A Master in Business Administration degree lets students explore ways to apply planning skills and strategies to routine business operations. This advanced level degree includes foundational courses, as well as more comprehensive high-level coursework. Students also have concentration options, in a number of business-related fields such as supply chain management, marketing, leadership and finance.
If you want to learn more about a Master in Business Administration degree, the following comprehensive guide would help provide some useful insights, including salary information, admission requirements and coursework.
Opportunities with a Master in Business Administration
Opportunities with a Master of Business Administration can be vast and varied for those looking to accelerate their career, switch industries or get a better salary outlook. It is also the ideal path for students who want to get a greater awareness of the global market, improve their communication skills, expand their professional connections and increase the number of job opportunities available to them. MBA graduates typically occupy the highest positions across industries in some of the most well-known organizations in the world, such as Amazon, McKinsey and Microsoft. There are jobs for MBA holders in nearly every industry including the government, healthcare and consumer goods industries, startups and SMEs.
According to the US Bureau of Labor Statistics, business and finance occupations are expected to grow by 8% in the years from 2020 to 2030, which is as fast as the average growth for all occupations. This growth will add nearly 750,800 new jobs, creating many opportunities for MBA holders as well.
How long does it take to earn a Master in Business Administration?
A typical Master of Business Administration (MBA) degree requires around 30-60 credits to complete and can vary based on certain factors. The exact length of the program can be anywhere between 2 to 3 years and would depend on the format of the degree, previous experience and the school’s individual policies. Accelerated programs are also available that allow students to complete their MBA in less than 2 years. Online MBA programs might also have a different timeline.
How much does a Master in Business Administration degree cost?
The cost of an MBA program depends on a number of factors, such as the repute of the institute, facilities provided, format of study and whether the college is a private or public one. For instance, the tuition at top business schools such as Harvard Business School, Stanford or The Wharton School can go over US$120,000. There are cheaper options available as well, with tuition fees going as low as $50,000.
While considering the cost of an MBA program, students should also consider the financial aid and grants options available at the federal or college level.
Should I get a Master in Business Administration degree?
While earning a Master in Business Administration degree may be very costly, the ROI for it is also extraordinarily high. In a 2018 study by The Wall Street Journal and Times Higher Education, it was found that MBA graduates were earning substantially more annually than they did before completing their MBA. In addition to that, students who switched careers after their MBA degrees earned twice as much as they did before.
Getting an MBA can help enhance career opportunities, increase compensation and result in job promotions. The degree provides skills necessary to run a complete business. An MBA would be most beneficial to those who plan on working in a business-related field, in management occupations or intend to start their own business. In other industries, those in leadership positions can benefit the most from getting an MBA.
What can I expect from a Master in Business Administration program?
A Master in Business Administration program would typically take around 2 years to complete. Students enrolled in this program can expect to study subjects that incorporate topics of business and finance. Potential coursework could be in areas such as economics and international business, marketing, accounting and finance, IT management and strategy, operations and organizational management etc.
Most MBA programs would also include real-world workshops and internships that would help students develop their
skills in a number of areas like international business, networking and decision making.
How to choose a Master in Business Administration program?
Students looking for the ideal Master in Business Administration program must keep certain factors in mind. The foremost concern for most applicants is the cost factor. Other potential deciding factors can be the accreditation of the program, learning outcomes, faculty credentials, campus facilities and career placement options.
With a Master of Business Administration program, students will have to determine whether they want to go for a general MBA or want to specialize in a specific field. MBA programs are available in a variety of fields such as organizational leadership, organizational management, finance, management, entrepreneurship, business intelligence and so on.
Accreditation for a Master in Business Administration program
Accreditation is perhaps one of the most important factors to bear in mind when selecting a Master of Business Administration program. There are several agencies that accredit MBA programs, including the Association to Advance Collegiate of Business (AACSB), the International Accreditation Council for Business Education (IACBE) and the Accreditation Council for Business Schools and Programs (ACBSP).
An accredited institute would have had their student body, faculty, retention rate, graduation rate, curriculum and alumni satisfaction examined by an independent, non-profit association. This determines that a certain quality standard is met by the university.
How to get into a Master in Business Administration program?
The admission requirements for a Master in Business Administration vary from college to college However, there are some general requirements that nearly all programs would have in place. Typical admission requirements for MBA programs would include a four-year long Bachelor’s degree from an accredited US institute or its international equivalent, at least two to three years of work experience, an updated resume, personal statement, letters of recommendation and a GMAT score of at least over 600.
Students are advised to check with the admission office of the programs they tend to apply to, in case any other requirements apply.
What can I do with a Master in Business Administration?
A Master in Business Administration can lead to a huge variety of career paths since it exposes students to numerous business-related subject areas. MBA graduates can venture out into banking and finance, human resources, entrepreneurship and so much more. According to the US Bureau of Labor Statistics, those employed in business and financial occupations made an annual median wage of $72,250 in May 2020, which is significantly higher than the national median of $41,950. Please note that most of the careers listed in this category on the Bureau of Labor Statistics require a bachelor’s degree only. Therefore, graduates of MBA programs might actually be able to earn more than this.
Popular career paths with a Master in Business Administration
Let’s take a look at some of the most popular career options with a Master’s in Business Administration degree.
- Advertising, Promotions and Marketing Managers:These professionals plan programs to create interest in a company’s products or services. According to the US Bureau of Labor Statistics, they made an annual median income of $141,490 in 2020.
- Medical and Health Services Manager:These professionals plan, direct and coordinate the business aspect of the field of healthcare. According to the US Bureau of Labor Statistics, they made an annual median income of $104,280 in 2020.
- Management Analyst:These professionals analyse and plan ways to improve an organization’s efficiency. According to the US Bureau of Labor Statistics, they made an annual median income of $87,660 in 2020.
- Financial Manager:These professionals create reports and direct investment opportunities for different organizations. According to the US Bureau of Labor Statistics, they made an annual median income of $134,180 in 2020.
- General and Operations Managers:These professionals plan and coordinate the activities of private and public-sector companies, taking care of multiple departments in various locations. According to the US Bureau of Labor Statistics, they made an annual median income of $103,650 in 2020.
Pros and Cons of getting an Online vs. an On-Campus MBA
With a variety of online and traditional on-campus MBA programs available, the choice can become quite hard. The following list of pros and cons can help students make this decision.