Students who are planning to enroll for an MBA Study but are down in a state of a dilemma on whether such a proposed plan is worth it will have to read between the lines in this article to know what they are about venturing into. The million-dollar question popping up by aspiring MBA students is Does MBA lead to a better career? Well, my take is, The MBA degree is designed primarily for students who are considering a career change or hoping to advance in their careers.
What You Should Know
An MBA will offer you a wealth of advantages, especially when it’s offered by a top business school with a very good reputation. Getting a higher salary after graduation, landing a top management position, or even becoming your own boss are just a few of the extra advantages. MBAs are primarily for those seeking to switch careers (typically into finance or consulting roles) or for progression within an already established career. Students and young professionals often wonder if attending a business school prepares for the success of their careers. An MBA is a popular springboard for C-Suite jobs in large companies and also for budding entrepreneurs. It’s a credential that appears on the resumes of many Fortune 500 executives, including Walmart CEO Doug McMillon, who earned his MBA from Tulsa University, and Sheryl Sandberg, Facebook’s Chief Operating Officer, an MBA graduate from Harvard Business School. Although many executives hold an MBA, this degree is not a gold ticket to fame or fortune. According to MBA experts, business excellence requires initiative, creativity, and effort, regardless of a person’s academic background. “There’s nothing like an MBA that does not require an initiative at this stage of your career,” says Elissa Sangster, Forté Foundation executive director, a nonprofit that encourages women to take MBA programs and pursue an ambitious career.
More About What You Should Know
According to Sangster, an MBA from a Quality Business School can help people penetrate highly competitive businesses such as Silicon Valley technology companies or the Wall Street financial sector. She adds that aspiring MBA students, who dream of working away from home in large cities, could often benefit from receiving their MBA from a non-local school. “When you think of a business school, there are so many great opportunities that force you to pack your home or house and move across the country,” she says. However, Sangster recognizes that MBA applicants who have family commitments or wish to stay in their current business may not or do not want to attend national high school if they move across the country. In her opinion, those who wish to improve their careers and gain skills instead of including a cachet in their resume can benefit from attending a regional B school. If you are interested in the possibility of an MBA but are wondering if the program is suitable for you, below, I summarize what you can expect from an MBA program.
#1 What Does MBA Mean?
MBA is the common abbreviation for a Master of Business Administration degree, and recipients of this degree typically stop attending school after receiving it. However, those who are interested in conducting business research may elect to pursue a doctorate in business or management. Such students can earn either a Ph.D. or a Doctor of Business Administration degree, commonly known as a DBA.
#2 How Long Does It Take To Get An MBA?
A full-time MBA program usually takes two years, although there are many accelerated full-time MBA programs that last only one year, especially in non-US business schools, where this type of MBA is offered fast pace is common. The duration of part-time MBA programs and executive MBA programs depends on the number of credits a student enrolls in each semester or academic year. Executive and part-time MBA programs are designed for active professionals who attend the school while having a full-time job.
#3 MBA requirements
MBA applications typically include standardized test results, resumes, transcripts, essays, and reference letters. Many B-schools accept the GMAT or GRE scores. However, there are some optional elective MBA programs for which applicants do not have to submit results for the entrance exam at the Business School. In addition, some B-schools, which normally require test scores, will waive this requirement for applicants who qualify for disclaimers due to impressive work experience or a strong academic average. B-schools sometimes invite candidates for personal interviews and sometimes require them to submit video essays. And most MBA programs favor MBA applicants who have considerable work experience, although there are some programs designed for students or graduates. MBA credentials usually see proof of professional development in an MBA application, which means that the candidate gradually takes on more professional responsibility.
#4 Types of MBA degrees
Anyone interested in an MBA should know that there are several types of MBA programs, including full-time, part-time MBA, and executive MBA programs, says Rebecca Horan, former Admissions Officer. for the Executive MBA program at New York University Stern School of Business. Each of these types of MBAs is appropriate for a different kind of student, she adds. READ ALSO: Lagos Business School: Ranking, fees, Scholarships & Admission Requirements. She says that a full-time MBA program is a very consumer-intensive educational experience that allows students to reset their career paths. “You can use it to speed up your career and change careers because it’s an intense intensive program,” she says. Yet, according to Horan, a part-time program for someone who is happy with their career path but wants to grow within their current business may be the better choice. Especially if their company is willing to subsidize the cost of their business or the MBA program time. Horan says someone who is happy with his current job may not want to leave that job to pursue a full-time MBA program. She adds that executive MBA programs are designed for experienced business people who want to take their careers to the next level and improve their leadership skills. Among full-time MBA programs, experts say there are two primary types MBA hopefuls should consider:
A traditional two-year MBA program and An accelerated one-year MBA program.
One-year, full-time MBA programs typically cost less than two-year programs and require less time than traditional programs, but the speed of these programs means that students must carry a heavy academic workload, experts say.
#5 MBA concentrations and specializations
MBA programs typically offer a range of majors or specializations that allow students to acquire specialized knowledge of a particular aspect of the business, such as finance or technology. Experts say MBA hopefuls should decide which topic to specialize in based on what skills would help them improve. In their work performance. and which specialties are most likely to increase their job opportunities. MBA graduates with in-demand specializations are paid higher wages than their peers who focus on less marketable disciplines, experts say.
#6 How do I prepare for an MBA?
Before completing an MBA program, it is important for prospective students to set their overall career goals in order to access the recruitment opportunities of their campus program, Horan explains. She notes that MBA recruiters usually start attending business schools shortly after beginning MBA programs. Sangster also states that for students interested in a business school, it is generally advisable to take the GMAT or GRE entrance exam as soon as possible. She added that MBA candidates in standardized tests would probably achieve better results while still a student as opposed to after they have spent years in the workforce.
#7 The Average MBA Salary and Bonus
Starting salaries and bonuses vary considerably between MBA graduates. with alumni of highly ranked B-schools in the U.S. News Best Business Schools rankings earning much more than their peers who graduated from lower-ranked schools. Among the 10 ranked B-schools where the average salary and bonus were highest, the overall average compensation was $161,566. By contrast, at the 10 ranked B-schools where the average salary and bonus were lowest, the overall average compensation was $58,390. US News data shows that MBA graduate earnings are dependent on the industry in which they enter. Those working in the consulting sector earn an average salary of more than $ 130,000, while those working in a not-for-profit organization generally earn less. The newly created average MBA who works for a nonprofit organization earns just over $ 81,000.
#8 The cost of an MBA
The annual tuition fees for full-time MBA students have exceeded the $ 50,000 mark in the top 15 MBA programs in the 2019 top business school ranking. In some schools, the annual tuition has exceeded $ 70,000. Tuition fees are generally lower in public schools than in private schools, especially for state students. According to the U.S News data, the average state education for full-time MBA students in the top 10 public B schools was just over $ 42,000 a year. However, the announced MBA costs can be misleading as many students receive either merit scholarships or need-based financial aid. There are partial or fully funded MBA scholarships that exist, but many of these scholarships are extremely competitive. Some MBA scholarships are reserved for specific populations in the MBA applicant pool, eg. Scholarships for women, ethnic minorities, military personnel, and veterans. But there are also MBA scholarships available to all MBA applicants, regardless of their family background or profession.
#9 What skills Does An MBA teach?
According to Business School professors, MBA programs help students develop the skills needed to excel as business leaders, such as the ability to quickly and accurately analyze large amounts of information and skills to develop smart solutions to business problems. MBA programs also teach students how to inspire and motivate, and command respect, a fundamental skill for those who want to tackle ambitious business projects that require teamwork, said MBA professors. “An MBA should teach you everything you need to run your own business,” said Michael Provitera, an MBA professor at Barry University. “However, the program is aimed at managers who want to become leaders and students aspiring to climb the corporate ladder.” Phyllis Zimbler Miller, who earned his MBA in Finance from the Wharton School of the University of Pennsylvania in 1980, said he had benefited greatly from the experience she had learned in MBA courses spanning several decades. “And every day of my life, since I use my studies in business, providing a mentality and an effective framework to investigate situations and act on those situations that are not provided in most studies the first cycle,” she said.
#10 Which classes are included in an MBA?
An MBA usually includes courses in accounting, finance, marketing, organizational behavior, economics, management, and business ethics. James Reeves, CEO of Diefendorff Inc., appreciates the breadth of his MBA program at the Booth School of Business at the University of Chicago. Reeves said his MBA program, which he completed in 2013, has introduced him to many aspects of the business world and has not limited him to a particular career. Reeves added that the fact that an MBA encompasses such things as being frustrating for anyone who may become an expert, but Reeves says the variety of the MBA degree program is a sales pitch for him. His MBA has given him a global business vision that will benefit him as CEO. According to Horan, a first-rate MBA program not only provides lectures on how to run a business but also provides opportunities for experiential learning that will enable students to realize significant projects for real businesses. Horan, a brand strategist who earned her MBA at NYU, said that during his MBA program, she was working on a marketing campaign for a chocolate company that should increase sales in the weak summer months. She says projects like this one help MBA students gain practical skills.
#11 Will combining an MBA with another degree make sense?
According to MBA graduates, MBA aspirants should seriously consider whether they really need two postgraduate courses before earning an MBA and a further degree at the same time. Experts warn that two deals are both a psychological and a financial burden. This is not for everyone, but for people who have a genuine interest, this may be a good choice for two programs and a serious plan for using each of these programs. “Don’t fall in love with the idea that you want to get into that type of program for vanity reasons, meaning that you want that J.D.-MBA because it would look really good on your resume,” Reeves says. He adds that it’s important to ensure that you have a compelling reason to pursue a dual-degree program that explains why a single degree will not suffice. Sangster says people contemplating a J.D.-MBA should know that business executives and business lawyers tend to have different mindsets. Corporate leaders typically are willing to take bold risks if those opportunities could result in hefty profits, she says. Meanwhile, corporate attorneys usually strive to minimize risks, since their job is to recognize the potential for legal harm and mitigate the possibility of legal penalties. For that reason, it can be hard to combine those two disciplines, Sangster says.
Decide for Yourself: Is an MBA Worth It?
Nirav Mehta, associate director for MBA admissions at the University of Southern California’s Marshall School of Business, says the greatest benefit of an MBA degree is the relationships students forge with their classmates and faculty. “The MBA degree’s real value comes from membership in a lifelong learning community and access to the alumni network”. “The overall network serves as an active source of personal and professional support. The connections that one makes through the MBA program can be life-changing, and these relationships help to facilitate career transitions long after graduation.”
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