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What is an MBA Degree?
An MBA is a master’s degree in business administration, and is best suited for applicants who are considering to pursue a career in business or to qualify for upper-level and management positions. MBA programs are offered at a variety of schools, and students can choose to pursue specialization in a field of study, such as marketing, global business and management science.
There are a variety of reasons why applicants will pursue an MBA degree. One of the primary reasons is to further a career in business and increases their opportunities for a higher salary and executive positions. Many higher level positions offered by companies require that applicants possess a MBA degree. Therefore, attending a MBA program is highly beneficial for applicants considering a business career.
Types of MBAs
Two Year MBA – The most common type of program, two-year MBA programs are suited for students who have just emerged from college, or individuals who are looking for a complete career change. These programs are costly and require major time commitment; however, the benefits are tremendous, as students can pursue specialized tracks and network with students and professors.
One Year MBA – As compared to two-year programs, a one-year MBA can save the applicant on time and money. However, one-year MBAs typically have a very strict admissions process, and require a very rigid course track and time commitment.
Part Time MBA – Part-time MBA programs are best for students a few years out of college, or possess careers but are looking to complete a business program. These programs can take a few years to complete, and some schools offer night courses for working students.
Online MBA – For applicants that have a full time career or a family, the online MBA may be the best option. Online MBA programs have flexible time requirements, as students can complete courses at a schedule best for them. In addition, students are not restricted by location, and take classes from home or from the office.
Tips to Choosing MBA Programs
Before making a decision on an MBA program, applicants should consider a number of factors as to which program will be best suited to their needs. Some tips include:
Admissions: The best MBA programs, such as those offered by Harvard and Stanford, will typically be very selective with its applicants. If you are not accepted by the top MBA programs, no need to worry. There are a variety of qualified part-time and online MBA programs that will accommodate to the applicants’ needs.
Costs: MBA programs are generally quite expensive, and can range from $40,000 to $60,000 a year. However, there is a variety of financial aid programs that can help MBA students pay for business school. Some options include grants, scholarships, loans, or reimbursement funding. To explore more financial aid options, visit the US Department of Education.
Requirements: The requirements needed to apply will vary based on the type of program. Generally, MBA programs will require a GMAT or GRE score, recommendations, a personal statement, and a resume. Other programs may require an interview to make a final decision on an applicant.
Time: MBA programs are a major time commitment, and two-year and one-year programs are not advised for students that have full-time careers. If you have an established career, consider the flexibility of part-time or online programs.
In today's business market a four-year degree may no longer carry the same guarantees of success it once did. The job market enters in and out of lean periods and competition can be fierce. Many jobseekers are going back to school in pursuit of MBA degrees.
Getting an MBA degree from a college of university can increase your skills and knowledge, making you a more attractive prospect to companies looking to hire. Such degrees are available from colleges and universities across the country. Many schools offer MBAs through distance learning programs. Studying online can allow you the flexibility to pursue your MBA at your own convenience while you are working your current job.
Having a graduate degree is one of the key factors that can set you apart from other applicants when competing for a job. This can be especially true in the field of business. Pursuing an MBA or Master of Business Administration degree, might just be the key to taking your career to the next level. Business.com is a trusted resource that helps millions of businesses and individuals everywhere find products, services and solutions they are looking for. Visit the links on the left to find out more.