What an MBA Degree Is and What You Need to Know
As we start to recover from the effect of the pandemic, companies are looking for talented and capable recruits with relevant business degrees to join their team. According to a survey by the Graduate Management Admission Council (GMAC), around 91% of companies globally are looking to hire MBA graduates.
Suppose you are interested in pursuing a degree that is highly in demand. In that case, you must first take some time to understand what it is about and, reflect on questions like “what does MBA stand for?”, “what is an MBA?”, “what are the types and specializations of this degree?”, “how long does it take to complete?”, “what is its job outlook and salary?” To give you a glimpse of what to expect with an MBA degree, continue reading this article!
What Is an MBA Degree?
MBA is an acronym that stands for Master of Business Administration and is a post-graduate degree that focuses on business administration, communication, and investment management. It is heavily sought after worldwide as it is considered a significant step towards establishing a successful business management career.
What Do You Learn in an MBA Degree?
As previously stated, the MBA meaning is related to administration in business, so you will follow a rigorous curriculum that is best suited for students and professionals who are ready to become leaders in this field.
While pursuing an MBA degree, the program will help you develop some of the key skills required to excel in the business world, such as innovation, collaboration, operational thinking, resilience, decision making, strategic vision, and others. Each program is unique. However, you can expect to dive into business fundamentals in the first year through the courses offered in economics, accounting, finance, marketing, business ethics, business strategy, and so on. These classes will help you learn how to analyze information related to business and come up with solutions to business problems. As you continue with the MBA program, you will develop a deeper understanding of specific areas of interest in business through courses such as information technology and management.
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Furthermore, internships are another element of many MBA programs. Gaining work experience in this field is crucial in developing your skills and networking, and it will all help make you more desirable for a full-time position once you graduate.
Types of MBA
If you are unsure about your options to study an MBA degree or how it will all fit in your life and schedule, know that you have several types of MBAs to choose from, according to the length and flexibility. Three of the most common types of studying for a Master of Business Administration include:
Full-time MBA
This type of MBA degree typically requires the student to be fully committed to the courses, attend classes regularly face-to-face, and partake in the campus experience. Therefore, it is not suited for students who work full time. This format requires students to be prepared to spend their college days entirely committed to the program and its courses.
Part-time MBA
If you are working and would prefer to continue doing so while attending classes in the evenings or on the weekends, this is your best option. The part-time MBA program is designed having professionals already in mind. It offers more flexibility to the students, with the possibility to take fewer classes at a time and allowing to suit their working or personal schedules.
In some cases, part-time programs have fewer requirements than full-time programs, while others have the same number of courses and take longer to complete.
Executive MBA
An Executive MBA (EMBA) degree is created with corporate executives in mind. It is similar to the typical MBA degree, except that the courses can differ since the students generally already have at least basic business knowledge but use the program to increase their skills and reach higher levels in their careers.
MBA Specializations
MBA programs offer a variety of specializations that allow students to pick a specific area of business to study more in-depth, such as:
MBA in General Management
MBA in Finance
MBA in Consulting
MBA in Marketing
MBA in Human Resource Management
MBA in Engineering Management
MBA in Technology Management
MBA in Operations Management
MBA in Management Information Systems
MBA in Global Management
MBA in Entrepreneurship
It is best to pick your MBA specialization based on what you are interested in, need for work, or the field that is currently highly sought after in the job market.
How Long Does It Take to Get an MBA Degree?
The time it takes to complete your MBA degree depends on the type of program you pursue.
A full-time MBA degree takes approximately two years to complete and requires around 60 credits of graduate work that can be accumulated in approximately 600 class hours. Similarly, an executive MBA degree program can also be completed in around two years. In some cases, if the college offers it, you can enroll in an accelerated full-time MBA program that will allow you to complete that same two-year MBA program in only one year.
On the other hand, if you are pursuing a part-time MBA, the length of the program can range from three to five years. It all depends on the exact schedule offered by the college and the number of classes provided in a week's time.
MBA Job Outlook and Salary
With an MBA degree, you will be eligible for jobs primarily in the management and business fields, and both are in high demand. According to the U.S. Bureau of Labor Statistics, employment in business occupations is expected to experience an 8% growth from 2020 to 2030, whereas management occupations are projected to grow 9% during that time. Both percentages are about as fast as the average for all other professions, with 750,800 new job openings in the business field and 906,800 in management.
Based on numerous salary reports, the average salary for professionals with an MBA in the United States is estimated to be $72,114 per year. The lowest salary for professionals with an MBA in entry-level jobs is reported to be $40,803 per year, whereas those in senior positions can earn up to $127,450 per year.
Conclusion
Although finding the perfect MBA degree for you can be tricky business, you already took the first step in the right direction: understanding what an MBA degree is, its types, and its specializations. The next step will be reflecting on your career goals and the amount of time you are ready to invest in studying for this degree. As you consider what a master of business administration is and whether it is worth it, remember that the value of pursuing such a degree is not only in the knowledge and skills that you will gain, but also in the relationships and connections that you will build with fellow students and professors.