Master of Business Administration

Res. No. CTDA – 019-2019 (February 12, 2019)

Starting date: May 6, 2024

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Dear Prospective MBA student

Thank you for considering the Master of Business Administration (MBA) program that Illinois State University others in Panama City, Panama in a dual degree agreement with Quality Leadership University. We are confident that our successful program will help you to advance your academic and professional career.

Choosing the right MBA program for you may be a challenging task, but we believe that the joint MBA program between Illinois State University and Quality Leadership University is a very viable choice for many. Our program is competitive in terms of the quality, reputation, flexibility, location, and cost. We offer an AACSB-accredited curriculum delivered by an excellent group of dedicated faculty in a state-of-the art facility with cutting-edge technology.

Our program has been consistently recognized as one of the best by prestigious institutions such as The Princeton Review, U.S. News & World Report and Businessweek. In particular, The Princeton Review has ranked the Illinois State University MBA Program as one of the best business schools every year since 2007.

Whether you are interested finance, marketing, organizational leadership, financial analysis and planning, business analytics, or project management, you will find our program relevant and suitable for your needs. Take advantage of the information presented in this brochure and on our website:

We hope you will decide to join us. We believe that your experience in the program will be a positive and enjoyable one.

Includes a graduate certificate in Business Analytics from Illinois State University


Founded in 1857, Illinois State University is the first public university of Illinois and Abraham Lincoln acted as the attorney for the board. Illinois State University’s campus is in the twin-city community of Bloomington-Normal near the geographic center of the state, 137 miles southwest of Chicago and 164 miles northeast of St. Louis. The University is one of 12 public universities in Illinois. Its academic departments offer more than 160 major/minor options in the Colleges of Applied Science and Technology, Arts and Sciences, Business, Education, Fine Arts, and Mennonite College of Nursing. The Graduate School coordinates 41 master’s, specialist, and doctoral programs. The University´s academic programs are supported by the service and collections of Milner Library, which contains more than three million holdings and special collections.

Illinois State University is accredited by the Commission on Institutions of Higher Education of the North Central Association of Colleges and Secondary Schools. The total enrollment is 21,039 students. More than 58% of the students come from the Chicago area and the rest from 46 states and 72 different countries. The University awarded 5,392 degrees in 2016 and currently has 3,552 employees, of which 1,210 are in the faculties departments.

Illinois State made U.S. News & World Report’s 2017 ranking of America’s best public national universities, at No. 78, based on academic quality and excellence. Additionally, Illinois State was ranked by College Factual as the 22nd Best College for the Money out of 1,200 universities across the United States. The University’s College Town in Bloomington- Normal ranks as one of the top 10 college towns in the United States based on its quality of life and arts and entertainment opportunities. Illinois State was named a Great College to Work For by The Chronicle of Higher Education.




The College of Business is among the elite top 2 percent of business schools in the world to have both business and accounting accreditation from the Association to Advance Collegiate Schools of Business (AACSB International).

Illinois State ranked among the Top 75 in Bloomberg Businessweek’s Best Undergraduate Business Schools in 2016 -one of only three public business schools in Illinois to make the list. Illinois State College of Business is listed as one of the best in the Midwest by The Princeton Review and its Part-Time MBA is listed as one of the best in the United States by U.S. News & World Report.

The Sales Education Foundation consistently ranks Illinois State’s Professional Sales Program among the top programs in the world.

Illinois State’s insurance program was ranked No. 11 in the United States by U.S. News & World Report 2017. Illinois State is one of 43 business schools nationally recognized by the International Risk Management Institute Inc. Business Insurance recognizes Illinois State´s undergraduate risk management and insurance program as the fourth largest in The United States.

The College of Business was one of the first participants in the United Nations -sponsored Principles for Responsible Management Education (PRME) initiative, a framework for academic institutions to advance socially responsible corporate behavior.

Illinois State touts the highest Certified Public Accounting (CPA) exam pass rate for public universities in Illinois.

College of Business

Quality Leadership University was founded in 1997 to provide quality education and to prepare the leaders and professionals who will contribute to the development of the region. To this date, more than 3,000 Panamanian students and from around the world have completed their Bachelor’s and Master’s degrees in four different areas. With more than 1,500 students enrolled in undergraduate and master’s programs, as well as in English for Professional Success and Continuing Education Programs, Quality Leadership University offers dual-degree programs in academic cooperation with world renowned universities such as: Illinois State University, University of Louisville, Florida International University, Universidad de Chile and Polytechnic University of Madrid.

Quality Leadership University is accredited by the National Council of Evaluation and Accreditation of Panamanian Universities (CONEAUPA) and is a member of the Association to Advance Collegiate Schools of Business (AACSB International) and The Accreditation Council of Business Schools and Programs (ACBSP), the Latin American Council of Business Schools (CLADEA), the Association of Private Universities of Panama (AUPPA) and the Association of Private Universities of Central America (AUPRICA).



Contemporary Business Insights and Leadership Skills

Interdisciplinary course designed to provide students with an integrative perspective of contemporary business environments and the development of key professional competencies.

Fundamentals of Strategic Decision Making

Understand how companies obtain and maintain a competitive advantage. Topics include market analysis and the development of company strategy across all business disciplines.

Applied Tools for Business Decision Making

Introduction to quantitative tools used in business decision making. Research design, statistics, data analysis, and data visualization are introduced to students.

Management Information Systems: organizational and technological issues

Analysis of the components of commercial information systems (people, procedures, hardware, software) from organizational and technological perspectives. Cases are used to explore the relationships between organizational and technological issues.

Advanced Marketing Management

Marketing principles, behavioral concepts, and quantitative techniques used to analyze marketing decisions and problems. Emphasis on the strategic and quantitative aspects of marketing decision-making processes. Strategic marketing simulation game and / or rigorous cases analyzes are typical.

Managerial Accounting

Designed for non-accounting studies specialties. Emphasis on the interpretation and use of accounting data.

Organizational Behavior Analysis

Study of how people in organizations respond to managerial and organizational practices, using guidance systems to analyze how work environment factors influence organizational practices and the work environment. Topics include people’s reactions to structure and control, motivation and performance problems, interdepartmental conflict resolution, adaptation to change.

Financial Management

Analysis of financial problems of commercial companies and formulation of financial policies. Financing of current operations and long-term capital needs, income management and expansion policies. It includes case studies.

Operations and Quality Management

The focus of the course is on the strategies, concepts and tools for quality management and the core function of producing goods and services.

Advanced Organizational Strategy

Integrated course that analyzes the company in its environment with an emphasis on the formulation of policies and strategies and the application of concepts through case studies and / or simulation exercises that integrate all functional areas.

Advanced Integrated Marketing Communication

Rigorous evaluation of the elements for the development, implementation and management of effective integrated advertising and promotional campaigns. Prerequisite: MBA 430.

Project Management Fundamentals

The use of projects and project management continues to grow in our society and its organizations. Companies regularly use project management to achieve unique results with limited resources under time-critical conditions. This course is designed to familiarize the graduate student with the basic concepts and techniques of project management. Topics to approach include project scope management, project time management, and project cost management. Prerequisite: MBA 421.

Advanced Corporate Finances

This seminar is an advanced course in corporate finance that will discuss major issues in asset valuation, capital budgeting, cost of capital and structure, dividend policy, and corporate restructuring. The course will be delivered through a combination of lectures, case studies, paper discussions and computer applications. Prerequisite: MBA 440.

Product Development Management

This course examines various topics related to innovation, as well as the processes and analytical tools used in the design, development and launch of new products and services. Topics covered include opportunity identification and selection, concept generation, perceptual mapping, concept evaluation, product design, product use testing, launch planning, market testing, and launch management. We review recent marketing and management literature to discover successful new product development strategies and practices. Additional topics are customer knowledge development, service design, cross-functional product development teams, and radical innovation. The course builds on your understanding of marketing research and management concepts.

Upon completion of the course, students must have:

  • A deep understanding of product development concepts and processes.
  • The ability to use a process-oriented framework to make product development decisions.
  •  Analytical skills to evaluate market and customer information for effective use in the product development process.


 MBA Program

The prestigious MBA program offered by the QLU Business School and the Illinois State University in Panama City (Republic of Panama), begins student cohorts every August.

Benefits and Advantages:

  • Dual degree from two prestigious universities.
  • At a fraction of the cost.
  • Offered completely in Panama City, Panama.
  • Executive schedule format to accommodate professionals who work full time.
  • MBA with teachings entirely in English.
  • Modular format with evening courses scheduled every other week.
  • All professors hold Ph.Ds. from prestigious universities and have significant professional, teaching and research experience.
  • Program approved in Panama with Resolution No. CTF-79-2012.
  • Program accredited by AACSB International.
  • QLU is accredited by the National Council of Evaluation and Accreditation of Panamanian Universities (CONEAUPA)
  • Excellent group of students from Panama, Latin America and the world who work in the most prestigious national, regional and multinational companies in Panama.

MBA Program Structure

Pre-MBA Business Foundation Requirements

Admission to the Illinois State University MBA program is open to qualified students who have earned a bachelor’s degree in any undergraduate discipline. Students admitted without sufficient academic preparation in one of more business areas will be required to acquire the necessary background by either passing a proficiency exam or completing the equivalent online pre-MBA course offered through the program. The required business area proficiencies include:

  • Fundamentals of Economics
  • Management accounting
  • Financial Accounting
  • Management Principles
  • Marketing Principles
  • Mathematical and statistical concepts – (Graduate)
  • Understanding Corporate Finance
  • Legal aspects of the Business Law

Content Areas

  • Contemporary Business Perspectives and Leadership Skills
  • Fundaments of Strategic Decision Making
  • Applied Tools for Business Decision Making
  • Management Information Systems: Organizational and Technological Issues
  • Advanced Marketing Management
  • Management Accounting
  • Analysis of Organizational Behavior
  • Financial Management
  • Operations and Quality Management
  • Advance Integrated Marketing Communication
  • Project Management Fundamentals
  • Advanced Corporate Finance
  • Product Development Management (entrepreneurship)
  • Advanced Organizational Strategy

Admision Requirements

  • Have earned a four-year bachelor’s degree.
  • Official transcripts from each college or university at which a graduate, undergraduate, or non-degree credit was earned.
  • Cumulative GPA of 3.0 on a 4.0 scale for either the last 60 credit hours of the undergraduate coursework or any previous work in a master’s program.
  • Names and email addresses of two references for letters of recommendations within the online application.
  • Current resume, describing the applicant’s professional experience.
  • Essay addressing the following topics:
    • Explain your professional goals and how the MBA degree will help you achieve them.
    • Write a paragraph or two describing what you gained professionally and/or personally from the experiences detailed on your resume.
  • Submit official GMAT scores. The GMAT requirement may be waived if applicants meet the following criteria:
    • Professional work experience.
    • Undergraduate degree in business
    • Postgraduate degree (Master or PHD)
    • Professional Degree (Engineering, medicine, law or veterinary)
  • Submit iBT TOEFL (or its equivalent) of 80 or above. This requirement may be waived if applicants meet the following criteria:
    • They are citizens of English-speaking countries, or
    • They are graduates from higher education institutions whose official language of instruction is English.

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