What is MBA degree?

MBA which is the abbreviation for Master of Business Administration. One of the highly valued and prestigious courses, which is tailor-made for a budding manager. This blog will give provide you all the knowledge about an MBA Program, the types of MBA, the various MBA subjects, etc.

Updated by Aafreen on 24th August 2018

What is MBA?

Master of Business Administration, more commonly known as the MBA degree, is considered to be of very high value. This degree is known to train students in the various aspects of business and management as a career and help them to build upon their skill set, in order to set out into the real world of business and management. The training that the students get in the course of this program will help them to manage, lead, organize and adapt to the business world, as and when there are new changes or new developments in the field of that they are dealing with. This degree gives them both the theoretical knowledge and practical knowledge, and gives them the means to apply them, and helps them to convert their knowledge into their strength and make use of their potential to the fullest.

MBA helps the students who take up this course, to realize how to channelize their means in a proper manner, by giving them the best of on the field and off-field training, by the best in the industry, who give them lessons based on first hand experiences of the ups and downs, highs and lows and the issues they have faced in their course of time. This helps the students get a deeper understanding of the business world and the difference of how it looks on the outside and how it actually is from the inside.


 How do you apply for an MBA?

Never delay when it comes to completing the application, the process in applying for an MBA can get tiring and tedious something, therefore it is best to understand that any delay will only make things more difficult for you. However, there are a few steps one can follow to apply for an MBA admission.

Step 1: The application strategy

It is very important to one to understand that the process of filing the form is not the only part of applying for an MBA, it includes even the little details like the GMAT, the essays that need to be written, the other parts of the form that need to be filled too. This application is more like a mirror reflection of who you are, as it included details if your personal, professional and academic life and experiences you have faced throughout your life. So, make sure you put in every little thing in there because like the saying goes “every penny can count”. 


Step 2: Register for your GMAT

  • The Graduate Management Admission Test, or GMAT as it is for commonly known, it one of the most important steps towards working to get into an MBA degree. The preparation for this exam can easily take about 3 to 6 months if one has to give the exam to his/her complete potential.

  • While preparing for your exam it is important for you to set a target or a goal as to how much you will want to score in your exam, this way you can actively work towards it. Another way of making sure you’re good at what you’re doing is by making sure you keep track of your progress and see how you’re improving, that way you can see yourself better, and there is no better way of improving than seeing self-improvement, which will help you boost your confidence making you want to give your 100% effort for this exam.

  • It is always better to attend any form of classes or private tuitions that help you prepare for a GMAT, alongside your own preparations. This is mainly because the tutor can help you improve and channelize your skills based on your strengths and how you understand the subjects dealt with in general. The tutor you go to should be someone who has an experience taking the GMAT and should have a GMAT score above 750, which stands one among the GMAT score charts. In case you do not have an access to private tuition close by, with the help of the modern day technology, there are numerous online training classes that you can take up as well, based on your free time and in your own comfort zone.

  • A recommended average GMAT score is anything about 700, this shows that you have the right skills, you know how to work your way through, you have the means and the capacity to channelize your strengths in the right way.


Step 3: Get to know yourself better:

  • In order to make sure the interviewer understands you and realizes that you are the best that the institute can get it is very important to know and understand yourself first. It is important to know where your skills lie and how good you are at certain things. In order to convince people it is important that you first convince yourself and understand who you are exactly.

  • It is always important that one knows his/her strengths and weaknesses, and also knows how exactly these can be beneficial to him/her.

  • You need to look into yourself and ask yourself what makes you better than the others and how you can stand out in a crowd of a thousand people, what makes them want to make you a leader, and why should they take you into their institute. They will also want to know how your strengths are going do any better for the students who join alongside and if you are ready to take up challenges that come your way. In order to be able to answer these questions, it is very important for you to understand yourself, and to get to know yourself better.

  • Make sure you go in for the interview only after understanding your own value, and how important and unique you are, because the only way they are going to be confident in you is when you have confidence in yourself.


Step 4: Where do you want to go?

  • Decide where you want to go, make up your mind as to which institute you want to get into and why you want to chose that particular place. There are a lot of institutions that may appeal to you, but based on what you like, and what your strengths are, you need to choose the institution that can best channelize your strengths and make your weaknesses stronger.

  • Once you get a few colleges you liked on your list, start customizing your application on the basis of that college and what they require.


 Step 5: Who are your recommenders?

For you to successfully get through into your desired college for your MBA degree, it is necessary for you to get good letters of recommendation. This letter of recommendation needs to reach your desired college, wherein they give me a review of you being good at what you do, and how you can be an asset to your favorite MBA college. It will be better if your recommender knows you both personally and professionally so that he/she can give in a proper remark of who you really are.


 Step 6: The CV and the Essays

  • Your CV and your Essays show the college who you are. Make sure you fill in these very carefully, as they reflect your personality, your hobbies, your aims, your passions, and your ambitions.

  • It is important for any MBA applicant, to be very careful while doing these, and to stand by the requirements for each college, as the requirements of each MBA college will be different. It would also be better if you take help from experts about your essays and CV as they will be able to help you improve them and make them look presentable in the eyes of the colleges.


 Step 7: The interview

The most important step to get into your desired MBA college is the interview. The final interview is what is going to help them to get to know you as a person. Now it is on you to change being a mere number for an admission entrance interview and become a name in your desired MBA college.


 Eligibility for an MBA degree:

As per the common admission requirements for an MBA degree, these are some things that a student who applies for an MBA degree should qualify for:

  • A four-year bachelor's degree from an accredited institution from the USA or any other equivalent international institution.

  • Work experience of about two-three years, based on what you are good at.

  • Resume with the letter of recommendations

  • Proof that you are proficient in the English language, this can be proved by the computerized exam such as TOEFL.

  • Getting through the GMAT or GRE examination, with an overall score above 600.

  • In case you have received an offer letter from the places you have worked at, then they act as an added advantage for you.


 What are the various MBA programs?

There are various types of MBA programs that can be taken up by the students, who are willing to study for an MBA degree. These can be based on the time-duration or the specializations that they get to chose from the best MBA programs from around the country.

First, the various types of MBA degrees based on the time or kind of study:

  • Full-time MBA program, which is a two-year program taken up by the students.

  • Executive MBA program, which is taken up by the professionals who cannot take too much time out of their work lives. This can be completed in a duration of about two years.

  • Part-time MBA program, which is a full-time MBA program taken up by working professionals for a period of about three to four years, wherein the classes are conducted either in the evening after their work hours, or in the weekends.

  • Distance learning MBA program is mainly for those people who cannot attend the on-campus classes. They normally get trained via pre-recorded videos, online classes that they attend with the other online students, and get trained accordingly.

  • Online MBA program, is when they can take up this degree from the comforts of their homes, and can still do their work. Three important skills required for the students who take up MBA online are time management, self-discipline, and commitment.

  • Accelerated MBA program, is a one or two year program, which is more extensive in nature when compared to the normal MBA program. They have a more tediously set up course pattern and more training given to them.

  • Professional MBA program is a one-year long degree program and is more flexible when compared to the other kinds of MBA programs. The classes for this can be either conducted in the evenings or in the weekends, based on the choice taken up by the people who take up this program.


Second, the various MBA programs based on their specializations:

  • MBA in Accounting is one of the most common MBA programs taken up in and across the world. Is it considered one among the best MBA programs, as it trains them about the operating systems and accounting concepts that can be used in various business fields, and can take up career paths such as financial advisors, financial research analysts, risk management analysts, and many other such career options?

    MBA in finance is also available online in a lot of universities.

  • MBA in Marketing is another exclusive MBA program, that deals with the development, marketing, selling, of various products from across various areas. They can also specialize in some programs like product management marketing, luxury marketing, entertainment, media and technology marketing, and many other such specializations that can help them take up the best of career options on completion of their MBA program.

  • MBA in Human Resource is one of the best MBA programs and helps the students to get in-depth knowledge about the human resource management and how it is done in big companies. With an in-depth knowledge of the human resources department and how it works, on completion of this program students can get high positions within the human resources department of top-firms across the country.

  • MBA in Innovative Management is known to be an exclusive MBA program, that can be taken up by the people who are interested in working in multinational companies across the world. They get trained in critical skills in finance, strategy, operations, marketing, human resources, and many more such fields.

  • MBA in Operations Management stands among the best MBA programs that can be taken up by students, which trains students in planning, organization, management of production, and helps maximize efficiency. This is the best program to be taken up by all those who are interested in supply chain management, or logistics and many more fields.

Some of the other MBA specializations available are: 

Information management, Leadership, Technology Management, Entrepreneurship, Media management, Business management, Communications. Digital Marketing, Economics, Forensic Science, Organizational Development, Organizational Leadership and many more.


 What is MBA tuition fee?

The tuition fee for a full-time MBA program ranges from $30,000 to $65,000 per year. The fee might differ based on the specialization taken up by the student for the MBA program. It can range anywhere between $17,000 to $70,000 based on the institution that the student has chosen to do his/her MBA program from.

What are the MBA jobs you’ll get after completing the course?

Some of the best career opportunities that can be taken up after the completion of the MBA program are:

  • Banking and Finance

  • Management consultant

  • Sales managers

  • International traders

  • Finance controllers

  • Business development managers

  • Venture capitalists

  • Product managers

  • Human resources managers

  • Logistics manager

  • Media planners

  • Wealth management

  • Operations managers and many more options.

  • International Business

  • Internet Marketing Managers

  • Financial Statement reporting and management.


Most famous colleges to take up an MBA Program in the USA:

  • The Harvard University

  • The Wharton School - University of Pennsylvania

  • Booth School of Business - University of Chicago

  • Salon School of Management - Massachusetts Institute

  • Graduate School of Business - The Stanford University

  • Yale School of Management - Yale University

  • Ross School of Business - University of Michigan

  • Liberty University

  • Darden School of Business

  • McCombs School of Business

  • Kellogs School of Management

  • Tuck School of Business


Some things to know about the MBA Program:

  • MBA or Master of Business Administration is one of the most commonly known degrees taken up by people.

  • MBA is one among those degrees that has a wide range of specialization options, based on the strengths of the students

  • MBA is known to be the best program that provides the perfect balance between hard and soft skills training.

  • Most US colleges that have the MBA program, provide the students with internships and training during the course program

  • Due to the diverse nature of the students who take up the MBA program, they get a lot of opportunities to learn and grow not only from the experienced staff but also from each other. This helps them increase their network which can help them when they get out into the real world.

  • The get a lot of employment opportunities, based on their specialization and how well they channelize their strengths and skills.

  • Most MBA programs are internationally credible, which means that the students who take up this course can get jobs from anywhere around the world.

  • The format of the MBA program is very flexible as they have various options such as full-time, part-time, online, distance, professional and many more.

  • Some companies also offer tuition assistance programs for their employees.

  • The online and offline course structure is very similar.

  • An MBA program is like a broad study of all the major concepts of business

  • Through this program, you get to meet and know a lot of the people who are in the industry-alumnus.

  • It acts as a major ladder in the career of a lot of people, as it helps them to become better at their skills and learn more about how to use them.

  • Most MBA programs are based on on-field experiences and teamwork, which helps the students to understand the importance of teamwork.


 Conclusion:

The MBA program is a very extensive and rigorous training program, that helps everyone who takes up this degree to get in-depth knowledge about every aspect about business, and how each aspect is important for a business to become successful. It gives them the best and most exclusive training in the many aspects and even provides them with the flexibility of doing this program at their own comfort. All those students who take up the MBA program, have very good career opportunities based on how they channelize their skills and how well they utilize the training that is given to them.


FAQ'S

  How long does it take to complete an MBA?


Normally, the MBA Program takes about two years to complete, however, it can go up to four years in the case of a part-time MBA program.

  Can I continue my work while studying for my MBA?


Yes, it is possible to work and study for an MBA program. Sometimes the companies also provide the employes with the tuition for the program.

  Is GMAT important for MBA?


Yes, a GMAT or the Graduate Management Admission Test is required in order to get admission for an MBA Program.

  What are the advantages of the MBA program?


The MBA Program provides them with not only know about the various aspects of businesses but also gives them the option to specialize in a skill that they feel they are good at.

  What is the average GMAT or GRE score to do my MBA?


The required GMAT score to get through an MBA Program is above 500. However, the score is considered excellent when it is above 700.

  What is the average cost of an MBA program?


The average tuition fee for an MBA is between $30,000 and $60,000.