In this guide:
- MBA Overview
- What is an MBA?
- How Much time does it take to get an MBA?
- MBA requirements
- What can you do with an MBA?
- What can you expect from an MBA?
- Average salary of MBA graduates
- Cost of MBA
- Online MBA
- MBA major
MBA Overview
You hear the word "MBA" all the time, but what is a real MBA? Choosing to pursue a Master of Business Administration (MBA) is a big decision for aspiring global executives and managers. You need to ask yourself, is an MBA program at a business school worth your time and money? If you're ready to enter today's competitive business world, an MBA is worth it. An MBA has many benefits for you, especially when it comes from one of the top business schools in the world. This article attempts to shed light on some of the benefits of an MBA degree.
You need to be someone who can handle the heavy responsibilities of a management position, stay in a never-ending cycle of learning, push yourself through rigorous and complex courses, and think outside the box. If this sounds like you, an MBA might be a great choice for you.
You may still have some questions. What is an MBA? What are the benefits and implications of an MBA for you and your business? What are your job opportunities after the MBA program? This guide will answer those questions.
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What is an MBA?
According to Elizabeth Kelan of the University of Essex: “An MBA is often seen as the ticket to the executive suite.” Due to the unique abilities students develop during their studies, the MBA degree has become an internationally recognised competitive advantage in personal management index of. Furthermore, it has become one of the most popular and important professional degrees worldwide. Numerous studies have shown that holding an MBA has a positive impact on graduates' future employment, earnings and promotion prospects, both in the short and long term.
In the MBA, you can expect to participate in experiential learning opportunities based on real business challenges and learn leadership and management skills. Students use management knowledge to solve problems and management challenges, as well as quantitative skills that employers are looking for.
According to the Graduate Management Admissions Council's (GMAC) Application Trends Survey , 67% of business schools saw an increase in applications in 2020, in line with demand for MBAs. Global business school applications increased by 2.4%.
MBA students usually stop attending school upon receipt. However, those interested in conducting business research can choose to pursue a PhD in Business or Management, which means they can pursue a PhD or a Doctor of Business Administration, or DBA.
How Much Time does it take to get an MBA?
- Traditional MBA
- Accelerated MBA
- Part-time MBA
- Executive MBA (EMBA)
- Dual MBA
Traditional MBA
- Full-time MBA
- Two-year program, four semesters
- Usually online or in person
- Usually 3-5 years of work experience required
- Usually includes 3-4 months of internship space
Accelerated MBA
The one-year full-time MBA program can be completed online or in person. Accelerated MBA programs are typically completed in 11 to 16 months. Internship opportunities may be limited as most one-year MBA programs typically do not have extended term breaks. Even with its intense nature, the one-year program provides an excellent option for career advancement in your current industry or job function.
Depending on your goals and background and availability - a one-year MBA program may be appropriate. Math is simple, too, and one-year full-time MBA programs cost less and require less time than two-year programs, but the speed of these programs means students have to take on heavy academic work. Remember, in the end, there is no right or wrong choice. Everything is made to suit you.
- Full-time MBA
- One year course: 11-16 months
- Usually 3-5 years of work experience required
- Internship opportunities may be limited
Part-time MBA Program
Flexibility is a crucial key factor for many candidates choosing a part-time MBA program. Students mostly take courses on evenings and weekends to pursue their MBA degree. Part-time MBA programs are usually completed in four to six years. The flexibility of the part-time MBA program makes it suitable to pursue alongside work.
Sometimes a part-time MBA is called a PMBA or professional MBA to show that you can balance work and study. One disadvantage of a part-time MBA is that you may not have the opportunity to participate in an internship through the school.
- Part-time MBA
- 4-6 year course
- Online, in-person or often mixed
- Usually 3-5 years of work experience required
- Usually does not include internships
Executive MBA Program
Executive MBA programs, also known as EMBAs, can be completed online, in person, or a combination of the two, and typically last 18 to 24 months. The difference between an MBA and an EMBA is that the EMBA program is ideal for working professionals with extensive experience (minimum five years) who want to advance their career, leadership skills, teamwork, strategic skills, professional development and expand their network . Like a part-time MBA, an EMBA may also be classified as a PMBA or professional MBA because you study them while you work. The EMBA is designed for leaders. It is important to note that internships are not part of most EMBA programs, as most students in this program already have pre-existing experience.
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It is possible to complete the EMBA program in two years. Business owners can pursue an EMBA program while working full-time.
The main difference between an EMBA and a traditional MBA is that the EMBA is an executive degree. Both degrees have the same value upon graduation. What sets them apart is their purpose and delivery form, resulting in two distinct experiences.
- Part-time MBA
- Typically 18-24 months
- Online, in-person or often mixed
- Usually 5-10 years of work experience required
- Usually does not include internships
Dual MBA Program
- Full-time MBA
- 3-4 year course
- Allows students to earn an MBA while pursuing a relevant master's degree
- Usually includes an internship
MBA requirements
To gain a place in the MBA program, you must provide proof of your undergraduate degree, academic transcripts, relevant work experience, an admissions essay and letters of recommendation. Some business schools may require test scores, while others may not. About 20% of MBA programs on educations.com require test scores, and more competitive programs are more likely to encourage or require you to submit test scores. If test scores are accepted, you'll also need to research preference and acceptance of GRE and GMAT test scores, the two main graduate-level exams that business schools may require.
MBA schools will occasionally invite you for a face-to-face interview. Occasionally, they will also ask you to submit a video essay where you will have the opportunity to share your personality and express why you are a good fit for the school and program.
It is good to know that admission to the MBA program is divided into three phases: pre-application, application and post-application. During all of these stages, you need to put effort, time, and effort into your app.
Pre-applying is when you're exploring finding the best MBA program for you by looking up information about MBA rankings, acceptance rates, program reviews, and more. Don't forget that it's never a bad idea to start your prep early -- especially any test that requires hard work, dedication, and lots of practice. You'll need to review math, grammar and other subjects you may have studied long ago.
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Once you've chosen your MBA program, you'll enter the application phase - the most challenging process. As mentioned earlier, this stage consists of several items, including letters of recommendation, essays, transcripts, test scores, a resume showing work experience, and a completed application. Keep in mind that incomplete applications are often pushed to the next round or rejected.
Today, according to US News , the ideal work experience for a traditional MBA is three to five years. The schools you apply to will tell you how much experience you need. This means that, in these programs, you will connect with like-minded and experienced candidates.
The last is the post-application stage. This stage prepares you to enter business school. Consider enrolling in some business classes as a refresher. Remember, don't quit your job once you've been accepted, only do so if you've received a firm offer.
What can you do with an MBA?
One question has to be asked: Is pursuing an MBA program a good option? On the whole, is an MBA degree worth it? The best people to ask are those who have already done it. When full-time MBA alumni were asked about the value of a business school , the vast majority felt their degree was beneficial personally (95%), professionally (91%) and economically (79%).
An MBA degree will provide you with a high post-graduation salary, help you secure management positions, and build a solid professional network. You will learn strategic thinking. You will become a better communicator with colleagues, bosses and teams. You'll be better at handling difficult situations, such as financial crises. You can even be your own boss, these are just some of the advantages of pursuing an MBA abroad.
What can you expect from an MBA?
better jobs
Your job title will be fundamentally different before and after your MBA degree, especially if it's from a top-ranked business school. Earning an effective MBA degree and, most importantly, enhancing your personal and professional skills can help you succeed in your MBA career path. If you are looking for a good job, you will have a better chance of getting one because of your MBA degree.
In today's job market, the number of people with degrees is very high, and there are a large number of candidates for every job. What sets you apart from other applicants in the same category is your management and leadership skills. By graduating from an MBA program and acquiring this skill during your studies, you can gain a fundamental advantage in job interviews. For example, Fortune reports that 84% of business owners are interested in hiring MBA graduates in 2020, up from 10% a year ago.
For many people who are now dissatisfied with their jobs and wish to have a more diverse field of work to choose from, an MBA presents a once-in-a-lifetime opportunity. Graduates of MBA work in a range of fields and roles. For example, by pursuing an MBA in Marketing , you may work in an organization as a marketing manager, brand manager, market research analyst, sales manager or media manager, or even a CEO. MBA job opportunities and diverse study programs will allow anyone to gain skills in their area of interest.
Gain a more complete understanding of the commercial market
One of the misconceptions is that if you are a good engineer, you can naturally manage an engineering company. This misunderstanding causes many new businesses to fail in the market despite having innovative products based on solid technology. Management is knowledge, and the unstable and competitive landscape of the business market in recent years has shown that all business owners need a comprehensive management vision. Pursuing an MBA degree through case studies and gaining skills in strategic planning, leadership, management, market knowledge, planning and more can give you a more complete understanding of how and how businesses work.
Develop systemic thinking and strategic planning skills, and prepare a business plan, one of the cornerstones of the MBA, necessary for successfully launching a startup or growing a business.
larger professional network
Some jobs don't require much communication with other people (such as programmers or designers) because they mostly work alone. However, MBA students must interact with other learners and collaborate with them in project-based work through a spirit of teamwork, leadership and management.
The opportunity to collaborate and meet other knowledgeable people who will become successful entrepreneurs and top managers will provide you with great future job opportunities. In addition, you will benefit from the experience of your professors and your studies at a top business school, as well as from the ideas and skills of your fellow students. What you gain from communicating with your business school classmates can be very beneficial for your future career.
MBA degrees are globally recognized
higher salary
Average salary of MBA graduates
Cost of MBA
Is an online MBA worth it?
Taking an online MBA is a major investment of finances, time and energy, an experience that will change your professional and personal life. The online MBA follows the same curriculum as the on-campus MBA. Instructors simply adjust coursework for the online platform. A distance MBA allows you to attend schools around the world without the cost and difficulty of relocation, and offers you greater flexibility at the pace of your studies. You can save more than just international relocation costs. Some universities also provide lower training charges for on line MBA programs. Learn more about the five key skills you develop in your online MBA .
Let's say you travel a lot for work or are a busy manager - in this case, you should not underestimate the value of an online MBA. You can complete classwork and assignments anywhere, including a Wi-Fi-equipped airplane or hotel room.
There are three types of online MBA programs; self-paced, live and hybrid:
- Self-Paced Program : The self-paced online MBA gives you the flexibility to customize your program without deadlines.
- Live Shows: Watch classroom lectures online in real time. They are presented live, not a recorded presentation of the same lecture at a later time or date.
- Hybrid Programs: Hybrid programs combine the flexibility of an online education with an on-campus experience.
MBA major
Popular Business Skills MBAs:
- MBA in International Business
- Marketing MBA
- Finance MBA
- MBA
Popular Industry Specialized MBAs
- MBA in Hospitality Management
- Logistics MBA
- MBA in Law
- MBA
