Master’s in business administration (or MBA) is one of the most popular degrees taken annually by millions of students who wish to get a job in the corporate world or start their own business. The popularity of an MBA is perpetuated by the fact that many CEOs of various fortune 500 companies also hold this degree.
But MBA alone is not enough to guarantee success in the corporate world; it is merely one of the steppingstones. To build an excellent career in business you will also need creativity and determination.
With that being said, having an MBA degree from a high-quality educational institution can definitely help you get noticed so it is a worthwhile investment.
In this article, Tutor City will tell you about the major things you need to know before you embark on your master’s in business administration journey.
How long does it take to get an MBA?
In most cases, MBA programs last for two years, however, some schools also offer accelerated full-time programs that you can complete in a single year. This type of fast-paced MBA program is more common in non-American schools.
You can also attend part-time programs which vary in length. The part-time programs are great for working professionals who don’t want to (or simply can’t afford to) devote all of their time to studying.
MBA Application Requirements
To be accepted into the MBA program you need to present your standardized test scores (either GMAT or GRE), academic transcripts, your resume, an essay, and several recommendation letters. The exact list of documents varies slightly depending on the school you’re planning to attend.
Though, some schools tend to make exceptions for students who have demonstrated a significant and impressive work experience in the business sector and accept them without standardized test scores (although you will still need to show your academic transcripts, preferably with an impressive GPA).
Some business schools invite their applicants to face-to-face interviews or ask them to upload video essays.
Also, most business schools prefer applicants who have years of work experience in the field, however, there are programs that are designed specifically for inexperienced recent college graduates.
Different types of MBA degrees
Now, let’s dive deeper into part-time, full-time, and executive programs so that you can see which one is the most appropriate for you.
If you opt for the full-time MBA program you can expect it to consume all of your time. This path is most appropriate for those who wish to accelerate their current career in the business field or for those who wish to switch careers as promptly as possible.
On the other hand, part-time MBA programs are most suitable for those individuals who are satisfied with their current careers but still want to find a way to better themselves and move up the career ladder. In some cases, the company they are working for is willing to pay a part or even all of the cost of their studies. So, if you’re not in a rush to leave your current job but still want to move forward in your profession this is the best option for you.
And, last but not least, we have executive MBA programs which are mostly attended by seasoned business people and entrepreneurs. Such students are seeking to improve their leadership skills and network with like-minded individuals.
Average salaries and bonuses for workers with an MBA degree
Starting salaries among MBA graduates can vary significantly (depending on the school you attended and how well you did there). The same is true for signing bonuses (a lump sum of money paid to a new employee after signing a contract).
If you have graduated from one of the top 10 highest-ranking business schools in the world then you can expect an average starting salary of approximately $170,000. By contrast, the graduates of business schools who rank on the lower end of the scale can earn $50,000 per year on average (in the initial stages of their career).
Your salary as an MBA graduate will also depend on which sector you will choose to work in. Individuals in the consulting sector earn on average $150,000 per annum whereas those who choose to work at a nonprofit can make about $70,000.
The cost of an MBA degree
If you opt for the traditional full-time MBA program at one of the highest-ranking universities your tuition might exceed $70,000 a year. Needless to say, tuition prices are much lower in public schools, but they can still get very expensive (over $40,000 per year). But do not be intimidated by these numbers; many students are eligible for financial aid and you may receive one of the multiple merit scholarships.
The skills MBA teaches you
Briefly put, the MBA program teaches you everything you need to know to set up and run your own business. After attending an MBA program, you will have all the necessary skills for working as a business executive. You will be able to quickly analyze a large amount of business-related information and find smart solutions to existing business problems. You will also develop your interpersonal skills which are vital considering that all business projects require teamwork.
You will be studying finance, accounting, marketing, economics, management, business ethics, organizational behavior, and many other useful subjects as part of your program.
MBA covers a wide range of material in order to help the students understand the big picture so if you wish to specialize in one specific subject you might feel frustrated by this program.
Top-notch universities offer hands-on learning experiences in addition to their theoretical courses. Students get an opportunity to do meaningful work for an actual company; an invaluable experience indeed.
These are the major things you need to know if you are thinking about acquiring an MBA degree. At first glance, it might seem quite expensive, though, if you are a natural-born leader who has always dreamt about running their own business then it is a worthwhile investment.