In fact, duration probably is the biggest difference. The MBA is an American invention and the US model sets the standard for what it teaches. If a programme does not include such core subjects as accounting, finance and marketing, plus a range of related electives or specialisations, then it isn’t an MBA. In that respect, all MBAs are more or less the same.

That said, there are one or two differences in the American and European models that are worth mentioning.

One of these is that many European schools, particularly in the UK, often demand a final written thesis often based on research carried out within a company. This is comparatively rare in the US, where degrees are generally awarded solely on results achieved in taught courses.

The other, which is linked to the duration of a programme, is the company internship. This time, spent inside a company between the first and second years of a two-year degree, is an essential aspect of the American MBA experience - particularly now that it is so linked to the final job search. In Europe, it is almost unknown.

Do the different approaches make a difference? Is one better than the other? It depends on what you want. European MBAs involve a shorter time out of the job market and, consequently, are cheaper. US MBAs allow the luxury of a much more relaxed second year (the first year is very intensive) with more time for specialisation and reflection. To reverse a well-known British saying: you make your choice and pay your money.