Master of Business Administration (MBA): Learn about this postgraduate degree in business, how to obtain it and what you can do with it.
Learn how you can accelerate your career with this popular business degree.
What does “MBA” mean?
A master’s degree in business administration, or masters of business administration (MBA), is a graduate business degree with a focus on leadership and management skills. By earning this degree, you’ll gain the skills and knowledge needed to accelerate your career, move into new industries, or even launch your own business.
It is the most common graduate degree and one of the most versatile available.
What can you do with an MBA?
By earning this degree, you can develop the foundation for a new career path or prepare for better, often higher-paying opportunities. You will be able to acquire functional job skills and a well-recognized accreditation to attract potential employers and hiring managers in various areas.
MBA graduates can work in various industries, including economics, communications, marketing, human resources, finance and accounting.
Types of MBA programs
As for the MBA program, there is no one size fits all. Consider your lifestyle, career goals, and current work situation to decide which program is right for you. Below you will see some common types of MBA degrees:
Full-time MBA
Traditional two-year programs typically involve taking a full course load, similar to a bachelor’s degree. These programs are best suited for students who do not have a full-time job and can easily pay for the degree without having a regular salary.
part-time MBA
Part-time MBA programs, sometimes called professional MBAs, provide flexibility and a better work-life balance for students who want to pursue the degree while working or caring for their family. Students with an established career can continue to gain work experience while learning skills that can be applied immediately.
Working and studying at the same time can ease the financial burden of graduate tuition. Some employers offer tuition assistance or reimbursement for employees pursuing a graduate degree while working.
Executive MBA
Executive MBA Programs, also known as EMBA, are aimed at leaders or executives with several years of management experience. Since most students in these programs are working professionals, the format is usually part-time with evening and weekend classes. You’ll encounter a faster pace of learning with less immersion than in a typical program. With the skills you will learn in an EMBA, you will be able to develop your work experience to maximize your impact on the organization.
MBA global
The Global MBA (sometimes called the International MBA) is similar to the traditional MBA, but focuses on international business principles and strategies. Students usually come from different countries around the world. It can be a good option for students who want to work in international companies. Sometimes global MBA programs offer or require a study abroad component.
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Master of Business Administration (iMBA)
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Getting the MBA: Online vs. on campus
No matter what type of degree you decide to pursue, you will have the option to complete your studies in college, online, or in a hybrid manner between the two. Each method brings its own benefits. This decision will depend on how the MBA program fits your lifestyle.
Online MBA
Online programs through accredited universities, such as iMBA from the University of Illinois at Urbana-Champaign, provide access to the same professors and learning materials as the university’s on-campus programs, but with the benefit of a flexible schedule. You can learn virtually from anywhere with a desktop or mobile device—there’s no need to quit your job or move to attend a top-rated business college.
These programs are sometimes less expensive than on-campus programs. Since you can learn at your own pace, you’ll have the option to work full-time (and earn a regular salary).
Fataneh Taghaboni-Dutta, clinical professor of Business Administration at the University of Illinois, said, “If a student prefers to participate and engage fully in an online environment, then the online degree will give them more opportunities to network.” “I say ‘more’ in terms of the time needed to ‘talk’ or ‘meet’ others online, it’s less demanding than doing it in person.”
MBA on campus
If you choose to do an MBA on campus, you will typically attend in-person classes on a fixed schedule. These traditional MBA programs often attract candidates who want to take advantage of the facilities, extracurricular activities, and overall community of the university campus.
The links usually take place in person, both with teachers and with other students. But you should take relocation into account, especially if you chose a particular college or major.
What do you learn in an MBA program?
By doing an MBA, you will learn a wide variety of business fundamentals such as economics, marketing, finance, strategy, organizational behavior, and accounting. Outside of the base curriculum, you can often customize your experience through concentrations or specializations, electives, and experiential learning opportunities at real companies. This way you can develop some of the leadership skills necessary to own a business—and these skills translate to many career paths.
Although study plans vary from one university to another, below are some classes that you can find in the MBA study plan:
- Marketing digital
- Leadership foundations
- Business strategy
- Organizational management
- Business accounting
- Operational management
- Investments
- Corporate finance
- Cultural psychology
- Business ethics
How long does it take to earn an MBA?
Typically, a full-time traditional MBA requires between one and two years. Some programs offer MBA candidates who have a bachelor’s degree in business or who have enough work experience an accelerated program to earn an MBA degree in one year.
Part-time, online, and executive MBAs can take anywhere from eighteen months to three years, depending on the study plan and course load.
Is an MBA worth it?
Earning an MBA can be a significant financial commitment. It is important to define your objectives when deciding if the investment is right for you. Through an MBA program you will have the opportunity to expand your professional network, elevate your professional possibilities and increase your profitability potential.
Hayden Noel, associate clinical professor at the University of Illinois, said, “The training you receive in an MBA program prepares you to deal with ambiguity and provides a buffer against uncertainty.” “You will be better prepared to take advantage of changing opportunities post-COVID. You will also be more effective as a leader and better understand the various functions of your organization. More positive results will occur in your current job.”
The training you receive in an MBA program prepares you to deal with ambiguity and provides a buffer against uncertainty.
According to EGADE Insights, you can see an increase in your salary of up to 83.9% for having a master’s degree in business [1]. Also, obtaining an MBA will open the doors to new opportunities, job offers and better positions.
Do I need an MBA?
Although there are many good reasons to pursue an MBA, not all people (or professional fields) require the degree. Find out what hiring managers are looking for in the field where you want to work by analyzing current job postings on sites like LinkedIn or Indeed.
If you plan to move into a new industry, you can find cheaper, less time-consuming ways to develop the skills you need. Evaluate whether other alternatives such as individual courses, professional certificates or bootcamps may be better for you. If you’re unsure, some online MBA programs allow you to try a course (sometimes with academic credit) before committing to the full degree.
MBA Application Requirements
Admission requirements vary by university, but applications may require the following:
- academic qualifications
- the course of life to demonstrate professional experience
- GRE or GMAT test results
- essay or personal statement
- professional letters of recommendation
- in-person or video interview
Although professional experience is not always necessary, some programs have specific work experience requirements. Previous experience will help you gauge what you expect from the degree and prepare you to put what you learn into practice in your professional career. Other programs allow recent graduates or even current bachelor’s students to participate in a combined bachelor’s and MBA program if they want to jump-start their careers.
Standardized test scores, including the GMAT (Graduate Management Admission Test) and GRE (Graduate Record Examination), were once heavily weighted standard requirements. Today, more and more universities are leaning toward a test-optional policy, especially for executive and online MBA programs.
Some programs, such as iMBA from the University of Illinois and the Global MBA from Macquarie University, allow students to enroll through a performance-based admissions process. Students who wish to try the program or are unsure whether they meet the minimum requirements may take classes and earn academic credit before fully enrolling for the degree.
How to choose an MBA program: aspects you should consider
If you’re investing time and money into continuing your education (and career), it’s important to choose the right program based on your goals. Here are some things to keep in mind:
- Accreditation
- University rating
- Program Duration and Location
- Cost
- Study plan and specializations
- Internship Opportunities
- Faculty Diversity