Master’s in Business Administration (MBA) Programs in Maine

What Is an MBA Degree?

An MBA, or Master of Business Administration, degree is a graduate-level professional degree that could serve as a vital credential for those who want to step up their careers in business, management, or entrepreneurship.

This program is designed to expose students to a range of business concepts, financial management, marketing, and organizational behavior. Students pursuing an MBA degree could learn how to analyze complex business problems, think critically, and make decisions under pressure.

Read on to learn about MBA degrees—program options, benefits of earning an MBA, potential career paths, and more!

Benefits of Earning an MBA Degree

Earning an MBA or Master of Business Administration could have numerous benefits for graduates, whether they are starting their career or seeking career enhancement. One significant benefit is that it could provide graduates with a well-rounded business education in areas such as financial management, marketing, operations, and leadership.

Graduates typically come away with a deep understanding of the fundamental workings of businesses in different industries and may be better equipped with practical skills that could empower them to apply that knowledge in their careers.

In addition, earning an MBA could help you:

• Stand out from the crowd: Earning an MBA shows your commitment to enhancing your knowledge and skills in business, as well as any areas you might concentrate in. Your resume thus might shine in comparison to those who do not hold an MBA.
• Increase your earning potential: In general, master’s degree holders have a higher median annual salary than those with a bachelor’s degree—in 2023, the median annual salary was $12,688 higher.¹ In addition, business occupations that may require a master’s degree tend to have higher median annual salaries than those that don’t.
• Level up your career: Earning an MBA could open the door to higher-level positions in management.
• Build a network: Building relationships with students, alumni, and faculty who are active in the field you might pursue could give you a head start in pursuing a career and provide you with insights and mentorship.

Types of MBA Programs

There are different types of MBA degree programs to cater to the particular interests, aspirations, and professional circumstances of students. Common types of MBA degree programs include full-time, part-time, executive, global, and online.

Full-time MBA Programs

Full-time MBA programs are typically designed to offer a rigorous curriculum that covers foundational business topics such as accounting, finance, marketing, operations, and strategy. These programs might also provide students with opportunities to focus on a specific area of interest through elective courses, capstone projects, and internships. Full-time MBA programs are known for their highly immersive and collaborative learning environments, which might include case studies, simulations, group projects, and guest speakers.

Benefits and drawbacks of Full-Time MBA Programs

The main benefits of full-time MBA programs are their intensive and comprehensive curriculum, hands-on learning experiences, and networking opportunities. However, full-time MBA programs could be expensive and time-consuming and may require students to put their careers on hold or take a break from work.

Part-time MBA Programs

Part-time MBA programs are designed for students who need to balance their education with their careers. They typically offer a similar curriculum as full-time MBA programs but allow students to take courses at a slower pace and over a longer period of time.

These programs also offer greater flexibility in terms of scheduling, allowing students to balance their work, family, and other commitments. Part-time MBA programs may also offer opportunities for networking, career development, and hands-on learning experiences, such as internships or consulting projects.

Benefits and drawbacks of Part-Time MBA Programs

The main benefits of part-time MBA programs are their flexibility, affordability, and practical relevance to students’ current jobs. Part-time MBA programs also allow students to apply their learning immediately to their work, which might enhance their performance and boost their career.

However, part-time MBA programs may take longer to complete than full-time MBA programs and may not offer the same level of immersive and collaborative learning experiences. They also require students to balance multiple responsibilities, which could be challenging for some.

Executive MBA Programs

Executive MBA programs (EMBAs) are tailored to the needs of senior executives and managers who want to deepen their understanding of business strategy, finance, marketing, and leadership. These programs offer a curriculum that focuses on real-world challenges and opportunities, often including case studies, simulations, and guest speakers. Executive MBA programs also provide opportunities for networking with other executives and for enhancing one’s global perspective through international study trips and exposure to diverse cultures and business practices.

Potential curriculum:

• Finance
• Financial Reporting and Control
• Leadership
• Organizational Behavior
• Marketing
• Information Technology
• Operations Management
• Strategy
• Negotiation
• International Economy
• Leadership and Corporate Accountability

Benefits and drawbacks of Executive MBA Programs

The main benefits of executive MBA programs are their relevance, convenience, and prestige. They allow experienced professionals to gain new skills and insights that could help them build their careers and navigate complex business environments.

These programs also provide a supportive and collaborative learning environment that enables executives to share their experiences and best practices with peers from different industries and regions.

However, executive MBA programs may be expensive and time-consuming and may require students to balance multiple responsibilities and commitments. They might also require a significant investment of time and energy and may not be suitable for executives who prefer a more flexible and self-directed learning approach.

Global MBA Programs

Global MBA programs offer a curriculum that focuses on the challenges and opportunities of doing business in a globalized world. These programs cover topics such as international trade, cross-cultural communication, global marketing, and comparative management.

Global MBA programs also provide opportunities for students to learn from and interact with a diverse group of peers and faculty members from different countries and regions. These programs may also offer study trips to different parts of the world, as well as language courses and cross-cultural education.

Benefits and drawbacks of Global MBA Programs

The main benefits of global MBA programs are their global perspective, cultural immersion, and networking opportunities. Global MBA programs enable students to gain a deeper understanding of global business practices and cultures, and to develop their leadership and communication skills in an international context.

They also provide opportunities for students to expand their professional and personal networks and to enhance their career prospects in a globalized job market. However, global MBA programs may be expensive and time-consuming and may require students to relocate or travel frequently. They also require a high level of adaptability and cultural sensitivity and may not be suitable for students who prefer a more traditional and local learning environment.

Online MBA Programs

Online MBA programs typically offer the same curriculum as traditional MBA programs, but in a flexible and self-paced format that allows students to study from anywhere and at any time. These programs use a variety of online technologies, such as video lectures, online discussions, and virtual simulations, to deliver course content and facilitate student interaction. Online MBA programs also offer a wide range of concentrations and electives and may provide opportunities for internships and experiential learning.

Benefits and drawbacks of Online MBA Programs

The main benefits of online MBA programs are their flexibility, accessibility, and affordability. Online MBA programs also allow students to balance their studies with their work, family, and other commitments and to learn at their own pace and style.

However, online MBA programs may lack the face-to-face interaction and networking opportunities of traditional MBA programs, as well as immersive and experiential learning experiences. They also require students to be self-motivated and disciplined and may not be suitable for students who prefer a structured and collaborative learning environment.

Other MBA program formats

• Accelerated MBAs: Often immersive, an accelerated MBA takes the traditional two-year program and condenses it. Many “fast-track” the MBA into a one-year program. This may mean studying without a summer break. Others may take anywhere from 15 to 24 months. Some schools offer this type of program online.
• Dual MBA Programs: These enable you to earn two degrees at the same time. Sometimes, a joint program (e.g., JD/MBA or MBA/Nursing) will stack degrees from different areas. Other times, these programs (e.g., MS/MBA in Marketing) meld the analytical aspect of an MS with the business focus of an MBA. While you may have more coursework to complete, these programs may ready you to “master” your content area and gain leadership skills to boot.
• Hybrid MBAs: These are a blend of online and on-campus requirements. They offer the interaction of face-to-face learning coupled with independent study.

MBA Curriculum

The MBA curriculum is designed to provide students with a broad and integrated understanding of business concepts and practices, as well as the analytical and leadership skills needed to succeed in a variety of industries and roles. It typically includes core courses, concentrations and electives, capstone projects, internships, and other experiential learning opportunities.

Core courses in MBA programs

Core courses might include:

• Financial Accounting
• Intro to Business Statistics
• Basics of Management
• Business Law
• Managerial Marketing
• Human Resources
• Operations Management
• Organizational Behavior
• Operations Management
• Strategy and Entrepreneurship
• Accounting for Managers

Concentrations and electives in MBA programs

Concentrations and electives in MBA programs allow students to explore specific areas of business in greater depth and to tailor their education to their career goals and interests. Possible concentrations and electives in MBA programs might include:

• Finance
• Marketing
• Entrepreneurship
• Human Resource Management (HRM)
• Business Analytics
• International Business
• Executive Coaching
• Insurance and Risk Management (IRM)
• Global Management
• Organizational Leadership
• Nonprofit Management
• Project Management
• Sports Marketing
• Cybersecurity or Cyber Policy
• Business Analytics
• Health Care Management
• Strategic Management

Capstone projects in MBA programs

Capstone projects in MBA programs are designed to help students integrate and apply their business knowledge and skills to a practical problem or opportunity.

These projects typically involve a team-based or individual project that requires students to conduct research, analyze data, develop recommendations, and present their findings to a panel of faculty members or industry experts.

Capstone projects may focus on a specific industry, functional area, or region, and may involve collaboration with external partners such as companies, nonprofits, or government agencies.

Internships and experiential learning opportunities in MBA programs

Internships and experiential learning opportunities in MBA programs provide students with hands-on experience and exposure to different industries, companies, and functional areas. These opportunities allow students to apply their business knowledge and skills to practical situations and to develop their professional networks and career prospects.

MBA Admissions

Admissions to MBA programs may be competitive and typically require a combination of academic achievement, work experience, standardized test scores, essays, letters of recommendation, and interviews. MBA programs may also have specific admissions requirements such as language proficiency or prerequisite coursework.

MBA programs require applicants to have a bachelor’s degree from an accredited institution, and some programs may also require a minimum grade point average or specific coursework. MBA programs might also prefer candidates with relevant work experience, typically ranging from two to five years or more.

Executive MBA (EMBA) programs often require students to take a standardized test called the Executive Assessment (EA). The test measures skills such as critical thinking, problem-solving, and analysis.

MBA Rankings and Accreditation

There are many MBA programs to choose from, and understanding your personal needs and professional goals could help you narrow down your choices. Two other ways to evaluate programs are rankings and accreditation.

MBA rankings: Methodologies and criteria

Rankings are published by various organizations as tools for comparing different MBA programs based on criteria such as faculty quality, curriculum, student resources, and alumni success. They could provide insights into the reputation and standing of various programs in the business education landscape and help you make informed decisions.

Keep in mind, however, that rankings may not necessarily reflect your specific needs and preferences and may not capture the full range of factors that determine the quality and value of an MBA program or school. So use them with caution.

MBA Accreditation: Types and importance

Accredited schools and programs have undergone rigorous evaluation and are held to high academic standards, which could give you confidence in a program’s quality and credibility. Start out by ensuring that the school itself is accredited—attending a school that isn’t accredited could affect your future job opportunities.

Next, look at programmatic accreditation. There are a number of accrediting organizations for MBA programs.

AACSB (Association to Advance Collegiate Schools of Business) Accreditation: AACSB is one of the more widely recognized accrediting bodies for business schools and MBA programs and evaluates programs and schools based on factors such as faculty qualifications, curriculum design, and student outcomes.

ACBSP (Accreditation Council for Business Schools and Programs) Accreditation: ACBSP is another widely recognized accrediting body for business schools and MBA programs and evaluates programs and schools based on factors such as student learning outcomes, faculty qualifications, and curriculum design.

EQUIS (European Quality Improvement System) Accreditation: EQUIS is a European-based accrediting body that evaluates MBA programs and schools based on factors such as internationalization, research output, and student outcomes.

MBA Careers and Salary Potential

Pursuing an MBA could help open the doors to numerous career opportunities. Here are some possibilities, along with earning potential and job growth projections.

• Marketing Manager²
  • Median annual salary, 2023: $157,620
  • Job growth, 2023–2033: 8%
  • Employment, 2023: 389,100
• Finance Manager³
  • Median annual salary, 2023: $156,100
  • Job growth, 2023–2033: 17%
  • Employment, 2023: 837,100
• Human Resources Manager⁴
  • Median annual salary, 2023: $136,350
  • Job growth, 2023–2033: 6%
  • Employment, 2023: 208,900
• Medical and Health Services Manager⁵
  • Median annual salary, 2023: $110,680
  • Job growth, 2023–2033: 29%
  • Employment, 2023: 723,300
• Computer and Information Systems Manager⁶
  • Median annual salary, 2023: $169,510
  • Job growth, 2023–2033: 17%
  • Employment, 2023: 613,500
• Management Analyst (Management Consultant)⁷
  • Median annual salary, 2023: $99,410
  • Job growth, 2023–2033: 7%
  • Employment, 2023: 987,600
• Project Management Specialist⁸
  • Median annual salary, 2023: $98,580
  • Job growth, 2023–2033: 7%
  • Employment, 2023: 973,600
• Chief Executive⁹
  • Average median annual salary, 2023: $206,680
  • Job growth and employment depend on the industry

MBA vs. Other Graduate Business Degrees

MBA vs. Master’s in Management (MiM)

A Master’s in Management (MiM) degree is a graduate business degree that is similar to an MBA in some ways, but typically focuses more on management and leadership skills and is designed for students with less work experience. Some of the key differences between MBA and MiM programs include:

• Curriculum: MBA programs typically offer a broader and more in-depth curriculum that covers multiple business disciplines, while MiM programs may have a more focused curriculum that emphasizes management and leadership skills.
• Work Experience: MBA programs generally require more work experience than MiM programs, which are often designed for students who are early in their careers.
• Career Paths: MBA graduates may have more opportunities for upper-level leadership and management roles in a wide range of industries, while MiM graduates may be more likely to pursue entry-level management positions or roles in specific industries.

MBA vs. Master’s in Finance (MiF)

A Master’s in Finance (MiF) degree is a graduate business degree that focuses on financial analysis, valuation, and management. Some of the key differences between MBA and MiF programs include:

• Curriculum: MBA programs typically offer a broader and more in-depth curriculum that covers multiple business disciplines, while MiF programs may have a more focused curriculum that emphasizes finance and accounting.
• Career Paths: MBA graduates may have a wider range of career paths and opportunities, while MiF graduates may be more likely to pursue careers in finance and investment management.
• Work Experience: MBA programs generally require more work experience than MiF programs, which may be more suitable for students who are early in their careers.

MBA vs. Master’s in Data Analytics (MiDA)

MBA vs. Master’s in Data Analytics (MiDA): A Master’s in Data Analytics (MiDA) degree is a graduate business degree that focuses on data analysis, modeling, and visualization. Some of the key differences between MBA and MiDA programs include:

• Curriculum: MBA programs typically offer a broader and more in-depth curriculum that covers multiple business disciplines, while MiDA programs may have a more focused curriculum that covers topics such as data analysis and statistical modeling.
• Career Paths: MBA graduates may have a wider range of career paths and opportunities, while MiDA graduates may be more likely to pursue careers in data analytics, business intelligence, and related fields.
• Technical Skills: MiDA programs may require more technical skills in areas such as programming, statistics, and data visualization than MBA programs.

MBA vs. Master’s in Marketing (MiMKT)

A Master’s in Marketing (MiMKT) degree is a graduate business degree that focuses on marketing research, strategy, and execution. Some of the key differences between MBA and MiMKT programs include:

• Curriculum: MBA programs typically offer a broader and more in-depth curriculum that covers multiple business disciplines, while MiMKT programs may have a more focused curriculum that emphasizes marketing research, strategy, and execution.
• Career Paths: MBA graduates may have a wider range of career paths and opportunities, while MiMKT graduates may be more likely to pursue careers in marketing, advertising, and related fields.
• Technical Skills: MiMKT programs may require more technical skills in areas such as market research, data analysis, and digital marketing than MBA programs.

GradSchools.com offers 4 Graduate Schools with Executive MBA Programs

Sources: ¹bls.gov/emp/chart-unemployment-earnings-education.htm | ² bls.gov/ooh/management/advertising-promotions-and-marketing-managers.htm | ³ https://www.bls.gov/ooh/management/financial-managers.htm | ⁴ bls.gov/ooh/management/human-resources-managers.htm | ⁵ bls.gov/ooh/management/medical-and-health-services-managers.htm | ⁶ bls.gov/ooh/management/computer-and-information-systems-managers.htm | ⁷ bls.gov/ooh/business-and-financial/management-analysts.htm | ⁸ bls.gov/ooh/business-and-financial/project-management-specialists.htm | ⁹ bls.gov/ooh/management/top-executives.htm

Based on national data, not school-specific information. Conditions in your area may vary. Accessed 7/6/2023.