What is a Master of Business Administration?
A Master of Business Administration degree, or simply MBA, helps develop the skills required for a range of careers in the business world or other fields including public sector, government or the private sector.
Candidates undertaking an MBA course usually have a degree in a related or other field or have an appropriate level of relevant work experience to gain admission to a Master of Business Administration school.
It is one of the most respected degrees globally and is internationally recognised with graduates gaining an understanding of business and management principles through studying theory and practical applications.
An MBA can be studied either full-time on campus, part-time or online. Some schools may offer a combination of online and physical workshop attendance.
MBA courses typically consist of core units complemented with elective subjects where students can follow their interests.
A Master of Business Administration degree typically takes up to two years, though this can vary depending upon whether full or part-time study is required. Accelerated programs are available which usually require a longer commitment of study each year.
Most schools will publish their MBA fees online and they usually reflect the standing of the school and quality of the course and teaching and industry partnerships.
There are some variations from the standard MBA course designed to cater for other needs.
A Pre-Experience MBA is an MBA program catered to individuals who are yet to experience the professional world and may want to take the leap straight from an undergraduate degree to an MBA without having compiled industry experience.
An Executive MBA is designed specifically to suit those professionals with a substantial track record of management experience. These programs push their students even further than what is covered in a standard MBA and typically target the skillset required by CEOs of multinational organisations.
Master of Business Administration Graduates
Graduates of MBA programs enjoy a range of benefits which they gain from completing their degree.
Managerial skills – a range of managerial disciplines are studied which usually includes finance, accounting, marketing, economics, human resources, leadership and strategy-based learning programs. Students are forced to deal with the latest issues and real life examples in order to be challenged and apply their learning.
Business network – Students and graduates cite the networking opportunities as being invaluable with fellow students, academic staff and industry participants. Many MBA students have started a new career though contacts made in their course. International opportunities are opened up considerably.
Increased salary – The average salary for an MBA graduate is considerably higher compared to the salary of an employee with a regular Master’s degree qualification. Most MBA programs usually publish data on what sort of salary increase their graduates enjoy on average.
Entrepreneurship – Many MBA students choose this course of study in order to start their own business and become successful, or embark on an alternative path altogether with their current employer or in a totally new industry.
Regardless of the individual reasons for choosing to study a Master of Business Administration degree, graduates enjoy the advantage of having an internationally recognised degree with increased credibility amongst their peers and in the broader business community and one with proven versatility.