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An MBA, or Master of Business Administration as it is also known, is a graduate level business degree. The MBA degree is one of the most prestigious degrees in the world and if often preferred by employers in the business field who are seeking to fill management and supervisory positions.
An MBA can be earned from colleges, universities, and business schools around the world. A standard MBA program takes two years to complete. However, there are many different schools with accelerated programs that allow you to earn an MBA in one year of less. You can also choose to attend an MBA program part-time and take three to five years to earn an MBA degree.
As a MBA graduate, you will:
Understand the global business environment.
Understand and integrate the functional areas of business.
Be able to apply analytical skills to solve problems in a business environment.
Develop leadership skills and ethically responsible behavior in an organizational context.
Be able to communicate effectively.
Understand the importance of working in team settings.
When choosing an MBA program, you should look for match your career goals. You should also look for programs that have good career placement rates and tuition that you can afford. It is also important to find a school that is a good academic match. MBA admissions can be tough. You will have to demonstrate your ability to keep up with the program. Although admission requirements can vary from program to program, you will most likely be asked to submit an application, resume, essays, letters of recommendation, and standardized test scores.
Types of MBA
One of the questions you’ll need to answer is whether you are interested in a general MBA, which is often shorter in duration, or a specialized MBA, which may take longer but make you more marketable.
Regardless of the type of MBA, the core topics you’ll encounter include:
Specialized MBAs offer more advanced study in a particular area of business (such as marketing) or a particular industry (such as higher education).
Finally, you’ll need to determine the value of the “name” of the program you are considering. If you are searching for a big push that fast tracks your career, snagging an MBA from one of the top schools in the country may be the ticket. But, if you’re looking to simply get ahead and move your careers along, don’t discount the many MBA programs that are unranked but that offer you the degree and value you need. (See the link for Business Week, below, which is one of several organizations that rank MBA programs.)
MBA Costs — and Returns
According to one salary guide, an MBA is worth about $ 10,000-30,000 a year over a bachelor’s degree, but the salary increase you could see may be much less — or much more. Factors that can affect your salary include:
whether you stay with your current employer or seek a job with a new employer.
the amount of relevant experience you have for the job you are seeking.
the reputation of the graduate school you attended.
the type of job you are seeking — and the level of supply/demand for workers.
the industries where you are seeking a job.
the location of the jobs you are seeking.
If you’re looking for the MBA to help you get into the executive suite, it may be just the ticket you need. According to a study by Accountemps, a global temporary staffing service for accounting and finance professionals, 80 percent of executives responding to the survey said that a graduate degree in business is still important to reach senior management ranks within most companies.
And there is growing evidence that having an MBA not only gives you more leverage in dictating new job titles and salary, but also gives you leverage in achieving a better balance between work (read: fewer hours working) and life outside work.
You May Qualify For Financial Aid.