What is an MBA, and why should you opt for one?
The Master of Business Administration (MBA) is regarded as an internationally-recognized degree devised to develop the skills required for a career in business and management. The value of this degree is not only limited to the business world. An MBA can be useful for people wishing to pursue a career in the public sector, private, government sector, and other areas.
Most of the MBA programs comprise of a “core” curriculum of subjects, which includes accounting, marketing, economics, and operations. It also includes elective courses which allow participants to pursue their own personal or professional interests. Some of the business schools require MBA candidates to complete an internship at a company or organization, which can lead to suitable job opportunities after the program.
Why choose an MBA?
Some of the main reasons for choosing an MBA are as follows:
- Helps you hone your management skills
- Guides you in connecting with a more substantial business network
- Getting a higher salary and better opportunities for working professionals
- Starting your own company
- Opening the door to trending career opportunities
- Experience different cultures and places
Is it worth doing an MBA?
It is only worth doing an MBA when the graduate aims to work in a business-related field, in management sector or as a company founder. For people working in other industries, other than management or leadership roles, an MBA degree may not be useful.
The number of business schools providing a Master’s degree in Business Administration is increasing, which makes this domain quite crowded. Unless you earn a degree from a respectable program, it might not be as valuable as expected. Opting for the program in a top-tier business school increases the value of the degree.
Recruiters and hiring managers will not consider an MBA earned from an unknown or online-only educator to have the same weight as from a top-10 school. For professionals forgoing a few years of work to go back to school, doing so not at a second- or third-tier school could end up being a waste of time, money, and opportunity.
How long does it take to get an MBA?
A full-time MBA degree program usually takes about two years. A dual degree program adds around one more year or more to the process, that allows students to earn their two degrees in three years or more than that.
What skills does an MBA give you?
The skills possessed by an MBA graduate are as follows:
- Effective communication skills
- Networking with peers
- Expert problem-solving skills
- Strategic research and analysis
- Leadership skills
- Managerial skills
- Risk management skills
- Project management skills
- Time management skills
- Technical skills
- Interpersonal and public speaking skills
Qualifications for MBA
What qualifications do you need to do an MBA?
MBA entry requirements in the US
- A four-year Bachelor’s degree from an accredited U.S. university or its equivalent
- Minimum of 2-3 years of work experience
- Personal Statement
- Two letters of professional recommendation
- Proof of English proficiency (TOEFL is most commonly required – minimum scores: paper-based: 550 – 600 and computer-based 213 – 250)
- GMAT score over 600
- MBA entry requirements in Europe
The admission requirements for an MBA in a European business school are as follows:
- Minimum 3 years of full-time experience
- A Bachelor’s degree or equivalent
- GMAT, GRE or pass an admissions test
- International study or work experience
- English language certificate (knowledge of a second language is a plus)
- The minimum score accepted for English exams are: TOEFL – IBT: 89 – 94 / paper-based: 577 – 587
IELTS – 6.0 or 6.5, Cambridge Advanced – 142 to 210, Pearson Test – between 59 and 63
Is GMAT required for MBA? Do you need GMAT or GRE for MBA?
You can get an MBA without writing the GMAT. Some of the MBA programs are willing to waive off the GMAT requirement for experienced or accomplished students, while a few don’t require it at all. However, the vast majority of business schools require either the GRE or GMAT for admission.
Do you need a good GPA for MBA?
Most schools don’t have an explicit minimum MBA GPA requirement. At the most top 20 schools, the average GPA hovers around 3.5, making a 3.5 a solid baseline GPA for admissions. For very high-ranking MBA programs like Harvard and Stanford, average undergraduate GPAs are closer to 3.7.
How can I get an MBA?
To get an MBA, you need to get a bachelor’s degree in a subject that interests you. Since the MBA is such a broad graduate degree, you can choose practically any major that you want. Try to participate in extracurriculars in college. Your extracurricular activities don’t have to be related to business. Next, you need to take the GMAT or GRE, and also get real-world work experience.
How can I prepare for an MBA?
The steps to prepare for an MBA are as follows:
- Prepare and Apply for Your MBA Program
- Game Out Business School and Beyond
- Bolster and Update Your CV
- Look for Programs That Fit Your Interests and Selection Criteria
- Study for the GMAT or GRE
- Register for the GMAT or GRE
- Line Up References
- Refine your resume, references and recommendation letters
- Prepare for the technical MBA courses
- Expand your reading list
- Work on your networking skills.
- Learn Each School’s Process and Deadlines.
Which country is best for MBA?
The Canadian economy is prospering, and specific industries like mining, manufacturing, and agriculture are growing through significant growth. So, after completing an MBA, one can find enough job opportunities. Additionally, the cost of studying MBA in Canada is also very affordable as compared to other foreign countries.
Cost of an MBA
How much does it cost to get an MBA?
Though the cost of an MBA degree varies, the average tuition fee for a two-year MBA program exceeds $60,000. If you are aiming to attend one of the top business schools in the U.S., you can expect to pay around $100,000 or more in tuition and fees.
The tuition fees for some of the famous universities are as follows:
University Duration Approx Tuition fees (annual)
Stanford Graduate School of Business 21 months $65,000
Harvard Business School 24 months $60,000
Kellogg School of Management- Northwestern University 24 months $65,000
Booth School of Business -University of Chicago 21 months $65,000
Tuck School of Business- Dartmouth College 24 months $65,000
University Duration Approx Total Tuition Fees(US$)
Melbourne Business School, The University of Melbourne I year $57,000
AGSM MBA, University of New South Wales 16 months $55,000
College of Business and Economics, Australian National University ANU 2 years $55,000 (annual)
La Trobe Business School, La Trobe University 1.5 year $35,000
Monash Business School, Monash University 2 years $46,000
University Duration Approx Total Tuition Fees(US$)
Rotman School of Management-University of Toronto 2 years $37,000(annual)
Ivey Business School- University of Western Ontario 2 years $66,000
Sauder School of Business-University of British Columbia 16 months $46,000
Desautels Faculty of Management- McGill University 20 months $28,000(annual)
HEC MontrÃ©al 1 year $23,000
University Duration Approx Tuition fees(Â£)
London Business School 15 to 21 months 10,200
University of Cambridge: Judge 1 year 70,000
University of Oxford: SaÃ¯d 1 year 72,000
Imperial College Business School 1 year 65,000
Alliance Manchester Business School 18 months 60,000
Bschool Duration Approx Tuition fees
University of Auckland Business School – University of Auckland 2 years $29,000
Auckland University of Technology School of Business – Auckland University of Technology 12-18 months $30,000
University of Waikato Management School – University of Waikato 1 year $17,000
Massey College of Business – Massey University 2 years $25,000
Victoria University Faculty of Commerce and Administration – Victoria University of Wellington 16 months $18,000
Canterbury University College of Business and Economics – University of Canterbury 15 months $33,000
Where to do your MBA?
Top 5 best countries for MBA
The US is considered to be one of the most popular business school destinations comprising of the maximum number of prestigious B-schools in the world. Pursuing an MBA from the universities of USA is an advantage. Students also get strong infrastructural support, internships, and exposure to the latest content and technology besides practical training through projects. The exposure to the business environment during internships in top companies guides students into future entrepreneurs and business executives. The main factor that differentiates USA business schools is all about expanding your network and knowing the right people required for better career prospects. A network of people which will help budding entrepreneurs.
Top B-Schools in the USA:
Booth School of Business, University of Chicago
Harvard Business School
The Wharton School, University of Pennsylvania
Kellogg School of Management, Northwestern University
Stanford Graduate School of Business
Canada is considered to be a popular destination for students who wish to study abroad. The country has some of the high ranking institutions of the world offering high-quality education. The economy of this country is prospering, and industries like mining, manufacturing, and agriculture have seen growth year over the years.
Top B-Schools in Canada:
York University Schulich’s Business School
University of Toronto: Rotman School
University of British Columbia’s Sauder Business School
Queen’s School Of Business, Queen’s University
Saint John Faculty of Business, University of New Brunswick
Mcgill University’s Desautels School
Ivey Business School, Western University Canada
Alberta School of Business, University of Alberta
The United Kingdom has been the most popular study abroad destination among students. London is always considered to be one of the leading finance and banking centers. Other cities of UK offer lucrative opportunities in the services industry. High salaries and excellent job opportunities prove B-schools in the UK to be a popular country for studying abroad.
Top B-Schools in the UK:
London Business School (LBS)
London School of Economics and Political Science (LSE)
University of Oxford – Said Business School
The University of Cambridge – Judge Business School
University of Warwick – Warwick Business School
Manchester Business School – The University of Manchester
University of Strathclyde – Strathclyde Business School
Lancaster University Management School
Imperial College Business School
University of Edinburgh Management School
Cranfield School of Management
Business schools in Germany are now offering courses in English, and there has been a rapid growth in the number of students wishing to pursue higher education. Germany has the highest national economy when compared to the whole of Europe. The country ranks among the top 10 countries that allow the highest paid jobs to MBA graduates. Most of the colleges in this country get more than 70% of its enrolment from international students only, a large number of which are from India.
Top MBA institutes in Germany are:
• Frankfurt School of Finance & Management
• University of Cologne – Faculty of Management, Economics and Social Sciences
• HHL- Leipzig Graduate School of Management
The MBA degree offered at Australia offers an international recognition. With this MBA degree, you are eligible to find a job anywhere you want. The cost of living in Australia is also quite affordable. There are several MBA programs offered by top Australian universities. Some of the common names include-
Melbourne Business school,
College of Business and economics,
Monash business school
College of Business and Economics, Australian National University ANU
Types of MBA
Which is the best course in MBA?
MBA in Finance is considered to be one of the most sought specializations. The course gives a clear idea about subjects like costing, international finance, budgeting, capital management, and others. When you complete a degree in finance, you are eligible to work in the financial department of any organization. People with an MBA in Finance can go for the following roles-
Those who do MBA in Finance can go on to become:
- Cash Managers
- Risk and Insurance Managers
- Credit Managers
- Management Consultants
- Investment Banking Associates and later Investment
- Treasurers and Finance Officers
- Controllers (who prepare budget reports for regulatory agencies and business management, do audits and make cash management strategies)
The ‘C’ Position: ‘CFO’ or Chief Financial Officers supervise all financial and accounting operations, procedures, and policies of the company.
What are the different fields in MBA?
The different fields in MBA are as follows:
- Human Resources
- Information technology
- Operations Management
- Supply Chain Management
- Rural management
- Business management
- Technology Management
Which are the best fields in MBA?
Some of the best fields in MBA are as follows:
MBA in marketing: helps a student study consumer behavior, different aspects of marketing, market behavior, and many other essential skills that are relevant to an organization. You need to have excellent communication skills, resource mobilization skills, and an extra amount of zeal to excel in this specialization.
MBA in Finance: One of the most opted specializations in MBA, this domain focuses on the money market, accounting, costing, budgeting, international finance, capital management, and other relevant fields. An in-depth study of these subjects will always help you be an expert and work in the financial department of any organization.
MBA in Human Resource Management: A specialization in HR will help you to understand how to acquire, manage, and retain your company workforce within an organization in a systematic and organized manner. This particular domain aims to provide you with all the knowledge and ability to manage employees and execute the related work processes within a company.
MBA in Information Systems: The use of technology is evident in almost every sector and industry. So, there’s a growing demand for professionals with a perfect blend of business and advanced technical expertise. This particular specialization would equip you to efficiently manage e-commerce so that you have a clear understanding of the changes in the competitive business environment. By then, you would have also gained technical knowledge of emerging technologies in the IT field.
MBA in Consulting: Consulting is considered to be another popular choice when it comes to MBA specialization. The jobs in this sector offer lucrative salaries with perks and also allows you to travel place. Consultants are usually hired when there is a requirement of an outsider’s opinion and expertise to provide solutions for specific problems or challenges faced by the organization. Sometimes, consultants are required to take charge of projects which may be beyond the capacity of the internal staff.
How many subjects are there in MBA?
You’ll study 12 subjects for 18 months, including core, foundation, and elective or specialism modules. The study topics generally include management, marketing, strategy, and finance. You may choose to specialize in Finance, HR Management, IT, or Marketing.
What are the major subjects in MBA?
The MBA subjects list will usually look very similar. Finance, marketing, economics, human resource management, operations management, and strategy form the core subjects in this program. These core subjects are generally covered in the first year, in a 2-year MBA program). These MBA subjects allow students to have a deeper understanding of business topics.
The second half part is where the overseas business schools in the USA, Canada, UK, Australia allow students to choose an MBA specialization via the elective subjects. The number and nature of electives may differ across MBA courses. In several cases, new subjects are added to the MBA syllabus based on the demand of the market and economy.
Types of MBA Formats
The different types of MBA formats are a Full-time MBA, Executive MBA, Part-time MBA, Distance MBA Courses, Online MBA courses
Full-time MBA: The full-time MBA is about one to two years of full-time graduate study. Students usually attend weekday classes at a business school. They need to dedicate 12-24 months of their life while studying for the degree.
Executive MBA: These programs are usually for experienced working professionals who cannot manage to take an extended period away from their career. The EMBA program is provided in a part-time format, over 12 to 24 months, allowing participants to study while they work.
Part-time MBA: The part-time MBA degree is usually a full-time program which is studied over three or more years. Students can continue working even when they consider as classes are mostly held during evenings or over weekends.
Online MBA: Many business schools have responded to the requirements of students and are now offering an online MBA degree. Now students can earn the degree from the comfort of their own home and apply it immediately in their everyday work. Studying for an online MBA requires tremendous discipline and proper time management.
Distance learning MBA: The significant difference between a distance learning MBA and an online MBA is that in the former course, students need to attend class at some time during their studies. For the significant part of the time, students studying a distance learning MBA will learn via interactive video, pre-recorded video, teleconferencing, and online or offline computer courses.
MBA in the following concentrations:
Accounting: MBA in accounting curricula includes specialized courses in financial reporting and also understand taxes. In some programs, students have the opportunity to select an area of concentration, including taxation or courses to prepare for the CPA exam. You can expect to take the following courses while studying for an accounting MBA degree:
Fundamentals in Managerial Accounting
Accounting in Acquisitions and Mergers
Problems in financial reporting
Business Management: A Master of Business Administration is an advanced degree for individuals who wish to pursue higher education in business management. Operations, accounting, finance, and marketing are generally covered in the MBA program. The courses offered in the program usually aim to develop a student’s understanding of the global business environment and how managers, directors, and business owners make executive decisions.
E-Business/E-Commerce: MBAs in e-commerce is growing in popularity as online businesses, and e-entrepreneurship is booming. You should expect your international MBA program in e-commerce to have content on the following:
Advertising and sales promotion
Supply chain management
Electronic commerce strategy
Economics: An Economics MBA degree teaches the fundamentals of economic decision making and also focuses on various practical aspects of business and commerce.
Entrepreneurship: These programs are intended for students who want to lead and manage business enterprises. These include people who want to start their businesses, involved in family businesses, or have backgrounds in entrepreneurial endeavors.
Finance: This program can be considered as the perfect blend of the traditional learning of an MBA program along with specialized classes in several financial topics. Some of the major courses may include investments, portfolio management, securities analysis, fundraising, collections, borrowing, disbursements, and international finance.
Global Management: Global management points to the way an organization manages its business everywhere, including its sales, marketing, hiring, and finance methods. Many schools offer training and degree programs in global management. These programs allow students to gain skills in dealing with diversity in business, managing a multicultural employee base, and communicating across language barriers.
Human Resources Management: Students in an MBA program with a focus on human resource management can take courses in business strategies and concepts and other subjects like corporate headhunting, benefits analysis, compensation management, and business coaching. MBA in HR Management will provide you with all essential skills, concepts, and the knowledge to take care of human resources in a way which leads to the success of an organization.
Information Systems: This program is designed to provide the technical expertise and business acumen students need to seek advanced positions in the IT and business sectors. Whether a company offers products and services online or incorporates technology into its infrastructure, professionals are required to bridge the gap between executive leadership and technical performance. Master of Business Administration (MBA) programs in information technology provides managers with this training.
Marketing: This is one of the most popular graduate degrees out there when it comes to earning an MBA degree. Marketing students usually study consumer behavior and create products that they will most likely want to buy. Classes in marketing cover topics such as advertising, branding, market research, and marketing globally and online, among many other topics.
Operations Management: This program helps students to enter the industry by developing the required skillset, guide those already in the industry to widen their knowledge, and push on into a business leadership role.
Strategic/Risk Management: A Master of Business Administration degree with a specialization in risk management teaches students the skills related to business practices and organizational liability. Topics of study include financial and corporate insurance risks.
Technology Management; Technology management is a potential MBA specialization that is available within standard MBA and Executive MBA programs. Most programs in this field are aimed to teach students how to develop their knowledge across multiple technologies and focus on innovation as a means of leadership.
Do MBA grades matter?
According to MBAs and executive coaches, business students should always take their grades more seriously, at least in certain circumstances. Grades do matter, but again good grades don’t guarantee success on the job,
When a student is pursuing an MBA program and there is recruiting going on for internships, consulting firms and investment banks usually do their recruitment during the fall of your first year in the program. Therefore, there is no GPA established for them to have a look at. But if a company is recruiting after that point, and a student attends a university that does report grades out, firms will look at your MBA GPA.
What should I do after an MBA? What can I do with an MBA?
Some of the most common job roles that you can opt for with an MBA degree are as follows:
- Management Consultant
- Marketing Manager
- Investment Banker
- Operations Manager
- Financial Advisor
- HR manager
- Healthcare Administrator
- Information Systems Manager
- Operations Research Analyst
- Business Operations Manager
- Management Analyst
- Market Research Analyst
- Financial Analyst
What can I study after MBA?
Some of the best courses After MBA are as follows:
ISB Certificate Programme in Business Analytics (CBA)
Fellow Programmes in Management from IIMs
NSE’s Certification in Financial Markets
Executive MBA From a Reputed University/Institution
Doctor of Philosophy (Ph.D.) in Management
Chartered Financial Analyst (CFA)
Financial Risk Manager (FRM) Exam
Digital Marketing course
Doctor Of Business (DBA)
Post Graduate Diploma in Computer Applications (PGDCA)
Personality development course
What jobs can you get with an MBA?
Some of the popular job roles that you can get with an MBA degree are as follows:
- Chief Technology Officer
- Computer and Information Systems Manager
- Financial Manager
- Health Services Manager
- High-End Management Consultant
- Information Technology (IT) Director
- Investment Banker
- Investment Fund Manager
- Human Resource Manager
- Marketing Manager
- Sales Manager
What is the best job after MBA?
Management Consultant. A management consultant’s job is to guide companies on their management practices and distinguish problems within the organization that may be preventing the company from reaching their goals.
How do you leverage your MBA?
Begin networking before you graduate. You also need to do thorough research, ask around, and even come up with innovative ideas or opportunities to your contacts to get them to connect with your vision. Seek out professional advice from human resource consultants who can give insight into current recruitment trends.
What is the salary of an MBA?
1.4% of participants had less than one year of work experience get an average salary of $51,396. Those with 1-4 years of experience (22%) had an average salary of $60,541. Additionally, 33% with 10 to 19 years of experience earned approximately $98,800 per year. Men claimed to earn between $51,396 and $123,056, while women earned between $42,891 and $99,488.
Which MBA has the highest salary?
According to the 2016-2017 PayScale report on salaries, the highest-paying MBA majors, the MBA degrees that have the highest pay are as follows:
General and strategic management
Finance and economics.
How much does an MBA increase your salary?
According to surveys and studies, between 2008 and 2014, the average salary of MBA graduates three years after they left their business school increased by just 4 percent to $127,000. Also, at the same time, the average cost of a two-year MBAs increased by 44 percent to $104,000.
MBA vs. Master’s in Finance
Both the degrees can guide students to handle positions at the administrative level in the business and finance industries. The critical difference between these two programs is that an MBA degree provides students with extensive skills and knowledge in business and helps graduates apply them in many different sectors.
Opting for an MBA can be an integral step in stepping up the corporate ladder. An MBA coursework usually comprises of a broad spectrum of specific business-related topics which include accounting, economics, statistics, economics, management, communications, and entrepreneurship. Apart from job opportunities in financial organizations like banks, this degree also prepares students for management positions in different positions or as an executive in a start-up company.
MF programs usually tend to be shorter, and it just takes one year of full-time study. They’re also becoming very popular nowadays. While the MBA guides students to work in a variety of sectors, the MF program trains graduates to opt for fields such as trading, investments, or risk management.
MF graduates earn lower salaries than MBAs since the later one usually have some relevant work experience already. But as more universities offer MBA programs, the field is becoming crowded, and more people are seeking alternatives.
PGDM vs. MBA
A PGDM and an MBA degree are quite different. The former is just a diploma program, while the latter is a full-fledged degree. The PGDM will tend to cover only a specific area of management (e.g., Supply Chain Management), while the MBA covers the entire spectrum. The career progress may be slower, and the job opportunities might be lesser with a PGDM degree, which is not the case with an MBA degree.