MBA Programs | MBA Degrees Overview
The Master of Business Administration, or MBA Degree, is an internationally recognized graduate degree that is designed to develop the competencies required for careers in business and administration. These foundational business practices include accounting, finance, marketing, and management. Many programs offer students the opportunity to cultivate skills in a particular field, whether healthcare or sports management. The MBA is intended to deepen learners’ understanding of business management skills, hone critical thinking abilities and become better problem-solvers.
FUN FACT: The MBA degree originated in the United States in the early 20th century when the country industrialized and companies sought scientific approaches to management[i].
How To Select An MBA Program
The first step is done. You know you are looking into a Master of Business Administration. GradSchools.com has search tools that are easy to use and might make your selection process simple. A location search will yield results in the city, state or country where you are hoping to find an accredited MBA program. You then determine the learning format. Do you intend to study at a graduate school, attend classes, and participate in college campus activities? Or are you currently a working professional seeking to advance your education while maintaining a full schedule? If this is the case, Online MBA programs are available, or you might select a hybrid format that combines web-based classes with on campus courses. Some of the listings you might select from include: Accelerated MBA, Master of Science in Business Leadership, MBA-Insurance and Risk Management, Master of Business Administration in Business Administration, and Master of Science in Sport Management.
Spend some time opening a few listings in your browser so that you are able to look into the particulars of each school’s MBA program. This is one way to determine financial aid and tuition, admission requirements, prerequisites and program specialization.
FUN FACT: Top executives of large corporations often have a master of business administration (MBA)[ii].
MBA Program Potential Coursework
Broadly, in a general Master of Business Administration Degree, students learn and apply skills in:
- Information technology
- Quantitative analysis
- Human Resource Management
Additionally, MBA students typically encourage students to develop the professional skills recognized as critical in today's business environment, including: interpersonal communication, decision making, group organization and development, global business management, and leadership.
When considering accredited schools with MBA programs, it is wise to choose one that is closely aligned with the type of career you are aspiring to pursue after earning the degree. While available specializations and curriculum vary by school, there are several that are common to many MBA programs:
- Accounting and financial management
- Healthcare management
- Production and operations management
- Sports management
- International Business
What Do I need to Know About MBA Program Accreditation?
MBA program accreditation by external agencies offers students and employers an independent perspective of the school or program's quality, as well as whether the curriculum meets specific quality standards. This is an important aspect to consider when choosing an MBA Program. The three major accrediting bodies in the United States are:
- Association to Advance Collegiate Schools of Business (AACSB),
- Accreditation Council for Business Schools and Programs (ACBSP)
- International Assembly for Collegiate Business Education (IACBE)
Potential MBA Salary and Career Trends
While earning an MBA is not a guarantee of a higher salary or better job, there are certainly trends in today’s current and competitive marketplace. For instance, although Financial Managers typically have a bachelor’s degree and 5 years of experience as a minimum to qualify for entry-level jobs, the Bureau of Labor Statistics reports that many employers are now seeking candidates with a master’s degree, preferably in business administration, finance or economics, as these MBA programs help students to cultivate analytical skills and learn both financial analysis methods as well as up to date software[iii]. Similarly, in the case of Budget Analysts, some employers prefer a candidate with a master’s degree[iv] and, while a bachelor’s degree is the typical entry-level requirement for Management Analysts, employers will typically prefer to hire candidates who have an MBA[v].
In terms of advancement, for positions such as Financial Analysts, employers often require a master’s in business administration (MBA) or a master’s degree in finance. Knowledge of options pricing, bond valuation, and risk management are important for this occupation[vi]. Furthermore, many Top executives, such as Chief Financial Officers, and Chief Executive Officers have a master’s degree in business administration in an area related to their field of work[vii].
Ready To Pursue An MBA Degree?
Depending on your desired career path, as an MBA student you may learn specialized proficiencies in fields such as accounting, finance, marketing, entrepreneurship, and international business. Why not starts the selection process using the search tools on GradSchools.com now!
Sources: [i] en.wikipedia.org/wiki/Master_of_Business_Administration | [ii] bls.gov/ooh/management/top-executives | [iii] bls.gov/ooh/management/financial-managers | [iv] bls.gov/ooh/business-and-financial/budget-analysts | [v] bls.gov/ooh/business-and-financial/management-analysts | [vi] bls.gov/ooh/business-and-financial/financial-analysts | [vii] bls.gov/ooh/management/top-executives