Masters of Business Administration (MBA) is a thorough and intense program that is designed to widen your knowledge and experience in order to become a leader in today’s business workforce. The program provides you with a chance to expand on your educational path by developing essential skills while gaining expertise in a field of study.
Types of MBA(1):
· General MBAs – generally two-year programs
· Specialized MBAs – generally a one-year program
· Combined MBAs – potentially a three-to-four year program
· Part-time MBAs – program may take longer based on workload
· Executive MBAs – generally two-year programs – aimed for executives and managers
· Distance Learning MBAs – aimed for those who are not close to the university
Fields of Study:
· Finance
· Economics
· Marketing
· Leadership
· Project Management
· And many more…
Pros and Cons
Like any other program, there are pros and cons. Here are some to consider:
Pros
· Earns higher income
· Used to progress quicker in careers
· Elevates your knowledge
· Used worldwide
· Becoming a trend
· Expand on skills
Cons
· Highly expensive
· Could take up to 4 years
· Difficult to be accepted into the program
· Not always effective in careers
How to get an MBA (requirements)?
In order to apply for the Masters program, it is important to understand that you must achieve a bachelor’s degree with any university or college, such as a Bachelor of Commerce or Business. This, however, is not the only requirement for an MBA admission. The student must also demonstrate a minimum of 5-years of work experience, and perform a number of tests to demonstrate ability and aptitude levels. These tests may include the Graduate Management Admission Test (GMAT), essays, and problem solving test/exams.
In addition, graduate schools will be judging the students based on performance, academic transcripts or Grade Point Averages (GPA), references, and extensive interviews(2). Furthermore, graduate schools also look for extra-curricular activities, such as community service, team sports activities, and interests and hobbies.
Things to think about prior to getting an MBA?
You must be very careful when deciding to do an MBA. The process should take you some time to do and research is the key to making a decision. Here are some points to help you get started:
(1) When researching MBA options, consider expanding your research to other schools other than your own city or country. Look for worldwide options and check out what differentiates them from other schools.
Types of MBA(1):
· General MBAs – generally two-year programs
· Specialized MBAs – generally a one-year program
· Combined MBAs – potentially a three-to-four year program
· Part-time MBAs – program may take longer based on workload
· Executive MBAs – generally two-year programs – aimed for executives and managers
· Distance Learning MBAs – aimed for those who are not close to the university
Fields of Study:
· Finance
· Economics
· Marketing
· Leadership
· Project Management
· And many more…
Pros and Cons
Like any other program, there are pros and cons. Here are some to consider:
Pros
· Earns higher income
· Used to progress quicker in careers
· Elevates your knowledge
· Used worldwide
· Becoming a trend
· Expand on skills
Cons
· Highly expensive
· Could take up to 4 years
· Difficult to be accepted into the program
· Not always effective in careers
How to get an MBA (requirements)?
In order to apply for the Masters program, it is important to understand that you must achieve a bachelor’s degree with any university or college, such as a Bachelor of Commerce or Business. This, however, is not the only requirement for an MBA admission. The student must also demonstrate a minimum of 5-years of work experience, and perform a number of tests to demonstrate ability and aptitude levels. These tests may include the Graduate Management Admission Test (GMAT), essays, and problem solving test/exams.
In addition, graduate schools will be judging the students based on performance, academic transcripts or Grade Point Averages (GPA), references, and extensive interviews(2). Furthermore, graduate schools also look for extra-curricular activities, such as community service, team sports activities, and interests and hobbies.
Things to think about prior to getting an MBA?
You must be very careful when deciding to do an MBA. The process should take you some time to do and research is the key to making a decision. Here are some points to help you get started:
(1) When researching MBA options, consider expanding your research to other schools other than your own city or country. Look for worldwide options and check out what differentiates them from other schools.
(2) Go to information session, as much as possible. These sessions are offered by your local universities and will give you first-hand information on the programs.
(3) Check for school ranking information. Most business magazines will have a ranking of graduate schools. Look for domestic and international rankings.
(4) Reach out to MBA schools. Ask them what they are truly looking for when accepting a student.
(5) Reach out to people with MBAs. They are your best source for looking at what a future with an MBA can do for you.
(6) Make a list of the criteria and compare yourself to the list. Look for your strengths and weaknesses.
(7) Don’t forget to ask yourself what you would like to get out of getting an MBA?
Are MBAs useful?
Are MBAs useful in today’s fast-paced world of business? It depends. Are you looking to fast track your careers and lead yourself to the executive office? Or, just simply looking to earn more income and stay where you are? Generally, there are been a large interest in achieving an MBA for those that are looking to become an executive. In fact, a survey done by Accountemps has suggested that about 80 percent of executives consider an MBA a very important factor in reaching a top management position(3).
However, considering the large growth trend in MBA over the past fifty years, one has to wonder whether the quality of an MBA education is diminishing? Graduate schools are faced with managing the growing interest from student and are forced to decline the majority of applications(4). The rejected applications can then become accepted by less popular graduate schools. The question to consider would be ‘does an MBA from a top 100 school have the same leverage from a top 10 school?’ The answer would most definitely be ‘No!’
If you really want to be able to fast track your career and jump to a top management or executive position then it is highly suggested to consider applying to schools that offer the best program and have a credible reputation.
Top Program Rankings(5)
Are MBAs useful?
Are MBAs useful in today’s fast-paced world of business? It depends. Are you looking to fast track your careers and lead yourself to the executive office? Or, just simply looking to earn more income and stay where you are? Generally, there are been a large interest in achieving an MBA for those that are looking to become an executive. In fact, a survey done by Accountemps has suggested that about 80 percent of executives consider an MBA a very important factor in reaching a top management position(3).
However, considering the large growth trend in MBA over the past fifty years, one has to wonder whether the quality of an MBA education is diminishing? Graduate schools are faced with managing the growing interest from student and are forced to decline the majority of applications(4). The rejected applications can then become accepted by less popular graduate schools. The question to consider would be ‘does an MBA from a top 100 school have the same leverage from a top 10 school?’ The answer would most definitely be ‘No!’
If you really want to be able to fast track your career and jump to a top management or executive position then it is highly suggested to consider applying to schools that offer the best program and have a credible reputation.
Top Program Rankings(5)
U.S. Business Schools:
No. 1 - University of Chicago
No. 2 - Harvard Business School
No. 3 - Northwestern Universtiy
No. 4 -University of Pennsylvania
No. 5 - University of Michigan
International Business Schools:
No. 1 -Queen's University (Ontario, Canada)
No. 2 - IE Business School (Madrid, Spain)
No. 3 - Insead (Fontainebleau, France)
No. 4 - University of Western Ontario (Ontario, Canada)
No. 5 - London Business School (London, England)
See Also
References
(3)Pacific Business News. "MBA proves to be crucial to top management careers". http://www.accessmylibrary.com/coms2/summary_0286-10475598_ITM Publication Date: 23-FEB-01. February 4, 2009
(4) Randall S. Hansen, Ph.D. The Master of Business Administration: Is the MBA Worth the Time, Effort, and Cost? http://www.quintcareers.com/MBA_degree.html
February 4th, 2009
(5) http://images.businessweek.com/ss/08/11/1112_best_business_schools/index.htm,
February 4th, 2009
(5) http://images.businessweek.com/ss/08/11/1112_best_business_schools/index.htm,
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