Whether you're a recent college graduate looking to jump-start your career or a mid-career professional seeking to advance your skills and credentials, an MBA can provide a valuable boost to your career prospects.
An MBA, or Master of Business Administration, is one of the most popular graduate degrees in the world, offering the opportunity to develop management and leadership skills while gaining a deeper understanding of business strategy.
But, before you apply, you may have some questions, like …
What is an MBA program exactly?
What does the curriculum cover?
What’s the difference between a Full-Time MBA and an Executive MBA?
How much does an MBA cost?
Is an MBA worth it in the modern workplace?
What are the MBA application requirements?
In this blog post, we'll explore the ins and outs of MBA programs so you know what to expect and whether it’s the right next step in your career. Let’s get started!
What is an MBA degree?
An MBA degree is a graduate-level business degree that teaches students the knowledge and skills necessary to succeed in the business world. MBA degree programs typically cover a broad range of business topics, including finance, marketing, operations, accounting, and management.
What does MBA stand for?
MBA stands for Master of Business Administration. The first MBA program was established at Harvard Business School in 1908. Since then, thousands of universities worldwide have offered their own versions of an MBA program.
How long does an MBA take to get?
An MBA program typically takes one to two years to complete, although some can be completed in as little as ten months or as long as four years. In addition to traditional full-time programs, many universities now offer part-time and online programs to accommodate MBA students with busy schedules.
Types of MBA programs
Full-time MBA
This is the traditional two-year MBA program that is typically offered at a top-tier business school. Full-time MBA degree programs are intensive, immersive experiences that deepen students' understanding of business theory and practice.
Part-time MBA
Part-time MBA programs are for working professionals who want to complete an MBA degree program while continuing to work. These programs are often more flexible than full-time programs and allow students to complete the program over a longer period.
Online MBA
Online MBA programs are becoming increasingly popular, especially among working professionals. Since students can complete the program from anywhere, online MBA programs offer more flexibility than traditional, full-time programs.
Executive MBA
Executive MBA programs are for experienced professionals looking to advance their careers to the highest levels of management. These programs are typically part-time and take 18 to 24 months to complete.
Specialized MBA Programs
After completing an MBA program, do you want to work in a particular field? If so, you may consider a specialized MBA program. The curriculums for these programs can teach you how to apply business skills to specific industries.
Here are some examples of MBA specializations:
MBA in Accounting
MBA in Business Analytics
MBA in Consulting
MBA in Corporate Social Responsibility
MBA in Entrepreneurship
MBA in Finance
MBA in Global Management
MBA in Healthcare Management
MBA in Hospitality and Tourism Management
MBA in Human Resources
MBA in Information Systems
MBA in Information Technology
MBA in International Business
MBA in Marketing
MBA in Operations Management
MBA in Real Estate
MBA in Sports Management
MBA in Sustainability
MBA in Supply Chain Management
MBA in Technology Management
Do you need a specialized MBA?
Most programs offer specialized tracks in addition to a general MBA curriculum. So, you’re typically not required to choose a specialized track.
If you have a specific career path in mind or are interested in a particular area of business, choosing a specialized track can be a smart choice. However, if you are still deciding about your career goals or prefer a more general business education, a program without a specialization might be a better fit for you.
What does an MBA teach you?
The typical MBA curriculum covers a wide range of topics related to business and management. Here are some of the key areas that an MBA program can teach you:
Business fundamentals: MBA programs provide a foundation in fundamental business principles such as accounting, finance, economics, and marketing.
Management and leadership skills: Through courses in leadership, organizational behavior, and human resources, MBA students learn how to manage and lead people effectively.
Strategy development: MBA students develop a deep understanding of business strategy and how to create and execute effective strategies for their organizations.
Critical thinking and problem-solving: MBA courses teach students to analyze complex business problems, identify opportunities, and make informed decisions.
Communication and presentation skills: MBA students take courses in public speaking, communication, and presentation skills, which are valuable for anyone working in a professional setting.
Entrepreneurship: Some MBA programs offer elective courses or specialized programs in entrepreneurship, which can give students the knowledge and skills they need to start and grow their own businesses.
MBA Curriculums
For a deeper dive into what you can expect to learn, check out the official MBA curriculums at these business schools:
What is an MBA good for?
MBA degrees can be suitable for a variety of career paths and professional goals. Here are some of the most common reasons people pursue an MBA:
Career advancement: Many people pursue an MBA to advance their careers, whether that means moving up the corporate ladder in their current organization or transitioning to a new industry or role.
Higher salary potential: MBA graduates often earn higher salaries than those without an MBA degree. According to the Graduate Management Admission Council (GMAC), the median starting salary for MBA grads in the United States was $115,000 in 2022.
Networking: An MBA program can provide you with the opportunity to build a strong professional network, both with your classmates and with alumni of the program.
Personal and professional growth: Pursuing an MBA can be a challenging and rewarding experience, allowing you to develop your leadership, critical thinking, and problem-solving skills.
How much does an MBA cost?
According to the Education Data Initiative, the average cost of an MBA is $61,800. However, the cost can vary significantly depending on several factors, including the institution, program duration, location, and reputation.
When considering the cost of an MBA, it's also crucial to factor in other expenses such as textbooks, materials, accommodation, transportation, and the potential loss of income if you leave your job to pursue a full-time program.
For example, the estimated cost of attendance for full-time MBA students at The Stern School of Business at New York University is $123,253. On the other hand, the estimated cost for the full-time MBA program at The Warrington College of Business at the University of Florida is $26,473 for in-state students.
Is an MBA worth it?
While an MBA can be a valuable investment for some, it may not be the right choice for everyone. Ultimately, whether or not to pursue an MBA will depend on your unique goals and circumstances.
Top reasons an MBA might be worth it
Relevant to career goals: Your career goals align with the opportunities and advantages that an MBA program can provide, such as advancing to higher-level management positions, transitioning to a new industry, or starting your own business.
Increased earning potential: The potential for a higher salary and improved long-term earning potential is a motivating factor for you, as MBA graduates often receive higher salaries compared to those without an MBA.
Networking opportunities: You recognize the value of building a strong professional network and believe that the connections you make during an MBA program can open doors to new opportunities and collaborations.
Skill enhancement: You seek to enhance your business skills and acquire a well-rounded understanding of various business functions, such as finance, marketing, operations, strategy, and leadership.
Access to prestigious programs: You want to attend a top-tier business school with a strong reputation and extensive alumni network, giving you the benefit of a valuable brand association that can open doors to exclusive job opportunities.
Personal growth and development: You value the personal growth and development that an MBA program offers, including the opportunity to hone your critical thinking, problem-solving, and leadership skills.
Specific industry requirements: You're targeting industries or roles where an MBA is highly valued or even required, such as management consulting, investment banking, or executive-level positions.
Top reasons an MBA might NOT be worth it
Irrelevant to career goals: Your career aspirations don't require or significantly benefit from an MBA degree, and you can achieve your desired career outcomes through alternative paths or professional experiences.
High financial burden: The cost of pursuing an MBA, including tuition fees, living expenses, and potential loss of income during the program, poses a significant financial burden that outweighs the potential return on investment.
Limited career impact: You're already well-established in your career, have gained extensive experience and skills, and an MBA degree is unlikely to provide substantial career advancement or differentiate you significantly in your industry.
Lack of network importance: You've already established a strong professional network or feel networking opportunities through an MBA program are not crucial for your career goals.
Alternative skill acquisition: You can acquire the necessary business skills and knowledge through alternative means, such as online courses, certifications, workshops, or on-the-job training, without needing a full-fledged MBA program.
Diminishing value of the degree: The market saturation of MBA graduates in your target industry or region has led to a decrease in the perceived value of the degree, making it more challenging to stand out among a crowded pool of candidates.
Personal circumstances: Your individual circumstances, such as family commitments, limited time for study, or other personal obligations, make it difficult to commit to the intensive nature of an MBA degree program.
Requirements for an MBA
You can read this article for detailed information about the MBA requirements and how to boost your chances of gaining admission to an MBA program. However, here’s an overview of the typical application requirements:
Bachelor's degree
Most MBA programs require applicants to have a bachelor's degree from an accredited institution. All applicants are eligible to apply regardless of their undergraduate major.
Work experience
Many MBA programs prefer or require applicants to have some work experience, typically ranging from 2-5 years. However, even if you don't have that much work experience, you can usually still apply if you have a history of other relevant experience (e.g., internships, volunteer experience).
Standardized test scores
Many MBA programs require applicants to submit scores from the GMAT (Graduate Management Admission Test) or GRE (Graduate Record Examination).
Transcripts
Applicants must typically submit official transcripts from all colleges and universities attended.
Essays and personal statements
Many MBA programs require applicants to submit essays or personal statements explaining their goals and reasons for pursuing an MBA.
Letters of recommendation
Applicants may be required to submit two to three letters of recommendation from professional or academic contacts.
Interview
Some MBA programs also require applicants to participate in an interview as part of the admissions process.
It’s important to note that these are general requirements, and specific MBA programs may have additional or different requirements. It is always a good idea to research the requirements for the programs you are interested in and contact the admissions office for more information.
Final thoughts
An MBA can be a valuable asset in your professional journey, but it's essential to approach the decision with careful consideration. That way, you can choose the right MBA program for your goals or take a different route to reach the next level in your career.
If you're looking for additional resources to help you with your MBA applications, we recommend speaking with our graduate school admissions consultants. We can help you craft a strong personal statement and navigate the MBA application process.
So, why wait? Schedule a consultation and begin taking the next step toward getting your MBA!
Ameer is a freelance writer who specializes in writing about college admissions and career development. Prior to freelancing, Ameer worked for three years as a college admissions consultant at a Hong Kong-based education center, helping local high school students prepare and apply for top colleges and universities in the US. He has a B.A. in Latin American Studies from the University of Chicago and an M.A. in Spanish Linguistics from UCLA. When he’s not working, Ameer loves traveling, weight lifting, writing, reading, and learning foreign languages. He currently lives in Bangkok, Thailand.
Top values: Growth / Diversity / Empathy
