The Master of Business Administration or MBA is a specific type of graduate degree that is notably unique from other types of Masters Degrees. Acquisition of an MBA degree indicates expertise in some aspect of business management or leadership. Individuals with an MBA degree are viewed as highly knowledgeable and proficient. The MBA degree was initially developed in the United States in the early 1900s. Since this time, the number of schools offering the degree has increased. MBA degrees are highly regarded in the world of business and students from all over the globe come to the US to study for their MBAs.
In general, the MBA requires 18 to 24 months of full-time course work. In order to meet the needs of modern professionals, colleges and universities have expand their MBA programs to offer education through part-time course work and via online classrooms. Many MBA programs prefer to admit candidates that have three to five years of work experience. As such, candidates under the age of 25 are rarely admitted to MBA programs. The rational for this decision is that individuals under the age of 25 do not have the needed work experience to fully engage in the MBA curriculum. Read More >>
Benefits of a MBA
Individuals that obtain an MBA report a number of tangible benefits. Most notably, the MBA provides the professional with the ability to earn a much higher salary. Individuals with Bachelors Degrees in business will be qualified for entry level positions in the organization. Those with an MBA will be more likely to start their careers in mid- or upper-level positions in the organization, enabling the professional to command a considerably higher salary. MBAs are a requirement for many senior level management positions in organizations. Without an MBA, the professional will not be able to acquire these types of positions. In addition to the financial benefits and job opportunities associated with the MBA, individuals in MBA positions enjoy flexible work environments and the opportunity to network with other MBAs and business executives. Through this process, professionals work to develop specialized business and career networks that can be useful in career planning and business development. Students earning an MBA will also be recognized as leaders and experts in their fields. MBA degrees are highly regarded by both US companies and companies operating internationally. Professionals with an MBA will command the respect of their employers and peers. When it comes to prestige, the MBA clearly provides a notable asset in this area.
Types of MBA Programs
Although the traditional two-year full time MBA program is still offered by colleges and universities, the changing demands of the workforce have generated new MBA programs that may provide students with the flexibility they need to acquire their degree. The two-year full time MBA program involves two years of academic study in which students take classes much like undergraduate students. An accelerated MBA program is also offered for students seeking to complete their MBAs in a shorter amount of time. These programs typically do not offer traditional summer breaks and require higher course loads for the student to complete the program in 18 months. Part-time MBA programs enable students to attend classes in the evenings or on the weekends. These programs typically last three years and enable working professionals to complete their degrees while remaining employed. Executive MBA or EMBA programs are also offered. These programs are tailored to meet the specific educational needs of individuals that are seeking upper level management positions in the organization. These programs typically take two years to complete and enroll students that have 10 or more years of working experience. Students enrolled in these programs continue to work while taking classes. EMBA programs combine practical knowledge of business professionals with course work to create a unique degree experience for the student.
Career options for individuals that acquire an MBA are typically limited to those involving business and management operations. Core curriculum for most MBA programs focuses on various aspects of business including accounting, finance, marketing and management. Students pursuing an MBA can choose to focus on general aspects of business or they may choose to take focused coursework that allows them to work in specific areas of the organization. The most common areas for concentration with the MBA degree include: accounting, business management, e-commerce, economics, finance, global management, human resource management, operations management, risk management and technology management. What is perhaps most interesting about the acquisition of the MBA degree is that, like other Masters Degrees, individuals seeking this degree do not have to have a Bachelors Degree in a specific business area. While a Bachelors Degree is a prerequisite for entry into any Masters Degree program including the MBA, professionals from all career fields can and have sought an MBA degree. Law professionals, scientists and psychologists may find that an MBA degree enables them to move into management positions in their professions. Thus, MBA degree holders can possess jobs in a number of technical fields in which management service is required.