As a student or young professional, you may consider pursuing a Master of Business Administration. An MBA is a popular way to build business and management skills, while also advancing in your career.
You gain many invaluable skills, build a strong network, open your career path and learn to think about industry trends and issues differently.
An MBA helps set you up for success in the competitive business industry and offers you credibility. But before you decide to make the investment, here’s an outline of what you need to know about an MBA program.
What is an MBA?
A Master of Business Administration degree, also known as an MBA, is an internationally recognized degree with a focus on refining skills needed in business and management careers.
An MBA provides students with practical experience needed to succeed in such roles. The program first began at Harvard University in the United States, and has grown into one of the most popular professional degree programs internationally.
It’s most commonly offered in English and takes two years to complete as a full-time student, however it’s possible to enroll in a single-year MBA program. You may also complete an MBA as a part-time student if you’re unable to commit your time entirely.
Individuals who have previous managerial experience in the industry may apply for the executive MBA program (EMBA).
What are the admission requirements?
Below you’ll find a list of the general requirements for an MBA program, however each school may differ. To learn specific details, please contact your host school or explore their website. Note: if you meet the minimum admission requirements, this does not guarantee you a secure spot in the program.
- An undergraduate degree from a recognized institution with a B average in the final two years of studies
- Graduate Management Admission Test (GMAT) or Graduate Record Examination (GRE)
- Minimum two years relevant work experience
- English language proficiency score in IELTS or TOEFL (if studies weren’t completed in English)
- Completion of school’s online application which may include the following: essay(s), statement of interest, recent resume, two (or more) references, transcripts, GMAT or GRE scores
What courses to expect
When you choose to pursue an MBA, you are provided with a much better understanding of the world of business. Some of the programs you will be enrolled in include the following:
Why get an MBA?
Students who enroll in an MBA program are learning alongside bright, driven, high-strung personalities. When it comes to group projects, you will gain a lot of experience in leadership and conflict resolution.
Working in a group setting naturally provides you with communication skills and the ability to motivate others as you all have one goal in common.
In addition, completing an MBA provides you with credibility and shows other industry professionals you are an expert in the field, and are dedicated to the industry.
Build a network of like minded people
On top of being taught by some of the best mentors in the industry, you are constantly surrounded by like minded individuals who you can discuss industry trends and issues with. You both challenge and learn from each other, and connect on different topics, creating a type of community.
This network could be incredibly useful to you whether you are on the hunt for a new job or are in need of someone to brainstorm ideas with when building a business. In addition to this, the school’s name will further connect you to other industry professionals.
Completing an MBA enhances your knowledge in the business and management industry, and allows you to think globally about big business issues. You learn to reflect much deeper and think from various angles when it comes to trends and issues in the industry.
This in turn allows you to develop and apply smart solutions. It’s important to offer a fresh and unique perspective to potential future employers and employees. This specifically sets you apart from your competitors.
So, you must now decide if an MBA is worth it. Will it help advance your career? Do the courses interest you?
Many pursue an MBA to expand their career options, because with such a degree comes new skills you can apply in a number of fields. Having an MBA also provides you with higher chances of securing a managerial role, which in turn may present a higher salary.
Some individuals pursue an MBA with the idea they will one day own their own company. Many leaders in the Fortune 500 companies have completed an MBA. This is not to say an MBA will guarantee a successful billion dollar company, however it opens many doors.
An MBA prepares individuals for many types of careers. According to a survey by the Graduate Management Admissions Council, 64% of year 2012 MBA graduates used their MBA to change careers.
Some of the more common jobs an MBA prepares one for include:
- Business analyst or strategist
- Business development analyst, associate, or manager
- Market research analyst
- Managing Director (of a department)
- Investment banker
- Financial analyst, associate, or manager
- Management consultant
- Marketing associate, analyst, or manager
- Portfolio manager
- Project analyst or strategist
- Product analyst, associate, or manager
- Program analyst, associate, or manager
- Operations analyst, associate, or manager