management. The value of the MBA, however, is not limited strictly to the business world. An MBA can also be useful for those pursuing a managerial career in the public sector, government, private industry, and other areas.
Most MBA programs include a “core” curriculum of subjects, such as accounting, economics, marketing, and operations, as well as elective courses that allow participants to follow their own personal or professional interests. Some schools require that MBA candidates complete an internship at a company or organization, which can lead to concrete job opportunities after the program.
Quality business schools generally require that candidates have at least a few years of professional work experience before starting an MBA program. Applicants are also asked to submit Graduate Management Admission Test (GMAT) or Graduate Record Examinations (GRE) scores, academic transcripts, letters of reference, and an essay or statement of purpose that reflects why they want to pursue an MBA. Non-native English speakers usually have to prove adequate English skills with TOEFL or IELTS scores, or through previous academic experience.
The MBA is currently the most popular professional degree program in the world. Today there are over 2,500 MBA programs offered worldwide; most are offered in English. First introduced at universities in the United States around the turn of the 20th century, MBA programs have evolved to keep up with the demands of the times.
While traditional two-year MBA programs are still common, especially in the United States, one-year programs have become increasingly popular. Part-time and online programs are also widely available for professionals not willing or unable to take a year or two off to do a full-time program. Executive MBA (EMBA) programs are part-time programs targeted at professionals with more years of managerial experience than traditional MBA candidates.
So you’ve decided it’s time to further your higher education and pursue an MBA. Maybe you want to network, maybe you want to acquire new business skills, maybe you want to redirect your already flourishing career towards start-ups, entrepreneurship, or some other area of business. Maybe you want to make more money once you graduate.
Now, it’s time to start the application process. You’ll need to spend a lot of time putting together your MBA applications and making sure you’re the best candidate you can be. But the good news is that many MBA programs, even programs that are located all over the world, are usually looking for similar application materials and have similar requirements. Read on to find out what those are.
What do I need to be a viable MBA candidate?
Business schools are looking for a certain set of baseline requirements from their MBA candidates. First of all, it’s essential that you have an undergraduate degree from an accredited university.
Second of all, you’ll need standardized test scores, either the GRE (Graduate Record Examinations, the standard test for a wide range of graduate school programs) or the GMAT (Graduate Management Admission Test, the test specifically geared towards business school applicants).
Most schools accept either the GRE or GMAT, but most require that you took the test within the last five years. Schools generally don’t require that you achieve a minimum GMAT or GRE score, but many schools publish the range of scores for their accepted classes.
Applicants who are not from an English-majority country usually must also complete a standardized test proving English proficiency, such as the TOEFL (Test of English as Foreign Language) or the IELTS (International English Language Testing System). Even schools outside of the English-speaking world, such as the University of Mannheim’s Mannheim Business School in Germany and China Europe International Business School in Shanghai, require English proficiency.
Finally, you’ll need work experience. Some MBA programs require two years of relevant work experience; other MBA programs, such as Stanford s, don’t have any minimum work requirement, but even for these programs most accepted applicants still have at least two years of work experience. For college seniors who want to apply for an MBA, some schools will issue acceptances contingent on the applicant completing at least two years of work experience before matriculating at the MBA program.
Which materials do I need for my MBA application?
If you want to apply for an MBA program, you’ll need to gather a fair number of application materials. Many MBA programs require that you submit these materials online; you can find the place to do that at the various schools’ websites.
For your applications, you’ll usually need official test results from the GRE or GMAT, an official transcript, two to three letters of recommendations, a resume, answers to the school’s essay questions, and an application fee.
The application fee depends on the school.
The essay questions depend on the school. A recent Harvard MBA application essay prompt asked students to imagine that they are introducing themselves to their classmates on the first day of the MBA program. Oxford University’s Sa d Business School has asked students how they fit with Oxford’s mission, and whether there is anything not covered in the admission form that Oxford should know.
Other business schools want something more than just a written essay. Boston University’s Questrom School of Business, for instance, currently requires students to make three video essays when applying to the school s MBA program.
Some business schools also ask shortlisted applicants to attend an application interview as part of the MBA application process. Many schools, however, now give the option for students to do the interview online, either through Skype or another platform.
When do I need to apply to an MBA?
Many business schools use the rounds system for application deadlines. That is, some schools have four or five application deadlines. For business schools in the US, these rounds generally start in October or November and continue through April or May (for fall intake). Students can apply for any of the four or five deadlines, and the school will accept students during each application round.
But other schools don’t use the rounds system, and instead require students to apply by one hard deadline. Make sure to check the deadlines for the schools on your list.
If you’re hoping to win a scholarship, keep in mind that some schools have special scholarship deadlines as well.
How do I choose which schools to apply to?
Choosing your schools is an integral part of the application process. Experts and officials often remind prospective students to avoid applying only to top-ranked programs. Every student has different needs, and it’s important to consider a variety of factors when you’re applying to schools, including cost, specializations, contacts and geographical location.
Accreditation from a reputable organization is one good way to check the quality of a business school. Accreditation organizations evaluate the quality standards of a business school’s teaching, faculty, services, and students, among other things.
The three most-coveted, international accreditations for MBA programs are those awarded by AACSB, AMBA, and EQUIS; their methodologies and regional focuses are briefly described below. Note that while FIND MBA’s program listings only reference these three accreditation organization, it’s possible that a business school may be accredited by other institutions, including domestic accreditation bodies and other international organizations. Check with the schools you are interested in for more information.
In 2018, there were over 90 business schools worldwide that were accredited by all three of the main international organizations AMBA, EQUIS, and AACSB. This distinction is often referred to as the “triple crown.”
AACSB
The US- and Singapore-based Association to Advance Collegiate Schools of Business (AACSB) accredits business schools offering graduate and undergraduate business programs. It began doing this in 1919, and now accredits business schools in over 51 countries. It has also been accrediting accounting programs since 1980.
An AACSB accreditation in business represents a positive evaluation of a “school’s mission, operations, faculty qualifications and contributions, programs, and other critical areas.” Schools are reevaluated every five years.
As of 2018, over 800 institutions held an AACSB accreditation in business, of which about 75 percent were located in the United States. Other countries with high numbers of AACSB-accredited business schools include Britain, France, and Canada.
List of AACSB-accredited business schools
List of AACSB-accredited Online MBA programs
AMBA
The London-based Association of MBAs (AMBA) accredits MBA programs in around 70 countries. As of 2018, about 50 percent of all AMBA-accredited MBAs and other business programs were in Europe or the United Kingdom. Together, Latin America and Asia contained 33 percent of AMBA-accredited schools, with only two percent located in North America.
AMBA has been accrediting programs since the early 1980s. Along with MBAs, it also accredits Doctor of Business Administration (DBA) and Master of Business and Management (MBM) programs. It judges the quality of a business school’s strategy, mission, faculty, students, curriculum, and assessment. By AMBA standards, for example, students admitted onto an AMBA-accredited program must have at least three years of work experience. Three quarters of a business school’s faculty must have a Masters or Doctoral degree in a relevant discipline.
List of AMBA-accredited business schools
EQUIS
The European Quality Improvement System (EQUIS) is run by the Brussels-based EFMD Management Development Network. EFMD offers a number of accreditations, but EQUIS focuses on institutions that offer undergraduate, graduate, and doctoral business programs, including the MBA.
EQUIS evaluates a business school’s governance, strategy, programs, students, faculty, research and development, executive education, contribution to the community, resources and administration, internationalization, and corporate connections.
Most of over 176 EQUIS-accredited business schools are located in Europe or the UK. As of 2018, only three US business schools had earned an EQUIS accreditation. The countries with the most EQUIS-accredited business schools include the UK (26), France (20), and China (22).
CALSOUTHERN S SCHOOL OF BUSINESS As supplements to your coursework, students in CalSouthern s School of Business benefit from a helpful ALA-certified research librarian and a state-of-the-art online library, dedicated academic advisors and the Master Lecture Series which enables you live at the university s California campus or via streaming webcast to learn from and interact with leading scholars, authors and business practitioners. You ll also receive a complete suite of cloud-based productivity tools at no additional charge for both your coursework and personal use. The primary objective of the MBA program is to create managers and leaders competent in strategic thinking, operational excellence, people management and self-development while also understanding the key components of sales, marketing, accounting, finance, HRM and organizational behavior. Have you ever thought of advancing your career in the healthcare industry? Are you working in management or administration in a hospital or healthcare facility in Eastern Europe? If so, you might want to consider the new online Hospital and Healthcare Management MBA offered jointly by the highly ranked Management Center Innsbruck (MCI), the prestigious Charles University and the dynamic Advance Institute in Prague. With the online Mini MBA course from Excel with Business, you receive training from experts with Strategy, Finance, Project Management, Computing, and Commercial experience. Taking your MBA online will give you the opportunity to be a student with a flexible schedule and to study at a top university in whichever country you choose! MBA online programs are highly time-efficient and allow you to create your own schedule. Get your MBA online and expand your career! EMBA Online programs provide quality education for professionals that must juggle work, school, and family. EMBA Online programs let students create their own schedule. Universities offer EMBA Online programs through email, computer conferencing, sound and video clips etc. Most EMBA Online programs can be completed within 2 years, but can also be taken at a pace that fits the student best. The study format for a 1 year MBA online is very similar to the classroom MBA format, with the key difference being that coursework is completed via the internet meaning it can be done anywhere in the world at any time of the day or night. 1 year MBA online programs open doors for full time working professionals or those with family commitments to make this a valuable investment in their professional career. A Dual Degree allows students to acquire new skills in the business field while learning to master another discipline. Various fields of study can be combined with an MBA with universities from all around the world. Taking an online Dual Degree can open the possibilities of graduate study to more people than ever before, using up-to-date e-learning technology to bring the classroom to you.Management Consulted, a leading resource for consulting-related data and news, recently released its latest report, ‘Management Consulting Salaries for Undergraduates, MBAs/PhDs & Interns’ — and the average salary for new MBA graduates looks good.It’s nearly $150,000 per year — and that’s just the start! Most graduates sign a one-time signing bonus of $25,000 and are eligible for performance bonuses.The firm compared data from hundreds of confirmed offer letters from MBA candidates. The data comes directly from consulting firms. There’s a big gap between MBAs and undergrads. In fact, undergrads make about half of what starting MBAs make, according to the report. In an exclusive report, Jenny Rae Le Roux, a former Bain consultant and Columbia Business School MBA who serves as Management Consulted’s managing director, told Poets & Quants that this trend reflects consulting firms’ values on the MBA experience compared to the undergraduate experience.She said, “The intangible value prop of a consulting education is still more differential for someone with less work experience (undergrad/Masters) — it s his or her first brand name, c-suite exposure, analytics training, and travel. Plus, it comes with the potential for MBA sponsorship. MBAs many of whom have already had those things are making more focused career choices. Many of the things they want then — lifestyle, specific cities, accelerated promotions, managerial experience, etc. — come as adequately in tech as in consulting. In short, the market for MBAs is more competitive and their values are different.”Le Roux explained MBAs often make the same as PhDs. She said, “Some firms may have special practices that will treat them slightly differently, but in general [MBA/Ph.D. and Undergrad/Master s] come in at equivalent levels based on their years of work experience. This is not a change from 2018-2019, but standard consulting industry practice.”Your takeaway? That MBA is worth it. So if you are thinking of applying for one, go for it!The Master of Business Administration (MBA or M.B.A.) is a master’s degree in business administration (management). The MBA degree originated in the United States in the early 20th century when the country industrialized and companies sought scientific approaches to management.[1] The core courses in an MBA program cover various areas of business such as accounting, applied statistics, business communication, business ethics, business law, finance, managerial economics, management, entrepreneurship, marketing and operations in a manner most relevant to management analysis and strategy. Most programs also include elective courses and concentrations for further study in a particular area, for example accounting, finance, and marketing. MBA programs in the United States typically require completing about sixty credits, nearly twice the number of credits typically required for degrees that cover some of the same material such as the Master of Economics, Master of Finance, Master of Accountancy, Master of Science in Marketing and Master of Science in Management.
The MBA is a terminal degree and a professional degree.[2][3] Accreditation bodies specifically for MBA programs ensure consistency and quality of education. Business schools in many countries offer programs tailored to full-time, part-time, executive (abridged coursework typically occurring on nights or weekends) and distance learning students, many with specialized concentrations.
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 they often begin in late August or early September of year one and continue until May or June 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. A typical full-time, accelerated, part-time, or modular MBA requires 60 credits (600 class hours) of graduate work.[25] Accelerated MBA programs are a variation of the two-year programs. They involve a higher course load with more intense class and examination schedules and are usually condensed into one year. 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. Accelerated programs typically have a lower cost than full-time two-year programs. 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. Evening (second shift) MBA programs are full-time programs that normally hold classes on weekday evenings, after normal working hours, or on weekends for a duration of two years. The students in these programs typically consist of working professionals, who can not leave their work to pursue a full-time regular shift MBA. Most second shift programs are offered at universities in India. Modular MBA programs are similar to part-time programs, although typically employing a lock-step curriculum with classes packaged together in blocks lasting from one to three weeks. 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. Full-time executive MBA programs are a new category of full-time 1 year MBA programs aimed at professionals with approx. 5 years or more. They are primarily offered in countries like India where the 2-year MBA program is targeted at fresh graduates with no experience or minimal experience. These full-time executive MBA programs are similar to 1 year MBA programs offered by schools like Insead and IMD. 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.[26] These programs typically target working professionals who are unable to attend traditional part-time programs.[27] MBA dual degree programs combine an MBA with others (such as an MS, MA, or a JD, 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. This is generally achieved by allowing core courses of one program count as electives in the other. Some business schools offer programs in which students can earn both a bachelor’s degree in business administration and an MBA in 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. In the past, Mini-MBA programs have typically been offered as non-credit bearing courses that require less than 100 hours of total learning. However, due to the criticisms of these certificates, many schools have now shifted their programs to offer courses for full credit so that they may be applied towards a complete traditional MBA degree. This is to allow students to verify business related coursework for employment purposes and still allow the option to complete a full-time MBA degree program at a later period, if they elect to do so.
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits. Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion. Life-based contracts tend to fall into two major categories: Protection policies designed to provide a benefit, typically a lump sum payment, in the event of a specified occurrence. A common form more common in years past of a protection policy design is term insurance. Investment policies the main objective of these policies is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are whole life, universal life, and variable life policies. Parties to contract The person responsible for making payments for a policy is the policy owner, while the insured is the person whose death will trigger payment of the death benefit. The owner and insured may or may not be the same person. For example, if Joe buys a policy on his own life, he is both the owner and the insured. But if Jane, his wife, buys a policy on Joe’s life, she is the owner and he is the insured. The policy owner is the guarantor and he will be the person to pay for the policy. The insured is a participant in the contract, but not necessarily a party to it. Chart of a life insurance The beneficiary receives policy proceeds upon the insured person’s death. The owner designates the beneficiary, but the beneficiary is not a party to the policy. The owner can change the beneficiary unless the policy has an irrevocable beneficiary designation. If a policy has an irrevocable beneficiary, any beneficiary changes, policy assignments, or cash value borrowing would require the agreement of the original beneficiary. In cases where the policy owner is not the insured (also referred to as the celui qui vit or CQV), insurance companies have sought to limit policy purchases to those with an insurable interest in the CQV. For life insurance policies, close family members and business partners will usually be found to have an insurable interest. The insurable interest requirement usually demonstrates that the purchaser will actually suffer some kind of loss if the CQV dies. Such a requirement prevents people from benefiting from the purchase of purely speculative policies on people they expect to die. With no insurable interest requirement, the risk that a purchaser would murder the CQV for insurance proceeds would be great. In at least one case, an insurance company which sold a policy to a purchaser with no insurable interest (who later murdered the CQV for the proceeds), was found liable in court for contributing to the wrongful death of the victim (Liberty National Life v. Weldon, 267 Ala.171 (1957)). Contract terms Special exclusions may apply, such as suicide clauses, whereby the policy becomes null and void if the insured commits suicide within a specified time (usually two years after the purchase date; some states provide a statutory one-year suicide clause). Any misrepresentations by the insured on the application may also be grounds for nullification. Most US states specify a maximum contestability period, often no more than two years. Only if the insured dies within this period will the insurer have a legal right to contest the claim on the basis of misrepresentation and request additional information before deciding whether to pay or deny the claim. The face amount of the policy is the initial amount that the policy will pay at the death of the insured or when the policy matures, although the actual death benefit can provide for greater or lesser than the face amount. The policy matures when the insured dies or reaches a specified age (such as 100 years old). Costs, insurability, and underwriting The insurance company calculates the policy prices (premiums) at a level sufficient to fund claims, cover administrative costs, and provide a profit. The cost of insurance is determined using mortality tables calculated by actuaries. Mortality tables are statistically based tables showing expected annual mortality rates of people at different ages. Put simply, people are more likely to die as they get older and the mortality tables enable the insurance companies to calculate the risk and increase premiums with age accordingly. Such estimates can be important in taxation regulation.[8][9] In the 1980s and 1990s, the SOA 1975 80 Basic Select & Ultimate tables were the typical reference points, while the 2001 VBT and 2001 CSO tables were published more recently. As well as the basic parameters of age and gender, the newer tables include separate mortality tables for smokers and non-smokers, and the CSO tables include separate tables for preferred classes.[10] The mortality tables provide a baseline for the cost of insurance, but the health and family history of the individual applicant is also taken into account (except in the case of Group policies). This investigation and resulting evaluation is termed underwriting. Health and lifestyle questions are asked, with certain responses possibly meriting further investigation. Specific factors that may be considered by underwriters include: Personal medical history[11] Family medical history[12] Driving record[13] Height and weight matrix, otherwise known as BMI (Body Mass Index)[14] Based on the above and additional factors, applicants will be placed into one of several classes of health ratings which will determine the premium paid in exchange for insurance at that particular carrier.[13] Life insurance companies in the United States support the Medical Information Bureau (MIB),[15] which is a clearing house of information on persons who have applied for life insurance with participating companies in the last seven years. As part of the application, the insurer often requires the applicant’s permission to obtain information from their physicians.[16] Automated Life Underwriting is a technology solution which is designed to perform all or some of the screening functions traditionally completed by underwriters, and thus seeks to reduce the work effort, time and/or data necessary to underwrite a life insurance application.[17] These systems allow point of sale distribution and can shorten the time frame for issuance from weeks or even months to hours or minutes, depending on the amount of insurance being purchased.[18] The mortality of underwritten persons rises much more quickly than the general population. At the end of 10 years, the mortality of that 25-year-old, non-smoking male is 0.66/1000/year. Consequently, in a group of one thousand 25-year-old males with a $100,000 policy, all of average health, a life insurance company would have to collect approximately $50 a year from each participant to cover the relatively few expected claims. (0.35 to 0.66 expected deaths in each year $100,000 payout per death = $35 per policy.) Other costs, such as administrative and sales expenses, also need to be considered when setting the premiums. A 10-year policy for a 25-year-old non-smoking male with preferred medical history may get offers as low as $90 per year for a $100,000 policy in the competitive US life insurance market. Most of the revenue received by insurance companies consists of premiums, but revenue from investing the premiums forms an important source of profit for most life insurance companies. Group Insurance policies are an exception to this. In the United States, life insurance companies are never legally required to provide coverage to everyone, with the exception of Civil Rights Act compliance requirements. Insurance companies alone determine insurability, and some people are deemed uninsurable. The policy can be declined or rated (increasing the premium amount to compensate for the higher risk), and the amount of the premium will be proportional to the face value of the policy. Many companies separate applicants into four general categories. These categories are preferred best, preferred, standard, and tobacco. Preferred best is reserved only for the healthiest individuals in the general population. This may mean, that the proposed insured has no adverse medical history, is not under medication, and has no family history of early-onset cancer, diabetes, or other conditions.[19] Preferred means that the proposed insured is currently under medication and has a family history of particular illnesses. Most people are in the standard category. People in the tobacco category typically have to pay higher premiums due to the higher mortality. Recent US mortality tables predict that roughly 0.35 in 1,000 non-smoking males aged 25 will die during the first year of a policy.[20] Mortality approximately doubles for every extra ten years of age, so the mortality rate in the first year for non-smoking men is about 2.5 in 1,000 people at age 65.[20] Compare this with the US population male mortality rates of 1.3 per 1,000 at age 25 and 19.3 at age 65 (without regard to health or smoking status).[21] Death proceeds Upon the insured’s death, the insurer requires acceptable proof of death before it pays the claim. The normal minimum proof required is a death certificate, and the insurer’s claim form completed, signed, and typically notarized.[citation needed] If the insured’s death is suspicious and the policy amount is large, the insurer may investigate the circumstances surrounding the death before deciding whether it has an obligation to pay the claim. Payment from the policy may be as a lump sum or as an annuity, which is paid in regular installments for either a specified period or for the beneficiary’s lifetime.[22] Insurance vs assurance The specific uses of the terms “insurance” and “assurance” are sometimes confused. In general, in jurisdictions where both terms are used, “insurance” refers to providing coverage for an event that might happen (fire, theft, flood, etc.), while “assurance” is the provision of coverage for an event that is certain to happen. In the United States, both forms of coverage are called “insurance” for reasons of simplicity in companies selling both products.[citation needed] By some definitions, “insurance” is any coverage that determines benefits based on actual losses whereas “assurance” is coverage with predetermined benefits irrespective of the losses incurred. Life insurance may be divided into two basic classes: temporary and permanent; or the following subclasses: term, universal, whole life, and endowment life insurance. Term insurance Main article: Term life insurance Term assurance provides life insurance coverage for a specified term. The policy does not accumulate cash value. Term insurance is significantly less expensive than an equivalent permanent policy but will become higher with age. Policy holders can save to provide for increased term premiums or decrease insurance needs (by paying off debts or saving to provide for survivor needs).[23] Mortgage life insurance insures a loan secured by real property and usually features a level premium amount for a declining policy face value because what is insured is the principal and interest outstanding on a mortgage that is constantly being reduced by mortgage payments. The face amount of the policy is always the amount of the principal and interest outstanding that are paid should the applicant die before the final installment is paid. Group life insurance Group life insurance (also known as wholesale life insurance or institutional life insurance) is term insurance covering a group of people, usually employees of a company, members of a union or association, or members of a pension or superannuation fund. Individual proof of insurability is not normally a consideration in its underwriting. Rather, the underwriter considers the size, turnover, and financial strength of the group. Contract provisions will attempt to exclude the possibility of adverse selection. Group life insurance often allows members exiting the group to maintain their coverage by buying individual coverage. The underwriting is carried out for the whole group instead of individuals. Permanent life insurance Permanent life insurance is life insurance that covers the remaining lifetime of the insured. A permanent insurance policy accumulates a cash value up to its date of maturation. The owner can access the money in the cash value by withdrawing money, borrowing the cash value, or surrendering the policy and receiving the surrender value. The three basic types of permanent insurance are whole life, universal life, and endowment. Whole life Main article: Whole life insurance Whole life insurance provides lifetime coverage for a set premium amount (see main article for a full explanation of the many variations and options). Universal life coverage Universal life insurance (ULl) is a relatively new insurance product, intended to combine permanent insurance coverage with greater flexibility in premium payments, along with the potential for greater growth of cash values. There are several types of universal life insurance policies, including interest-sensitive (also known as “traditional fixed universal life insurance”), variable universal life (VUL), guaranteed death benefit, and has equity-indexed universal life insurance. Universal life insurance policies have cash values. Paid-in premiums increase their cash values; administrative and other costs reduce their cash values. Universal life insurance addresses the perceived disadvantages of whole life namely that premiums and death benefits are fixed. With universal life, both the premiums and death benefit are flexible. With the exception of guaranteed-death-benefit universal life policies, universal life policies trade their greater flexibility off for fewer guarantees. “Flexible death benefit” means the policy owner can choose to decrease the death benefit. The death benefit can also be increased by the policy owner, usually requiring new underwriting. Another feature of flexible death benefit is the ability to choose option A or option B death benefits and to change those options over the course of the life of the insured. Option A is often referred to as a “level death benefit”; death benefits remain level for the life of the insured, and premiums are lower than policies with Option B death benefits, which pay the policy’s cash value i.e., a face amount plus earnings/interest. If the cash value grows over time, the death benefits do too. If the cash value declines, the death benefit also declines. Option B policies normally feature higher premiums than option A policies. Endowments Main article: Endowment policy The endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its ‘maturity’) or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness. Policies are typically traditional with-profits or unit-linked (including those with unitized with-profits funds). Endowments can be cashed in early (or surrendered) and the holder then receives the surrender value which is determined by the insurance company depending on how long the policy has been running and how much has been paid into it. Accidental death Accidental death insurance is a type of limited life insurance that is designed to cover the insured should they die as the result of an accident. “Accidents” run the gamut from abrasions to catastrophes but normally do not include deaths resulting from non-accident-related health problems or suicide. Because they only cover accidents, these policies are much less expensive than other life insurance policies. Such insurance can also be accidental death and dismemberment insurance or AD&D. In an AD&D policy, benefits are available not only for accidental death but also for the loss of limbs or body functions such as sight and hearing. Accidental death and AD&D policies very rarely pay a benefit, either because the cause of death is not covered by the policy or because death occurs well after the accident, by which time the premiums have gone unpaid. To know what coverage they have, insureds should always review their policies. Risky activities such as parachuting, flying, professional sports, or military service are often omitted from coverage. Accidental death insurance can also supplement standard life insurance as a rider. If a rider is purchased, the policy generally pays double the face amount if the insured dies from an accident. This was once called double indemnity insurance. In some cases, triple indemnity coverage may be available. Senior and pre-need products Insurance companies have in recent years developed products for niche markets, most notably targeting seniors in an aging population. These are often low to moderate face value whole life insurance policies, allowing senior citizens to purchase affordable insurance later in life. This may also be marketed as final expense insurance and usually have death benefits between $2,000 and $40,000. One reason for their popularity is that they only require answers to simple “yes” or “no” questions, while most policies require a medical exam to qualify. As with other policy types, the range of premiums can vary widely and should be scrutinized prior to purchase, as should the reliability of the companies. Health questions can vary substantially between exam and no-exam policies. It may be possible for individuals with certain conditions to qualify for one type of coverage and not another.[citation needed] Because seniors sometimes are not fully aware of the policy provisions it is important to make sure that policies last for a lifetime and that premiums do not increase every 5 years as is common in some circumstances.[citation needed] Pre-need life insurance policies are limited premium payment, whole life policies that are usually purchased by older applicants, though they are available to everyone. This type of insurance is designed to cover specific funeral expenses that the applicant has designated in a contract with a funeral home. The policy’s death benefit is initially based on the funeral cost at the time of prearrangement, and it then typically grows as interest is credited. In exchange for the policy owner’s designation, the funeral home typically guarantees that the proceeds will cover the cost of the funeral, no matter when death occurs. Excess proceeds may go either to the insured’s estate, a designated beneficiary, or the funeral home as set forth in the contract. Purchasers of these policies usually make a single premium payment at the time of prearrangement, but some companies also allow premiums to be paid over as much as ten years.
A LEADER IN ATTORNEY, COPY & MESSENGER SERVICES For over two decades, Advanced Attorney Services, Inc. has been a leading Attorney, Copy and Messenger services provider in Southern California. With a wide range of business solutions offered, Advanced is committed to superior service standards by providing our clients with new and innovative methods of operating to ensure the highest quality of services available at competitive rates. If your firm is in need of immediate or same day court service, process service, deposition services, writ services, fax filings, E-Filings, messenger, on or off-site copy services, as well as a wide range of other services, allow Advanced Attorney Services to get the job done right.A lawyer referral service maintains a network of lawyers, and connects people in need of lawyers with its participating attorneys. A potential client who contacts a lawyer referral service is directed to a lawyer who practices in the area of law that is most appropriate for their situation. Some lawyer referral services charge a fee for providing a referral, while others provide referrals at no cost to the prospective client. Many referral services connect prospective clients with lawyers who have agreed to provide a low-cost or free initial consultation.[1] Referral services are often provided by state and local bar associations as a public service. Referral services may also be offered by non-profit organizations and advocacy groups. For-profit referral services[1] may connect lawyers with clients who pay a membership fee, or a fee for successfully referred clients, subject to rules against sharing fees with non-lawyers.[2] Historically, lawyer referral services involved prospective clients contacting a bar association or responding to an advertisement, by placing a telephone call to the service and seeking a referral. [3] With the internet boom in the 1990s, many consumers turned to the web to search for goods and services.[4] A research study released in 2012, shows that 76 percent of adult consumers looking for a lawyer used online resources at some point during the search process.[5]Some referral services provide referrals to lawyers in a broad range of areas of legal practice. Others may focus on referrals within a narrow range of practice areas, or a single practice area.[6] Online lawyer referral services are sometimes called attorney-client matching services. People who contact a service may be matched with one or more attorneys, based upon such factors as area of legal practice and geographic location. Lawyers who participate in these services may pay a fee for participation, a fee for each referral, or in some cases a percentage of the amount charged to a referred client.[7] In some cases the prospective client will be able to choose from a list of referred attorneys, while in other cases the referral will be made to a specific participating lawyer.[8] If a client is unable to afford a lawyer and the legal problem is not a matter that can be handled by a lawyer on a percentage fee basis, some referral services may attempt to match the client with a pro bono lawyer, or direct the client to contact a legal aid organization or law student clinic for help.[9] Ethical issues may arise for lawyers who participate in for-profit referral services, and state rules governing participation can vary significantly.[10][11][12] Some referral services are certified by bar associations,[13] including the American Bar Association.[14] Certified referral services must maintain standards of service as defined by the certifying organization. Among those standards, certification may require that participating lawyers meet minimum standards of experience, or maintain legal malpractice insurance. The American Bar Association provides a list attorney referral services that meet its certification requirements.[15] Some legal associations have expressed concern that lawyer referral services can lead to lawyers trying to undercut each other to get clients, rather than focusing on quality of service and the development of their reputation among their peers.[16] Another concern about lawyer referral services relates to client confidentiality. When a prospective client contacts a lawyer directly about retaining the lawyer’s services, the communication is normally held absolutely confidential under principles of attorney-client privilege. Where a lawyer referral service collects information from a person who is seeking a lawyer, that information will not normally be confidential, raising the possibility that information provided to the referral service will be discoverable by the opposing party in any subsequent litigation.[17] Lawyer referral services may have minimal requirements for participation, and in some cases may not do any verification of a lawyer’s qualification or credentials. As a consequence, it remains necessary for a person who uses a referral service to investigate a lawyer’s qualification before retaining the lawyer.[7] Some controversy also arises from whether professional referral services are anti-competitive in nature.[citation needed] For instance, since Board Certified attorneys often charge a higher hourly rate than other competent general practitioners, if a Lawyer Referral Service requires Board Certification for certain types of referrals, instead of merely providing the public a choice between a Board Certified attorney and a competent attorney who is not Board Certified, the effect may be to restrict competition and restrict public choice and push up consumer prices.[citation needed] State bars, which license attorneys, may be complicit in restricting client choice.[citation needed] A LEADER IN ATTORNEY, COPY & MESSENGER SERVICES For over two decades, Advanced Attorney Services, Inc. has been a leading Attorney, Copy and Messenger services provider in Southern California. With a wide range of business solutions offered, Advanced is committed to superior service standards by providing our clients with new and innovative methods of operating to ensure the highest quality of services available at competitive rates. If your firm is in need of immediate or same day court service, process service, deposition services, writ services, fax filings, E-Filings, messenger, on or off-site copy services, as well as a wide range of other services, allow Advanced Attorney Services to get the job done right.A lawyer referral service maintains a network of lawyers, and connects people in need of lawyers with its participating attorneys. A potential client who contacts a lawyer referral service is directed to a lawyer who practices in the area of law that is most appropriate for their situation. Some lawyer referral services charge a fee for providing a referral, while others provide referrals at no cost to the prospective client. Many referral services connect prospective clients with lawyers who have agreed to provide a low-cost or free initial consultation.[1] Referral services are often provided by state and local bar associations as a public service. Referral services may also be offered by non-profit organizations and advocacy groups. For-profit referral services[1] may connect lawyers with clients who pay a membership fee, or a fee for successfully referred clients, subject to rules against sharing fees with non-lawyers.[2] Historically, lawyer referral services involved prospective clients contacting a bar association or responding to an advertisement, by placing a telephone call to the service and seeking a referral. [3] With the internet boom in the 1990s, many consumers turned to the web to search for goods and services.[4] A research study released in 2012, shows that 76 percent of adult consumers looking for a lawyer used online resources at some point during the search process.[5]Some referral services provide referrals to lawyers in a broad range of areas of legal practice. Others may focus on referrals within a narrow range of practice areas, or a single practice area.[6] Online lawyer referral services are sometimes called attorney-client matching services. People who contact a service may be matched with one or more attorneys, based upon such factors as area of legal practice and geographic location. Lawyers who participate in these services may pay a fee for participation, a fee for each referral, or in some cases a percentage of the amount charged to a referred client.[7] In some cases the prospective client will be able to choose from a list of referred attorneys, while in other cases the referral will be made to a specific participating lawyer.[8] If a client is unable to afford a lawyer and the legal problem is not a matter that can be handled by a lawyer on a percentage fee basis, some referral services may attempt to match the client with a pro bono lawyer, or direct the client to contact a legal aid organization or law student clinic for help.[9] Ethical issues may arise for lawyers who participate in for-profit referral services, and state rules governing participation can vary significantly.[10][11][12] Some referral services are certified by bar associations,[13] including the American Bar Association.[14] Certified referral services must maintain standards of service as defined by the certifying organization. Among those standards, certification may require that participating lawyers meet minimum standards of experience, or maintain legal malpractice insurance. The American Bar Association provides a list attorney referral services that meet its certification requirements.[15] Some legal associations have expressed concern that lawyer referral services can lead to lawyers trying to undercut each other to get clients, rather than focusing on quality of service and the development of their reputation among their peers.[16] Another concern about lawyer referral services relates to client confidentiality. When a prospective client contacts a lawyer directly about retaining the lawyer’s services, the communication is normally held absolutely confidential under principles of attorney-client privilege. Where a lawyer referral service collects information from a person who is seeking a lawyer, that information will not normally be confidential, raising the possibility that information provided to the referral service will be discoverable by the opposing party in any subsequent litigation.[17] Lawyer referral services may have minimal requirements for participation, and in some cases may not do any verification of a lawyer’s qualification or credentials. As a consequence, it remains necessary for a person who uses a referral service to investigate a lawyer’s qualification before retaining the lawyer.[7] Some controversy also arises from whether professional referral services are anti-competitive in nature.[citation needed] For instance, since Board Certified attorneys often charge a higher hourly rate than other competent general practitioners, if a Lawyer Referral Service requires Board Certification for certain types of referrals, instead of merely providing the public a choice between a Board Certified attorney and a competent attorney who is not Board Certified, the effect may be to restrict competition and restrict public choice and push up consumer prices.[citation needed] State bars, which license attorneys, may be complicit in restricting client choice.[citation needed]
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 they often begin in late August or early September of year one and continue until May or June 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. A typical full-time, accelerated, part-time, or modular MBA requires 60 credits (600 class hours) of graduate work.[25] Accelerated MBA programs are a variation of the two-year programs. They involve a higher course load with more intense class and examination schedules and are usually condensed into one year. 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. Accelerated programs typically have a lower cost than full-time two-year programs. 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. Evening (second shift) MBA programs are full-time programs that normally hold classes on weekday evenings, after normal working hours, or on weekends for a duration of two years. The students in these programs typically consist of working professionals, who can not leave their work to pursue a full-time regular shift MBA. Most second shift programs are offered at universities in India. Modular MBA programs are similar to part-time programs, although typically employing a lock-step curriculum with classes packaged together in blocks lasting from one to three weeks. 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. Full-time executive MBA programs are a new category of full-time 1 year MBA programs aimed at professionals with approx. 5 years or more. They are primarily offered in countries like India where the 2-year MBA program is targeted at fresh graduates with no experience or minimal experience. These full-time executive MBA programs are similar to 1 year MBA programs offered by schools like Insead and IMD. 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.[26] These programs typically target working professionals who are unable to attend traditional part-time programs.[27] MBA dual degree programs combine an MBA with others (such as an MS, MA, or a JD, 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. This is generally achieved by allowing core courses of one program count as electives in the other. Some business schools offer programs in which students can earn both a bachelor’s degree in business administration and an MBA in 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. In the past, Mini-MBA programs have typically been offered as non-credit bearing courses that require less than 100 hours of total learning. However, due to the criticisms of these certificates, many schools have now shifted their programs to offer courses for full credit so that they may be applied towards a complete traditional MBA degree. This is to allow students to verify business related coursework for employment purposes and still allow the option to complete a full-time MBA degree program at a later period, if they elect to do so.
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits. Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion. Life-based contracts tend to fall into two major categories: Protection policies designed to provide a benefit, typically a lump sum payment, in the event of a specified occurrence. A common form more common in years past of a protection policy design is term insurance. Investment policies the main objective of these policies is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are whole life, universal life, and variable life policies. Parties to contract The person responsible for making payments for a policy is the policy owner, while the insured is the person whose death will trigger payment of the death benefit. The owner and insured may or may not be the same person. For example, if Joe buys a policy on his own life, he is both the owner and the insured. But if Jane, his wife, buys a policy on Joe’s life, she is the owner and he is the insured. The policy owner is the guarantor and he will be the person to pay for the policy. The insured is a participant in the contract, but not necessarily a party to it. Chart of a life insurance The beneficiary receives policy proceeds upon the insured person’s death. The owner designates the beneficiary, but the beneficiary is not a party to the policy. The owner can change the beneficiary unless the policy has an irrevocable beneficiary designation. If a policy has an irrevocable beneficiary, any beneficiary changes, policy assignments, or cash value borrowing would require the agreement of the original beneficiary. In cases where the policy owner is not the insured (also referred to as the celui qui vit or CQV), insurance companies have sought to limit policy purchases to those with an insurable interest in the CQV. For life insurance policies, close family members and business partners will usually be found to have an insurable interest. The insurable interest requirement usually demonstrates that the purchaser will actually suffer some kind of loss if the CQV dies. Such a requirement prevents people from benefiting from the purchase of purely speculative policies on people they expect to die. With no insurable interest requirement, the risk that a purchaser would murder the CQV for insurance proceeds would be great. In at least one case, an insurance company which sold a policy to a purchaser with no insurable interest (who later murdered the CQV for the proceeds), was found liable in court for contributing to the wrongful death of the victim (Liberty National Life v. Weldon, 267 Ala.171 (1957)). Contract terms Special exclusions may apply, such as suicide clauses, whereby the policy becomes null and void if the insured commits suicide within a specified time (usually two years after the purchase date; some states provide a statutory one-year suicide clause). Any misrepresentations by the insured on the application may also be grounds for nullification. Most US states specify a maximum contestability period, often no more than two years. Only if the insured dies within this period will the insurer have a legal right to contest the claim on the basis of misrepresentation and request additional information before deciding whether to pay or deny the claim. The face amount of the policy is the initial amount that the policy will pay at the death of the insured or when the policy matures, although the actual death benefit can provide for greater or lesser than the face amount. The policy matures when the insured dies or reaches a specified age (such as 100 years old). Costs, insurability, and underwriting The insurance company calculates the policy prices (premiums) at a level sufficient to fund claims, cover administrative costs, and provide a profit. The cost of insurance is determined using mortality tables calculated by actuaries. Mortality tables are statistically based tables showing expected annual mortality rates of people at different ages. Put simply, people are more likely to die as they get older and the mortality tables enable the insurance companies to calculate the risk and increase premiums with age accordingly. Such estimates can be important in taxation regulation.[8][9] In the 1980s and 1990s, the SOA 1975 80 Basic Select & Ultimate tables were the typical reference points, while the 2001 VBT and 2001 CSO tables were published more recently. As well as the basic parameters of age and gender, the newer tables include separate mortality tables for smokers and non-smokers, and the CSO tables include separate tables for preferred classes.[10] The mortality tables provide a baseline for the cost of insurance, but the health and family history of the individual applicant is also taken into account (except in the case of Group policies). This investigation and resulting evaluation is termed underwriting. Health and lifestyle questions are asked, with certain responses possibly meriting further investigation. Specific factors that may be considered by underwriters include: Personal medical history[11] Family medical history[12] Driving record[13] Height and weight matrix, otherwise known as BMI (Body Mass Index)[14] Based on the above and additional factors, applicants will be placed into one of several classes of health ratings which will determine the premium paid in exchange for insurance at that particular carrier.[13] Life insurance companies in the United States support the Medical Information Bureau (MIB),[15] which is a clearing house of information on persons who have applied for life insurance with participating companies in the last seven years. As part of the application, the insurer often requires the applicant’s permission to obtain information from their physicians.[16] Automated Life Underwriting is a technology solution which is designed to perform all or some of the screening functions traditionally completed by underwriters, and thus seeks to reduce the work effort, time and/or data necessary to underwrite a life insurance application.[17] These systems allow point of sale distribution and can shorten the time frame for issuance from weeks or even months to hours or minutes, depending on the amount of insurance being purchased.[18] The mortality of underwritten persons rises much more quickly than the general population. At the end of 10 years, the mortality of that 25-year-old, non-smoking male is 0.66/1000/year. Consequently, in a group of one thousand 25-year-old males with a $100,000 policy, all of average health, a life insurance company would have to collect approximately $50 a year from each participant to cover the relatively few expected claims. (0.35 to 0.66 expected deaths in each year $100,000 payout per death = $35 per policy.) Other costs, such as administrative and sales expenses, also need to be considered when setting the premiums. A 10-year policy for a 25-year-old non-smoking male with preferred medical history may get offers as low as $90 per year for a $100,000 policy in the competitive US life insurance market. Most of the revenue received by insurance companies consists of premiums, but revenue from investing the premiums forms an important source of profit for most life insurance companies. Group Insurance policies are an exception to this. In the United States, life insurance companies are never legally required to provide coverage to everyone, with the exception of Civil Rights Act compliance requirements. Insurance companies alone determine insurability, and some people are deemed uninsurable. The policy can be declined or rated (increasing the premium amount to compensate for the higher risk), and the amount of the premium will be proportional to the face value of the policy. Many companies separate applicants into four general categories. These categories are preferred best, preferred, standard, and tobacco. Preferred best is reserved only for the healthiest individuals in the general population. This may mean, that the proposed insured has no adverse medical history, is not under medication, and has no family history of early-onset cancer, diabetes, or other conditions.[19] Preferred means that the proposed insured is currently under medication and has a family history of particular illnesses. Most people are in the standard category. People in the tobacco category typically have to pay higher premiums due to the higher mortality. Recent US mortality tables predict that roughly 0.35 in 1,000 non-smoking males aged 25 will die during the first year of a policy.[20] Mortality approximately doubles for every extra ten years of age, so the mortality rate in the first year for non-smoking men is about 2.5 in 1,000 people at age 65.[20] Compare this with the US population male mortality rates of 1.3 per 1,000 at age 25 and 19.3 at age 65 (without regard to health or smoking status).[21] Death proceeds Upon the insured’s death, the insurer requires acceptable proof of death before it pays the claim. The normal minimum proof required is a death certificate, and the insurer’s claim form completed, signed, and typically notarized.[citation needed] If the insured’s death is suspicious and the policy amount is large, the insurer may investigate the circumstances surrounding the death before deciding whether it has an obligation to pay the claim. Payment from the policy may be as a lump sum or as an annuity, which is paid in regular installments for either a specified period or for the beneficiary’s lifetime.[22] Insurance vs assurance The specific uses of the terms “insurance” and “assurance” are sometimes confused. In general, in jurisdictions where both terms are used, “insurance” refers to providing coverage for an event that might happen (fire, theft, flood, etc.), while “assurance” is the provision of coverage for an event that is certain to happen. In the United States, both forms of coverage are called “insurance” for reasons of simplicity in companies selling both products.[citation needed] By some definitions, “insurance” is any coverage that determines benefits based on actual losses whereas “assurance” is coverage with predetermined benefits irrespective of the losses incurred. Life insurance may be divided into two basic classes: temporary and permanent; or the following subclasses: term, universal, whole life, and endowment life insurance. Term insurance Main article: Term life insurance Term assurance provides life insurance coverage for a specified term. The policy does not accumulate cash value. Term insurance is significantly less expensive than an equivalent permanent policy but will become higher with age. Policy holders can save to provide for increased term premiums or decrease insurance needs (by paying off debts or saving to provide for survivor needs).[23] Mortgage life insurance insures a loan secured by real property and usually features a level premium amount for a declining policy face value because what is insured is the principal and interest outstanding on a mortgage that is constantly being reduced by mortgage payments. The face amount of the policy is always the amount of the principal and interest outstanding that are paid should the applicant die before the final installment is paid. Group life insurance Group life insurance (also known as wholesale life insurance or institutional life insurance) is term insurance covering a group of people, usually employees of a company, members of a union or association, or members of a pension or superannuation fund. Individual proof of insurability is not normally a consideration in its underwriting. Rather, the underwriter considers the size, turnover, and financial strength of the group. Contract provisions will attempt to exclude the possibility of adverse selection. Group life insurance often allows members exiting the group to maintain their coverage by buying individual coverage. The underwriting is carried out for the whole group instead of individuals. Permanent life insurance Permanent life insurance is life insurance that covers the remaining lifetime of the insured. A permanent insurance policy accumulates a cash value up to its date of maturation. The owner can access the money in the cash value by withdrawing money, borrowing the cash value, or surrendering the policy and receiving the surrender value. The three basic types of permanent insurance are whole life, universal life, and endowment. Whole life Main article: Whole life insurance Whole life insurance provides lifetime coverage for a set premium amount (see main article for a full explanation of the many variations and options). Universal life coverage Universal life insurance (ULl) is a relatively new insurance product, intended to combine permanent insurance coverage with greater flexibility in premium payments, along with the potential for greater growth of cash values. There are several types of universal life insurance policies, including interest-sensitive (also known as “traditional fixed universal life insurance”), variable universal life (VUL), guaranteed death benefit, and has equity-indexed universal life insurance. Universal life insurance policies have cash values. Paid-in premiums increase their cash values; administrative and other costs reduce their cash values. Universal life insurance addresses the perceived disadvantages of whole life namely that premiums and death benefits are fixed. With universal life, both the premiums and death benefit are flexible. With the exception of guaranteed-death-benefit universal life policies, universal life policies trade their greater flexibility off for fewer guarantees. “Flexible death benefit” means the policy owner can choose to decrease the death benefit. The death benefit can also be increased by the policy owner, usually requiring new underwriting. Another feature of flexible death benefit is the ability to choose option A or option B death benefits and to change those options over the course of the life of the insured. Option A is often referred to as a “level death benefit”; death benefits remain level for the life of the insured, and premiums are lower than policies with Option B death benefits, which pay the policy’s cash value i.e., a face amount plus earnings/interest. If the cash value grows over time, the death benefits do too. If the cash value declines, the death benefit also declines. Option B policies normally feature higher premiums than option A policies. Endowments Main article: Endowment policy The endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its ‘maturity’) or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness. Policies are typically traditional with-profits or unit-linked (including those with unitized with-profits funds). Endowments can be cashed in early (or surrendered) and the holder then receives the surrender value which is determined by the insurance company depending on how long the policy has been running and how much has been paid into it. Accidental death Accidental death insurance is a type of limited life insurance that is designed to cover the insured should they die as the result of an accident. “Accidents” run the gamut from abrasions to catastrophes but normally do not include deaths resulting from non-accident-related health problems or suicide. Because they only cover accidents, these policies are much less expensive than other life insurance policies. Such insurance can also be accidental death and dismemberment insurance or AD&D. In an AD&D policy, benefits are available not only for accidental death but also for the loss of limbs or body functions such as sight and hearing. Accidental death and AD&D policies very rarely pay a benefit, either because the cause of death is not covered by the policy or because death occurs well after the accident, by which time the premiums have gone unpaid. To know what coverage they have, insureds should always review their policies. Risky activities such as parachuting, flying, professional sports, or military service are often omitted from coverage. Accidental death insurance can also supplement standard life insurance as a rider. If a rider is purchased, the policy generally pays double the face amount if the insured dies from an accident. This was once called double indemnity insurance. In some cases, triple indemnity coverage may be available. Senior and pre-need products Insurance companies have in recent years developed products for niche markets, most notably targeting seniors in an aging population. These are often low to moderate face value whole life insurance policies, allowing senior citizens to purchase affordable insurance later in life. This may also be marketed as final expense insurance and usually have death benefits between $2,000 and $40,000. One reason for their popularity is that they only require answers to simple “yes” or “no” questions, while most policies require a medical exam to qualify. As with other policy types, the range of premiums can vary widely and should be scrutinized prior to purchase, as should the reliability of the companies. Health questions can vary substantially between exam and no-exam policies. It may be possible for individuals with certain conditions to qualify for one type of coverage and not another.[citation needed] Because seniors sometimes are not fully aware of the policy provisions it is important to make sure that policies last for a lifetime and that premiums do not increase every 5 years as is common in some circumstances.[citation needed] Pre-need life insurance policies are limited premium payment, whole life policies that are usually purchased by older applicants, though they are available to everyone. This type of insurance is designed to cover specific funeral expenses that the applicant has designated in a contract with a funeral home. The policy’s death benefit is initially based on the funeral cost at the time of prearrangement, and it then typically grows as interest is credited. In exchange for the policy owner’s designation, the funeral home typically guarantees that the proceeds will cover the cost of the funeral, no matter when death occurs. Excess proceeds may go either to the insured’s estate, a designated beneficiary, or the funeral home as set forth in the contract. Purchasers of these policies usually make a single premium payment at the time of prearrangement, but some companies also allow premiums to be paid over as much as ten years.
A LEADER IN ATTORNEY, COPY & MESSENGER SERVICES For over two decades, Advanced Attorney Services, Inc. has been a leading Attorney, Copy and Messenger services provider in Southern California. With a wide range of business solutions offered, Advanced is committed to superior service standards by providing our clients with new and innovative methods of operating to ensure the highest quality of services available at competitive rates. If your firm is in need of immediate or same day court service, process service, deposition services, writ services, fax filings, E-Filings, messenger, on or off-site copy services, as well as a wide range of other services, allow Advanced Attorney Services to get the job done right.A lawyer referral service maintains a network of lawyers, and connects people in need of lawyers with its participating attorneys. A potential client who contacts a lawyer referral service is directed to a lawyer who practices in the area of law that is most appropriate for their situation. Some lawyer referral services charge a fee for providing a referral, while others provide referrals at no cost to the prospective client. Many referral services connect prospective clients with lawyers who have agreed to provide a low-cost or free initial consultation.[1] Referral services are often provided by state and local bar associations as a public service. Referral services may also be offered by non-profit organizations and advocacy groups. For-profit referral services[1] may connect lawyers with clients who pay a membership fee, or a fee for successfully referred clients, subject to rules against sharing fees with non-lawyers.[2] Historically, lawyer referral services involved prospective clients contacting a bar association or responding to an advertisement, by placing a telephone call to the service and seeking a referral. [3] With the internet boom in the 1990s, many consumers turned to the web to search for goods and services.[4] A research study released in 2012, shows that 76 percent of adult consumers looking for a lawyer used online resources at some point during the search process.[5]Some referral services provide referrals to lawyers in a broad range of areas of legal practice. Others may focus on referrals within a narrow range of practice areas, or a single practice area.[6] Online lawyer referral services are sometimes called attorney-client matching services. People who contact a service may be matched with one or more attorneys, based upon such factors as area of legal practice and geographic location. Lawyers who participate in these services may pay a fee for participation, a fee for each referral, or in some cases a percentage of the amount charged to a referred client.[7] In some cases the prospective client will be able to choose from a list of referred attorneys, while in other cases the referral will be made to a specific participating lawyer.[8] If a client is unable to afford a lawyer and the legal problem is not a matter that can be handled by a lawyer on a percentage fee basis, some referral services may attempt to match the client with a pro bono lawyer, or direct the client to contact a legal aid organization or law student clinic for help.[9] Ethical issues may arise for lawyers who participate in for-profit referral services, and state rules governing participation can vary significantly.[10][11][12] Some referral services are certified by bar associations,[13] including the American Bar Association.[14] Certified referral services must maintain standards of service as defined by the certifying organization. Among those standards, certification may require that participating lawyers meet minimum standards of experience, or maintain legal malpractice insurance. The American Bar Association provides a list attorney referral services that meet its certification requirements.[15] Some legal associations have expressed concern that lawyer referral services can lead to lawyers trying to undercut each other to get clients, rather than focusing on quality of service and the development of their reputation among their peers.[16] Another concern about lawyer referral services relates to client confidentiality. When a prospective client contacts a lawyer directly about retaining the lawyer’s services, the communication is normally held absolutely confidential under principles of attorney-client privilege. Where a lawyer referral service collects information from a person who is seeking a lawyer, that information will not normally be confidential, raising the possibility that information provided to the referral service will be discoverable by the opposing party in any subsequent litigation.[17] Lawyer referral services may have minimal requirements for participation, and in some cases may not do any verification of a lawyer’s qualification or credentials. As a consequence, it remains necessary for a person who uses a referral service to investigate a lawyer’s qualification before retaining the lawyer.[7] Some controversy also arises from whether professional referral services are anti-competitive in nature.[citation needed] For instance, since Board Certified attorneys often charge a higher hourly rate than other competent general practitioners, if a Lawyer Referral Service requires Board Certification for certain types of referrals, instead of merely providing the public a choice between a Board Certified attorney and a competent attorney who is not Board Certified, the effect may be to restrict competition and restrict public choice and push up consumer prices.[citation needed] State bars, which license attorneys, may be complicit in restricting client choice.[citation needed] A LEADER IN ATTORNEY, COPY & MESSENGER SERVICES For over two decades, Advanced Attorney Services, Inc. has been a leading Attorney, Copy and Messenger services provider in Southern California. With a wide range of business solutions offered, Advanced is committed to superior service standards by providing our clients with new and innovative methods of operating to ensure the highest quality of services available at competitive rates. If your firm is in need of immediate or same day court service, process service, deposition services, writ services, fax filings, E-Filings, messenger, on or off-site copy services, as well as a wide range of other services, allow Advanced Attorney Services to get the job done right.A lawyer referral service maintains a network of lawyers, and connects people in need of lawyers with its participating attorneys. A potential client who contacts a lawyer referral service is directed to a lawyer who practices in the area of law that is most appropriate for their situation. Some lawyer referral services charge a fee for providing a referral, while others provide referrals at no cost to the prospective client. Many referral services connect prospective clients with lawyers who have agreed to provide a low-cost or free initial consultation.[1] Referral services are often provided by state and local bar associations as a public service. Referral services may also be offered by non-profit organizations and advocacy groups. For-profit referral services[1] may connect lawyers with clients who pay a membership fee, or a fee for successfully referred clients, subject to rules against sharing fees with non-lawyers.[2] Historically, lawyer referral services involved prospective clients contacting a bar association or responding to an advertisement, by placing a telephone call to the service and seeking a referral. [3] With the internet boom in the 1990s, many consumers turned to the web to search for goods and services.[4] A research study released in 2012, shows that 76 percent of adult consumers looking for a lawyer used online resources at some point during the search process.[5]Some referral services provide referrals to lawyers in a broad range of areas of legal practice. Others may focus on referrals within a narrow range of practice areas, or a single practice area.[6] Online lawyer referral services are sometimes called attorney-client matching services. People who contact a service may be matched with one or more attorneys, based upon such factors as area of legal practice and geographic location. Lawyers who participate in these services may pay a fee for participation, a fee for each referral, or in some cases a percentage of the amount charged to a referred client.[7] In some cases the prospective client will be able to choose from a list of referred attorneys, while in other cases the referral will be made to a specific participating lawyer.[8] If a client is unable to afford a lawyer and the legal problem is not a matter that can be handled by a lawyer on a percentage fee basis, some referral services may attempt to match the client with a pro bono lawyer, or direct the client to contact a legal aid organization or law student clinic for help.[9] Ethical issues may arise for lawyers who participate in for-profit referral services, and state rules governing participation can vary significantly.[10][11][12] Some referral services are certified by bar associations,[13] including the American Bar Association.[14] Certified referral services must maintain standards of service as defined by the certifying organization. Among those standards, certification may require that participating lawyers meet minimum standards of experience, or maintain legal malpractice insurance. The American Bar Association provides a list attorney referral services that meet its certification requirements.[15] Some legal associations have expressed concern that lawyer referral services can lead to lawyers trying to undercut each other to get clients, rather than focusing on quality of service and the development of their reputation among their peers.[16] Another concern about lawyer referral services relates to client confidentiality. When a prospective client contacts a lawyer directly about retaining the lawyer’s services, the communication is normally held absolutely confidential under principles of attorney-client privilege. Where a lawyer referral service collects information from a person who is seeking a lawyer, that information will not normally be confidential, raising the possibility that information provided to the referral service will be discoverable by the opposing party in any subsequent litigation.[17] Lawyer referral services may have minimal requirements for participation, and in some cases may not do any verification of a lawyer’s qualification or credentials. As a consequence, it remains necessary for a person who uses a referral service to investigate a lawyer’s qualification before retaining the lawyer.[7] Some controversy also arises from whether professional referral services are anti-competitive in nature.[citation needed] For instance, since Board Certified attorneys often charge a higher hourly rate than other competent general practitioners, if a Lawyer Referral Service requires Board Certification for certain types of referrals, instead of merely providing the public a choice between a Board Certified attorney and a competent attorney who is not Board Certified, the effect may be to restrict competition and restrict public choice and push up consumer prices.[citation needed] State bars, which license attorneys, may be complicit in restricting client choice.[citation needed]
Content
1. Vice Chancellor’s Message
2. Dean’s Message
3. Coordinator’s Message
4. The University of Ruhuna
5. The Faculty of Management and Finance at the University of Ruhuna
6. The Postgraduate Diploma in Business Administration (PDBA)
and Master of Business Administration (MBA) Programme
6.1 Admission and Registration
6.2 Coordination of the Programme
6.3 Examination Procedures
6.4 The Structure of the Programme
6.5 Syllabus
6.6 Format of the MBA Dissertation/Consultancy Report
6.7 Guidelines on Writing Assignments
6.8 Teaching Panel
6.9 Fees
6.10 PDBA/MBA Board of Management
7. Examination Rules and Regulations of the University of Ruhuna
8. Medical Certificates
9. Library
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
Administration for your postgraduate studies, you are entering in to the arena of postgraduate education when the
future is full of opportunities and promises. Today there is widespread knowledge everywhere with newer
technologies, skills and avenues emerging. The horizons of professional activities especially in the field of business
administration are expanding and hence today there is much more scope for the young professionals to uncap their
talents and touch greater heights of achievement in the business world. At the same time, you must realize that there
are many challenges in this emerging situation. since business sector in our country has become quite dynamic and
competitive, you have to be ready and equipped with the required knowledge, abilities and capacities to face these
new challenge. We at University of Ruhuna are committed to provide you with excellent education, practical training
and facilities in the career you have chosen to pursue. To achieve this, we continuously update our courses and syllabi,
keeping in view the changing needs of different professions, and industries. We want our students to be well educated
and well trained and to become responsible citizens. You will be happy to know that the track record of achievements
of our alumni is indeed commendable. Hundreds of our past students have proved their bravery in different spheres of
industry.
University of Ruhuna is here to help you nurture and realize your dreams. So, let us work together and make an
endeavor to build up your blooming career.
I wish you all the best in your future career as postgraduate students of this University.
Professor Gamini Senanayake
Vice Chancellor
Vice Chancellor’s Message
Dear Students,
First of all let me warmly welcome you all to the University of Ruhuna, a splendid higher
education institute located in Southern part of Sri Lanka. I am happy to know about your
keenness to join the Faculty of Graduate Studies of University of Ruhuna for your
postgraduate studies in Business Administration. By selecting the field of Business
I
Dean’s Message
II
makes sense. MBA at University of Ruhuna sees education as an investment, which must produce a return. Choosing
University of Ruhuna as your university for studying MBA, you have embarked on an advanced and modern
educational program tailored to the changing world, we witness today.
Graduates of a MBA programme have higher chances of obtaining and holding executive level managerial positions. As
a MBA student at University of Ruhuna, you enjoy several opportunities, such as access to better social & academic
networks, deal with the newest issues, apply the latest management techniques and continually challenge yourself.
Building creative managers who accept the modern world challenges that leads their firms’ success is one of the main
aims of our MBA. If you are able to handle the challenges of holding a leadership position in a business organization,
with diverse responsibilities, then you are probably an excellent student for our MBA.
I wish you success in future studies.
Prof. H.S.C. Perera
Dean, Faculty of Management and Finance
University of Ruhuna
Dear Students,
On behalf of the Faculty of Management and Finance, University of Ruhuna, I would like to
th welcome you as the 11 batch of PDBA/MBA students to the University of Ruhuna. We are
proud to tell you that this year we have enrolled six international students first time in the
history of our MBA, with great pleasure I welcome them.
In today’s world having a MBA just for the sake of having a post graduate degree no longer
III
primarily
laudable step in the human resource development process at regional level.
The world is changing very rapidly. There has been an exponential expansion in knowledge and skills in the field of
Management, Finance, Commerce and Marketing. I am fully aware that the Faculty of Management & Finance is
prepared and competent to face these new challenges.
The MBA Ruhuna has been designed for those who wish to develop their knowledge, skills and attitudes as
modern day managers and entrepreneurs.
I congratulate the students of MBA who got enrolled and wish them every success in their endeavors.
H.V.D.I. Abeywickrama
Senior Lecturer
Faculty of Management and Finance
concentrated in the metropolitan centre, the establishment of the MBA at Ruhuna is undoubtedly a
MBA Coordinator’s Message
It is with great pleasure that I write this message to the student’s Hand Book of PDBA/MBA
programme. The MBA of the University of Ruhuna was established in 1999 with the former
Department of Business Administration which was elevated to a full faculty status in 2003 as the
Faculty of Management and Finance. I am very happy to note that, within a relatively very short
time span, the MBA programme at Ruhuna acquired a remarkable success and recognition.
Especially in a country where higher facilities and professional training in business studies are
Dean’s Message /Graduate Studie’s
IV
Faculty of Graduate Studies, University of Ruhuna, is large enough to provide a comprehensive range of postgraduate
degree programmes, but not too large to be impersonal like many other academic bodies. MBA and PDBA are two of
the best examples in which we do pay much attention on the quality of our graduates rather than the number of
graduates. Academic members involved in this programme are famed for their commitment to teaching and
practical research. They provide you with an opportunity to engage on a post graduate programme that is designed
to meet the needs of the modern business world. By following this MBA / PDBA programme, you will be equipped
with the necessary skills and knowledge that will enable you to excel as world-class managers and successful
entrepreneurs with a social conscience.
On behalf of the Faculty of Graduate Studies, University of Ruhuna, I congratulate all the candidates who who come to
enroll in our MBA and PDBA programmes, and wish you all every success in the field of Business Administration, with
the trust that you will be a proud for the University of Ruhuna, with the skills and knowledge you will acquire from
this postgraduate programme. .
Prof. L. P. Jayatissa
Dean
Faculty of Graduate Studies
University of Ruhuna
Welcome to the Faculty of Graduate Studies, University of Ruhuna. Coupling a unique
architecture on a striking landscape with a coastal hill in southern Sri Lanka and a leading
name in University education of the country with innovative teaching and research, University
of Ruhuna has become one of the foremost universities in Sri Lanka having the highest number
of faculties, and offering a wide range of undergraduate and postgraduate programmes.
4.
The University of Ruhuna was established by a Special Presidential Decree on 1st September 1978, as Ruhuna University College,
fulfilling a long cherished desire of the people of Southern Sri Lanka. Initially it constituted with four faculties, namely, Agriculture,
Arts, Medicine and Science. The central administration unit of the University is located at the University Complex, which is situated
in a scenic site at Wellamadama with an extent of about 72 acres. It is bordered by the sea and paddy fields and is in close proximity to
Dondra, the Southern tip of Sri Lanka.
The most recent addition to the list of faculties in the University of Ruhuna is the Faculty of Management and Finance in 2003. Thus,
the University presently comprises seven faculties: ‘Management and Finance’, ‘Fisheries & Marine Sciences & Technology’,
‘Humanities & Social Sciences’, ‘Agriculture’,’ Medicine’ and ‘Engineering’.
The University of Ruhuna
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA) 1
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
5.
The Faculty of Management and Finance, University of Ruhuna is the newly established Faculty which came in to existence
since 29th April 2003 at the main premises of the University of Ruhuna. The Faculty has three departments of studies namely
Department of Management and Entrepreneurship, Department of Accounting and Finance and Department of Marketing.
Thus, the Faculty offers Bachelor of Business Administration (BBA) degree programmes in four specialization areas: Marketing,
Accounting and Finance, Entrepreneurship and Human Resources Management. These Bachelor degrees are conducted both
in Sinhala and English mediums. In addition to Bachelor of Business Administration degree, the Faculty offers Masters in
Philosophy (M.Phil.) and Master of Commerce (M.Com.) degree programmes, Postgraduate Diploma in Business
Administration (PDBA) and Masters of Business Administration (MBA) programmes.
Faculty of Management and Finance, University of Ruhuna
2
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
This Faculty is designed to investigate into unexplored phenomena on
management and finance by maintaining a trade-off between modern
management systems and Sri Lankan regional cultural contents, to
transfer such knowledge by means of study programmes, conferences and
publications, and to become a centre of excellence for management studies
in Sri Lanka.
Produce graduates with a sound knowledge, skills and attitudes of
management and finance to ensure and uplift the Socio-economic
standards of the country.
MISSION OBJECTIVE
3
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
6.
PDBA/MBA programme is to provide a systematic exposition in advanced management education to practicing managers
functioning at executive level in the private and public sectors and to suitable graduates seeking managerialpositions and/or
academic advancements. In particular, the programme focuses on the development of managerialthinking to be adaptable
to creating competitive and social advantages, which leads to prosperity in the socio-economic configuration.
The PDBA/MBA is a two-year programme in which the first year leads to the PDBA. A student of sufficient ability may, if
he/she wishes, proceed to the second, Master’s year. Teaching is spread over two semesters a year and involves lectures,
case study seminars, workshops and company visits.
The aims and objectives of the programme are:
a) to provide student with a rigorous and critical grounding in key generic areas of management
b) to enhance the student’s ability to evaluate practical business experience from a more academic and critical
perspective
c) to develop awareness of the changing business environment
d) to instill a professional and responsible attitude to management
e) to develop self confidence and the ability to present efficient, logical answers to complex problems
f) to provide students with technical and problem solving skills to enhance decision making in business and
g) to develop transferable skills (working with groups, presentation and communication skills, problem solving skills).
The Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration
(MBA) Programme, Faculty of Management and Finance
4
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
The applications shall be received from potential candidates through paper advertisements and/or other suitable advertising
media. These advertisements shall be forwarded to the media by the Registrar of the university on the requests made by the
Coordinator of the programme.
A person who wishes to become a candidate for the PDBA/MBA programme shall make an application to the Dean, Faculty of
Management and Finance, University of Ruhuna, when the said programme is advertised.
The application has to be on the prescribed form providing the information as she/he may be required to submit including his/her
qualifications for undertaking the course of study
There shall be a Coordinator for the programme and appointed by the Vice-Chancellor on the recommendation of the Faculty
Board.
6.1 Admission and Registration
A person seeking admission for either PDBA or MBAshall have the following qualifications:
(a) A Bachelor’s Degree with a first or second class upper division earned from a recognized university
or
(b) A Bachelor’s Degree with second class lower division earned from a recognized university with at least one year work
experience at executive capacity or an academic/research position in a recognized institution acceptable to the
University of Ruhuna
or
(c) A Bachelors Degree earned from a recognized university with at least two year work experience at executive capacity or
an academic/research position in a recognized institutions acceptable to the University of Ruhuna
or
(d) Comparable professional qualifications in any one or more of the following discipline: Commerce, Management,
Accountancy, Economics, Marketing, Taxation, Valuation, Engineering, Mathematics, Law, or any other equivalent
professional qualification acceptable to the university of Ruhuna,
and
(e) Good proficiency in English language.
5
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
Applications for the PDBA/MBA programme received by the Dean shall be referred to the Coordinator of the programme. The
Programme Coordinator having examined the applications for the necessary initial qualification shall call the candidates for an
admission test. The pass mark in this test shall be determined on the basis of the number of candidates that can be accommodated in
a given year. The candidates who have been deemed successful in the admission test may be interviewed if so decided, and the final
list of the candidates to be enrolled shall be recommended to the Board of Management, Faculty of Management and Finance,
University of Ruhuna.
The Programme Coordinator shall recommend appointing a suitable Course Coordinator for each course and under each Course,
there shall be Course Lecturers and Tutors. Course Coordinator, Course Lecturers and Tutors shall be appointed by the ViceChancellor on the recommendation of the Programme Coordinator & the Board of Management.
The Programme Coordinator shall perform his/her administrative duties related to the programme in collaboration with the Dean of
the Faculty of Management and Finance.
On acceptance by the Board of Management a candidate shall forth with register as a postgraduate student of the university upon
payment of the prescribed registration and other fees.
A minimum period of registration for the PDBA program shall be for one year and minimum period of registration for the MBA
program shall be for two years.
The initial registration shall be valid for the first year. The registration of a candidate proceeding to the second year shall be renewed
at the beginning of the second year by paying the prescribed renewal fee. The registration of a candidate who fails to complete the
programme during the prescribed period may be renewed, provided that he/she is considered eligible for such registration by the
Faculty and the University. A candidate registered for a PDBA shall have maximum of three academic years to complete the
programme. A candidate registered for an MBAshall have maximum of six academic years to complete the programme.
The effective date of registration shall be the date of commencement of the programme as approved by the Senate on the
recommendation of the Board of Management.
All candidates shall renew registration annually until the effective date of the degree. It shall be the responsibility of the candidate to
ensure that he/she will remain continuously registered
No such candidate shall keep away from classes or leave the island or withdraw from examination or a class room test without prior
approval of the Board of Management.
A candidate who fails to conform to the By-Law in respect of registration is liable to be regarded as having withdrawn from the
candidature.
6
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
6.2 Co-ordination of the Programme
The PDBA/MBA programme is administered by a Coordinator and he/she shall be appointed by the Vice-Chancellor on the
recommendation of the Faculty Board.
The Programme Coordinator shall recommend appointing a suitable Course Coordinator for each course and under each course,
there shall be Course Lectures and Tutors. The Course Coordinator, Course Lecturers and Tutors shall be appointed by the vicechancellor on the recommendation of the Programme Coordinator and the Board of Management.
The Programme Coordinator shall perform his/her administrative duties related to the programme in collaboration with the
Dean of the Faculty of Management and Finance.
7
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
6.3 Examination Procedures
The evaluation of each assessed course shall be comprised of continuous assessments and semester-end written examination.
Continuous assessments include take home assignments, quizzes, term papers, class room test, mid-term test, presentation etc.
The semester-end examination shall be based on a three to four hour question paper. The marks for both components shall be
allocated as follows:
Continuous assessments 40%
Semester-end examination: 60%
There shall be a deadline, decided by the Course Coordinator, for the submission of each term-paper/presentation etc. Any
student who fails to submit assignment, term papers etc. in time results in zero marks, unless he/she provides valid reasons
acceptable to the Board of Management.
A cadidate’s performance in each assessed course/Dissertation/Business Consultancy Report shall be graded according to the
following scheme:
Grade A: 75%-100% Excellent
Grade B: 65%- 74% Good
Grade C: 50%- 64% Satisfactory
Grade D: 31%- 49% Poor
Grade E: 00%- 30% Very poor
INC _ Incomplete
MC _ Medical
8
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
The pass mark in each assessed course shall be 50% out of the maximum marks that could have been awarded.
The results of PDBA /MBAshall be released semester wise.
A candidate shall be qualified for the award of PDBA if he/she obtains 50% or more for each assessed course. A candidate who does
not satisfy the minimum condition for a pass in the course prescribed for PDBA (Part 1) shall be deemed to have failed in the PDBA.
A candidate who fails to obtain 50% or more for each assessed course in each semester shall be allowed to re-sit for the examination
maximum of two attempts that shall be in the academic years immediately following their first sitting and with the subsequent
batches.
When an examination is repeated, despite of whatever higher grade is obtained in the subsequent attempt, the maximum pass marks
of 50% will be used for determination of his/her results in his/her repeat attempts.
A candidate who failed to complete the referred courses even in the second repeat attempt shall have to re-register in the PDBA/MBA
courses.
The effective date of the PDBA shall be the date of last examination.
To qualify for the award of MBA degree, a candidate shall pass in Part I and Part II of the MBA Examination process. The pass mark in
each assessed course shall be 50%. A candidate who does not satisfy the minimum condition for a pass in the course prescribed for
MBA(Part II) shall be deemed to have failed in the MBA.
In the Semester II of Part II of MBA programme, the examination consists of either Dissertation or Business Consultancy Report with
one assessed course. A candidate shall submit the Dissertation demonstrating original and independent research which will be
evaluated by two independent examiners. The examination shall consist of submitting a Dissertation and a viva-voce followed by a
presentation. A candidate who does not take Dissertation option shall submit a Business Consultancy Report followed by viva voce
examination and sit for an examination of an assessed course. The maximum marks allocated for Business Consultancy Report and an
assessed course shall be 50% each
The total marks allocated for the Dissertation / Business Consultancy Report and viva-voce examination shall be 80% and 20%,
respectively.
The candidates who obtained the marks 50% or above for the Dissertation/ Business Consultancy Report, shall be called for the vivavoce examination. It will be conducted by a panel of examiners comprising the following members.
a. The Dean of the relevant Faculty (Panel Chairman)
b. The Coordinator of the PDBA/MBA Program
c. The Supervisor/s of the Dissertation/Consultancy Report
d. The Examiners appointed under 5.12 of this By-Law.
e. An Observer appointed by the Board of Management
9
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
The pass mark for the Dissertation/ Business Consultancy Report shall be 50%. A candidate who does not satisfy the minimum
condition for a pass in the Dissertation/ Business Consultancy Report shall be deemed to have failed. The candidate failed in
Dissertation/ Business Consultancy Report shall re-submit the Dissertation/ Business Consultancy Report within the period of
registration prescribed in 2.13.
A candidate who passed all courses in his/her first attempt shall be awarded a merit pass if he/she obtained minimum overall
average of 75%.
The effective date of the MBA shall be the submission date of the successful Dissertation/Business Consultancy Report. If the
student has not completed all written courses before the submission of Dissertation/Business Consultancy Report, then the
effective date of the degree shall be the last date of written examination.
A candidate who is unable to complete a course prescribed in PDBA/MBA programme, due to a medical reason, has to make a
written request together with the medical certificate within 14 days after the examination to the Coordinator of the Programme, and
he/she shall sit for the examination in the academic year immediately following their first sitting with all privileges upon the approval
of the Board of Management of the Faculty of Management & Finance and the Senate.
In this By-Law unless the context otherwise requires:
· “University” means the University of Ruhuna constituted by the University Act. No. 16 of 1978;
· “Senate” means the Senate of the University of Ruhuna constituted by the University Act No. 16 of 1978;
· “Faculty” means the Faculty of Management & Finance of the University of Ruhuna constituted by the University Act
No.16 of 1978.
· “Board of Management” means the Board of Management of the Faculty of Management & Finance established under
the powers of the Senate and the Council of the University of Ruhuna.
10
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
6.4 The Structure of the Programme
The PDBA /MBAconsist of two parts. Part 1 shall be regarded as PDBA and Part II as MBA.
Each part is divided into two semesters and each semester shall have assessed courses and supplementary courses. The course
structure and their brief contents are given in the section on Course Outlines.
Course materials for each course shall be developed and/or updated annually by the faculty in collaboration with the course
coordinator and the course lecturers within the context of the course structure.
The medium of instruction of each course of PDBA/MBA program shall be English.
This postgraduate programe in management comprises of two study programmes, viz. (a) Postgraduate Diploma in Business
Administration (PDBA) and (b) Master Degree in Business Administration (MBA). Postgraduate Diploma is a two-semester programme.
Three assessed courses are offered in each semester of the PDBA and two supplementary courses are offered in the first semester of
PDBA. At the end of the second semester, candidates may choose, subject to experience and academic standing, to proceed into the
MBA programme which covers a further two semesters. For the award of MBA Degree, candidates must complete the equivalent of
four semesters (two years) of study.
The teaching in this programme consists of (a) case studies, (b) lectures, (c) company visits, and (d) seminars. The evaluation of
performance of candidates will be made on the basis of performance at course work and end-of-course examinations. These two
components will be separately evaluated and scores for each added together in order to arrive at the total score for a given course.
PDBA/MBA (Part I)
PDBA / MBA101: Business Economics
PDBA / MBA102: Accounting for ManagerialDecisions
PDBA / MBA103: Management and Organizational Analysis
PDBA / MBA106: Marketing Management
PDBA / MBA 107: Human Resource Management
PDBA / MBA108: Operations Management
PDBA/MBA (Part II)
MBA201: Financial Management
MBA202: Strategic Management and Corporate
Policy
MBA203: Management Information Systems
MBA204: Research Methodology
MBA205: Dissertation
or
MBA206: Business Consultancy Course
and
Business Consultancy Report
Semester I Semester I
Semester II
Semester II
11
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
6.5 Syllabus
PDBA/MBA 101- Business Economics
The Course Objectives:
Course Content:
This course introduces students to the basic principles, concepts, and techniques of economic theory and policy formulation in the
Sri Lankan context. It examines the role that economic factors can play in influencing managerialdecision-making processes.
1. To introduce students to the basic principles, concepts, and techniques of economic theory and policy formulation in the Sri
Lankan context.
2. To introduce students to basic principles, concepts and techniques of macroeconomic theory and policy formulation in the Sri
Lankan context;
3. To introduce students to the role that economic factors can play influencing managerialdecision-making processes.
1. Introduction to Business Economics
2. Demand and forecasting
Theory of Demand, Elasticity of Demand, Estimating Demand Functions, Business and Economic Forecasting.
3. Production and Cost
Theory of Production, Analysis of Costs
4. Market Structure, Strategic Behaviour and Pricing
5. Risk Analysis and Capital Budgeting
6. Government-Business Relations
7. Behaviour of Major Macroeconomic Variables
8. Determination of Income and Employment
9. Inflation
10. Balance of Payments and Exchange Rate
12
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
PDBA / MBA 102- Accounting for Managerial
Decisions
Course Content
The Course Objectives:
3. To provide the skills of application of those concepts and
techniques in producing valuable accounting
Accounting is concerned with providing both financial and information required to make managerialdecisions.
non-financial information that will help decision makers to
make better decisions. Management Accounting assists the 1. Introduction
users of accounting information i.e. Management to 2. Identify Cost Terms & Concepts
understand concepts and techniques and to develop skills 3. Cost Assignment
necessary to appraise and manage a business towards 4. Job Order Costing & Process Costing
achieving its goals. All managers in every organization are 5. Measuring Relevant Cost & Revenues for Decision
better equipped to perform their duties when they have a Making
reasonable grasp of accounting information. Decision 6. Activity-Based Costing System
Making is the core of the Management process that depends 7. Cost-Volume-Profit(CVP) Analysis
ultimately on useful accounting information. This course is 8. Pricing Decisions & Profitability Analysis
mainly concerned with ways in which Management 9. Standard Costing & Various Analysis
Accounting information can assist internal users i.e. 10. Budgeting
Management, to make decisions and to plan and control 11. Capital Investment Decisions
organizational activities. Emphasis is placed on how to apply 12. Management Control Systems
managerial problem solving techniques and analyze the 13. Divisional Financial Performance Measures
results by the management in order to make suitable 14. Transfer Pricing
decisions relating to planning and control functions of a 15. Cost Management Tactics
business firm.
1. To identify cost behavior and calculate costs under
various accounting systems
2. To provide the students with the knowledge and
understanding of Management Accounting concepts
and techniques used by the management in various
decision making situations.
13
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
PDBA / MBA 103- Management and Course Content
Organizational Analysis
The Course Objectives:
1. Introduction to Management
This course is intended to offer an intermediate 2. Evolution of Management thoughts
orientation to behavioural, theoretical and practical 3. Management Ethics and Social Responsibility
aspects of management. Hence, the course consists of 4. An Overview of Organizational Behaviour
three major segments Organizational Behaviour (OB) to 5. Foundation of Individual Behaviour
deal with behavioural aspects of individuals and groups in 6. Perspectives on Motivation
organizational setting; Organization Theory (OT), which 7. An Overview of Organization Theory (OT)
deals with the sociological and theoretical aspects of 8. Group Dynamics
development of management thought and practice; 9. Power, Politics and leadership in an organization
Implications for Management Practices, which address the 10. ManagerialDecision Making Process
integration of OB and OT in current management issues 11. Organization Change and Development
and practices. 12. Social Structure of organization
13. Organizational Culture
1. To introduce psychological and behavioural theories 14. The Effective Organization: Forces and Forms
to reason out individual and group dynamics in 15. Conflict Management
organizational settings 16. Stress Management
2. To examine the relevance of organizational and social 17. Operation and Service Management
theories in analyzing the management reality in 18. Contemporary Issues in Management
specific cultural and organizational contexts.
3. To make aware of the current global management
practices in those theoretical and behavioural
frameworks.
14
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
PDBA / MBA 104- Academic / Technical Writing (Supplementary)
The Course Objectives:
Course Content:
1. Gather, interpret, and document information logically, efficiently, and ethically
2. Select the appropriate format for presenting information.
3. Organize information using reader-based principles
4. Use graphics effectively.
5. Develop an effective, clear writing style.
1. Academic and professional work
2. Writing style and language
3. Presentation standards
4. Case study and course work
5. Research communication
6. Theses and dissertations
7. Research papers
8. Management reports
9. Corporate plans
10. Business reports
15
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
PDBA / MBA 105- Introduction to Accounting & Course Content
Quantitative Techniques for Management
(Supplementary)
The Course Objectives:
Course Content
Part 2
Introduction to quantitative techniques for management
Accounting and Quantitative Techniques for Management Matrix algebra and probability analysis
as a set of management decisions are concerning the Linear programming
design, planning, control, and improvement of operating Transportation and assignment problems
systems in both manufacturing and service organizations. Integerprogramming
The aim of the course is to introduce and provide an Network models
overview of the fields of Accounting and Quantitative
Techniques for business analysis.
1. Understand the principles and methods of Financial
Accounting and Quantitative Techniques.
2. Provide a basic knowledge to read, understand,
analysis and interpretation of financial statement
widely used in a business environment.
3. Apply relevant analytical tools, models and
quantitative methods for management decision
making.
Part 1
Introduction of financial accounting
Basic accounting concepts and techniques
Bank transactions and related accounting procedures
Presentation of financial statements
Cash flow statement analysis
Analysis of financial statement
16
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
PDBA / MBA 106- Marketing Management
The Course Objectives:
Course Content
5. Marketing Environment
6. Markets and Buying Behavior.
Marketing is typically seen as the task of creating, 7. Business Market and Competition.
promoting and delivering goods and services to consumers 8. Segmentation, Market Targeting and Positioning the
and businesses. In fact marketing people are involved in Market.
marketing ten types of entities: goods, services, 9. Product Life Cycle, Marketing Strategies and
experiences, events, persons, places, properties, Differentiation.
organizations, information, and ideas. As such, this course 10. Developing New Product.
is designed to offer students an understanding on the 11. Product Mix.
theoretical and practical aspects of the marketing function. 12. Service Marketing and Strategies.
13. Pricing Strategies and Implication
1. To introduce marketing theories and describe new 14. Managing Marketing Channels.
developments in marketing. 15. Integrated Marketing Communications
2. To highlight the most recent trends and development 16. Advertising, sales Promotion, Public Relations and
in global marketing and strategic marketing. Personal Selling Strategies.
3. To emphasize the importance of teamwork between 17. Global Market and Marketing.
marketing and all other functions of the organization 18. Managing the Total Marketing Effort.
and the critical importance of marketers acting in an 19. Workshop on Marketing Issues and Trends in Sri
ethical and socially responsible way. Lanka Contest.
20. Workshop on Marketing Issues and Trends in Global
1. Understanding Marketing Management and Contest.
Marketing Philosophy.
2. Customer Value/Satisfaction/Retention and
Relationship Market.
3. Marketing and Strategic Planning.
4. Marketing Information Systems
17
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
PDBA /MBA 107- Human Resource Management (HRM)
The Course Objectives:
Course Content
This course is designed to academics, Practicing business managers and those who want to enhance their knowledge in HRM.
1. To enhance the knowledge of HRM concepts and practices and improve skills in applying them.
2. To examine the relevance of HRM theories in analyzing the HRM problems in specific organizational contexts.
3. To explore the current trends in HRM practices at local global work setting.
1. Introduction to HRM
2. Strategic HRM
3. Job design & Job analysis
4. Human Resource Planning
5. Recruitment & selection
6. Induction & socialization
7. Human Resource Development
8. Performance management
9. Compensation & Employee benefit
10. Career management
11. Employee Safety & Health
12. Employee Transitions
13. Employee discipline & grievances management
14. Industrial relations
15. Contemporary issues in HRM
18
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
PDBA /MBA 108- Operations Management Course Content
The Course Objectives:
1. Introduction to Operations Management Operations
Operations Management is the design, operation & Strategy
improvement of the systems that create & deliver the 2. Product Design – Manufacturing & Service
organization’s primary products & services. Accordingly, it 3. Process Selection & Design
consists of the design and control of systems responsible 4. Strategic Capacity Management Facility Location
for the productive use of raw materials, human resources, 5. Facility Layout
equipments and facilities in the development of a product 6. Job Design &Work Organization
or service. Focusing on competition advantage requires an 7. Forecasting Capacity Planning
understanding of how the operations function contributes 8. Supply Chain Management
to productivity growth. Because of that operation 9. Inventory Management
management has been considered as a key element in 10. MRP, MRPII,
improving productivity in today’s businesses. 11. Operations Scheduling
12. Enterprise Resource Planning
13. Quality Management
14. Statistical Quality Control
1. To provide an understanding on how the field of 15. JIT, Kaizen, BPR, etc.
Operations Management provides the direction in 16. Project Management
achieving competitive advantage
2. To discuss the issues and problems arising in
management of operations in both manufacturing
and service organizations and introduce the concepts,
methods and strategies of operations management
which can be used / practiced in handling and
familiarizing with the recent trends and technological
advances that directly affect operations management.
19
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
MBA 201- Financial Management
The Course Objectives:
Course Content
Financial Management is a process of implementing and managing financial control systems, collecting financial data, analyzing
financial reports and making sound financial decisions based on the analyses. Every decision that a business makes has financial
implications. Since financial management is concerned with making decisions, and decision making is concerned with the future,
risk must be a major factor in all aspects of financial management. The knowledge of financial management is advantageous in
virtually every discipline in business and vital to managers.
1. To introduce financial management theory and the techniques that have been developed in financial management.
2. To develop the knowledge and skills in relation to investment,financing and dividend policy decisions.
3. To provide students with basic financial math skills and an excellent introduction to financial management concepts.
4. To provide a working knowledge of the tools and analytical conventions use in the practice of financial management.
1. Introduction and Overview
2. The Financial Environment: Concept and Principles
3. The Time Value of Money
4. Financial Market in Sri Lanka
5. Risk and Return
6. The Cost of Capital
7. Valuation of Securities
8. Dividend Policy and Share valuation
9. Leverages
10. Working capital Management
11. Capital Budgeting
12. Research issues in Finance
20
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
MBA 202- Strategic Management and Corporate Course Content
Policy
The Course Objectives:
1. What is strategic management?
The Strategic Management course is an integrative one 2. Establishing Organizational Direction
designed to provide students the opportunity to develop 3. Environmental analysis: determining strengths and
skills in identifying, analyzing, and solving problems through weaknesses and identifying opportunities and threats
a variety of assignments which represent the real business 4. Strategy formulation
world. Problems to be examined will involve a wide range of 5. Formulation of Corporate Level Strategies
substantive ones in business, where the student is expected 6. Strategic Management at the Business Level:
to consider the external implications (such as new Managing for Competitive Advantage
government controls) at the same time that decisions must 7. Evaluating Strategies
be formulated. While doing this, students will gain 8. Strategic Management at the International Level
experience and confidence that will prepare them for the 9. Tailoring strategy to fit specific industry and company
business world. The perspective will be that of top situations
management concerns of the total organization rather than 10. Strategy and competitive advantage in diversified
any specific functional area. Topics of current interest will be companies.
examined regarding their impact on strategy formulation 11. How to analyze a strategic management case
and execution. Accordingly, students are encouraged to 12. Strategic Management at the Functional Level:
consider these developments in their deliberations. Managing for Customer Value
Students will also be required to identify and evaluate 13. Strategy Implementation
ethical consequences of strategic decisions. 14. Visionary Leadership
15. Strategic Control
1. Help understand concepts, frameworks, models and
tools, and applications of strategic management.
2. Offer experiential analysis to understand the
challenges of CEOs and General Managers in
competing in the market place
3. Offer strategy insights from the world’s most
successful CEOs and leaders
21
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
MBA 203- Management Information Systems (MIS)
The Course Objectives:
Course Content
On the one hand, Management Information Systems focuses primarily on the human and social aspects of information technology
management. On the other hand, MIS involves tools and techniques for improving effectiveness of organizations in achieving their
organizational goals and objectives in a changing environment. Accordingly, this subject covers both these aspects which are
important for practicing managers responsible for and committed to organizational effectiveness.
1 To provide an understanding of the nature of business organization as a system
2 To examine theories and practices of system analysis meaningfully to their organizations to identify the need and methods of
development
1. Business system characteristics; a business as a system of system.
2. Describing the business organization
3. Information Technology Systems
4. Decision support & Artificial Intelligence
5. Technologies for Electronic Commerce
6. Planning for IT Systems
7. Information Systems Development
8. Information Systems Management
9. Contemporary Issues in ICT
22
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
MBA 204- Research Methodology
The Course Objective:
Course Content
The course is designed to provide guidance required to undertake a research project. As such, this course covers the basics of
research process from the introductory stage of research to writing up the research.
1. To provide students with the skills they need for the successful conduct of their research project.
1. Social research strategies
2. Research designs
3. The nature of quantitative research
4. Sampling
5. Structured interviewing
6. Quantitative data analysis
7. Nature of qualitative research
8. Focus groups
9. Qualitative data analysis
10. Writing up social research
11. Submission of the Research Proposal
23
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
MBA 205- Dissertation:
The Course Objective:
MBA 206- Business Consultancy Course and Business Consultancy Report:
To provide an opportunity to apply a range of ideas and concepts derived from the MBAtaught programme to an issue or problem of
practical importance normally in his/her own organization.
The students will be asked to design, develop and conduct a research project of their choice which will address managerial or
economic issues of the organization they work for.
or
This shall be a report based on a particular issue identified from a firm and the students are required to demonstrate their ability in
resolving practical management problem/issue. The project will enable the application of theory to practice and will provide a
useful outcome for the organization. This will demonstrate the value of the MBA learning experience within the organization and to
allow the students to understand through active application the meaning and value of what has been learnt.
24
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
6.6 Format of the MBA Dissertation and Business Consultancy Report
·The text of the thesis must be typed single side on white paper of A4 size. One and half line spacing should be used for the main
text, and single spacing for footnotes where necessary. There should be a margin of 35 mm on the left-hand side and of 20 mm
on the right-hand side of each page. Times New Roman fonts of size 12 pts is recommended for the text. All copies must be
sewn and bound in DARK BROWN cloth with lettering on the spine and cover in gold as shown in schedule 1 of this Regulation.
The candidate may submit two copies of the thesis initially in a temporarily bound form for evaluation.
·The title of the thesis, the name of the candidate, his/her Academic and Professional Qualification, the Degree for which the
thesis is submitted together with the month and year of submission, should be printed on the first appropriate page inside. The
address of the Faculty should be given on this page.
·The page following the title page shall carry a declaration of the candidate that the work presented in the Dissertation/Business
Consultancy Report is his/her own and that no part of this Dissertation/Business Consultancy Report has been submitted
earlier or concurrently for any other Degree. The declaration must be certified by the Supervisor(s). Names and addresses of
the Supervisor(s) shall be given on this page.
·The page following the declaration shall be the table of contents followed by the figure captions.
·The page following the table of contents shall contain an abstract/executive summary of not more than 500 words and shall be
considered as the part of the dissertation/consultancy to be examined.
·The body of the Dissertation/Business Consultancy Report shall organize with several chapters divided appropriately in such a
way that the Dissertation/Business Consultancy Report should appear as a single piece of work to the reader.
·References in the text of the xxx and the citations of references should be according to the Harvard System.
25
A single author (Perera, 1984) Author, Year of publication. Title of dissertation Level
Two authors for the same work (Perera & Green, 1986) Place of University (If not clear from the name of the
More than two authors (Green, et al., 1995) University): Name of University.
Several publications by one author (Perera 1992, 1994) Richmond, J., 2005. Customer expectations in the world
A publication with no date (Smith, n.d.) of electronic banking: a case study of the Bank of
Author not identifiable (Anon., 1999) Britain. Ph. D. Chelmsford: Anglia Ruskin University.
The Bibliography should be in the following format: Where there is no obvious publication date, check the
content and references to work out the earliest likely
Author, Initials., Year. Title of article. Full Title of date: e.g.
Journal, Volume number (Issue/Part number), Page 1995? for probable year
numbers. ca. 1995 for approximately 1995
Boughton, J.M., 2002. The Bretton Woods proposal: an 199- for decade certain but not year
in-depth look. Political Science Quarterly, 42(6), 199? for probable decade
pp.564-78. Occasionally it may not be possible to identify an
author, place or publisher. This applies particularly to
Use the information from the title page but not from what is known as ‘grey literature’, such as some
the cover. government documents, leaflets and other less formal
Author, Initials/first name., Year. Title of book. Edition. material.
(Only include this if not the first edition) Place:
Publisher. Anon when the author is anonymous or not
Redman, P., 2006. Good essay writing: a social sciences identifiable
guide. 3rd ed. London: Open University in assoc. with
Sage. Baron, David P., 2008. Business and the s.l. for unknown place of publication (Latin: sine loco)
organisation. 6th ed. Chester (CT): Pearson. s.n. for unknown publisher (Latin: sine nomine)
Examples for references in the text: Thesis
References with missing details
Journal Articles:
Books
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA) 26
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
Electronic documents
For websites found on the World Wide Web the required elements for a reference are:
Authorship or Source, Year. Title of web document or web page. [Medium] Available at: include web site address/URL (Uniform
Resource Locator) and additional details such as or routing from the home page of the source. [Accessed date].
National electronic Library for Health. 2003. Can walking make you slimmer and healthier? (Hitting the headlines article).
[Online] (Updated 16 Jan 2005)
Available at: http://www.nhs.uk.hth.walking [Accessed 10 April 2005].
6.7 Guidelines on Writing Assignments
During the first three semester of the MBA programme you are expected to submit several assignments under each course
module. The most important idea behind this is to start the training in academic writing. In academic writing, you have to adhere
to certain rules and principles.
One important item here regards the balance between quantity and quality. If you look at international, scientific journals today,
you will find that top-grade articles are written in less than 15 pages, everything included. What is important is not the length of
the paper, but the quality of what has been written. It is more or less than same in art. The Mona Lisa painting by Leonardo da
Vinci is considered the world’s most valuable piece of art, still it is a exceedingly small painting.
The following format may serve as a template for your upcoming assignments:
Title page: Use the template that you are accustomed to.
Abstract. Present in an abstracted form, i.e. some few sentences, the main content of your paper: state the main idea of the paper
(what do you want to shed light on or discuss in the paper?), and what are the main findings of the paper.
List of content: with page numbers
27
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
– Define or delimit the topic or problem area.
– Why is this an important topic or problem?
– What is your objective(s) or aim(s) with the paper?
– How will you treat that objective in the paper?
– Presentation of your material/items (e.g. present a selection of academic/scientific literature from authoritative secondary
sources)
– Critical discussion of the items presented (NB! Remember: Critical does not mean to be negative, but to be
analytical/discursive!).
A conclusion is a conclusion and not a summary, Based on your presentation, what conclusion(s) can you draw regarding the main
item of your paper? Is it possible to say something in general about the item?
References are sources you have used to prepare and complete the paper. Bibliography is a wider selection of literature covering
the problem area of your paper.
Please make sure the following before you submit the paper:
1. Is it a correspondence between title of the assignment, and the abstract?
2. Is it a correspondence between the abstract and the content?
3. Is it a “red tread” throughout your paper? Does one item logically leads to the next? i.e. is it a logical correspondence
between the various parts of the paper?
4. Is it a correspondence between Introduction and Conclusion?
5. Be very careful with the referencing! Beware of the difference between referring to literature sources and quoting from
sources!
6. Are the same names and years of publication listed in References as those used in the text?
7. Is your list of References done correctly? Names, Initials, year of publication, source of publication (book, journal or URL)!
8. Do a thorough spell check!
9. Pay a high attention to the language, Remember: Language is the vehicle of academic writing!
Introduction
Main content- Should include:
Conclusion
References or Bibliography
Important issues
28
6.8 Teaching Panel of the PDBA/MBA Program
– Prof. D. Atapattu, B.A. (Ceylon), M.A. Ph.D. (McGill)
– Prof. Managala De Zoysa, Ph.D. (Tokyo)
– Prof. H.S.C. Perera, BSc. (Jpura,), M.Phil (Ruhuna), P.Dip (Canada)
– Prof. W.P. Gamini De Alwis, B.Sc, MBA,PhD
– Prof. H.S.C. Perera, B. Sc. Eng. Hons. (Moratuwa), M. Eng. (AIT), D. Eng
– Dr. P.A.P.S. Kumara, B.B.A, M.B.A., Ph.D.
– Dr. M.K. Wanniarachchige, B.B.A, M.B.A., Ph.D.
– Mr. R.M. Rathnayake, B.Com (Peradeniya), M.Com. (Ruhuna)
– Dr. G.T.W. Sriyani, B.Com, M.B.A. (Colombo), PhD (Ruhuna)
– Mrs. M.W. Indrani, B.Com. (Ruhuna), M.Sc. (J’pura)
– Mrs. K.A.S. Sriyani, B.Com. (Ruhuna), M.Com. (Ruhuna)
– Mr. H.V.D.I. Abeywickrama, B.B.A, PDBA (Ruhuna),M.Com(Kelaniya)
– Mr. B.L. Galhena, B.Com. (Ruhuna,), M.Sc. (Agder, Norway)
– Mrs. J. Ramawickrama, B.Com, MBA, Reading for M.Sc. (Norway)
– Mr. M.W.S.S. Silva, B.Com. (Ruhuna,), M.Sc. (Agder, Norway)
– Mrs. G.P.K. Nishadi, B.B.A (Ruhuna), M.Sc. (Norway)
– Mr. W.M.R. Laksiri, B.B.A (Ruhuna), M.Sc. (Norway)
– Mr. A.G. Deepal B.Sc.(Jpura), M.Sc
– Mrs. M.S. Nanayakkara, BBA(Ruhuna), M.Sc.
– Mrs. G.K.H. Ganewatta, B.Sc. (Ruhuna), MBA(Ruhuna)
– Dr. T.M.A. Tennakoon, BBA(Ruhuna), MBA(Ruhuna)
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA) 29
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
Application fee – Rs. 1000
Registration fee – Rs. 1500
Course fee
PDBA – Rs. 100,000
MBA – Rs. 200,000
(Total for PDBA/MBA Rs.300000)
Library fee (per year) – Rs. 5000
Examination fee (per paper) – Rs. 1000
– Dean of the Faculty.
– Director Postgraduate Studies
– Coordinator of PDBA/MBA Programme.
– Head of the Departments of Faculty of Management and Finance
– Course Coordinators of the courses of studies of the PDBA/MBA Programme
6.9 Fees
6.10 PDBA/MBA Board of Management
30
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
7. Examination Rules and Regulations
1. Candidates shall attend outside the examination hall at least 15 minutes before the commencement of each paper. However,
they shall not enter the hall until the supervisor requests to do so.
2. On admission to the hall a candidate shall occupy the seat allotted to him and shall not change it except on the specific
instruction of the supervisor.
3. No candidate shall be admitted to the examination hall for any reason whatsoever after the expiry of half an hour from the
commencement of the examination. Candidates shall not be allowed to leave the hall until half an hour has lapsed from the
commencement of the examination or during the last 15 minutes of the paper.
4. A candidate shall have his student record book and the admission card with him in the examination hall on every occasion he
presents himself for a paper. His candidature is liable to be cancelled if he does not produce the record book. If he fails to bring
his record book on any occasion he shall sign a declaration in respect of the paper for which he had not produced the record
book in the form provided for it, and produced the record book on the next occasion when he appears for the examination. If it is
the last paper or the only paper he is sitting, he shall produce the records book to the Registrar on the following day. If a
candidate loses his record book in the course of examination, he shall obtain a duplicative records book identity card from the
Registrar, for production at the examination hall.
5. No candidate shall have on his person or in his clothes, or on the admission card, timetable or record book any notes signs or
formulae etc., books, notes, parcels, handbags etc. Which a candidate has brought with him should be kept at a place indicated
by the supervisor/ Invigilator.
31
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
6. A candidate may be required by the supervisor to declare any items in his possession or person.
7. No candidates shall copy or attempt to copy from any book or paper or notes or similar material or from the scripts of another
candidate. Nor shall any candidates either help another candidate or obtain help for another candidate or any other person. Nor
shall any candidate conduct himself so negligently that the opportunity is given to any other candidate to read anything written
by him or to watch any practical examination performed by him. Any candidate shall not use any other unfair means, obtain, or
render improper assistance at the examination.
8. No candidate shall submit a practical or field book, dissertation, or project study or answer script, which has been done wholly
or partly by anyone other than the candidate himself.
9. Candidate shall bring their own pens, ink, mathematical instruments, erases, pencils, or any other approved equipment or
stationary, which they have been instructed to bring.
10. Examination stationary (i.e. writing paper, graph paper, drawing paper, ledger paper, précis paper etc.) –will be supplied as and
when necessary. No sheet of paper or answer book supplied to a candidate may be torn, crumpled, folded, or otherwise
mutilated. No papers shall be used by the candidates other than those supplied them by the supervisor/ Invigilator. Log tables
or any other material provided shall be used carefully and left on the desk. All materials supplied, (whether used or unused)
should leave behind on the desk and should not remove from the examination hall.
11. Every candidate shall enter his Index Number on the answer book and on every continuation paper. He shall also enter all
necessary particulars as indicated in the cover of the answer book. A candidate who inserts on his script an Index Number other
than his own is liable to be considered as having attempted to cheat. Script/Scripts bearing without index numbers or an index
number which cannot be identified, is liable to be rejected. No candidate shall write his name or any other identifying mark on
the answer script.
12. All calculations and rough work shall be done only on paper supplied for the examination, and shall be cancelled and attached to
the answer script. Such work-should not be done non-admission cards, timetables, question papers record books or on any
other paper. Any candidate who disregards these instructions runs the risk of being considered as having written notes or
outline of answered with the intention of copying.
13. Any answer or part of an answer, which is not to be considered for the purpose of assessment,shall be neatly crossed out. If the
same question has been attempted in more than one place the answer or answers that are not to be counted shall be neatly
crossed out.
32
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
14. Candidates are under the authority of the supervisor and shall assist him by carrying out his instructions and those of his
invigilators, during the examination and immediately before and after it.
15. Every candidate shall conduct himself in the Examination hall-and its precincts so as not to cause disturbance or inconvenience
to the supervisor or his staff or to other candidates. In entering and leaving the hall, he shall conduct himself as quickly as
possible. A candidate who communicated in the examination is liable to be excluded from the examination hall for disorderly
conduct.
16. Candidates shall stop work promptly when ordered by the supervisor/Invigilator to do so.
17. Absolute silence shall be maintained in the examination hall and its precincts. A candidate is not permitted for any reason
whatever to communicator or to have any dealings with any person other than the supervisor/Invigilator. The candidate shall
draw the attention of the supervisor/Invigilator by raising his hand from where he seated.
18. During the course of answering a paper, no candidate shall be permitted to leave the examination hall temporarily. In case of an
emergency, the supervisor/Invigilator shall grant him permission to do so but the candidate will be under his surveillance.
19. No person shall impersonate a candidate at the examination, nor shall any candidate allow himself to be so impersonated by
another person.
20. Serious note will be taken of any dishonest assistance given to a candidate, by any person.
21. If circumstances arise which in the opinion of the supervisor render the cancellation or postponement of the examination
necessary, he shall stop the examination, collect the scripts already written and then report the matter as soon as possible to
the vice-chancellor/Registrar.
22. The supervisor/Invigilator is empowered to require any candidate to make a statement in writing on any matter which may
have arisen during the course of the examination and such statement shall be signed by the candidate. No candidate shall
refuse to make such a statement or to sign it.
23. No candidate shall contact any person other than the vice chancellor, Dean, Head of the Department or the Registrar regarding
any matter concerning the examination.
24. Every candidate shall hand over the answer script personally to the supervisor /Invigilator or remain in his seat until it is
collected. On no account shall a candidate hand over his answer script to the attendant a minor employee or another
candidate.
33
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
25. Every candidate who registers for an examination shall be deemed to have sat the examination- unless he- withdraws from the
examination within the specified period or submits a medical certificate prior to the commencement of the examination. The
medical certificate shall be from the university Medical Officer. If this is not possible, the medical- certificate should be obtained
from a Government Medical Practitioner, and- submitted to the University Medical Officer at the earliest possible time.
26. When a candidate is unable to present-himself for any part/ section of an examination, he shall notify or cause – to be notified
this fact to the Registrar immediately. This should be confirmed in writing with supporting documents within 48 hours by
registered post.
27. A student who withdraws or absents himself from the examination shall not be eligible for classes at the next examination
unless the senate decides otherwise.
28. No student shall sit an examination, if he has exhausted the number of attempts that he is allowed to – sit that particular
examination, unless he has been granted special permission to do so by the senates
8. Medical Certificates
If a student is unable to attend lectures and/or practical classes due to an illness, he/she should inform the university medical
officer within a week. If a student wishes, he/she can get medical assistance from a government or a private doctor. However,
the university medical officer should approve the medical certificates issued by them. If a student is unable to sit for the exam
due to an illness he/she should inform the university medical officer and the examinations branch immediately. The medical
certificates obtained from outside medical officers should be submitted to the examinations branch within 3 days with the
approval of the university medical officer.
34
Postgraduate Diploma in Business Administration (PDBA) and Master of Business Administration (MBA)
9. Library
The Main Library of the Ruhuna University situated in the University premises at Wellamadama, Matara. The Library posses resource
collections of about Mathematics, Computer Science, Zoology, Botany, Fish Biology, Physics, Management, Economics, Languages,
History, Geography, Education, Physical Education, Medicine, Engineering, Technology, Agriculture and are classified using the Dewey
Decimal Classification (DDC).
The Library closes on public holidays and Poya holidays. The Library has Lending, Reference, Periodicals and Special Collection sections.
The Lending section issues books for a period of two weeks to undergraduates and non-academic staff and a period of one month to
academic staff. The Reference Section comprises of permanent Reference material and scheduled reference materials. Permanent
reference material must be consulted in the Library. Scheduled Reference books are the books in demand, hence are available to use in
the Library and if necessary can be borrowed for the use over night or in weekends. Reference materials are issued on weekdays
between 3.00p.m. to 5.oop.m. and must be returned by 10.00 a.m. on the due date. Readers are requested not to remove books or other
documents in the Special Collections. With the exception of categories, (i.e., Permanent Reference Books, Dictionaries, Atlases,
Glossaries, Periodicals, Books on special collections) all other books may be borrowed. Tickets for borrowing books are issued at the time
of registration.
Contact
Dean, Faculty of Management and Finance
University of Ruhuna
2227015
Email: [email protected]
Website: http://www.ruh.ac.lk
Tel/Fax: +94(0)41
35
6th Edition
Revised: June 2008
MBA STUDY GUIDE
FOR PREPARATION FOR ORAL EXAMINATION
6th Edition
Revised: June 2008
Dear MBA Student:
This STUDY GUIDE is provided for you from the graduate faculty of the College of
Commerce and Business Administration (CCBA). The purpose of this GUIDE is to
assist you in preparing for your oral examination that you will take once you have
completed all of your MBA course work. You must apply to take your oral examination
no later than the beginning of the semester in which you plan to take the exam (be sure
you check the calendar in order to determine application deadlines), which can be no
sooner than your last semester of coursework. Application forms are available in the
College of Graduate Studies’ office located on the third floor of Bibb Graves Hall or
online. The completed application form, which also serves as the Application for
Degree, should be returned to that office.
Questions from members of the graduate faculty of the CCBA are included in this
volume. The questions are grouped by discipline and are presented by specific courses.
Please understand that this GUIDE is not intended to be comprehensive; i. e., you
may be asked questions that are not included herein and questions may be asked
for any courses that you have had in your program, regardless of the composition
of your committee. The purpose for providing you with this set of questions is to
assist in better structuring your review for the oral examination.
Even though this GUIDE is provided, you should discuss your examination with
the members of your oral committee. You will receive a letter indicating who these
individuals are before midterm of the semester in which you plan to take your oral exam.
In the letter, you will be instructed to contact the chairperson of your committee in order
to establish a date and time for your oral examination.
If I can be of further assistance to you, please do not hesitate to give me a call.
You can reach me at either (256) 782-5780 or (256) 782-5778.
Sincerely,
Louise J. Clark, Ph.D.
MBA Director.
1
BUSINESS ADMINISTRATION COURSES
BA 501 ORGANIZATIONAL COMMUNICATIONS
1. Communication is the key to success for corporations. Describe some
differences in communication styles and which appear to be more effective.
2. Discuss gender differences in communication and why it is important to be aware
of them.
3. Discuss your research project and the research conducted.
4. Discuss how you would improve communication laterally in an organization, i.e.
among supervisors or managers of equal rank who depend on one another for
successful task completion.
5. Discuss effective communication with telecommuting employees. Approximately
1/6 of employees today telecommute. A major problem with telecommuting is
communication. How would you communicate? Give a detailed answer as you
discuss telecommuting, including its advantages and disadvantages.
6. Discuss the importance of understanding nonverbal communication.
7. Discuss the basic principles of questionnaire design.
8. What is a double barreled question?
9. What does it mean to design response options as mutually exclusive and
collectively exhaustive?
10. What are some of the basic guidelines for presentation development?
11. What are the basic goals when opening a presentation?
12. Discuss some of the basic elements of HTML code.
13. Discuss some of the basic elements of web design.
BA 545 – QUANTITATIVE METHODS FOR BUSINESS DECISIONS
1. Discuss those factors that would lead a manager to consider statistical quality
control techniques (sampling) EX: time, cost, safety, infeasibility, etc.
2. Discuss the relationship between product design and process strategy.
3. Does (JIT) Just-In-Time inventory management mean that inventory is
eliminated? EX: NO- shift inventory to supplier.
4. Does JIT influence product design? – EX: Yes, the product must be more
standardized with consistent demand.
5. Contrast Internal vs. External failure cost as they relate to quality. – EX: Internal is
found before delivery; i.e. material defect and rework. External is found after
delivery; i.e. warranty and recall cost.
6. Discuss those decisions made by managers as they link quality-value-price.
7. Discuss the most often used quality control tools. – EX: Flowcharts, checksheets,
histograms, pareto, cause effect, scatter, control chart.
8. Discuss the decision tools needed for successful project planning.
9. In Linear Programming, what is the economic interpretation of the ‘shadow price’
in the output summary? EX: The value, in terms of the objective, for each unit
change in a constraint.
10. Discuss the components and use of MRP planning.
2
11. What considerations would most often influence the choice of manufacturing
methods? EX: Volume, product complexity, size, skill level req., equipment
needs.
12. Explain the use of Regression Analysis in forecasting including both input
considerations and output review for decision making. EX: Dependent variable,
independent, cases, correlation coefficient, etc.
13. Outline the steps and options for the successful use of simulation modeling.
BA 587 BUSINESS POLICY AND STRATEGY
1. Select a multinational company. Define the two most important criteria for
success in their industry. Plot each industry competitor on an L grid, using the
two criteria as its basis. Does your company have a sustainable competitive
advantage? Defend your answer.
2. Discuss corporate governance mechanisms. Are they effective?
3. Who or what determines what is ethical in a company? Defend your answer.
4. Why is industry analysis important to strategic business analysis? In addition to
its importance, what pitfalls may stem from relying on industry analysis as the
principal tool of strategic analysis?
5. From a strategic “resource-based” perspective, firms should develop and sustain
a valuable bundle of resources and capabilities. Discuss the factors and
conditions that make resources and capabilities valuable. What actions can firms
take to protect their resources and capabilities and therefore sustain competitive
advantage?
6. As industries grow and change, many firms choose to diversify outside of their
core businesses. Despite the substantial amount of diversification activity, there
is doubt that diversifying away from the firm’s core business adds any value.
What conditions must hold if diversification is to add value to the firm? How
might firms assess whether a particular acquisition or venture will likely add
value?
7. A manufacturer and marketer of a commodity product has asked that you assist
in the preparation of their strategic plan. Please recommend an appropriate
competitive strategy and discuss key implementation issues that the company
must address.
8. The BCG Matrix is a portfolio analysis tool. Discuss why a firm would want
products/SBU’s in each cell in the matrix.
9. Assume you are the CEO of Federal Express. Explain how each of Porter’s Five
Forces affect your business.
10. Identify a company that you are aware of that uses a differentiation strategy.
Identify the strengths and weaknesses of that strategy.
11. Fully explain the difference between traditional stock options and restricted stock.
Which better rewards overall company performance? Why?
12. Identify a company that you are aware of that uses a cost leadership strategy.
Identify the strengths and weaknesses of that strategy.
13. “Shareholders are the most important stakeholders in any organization.” Take a
stand in defense of or in disagreement with this statement.
3
14. Pick an industry of your choosing. Clearly define the strategic groups and the
players involved. Why did you define them as you did? Is it relatively easy to
change groups in this industry?
15. What are the major items you would research in evaluating a company for
investment or acquisition? Explain.
BA 590 – INTERNATIONAL BUSINESS
1. Discuss foreign investment and how it affects a country’s economy. Where is FDI
mostly found? Does international trade or international investment come first?
2. Discuss barriers to trade. How are they connected to the political and legal
environment?
3. Discuss expatriate relocation. Who is available for such positions today? What
should a company do about females in these positions? How does the foreign
environment affect the expatriate decisions?
4. How effective are labor unions in the international business environment? How
does a company deal with them? What influence does a union have on the way a
company conducts business?
5. Discuss e-business and trust. How important is e-business to companies today?
What can be done to improve the trust relationship?
6. Discuss the legal and political forces that face an international business.
7. Discuss the impact of culture on business.
8. Know the five dimensions of Hofstede’s research. Be able to give examples of
how they impact international business. See questions under international
management.
9. Discuss Alabama and international trade. How effective is Alabama in trade?
Who are our major trading partners?
10. Discuss maquiladoras and their impact on business. Discuss foreign trade zones
and their impact.
11. Discuss globalization and its impact on business. What is your opinion of
globalization for developed and developing countries.
12. Discuss outsourcing and its impact. What is your opinion of globalization for
developed and developing countries
13. Discuss organizational support in expatriate assignments. What do companies
offer and what should companies offer?
14. What are the most important facets of international marketing.
ACCOUNTING COURSES
ACC 512 – Accounting Information Analysis
1. What is Contribution Margin? How may a company use that number?
2. What is the difference between full (absorption) costing and direct (variable)
costing?
3. Name the four basic financial statements.
4. What is the difference between job order and process costing?
5. What is the difference between the cash and the accrual basis of accounting?
4
6. What is a common or joint cost?
7. Students should be familiar with the following areas:
• Cost classifications, flows through accounts, and behavior
• Job order costing
• Process costing
• Cost-volume-profit analysis
• Variable vs. Absorption costing
• Activity-based costing
• Standard costing and variance analysis
• Master budgets
• Capital budgeting
AUDITING
1. What is the primary purpose of the audit function? Who hires and pays the
auditor? Who does the auditor work for?
2. Do you believe the rapid increase in consulting services performed by CPAs has
hurt auditor independence?
3. Did the Enron scandal result from a failure of the audit function? If not, what was
the primary failure by the CPA firm?
4. Give two examples each of preventive and corrective controls.
5. State three purposes of an audit program.
6. When should an audit program be prepared?
7. An auditor’s conclusion about audit risk at the financial statement level could impact
the audit in what ways?
8. What hazards can be found in devising written tests for internal audit applicants and
how can the hazards be avoided?
9. What significant benefits can the audit department obtain by reviewing proposed
audit schedules with top management?
10. Why should an internal auditor review computer systems and applications before
using the computer as an audit tool?
11. What attributes of internal auditors must be appraised by external auditors before
they may rely on the work of the internal auditors?
12. Define the non-government “single audit” concept.
FINANCIAL ACCOUNTING
1. Discuss the revenue recognition and the matching principles as they relate to the
preparation of the financial statements.
2. Discuss the relationship between historical cost and market value in recording
assets on the balance sheet. What is the relationship between the two on the day
an asset is acquired?
3. If the objective of financial reporting is to provide useful information to decision
makers (investors and creditors), why does the Financial Accounting Standards
Board allow different methods of accounting for inventory, depreciation, etc.?
4. As more businesses operate in foreign environments, discuss the impact of a
strengthening dollar on the operating results of the foreign operations.
5
MANAGERIAL ACCOUNTING
1. In a manufacturing environment, what are the primary criteria to be used in
assigning a cost driver for allocating overhead? What are the potential
consequences of using the “wrong” cost driver?
2. Which of the major manufacturing costs (materials, labor, overhead) is declining
as a percentage of total product cost? Why?
3. Discuss the benefits of activity based costing as opposed to job order costing or
process costing.
4. Many firms are now moving their operations outside the United States. Discuss
reasons why firms choose to operate in foreign countries.
TAX ACCOUNTING
1. What is the primary purpose of the federal income tax? Who passes the federal
tax laws?
2. Discuss examples in which Congress uses tax laws in an attempt to manage the
economy and to influence the behavior of citizens.
3. Discuss key differences in the taxation of individuals (sole proprietorships) versus
corporations.
4. Discuss differences in the deductions allowed for personal expenditures as
opposed to business expenditures.
ECONOMICS COURSES
EC 515 – MANAGERIAL ECONOMICS
1. What is marginal analysis? Give an example of a situation where marginal
analysis would be useful, and explain how you would use it to make a decision in
that situation.
2. What is the difference between constrained and unconstrained optimization?
Give an example of each type.
3. Suppose that the price elasticity of demand for cigarettes is .5. Assume that our
goal is to reduce smoking by 25% by the year 2010 by imposing taxes on
cigarettes. Assuming everything stays constant, by how much will price have to
increase in order to reduce smoking by 25%?
4. Why is the demand curve usually negatively sloped? Explain the two effects that
lead to the negative slope.
5. Distinguish between a change in demand and a change in quantity demanded.
6. In terms of revenues raised, is it better to tax a product with elastic or inelastic
demand? Why?
7. What does cross elasticity tell you?
8. “Because of the American love affair with driving the automobile, increases in the
price of gasoline will not affect consumption.” What type of demand curve is
implied by this statement? Do you believe this is true? Why?
9. Suppose that we can buy a machine to make paper clips for $2000. It will last 10
years and we will make $500 profit per year from selling the paper clips that we
6
make. How would we use net present value to decide whether or not to buy the
machine? Assume that the interest rate for borrowing and lending is 12%.
10. What is the difference between economic and accounting profit? Use an example
to explain.
11. In some industries, such as the petroleum industry, producers justify their
reluctance to lower prices by arguing that the demand for their products is
inelastic. Explain.
12. Suppose that research shows that the elasticity of demand for doctors’ services
is 0.6; foreign travel, 4.0; and 1.2 for televisions. Use the determinants of
elasticity to explain these figures.
13. Discuss demand
How can demand for a product be estimated?
What factors affect it?
14. Discuss the law of diminishing returns.
15. Discuss economies of scale.
How much output maximizes profits?
Market Structures:
Which is the most efficient? Why?
Why are monopolies thought to be so bad?
Barriers to entry;
Which structures have them?
Name some
Explain how they prevent normal profits.
A monopoly produces _____ output and charges a _______ price than a firm in
pure competition.
16. Discuss collusion, advertising (when it is useful), positive profits.
Which structure is most common?
Give examples of each market structure.
17. Which types of firms have at least some control over the prices they charge?
18. How do firms decide on their profit-maximizing level of output?
19. How will you use economics in everyday life?
20. Be able to graph supply and demand and analyze.
21. Discuss maximization and minimization. Know the steps.
22. What is the law of diminishing marginal returns?
23. Distinguish between fixed and variable costs.
24. Discuss the role of government in a market economy. Include patents, pollution
control, public goods.
25. Name reasons why profits exist.
26. Suppose JSU raises its tuition by 35% and revenues fall by 5%. Was this a
sound decision and is demand price elastic?
27. Name a good with a large elasticity and explain why.
28. Why does the government allow some monopolies to exist? How does it protect
the consumer?
29. If the supply of turkeys turned out to be unusually small this Thanksgiving, would
you expect a shortage? Why or why not?
7
30. Coke machines are designed so you can get only one drink per payment ,while
newspaper machines allow the consumer to get all of them. What are the
economics being considered by this design?
31. If a price ceiling of $1 per pound was placed on lobster sold at retail, where could
you go to eat lobster?
32. Explain the following statement by a military recruiter: “There’s nothing like a
good recession to cure our recruiting problems.”
33. Rising commercial rents in San Francisco in recent years have induced many
corporations to move their offices out of the city. Can a San Francisco firm that
owns its own office building simply ignore rising rents?
34. Federal law currently prohibits the sale of human organs for transplant purposes.
At the present time people are dying while waiting for suitable organs to become
available. It seems almost certain that more organs would become available if
financial incentives were offered to prospective donors. Would you be in favor of
allowing this? What consequences would you predict?
35. How long will you search for a $20 bill that you lost in your room if you value your
time at $5 per hour? Is it rational to search longer than four hours?
36. You usually pay $1 per bottle for soda. Last Saturday a one-time promotion
allowed you to get your weekly supply for $.50 per bottle. Your neighbor comes
over and informs you that he just ran out of soda during a party and would like to
purchase some from you. What would be a fair price to charge?
37. Attorney Fudd is the most highly sought-after lawyer in the state. He is also a
phenomenal typist who can type 120 words per minute. Should Fudd do his own
typing if his fastest secretary can only type 65 words per minute?
38. Have you ever noticed how few gasoline stations are found in the center of large
cities? With such heavy traffic one ought to be able to do an excellent business.
Why then are there so few?
39. If you saw a bumper sticker that said, “Eliminate Government Waste – At Any
Cost,” would you agree or disagree? Why?
40. Gaining extra revenue is easy for any producer – all it has to do is raise the price
of its product. Do you agree?
FINANCE COURSES
FIN 474G – INVESTMENTS
1. Differentiate among a market order, a limit order, and a stop-loss order.
2. What is the primary motive for selling short? Describe the basic short-sale
procedure.
3. Describe the procedures and regulations associated with margin trading. Explain
restricted accounts, the maintenance margin, and the margin call. Define the
term debit balance, and describe the common uses of margin trading.
4. What are four common investment goals?
5. Describe the composition of each of the following indexes.
a. NYSE composite index
b. AMEX index
c. Nasdaq indexes
8
d. Value Line composite index
e. Wilshire 5000 index
6. What is fundamental analysis? Does the performance of a company have any
bearing on the value of its stock? Explain.
7. Briefly describe the dividend valuation model and the different ways this model
can be used. Explain how CAPM fits into the dividend valuation model.
8. Briefly describe the P/E approach to stock valuation.
9. What is the purpose of technical analysis? Explain how and why technicians use
it.
10. What is random walk hypothesis, and how does it apply to stocks? What is an
efficient market? How can a market be efficient if its prices behave in a random
fashion?
11. Explain why it is difficult, if not impossible, to out perform an efficient market
consistently.
12. Does that mean high rates of return are not available in the stock market?
13. How can an investor earn a high rate of return in an efficient market?
14. What are the implications of random walks and efficient markets for technical
analysis? For fundamental analysis? Do random walks and efficient markets
mean that technical analysis and fundamental analysis are useless? Explain.
FIN 515 – FINANCIAL MANAGEMENT
1. What information is shown by a security market line?
2. What are the differences between systematic and unsystematic risk? What is
beta and how is it determined?
3. Explain how the NPV and IRR methods are utilized in capital budgeting.
4. What are the strengths and weaknesses of the Payback, Profitability Index, NPV,
and IRR techniques of capital budgeting?
5. Explain the differences between the Traditional and Modligiani Miller Capital
Structure Models.
6. What factors should a firm consider in determining an appropriate capital
structure?
7. What factors should a corporation consider in establishing a dividend policy?
8. Explain how the following could be used by a corporation as an alternative to a
cash dividend: (a) stock split, (b) stock dividend, and (c) stock repurchase.
9. What is a present value?
10. The present value of a future amount rises (falls). Assuming no change in the
future amount, what must have happened?
11. List at least three things that could cause a bond’s yield to change.
12. What is duration?
13. How does a bond’s coupon rate and maturity affect its duration?
14. How does a bond’s duration affect the sensitivity of its price to changes in the
bond’s yield?
15. What is duration convexity and how does this affect the interpretation of duration
analysis?
16. Describe the relationship between a bond’s price and its yield. Is this relationship
linear or nonlinear?
9
17. Why do stock prices usually fall when interest rates rise (give at least two
reasons)
18. What is arbitrage?
19. How does arbitrage contribute to an efficient market?
20. What do the factors in the arbitrage pricing model tell us?
21. Suppose you expect to receive 1,000,000 Marks in three months. What risk are
you facing and how could you use financial derivatives to protect yourself?
22. Suppose your bank knows for certain it will receive a $10,000,000 loan payment
in six months. What risk is it facing and how could it use financial derivatives to
protect itself?
23. What’s an interest rate swap? How is an interest rate swap structured so that both
parties benefit?
24. What considerations do firms use in determining their optimal capital structure?
25. How might tariffs and quotas affect a domestic firm’s capital structure decision?
26. What is free cash flow?
27. What should ethically-responsible firms do with their free cash flow?
28. Name five variables affecting the value of a call option. How do changes in these
variables change the value of the option?
29. How does one compute the premium on a call option? How does this premium
react to changes in the value of the underlying stock?
30. Does a firm’s operating leverage or financial leverage affect its Beta? If so, How?
31. Using NPV profile analysis, explain why NPV and IRR can provide conflicting
investment decisions?
32. What is capital budgeting?
33. How does one determine the discount rate used in capital budgeting?
34. How would changes in the firm’s tax rate affect the discount rate used in capital
budgeting?
35. How would changes in the firm’s tax rate affect the accept-reject decision in
either the NPV or IRR criterions?
36. Describe the signaling effect of issuing stock vs. debt to finance the firm’s capital
budget.
37. Describe how a firm’s managers can use dividend policy to provide signals to
investors.
38. How does using debt financing “bond” the firm’s free cash flows?
39. Suppose your firm has $100,000,000 in free cash flow. How might the firm best
distribute these funds to shareholders?
40. What’s the difference between a stock split and a stock dividend? What effect do
these have on shareholder wealth?
41. What factors should a firm consider when setting its dividend policy?
42. What factors would you consider when faced with a bond refunding decision?
43. What is interest rate parity? Purchasing power parity? What financial process
works to enforce these concepts?
44. Describe in detail three theories explaining the shape of the yield curve.
45. Do you believe managers should take steps to reduce their firm’s unsystematic
risk? Why or why not?
10
46. When is it appropriate (i.e., in the interest of shareholders) for a manager to
acquire another firm?
47. Your firm has decided to layoff 5,000 employees. What obligations does your
firm have to those losing their jobs? What are the implications of these
obligations to the firm’s shareholders?
48. Twenty years ago, your firm left toxic waste buried under what is now a middleclass suburban neighborhood. This information recently became public when a
high percentage of the residents were diagnosed with cancer. What action
should your firm take? Should you be primarily concerned with the shareholders
or the residents? What actions could/should your firm have taken to protect
itself?
FIN 590 – INTERNATIONAL FINANCE
1. Discuss the concept of Interest Rate Parity. Be sure to consider the International
Fischer Equation and Implied Forward Exchange Rates.
2. Compare and contrast the following Exchange Systems:
a. Fixed Exchange
b. Floating Exchange
c. Mixed Exchange
3. Compare and contrast the Gold Standard to the monetary standard that is in
effect in the world today.
4. Discuss the major events that have occurred in developing the Exchange
System that is prevalent in the world today.
5. Define and explain the following being careful to describe how each can be used
in foreign exchange:
a. Forward Contracts
b. Futures Contracts
c. Currency Options: i. Calls; ii. Puts
6. Compare and contrast the risks faced by a firm operating in the domestic market
versus one that is operating in international markets.
7. Suppose a firm wishes to issue equity in the international financial markets.
What barriers might they face and how can they circumvent those barriers?
8. Explain the impact of the European Union on international trade.
9. Explain how changing technology has impacted international trade and
international finance.
10. It is now possible to trade foreign exchange instruments, essentially, 24
hours each day. Has this capability made the markets for these instruments more
or less efficient? Please explain.
MANAGEMENT COURSES
MGT 504 – Business Organization and Administration
1. Discuss the various tools of environmental analysis. When would you use each
tool and what would this tool tell you about the environment?
2. Explain the steps you would take in analyzing the environment of an
organization.
11
3. Why is it important for managers to understand the different cognitive styles of
the people who work for them?
4. Assume you are a manager in charge of multiple teams. What actions would you
take to facilitate the success of these teams in the organizations?
5. Why is it important for teams to manage their external boundaries in addition to
the internal dynamics of the group?
6. What are the differences and similarities of managing a physical team to a virtual
team?
7. What are several key lessons that a manager needs to know to manage in a
virtual environment?
8. Explain the steps you would take in motivating your workforce.
9. What are the basics of leadership? Why is leadership important within an
organization?
MGT 522 HUMAN RESOURCES SEMINAR
1. Discuss e-HR to include online recruiting, hiring, benefits, and policy manuals.
2. Know the EEO legislation and its impact in the workplace.
3. Discuss how HR planning assists an organization in having a competitive
advantage.
4. Discuss the various forms of performance appraisal—traits, behavior, results.
What are the advantages and disadvantages of each.
5. Discuss incentive compensation. How does it work? Is it effective? What must
one remember when applying incentives in the workplace?
6. How do we determine the worth of a job? Discuss job evaluation and how to
equitably appraise the value of a job.
7. Discuss labor unions. How important are they in the workplace today? How many
people are currently union members? What are the problems of unions today?
8. How does collective bargaining work?
9. What are some international HR challenges today? How many companies use
expatriates?
10. Discuss strategic HR management. How does HR give an organization a
competitive advantage?
11. Do companies really believe “people are our greatest asset?” What would you
see in a workplace where this adage is practiced?
12. Discuss how an HR manager would determine if a person could successfully
perform the job during the hiring process?
MGT 537 BUSINESS LEADERSHIP
1. Why do we need leaders in business organizations?
2. What is the role of power in relationship to leadership? How will you go about
gaining power within an organization?
3. Why are we interested in the various stakeholders of an organization? How
would you analyze these stakeholders?
4. Why is ethical leadership so important? What actions can a leader take to
improve ethics within their organization?
5. How would you define and measure leadership effectiveness? Why?
12
6. Explain the differences and similarities between two styles of leadership?
7. Why is it important for us to understand the context of leadership?
8. Discuss various methods that can be used to develop leaders in today’s
organizations?
9. Discuss how leaders can strategically use teams within organizations.
10. Explain the various components of the follower-leadership relationship.
MARKETING COURSES
MKT 513 MARKETING ADMINISTRATION
1. Explain the Boston Consulting Group’s (BCG) growth-share matrix. Provide
examples of strategies that a firm may employ across each quadrant of the
matrix.
2. Explain some of the alternative portfolio models. Under what conditions would
each be most appropriate to use? Why?
3. What is meant by the concept of “strategic planning systems?” Describe the
characteristics of effective strategic planning systems.
4. Describe the characteristics of the product life cycle stages. What are the
strategic implications of each of these stages?
5. Describe some of the strategies one may use in “growth markets.”
6. Describe some of the strategies one may use for mature or declining markets.
7. What is meant by “market segmentation?” A number of strategies can help guide
a manager’s choice of target markets. What are some of the more common of
these strategies?
8. What are Target Markets? What dimensions can be used to identify these Target
Markets? Once identified, how are these Target Markets utilized?
9. What is positioning? Offer examples of how the positioning of competing brands
is different.
10. Where do companies look for growth? Specifically, what are the four basic
categories of growth opportunities for companies today?
11. With respect to “new product entry strategies,” what are some of the strategic
marketing programs for pioneers?
12. What are sources of secondary data that may aid Marketing Managers in
analyzing existing markets and identifying potential markets? What are research
methods that could result in primary data that might help Marketing Managers
better understand existing markets and identify potential markets?
13. Compare and contrast Business Customers and Final Consumers.
14. Firms can use two kinds of marketing strategies to complete in the international
arena – global and national. Describe each of these in a strategic sense. In your
description explain the “Standardization” position and “Adaptation” position.
MKT 530 CONTEMPORARY ISSUES IN MARKETING
1. Explain the Boston Consulting Group’s (BCG) growth-share matrix. Provide
examples of strategies that a firm may employ across each quadrant of the
matrix.
13
2. Explain some of the alternative portfolio models. Under what conditions would
each be most appropriate to use? Why?
3. Describe the characteristics of the product life cycle stages. What are the
strategic implications of each of these stages?
4. What is meant by “market segmentation?” A number of strategies can help guide
a manager’s choice of target markets. What are some of the more common of
these strategies?
5. Describe some of the strategies one may use for mature or declining markets.
6. Firms can use two kinds of marketing strategies to compete in the international
arena – standardized and individualized. Describe each of these in a strategic
sense.
7. Describe the Product Life Cycle and how it is used by Marketing Managers.
What are the shortcomings of this management tool?
8. What is positioning? Offer examples of how the positioning of competing brands
is different.
9. What are Target Markets? What dimensions can be used to identify these Target
Markets? Once identified, how are these Target Markets utilized?
10. Where do companies look for growth? Specifically, what are the four basic
categories of growth opportunities for companies today?
11. What are sources of secondary data that may aid Marketing Managers in
analyzing existing markets and identifying potential markets? What are research
methods that could result in primary data that might help Marketing Managers
better understand existing markets and identify potential markets?
12. Compare and contrast Business Customers and Final Consumers.
MKT 590, INTERNATIONAL MARKETING
1. Describe how culture impacts the four strategic areas of the 4Ps. Which of the
four areas is more heavily influenced by culture? Why would we expect this to
be so?
2. Describe Strategically Equivalent Segments and the steps to arrive at them (Kale
and Sudarstan)
3. What are some of the issues related to products that face varying standards in
different countries?
4. Describe the International Standards Organization. Why is the name ISO used
for this organization?
5. What is ISO9000? Where did this standard come from? How does a firm acquire
ISO9000 certification?
6. What is the Comite Europeen de Normalization? What does CE mean when
applied by this organization? When there is difficulty in harmonizing standards by
this organization, what mechanism is used to resolve this dilemma? (German
beer, Italian pasta, etc.)
7. Describe the five dimensions of Hofstede’s Model (Nakata and Sivakumar).
Referring to the history of General Motors, which of these dimensions is most
strongly implicated in the shrinking size of their market share? How would this
dimension work differently in the case of a Japanese manufacturer?
14
8. Differentiate between an international orientation and a global orientation in
International Marketing.
9. Describe the position taken by those who subscribe to the “Standardization”
position. The “Adaptation” position.
10.) What is meant by the term, “Glocalization?” How would this differ from the
position taken in Global Marketing?
11.) Describe several non-tariff barriers to entry found in International Marketing
12.) Describe four strategies that could be used in order to standardize a firm’s
advertising.
13.) Describe three ways a firm can organize its advertising agencies in the
international arena.
14.) Describe transfer pricing. In the international area of marketing, why do firms
often take a low markup in one country and a higher one in another (Assume
here that the product is made in one nation and sold in the other).
15.) What are the four managerial tools available to management to control their
channels?
16.) In Export Marketing, why are their two channel members composing the
channel?