Is an MBA worth it?
Whether you want to start your own venture or step into a promotion, an MBA may be a worthwhile pursuit. Known to build tactical and managerial skills, it has many uses in the workforce.
In fact, per BLS.gov, the credential may help your career prospects. From top executives to HR managers and Info Sec Analysts, many employers prefer it when they assess new hires.
Also, an MBA may enable you to qualify for higher paying jobs. Especially in areas like business, finance, marketing and sales. One study found that those with a professional degree earned $435 per week more than those with a master’s degree. That’s $663 per week more than with a bachelor’s degree.
What is an Executive MBA (EMBA)?
An Executive Master of Business Administration (EMBA) is for corporate executives and managers. Usually, students are professionals with 5 years of experience or more.
For this reason, EMBAs are often streamlined and skip electives. As such, they may take less than the two years required by full-time programs. Classes usually meet in the evenings, after work or on weekends to suit busy schedules.
Plus, unlike a full-time MBA program, EMBAs let you keep working. This may help you gain promotion-worthy decision skills whilst keeping your job. Plus, many employers offer tuition assistance to offset costs.
Can I pursue my MBA Online?
You can pursue an MBA online at many traditional and online business schools. Many people in the workforce who want to advance their career prefer it. There's no relocation or commuting cost, so you may save on time and tuition.
In 100 percent online MBAs you usually complete modules or watch pre-recorded lectures. Stop, rewind, go faster and learn the way it suits you. Others may entail a brief stint on campus for networking and team building. Need more interaction? Study on campus or in a Hybrid MBA
Jenny Dorsey
Co-Founder and Executive Chef of Wednesdays
Expert Insight
We asked Executive Chef of Wednesdays Jenny Dorsey how earning an MBA helped her in business:
My MBA truly showed me what "networking" - the effective, powerful kind - means. I learned how to network and prospect new clients, building my two businesses from the ground up. As the saying goes, people will forget all about what you say and do but they will remember how you made them feel.
What kind of jobs can I get with an MBA?
An MBA, with its strong focus on tactical thinking might help you pursue a wide range of jobs. It may be the missing link between an entry-level role and one in mid to senior management.
Many of today's managerial jobs need someone who can translate data into decisions. Some MBA grads may thus work for financial institutions like banks. Others may find leadership positions in private or public sectors. One might also tap the strengths of an MBA to launch a start-ups and small businesses.
Salaries for Jobs with an MBA
Occupation | Average Salary | Employment |
Marketing Manager | $145,620 | 218,970 |
Medical and Health Services Manager | $111,689 | 346,980 |
Financial Manager | $146,830 | 608,120 |
Chief Executives | $200,140 | 195,530 |
Management Consultant | $93,440 | 659,200 |
Top States for Employment with an MBA – Executives
State | Employment | Annual Mean Wage |
California | 30,290 | $228,270 |
Florida | 20,860 | $187,870 |
New York | 10,430 | $220,040 |
Illinois | 9,650 | $230,070 |
Massachusetts | 7,990 | $221,810 |
Top Metro Areas for Employment with an MBA
Top Salary Metro Areas in Virginia: Marketing Managers| Metro Area | Annual Mean Salary | Employment |
|---|
| Richmond, VA | $156,100 | 710 |
| Lynchburg, VA | $151,030 | 50 |
| Roanoke, VA | $137,110 | 60 |
| Charlottesville, VA | $130,740 | 110 |
| Harrisonburg, VA | $121,290 | Not Reported |
Bureau of Labor Statistics
There are corporate jobs in nearly every industry. Some executives (23%) work as independent consultants. Others work for small and large businesses. Yet many also work in government, manufacturing, healthcare, marketing and retail.
Top MBA Programs in Virginia
Business Administration degrees are reported by the National Center for Education Statistics under the category of Business, management, marketing, and personal and culinary services.
In fact, in the most recent update of the data (2013), across the U.S, there were 116,792 Business Administration degrees awarded to graduate students. The majority 98 % of these graduate programs were at the master’s level.
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MBA vs Executive MBA (EMBA)?
Both the MBA and Executive MBA may equip grads with sharpened business skills and a stand out CV. So, what are the differences between an MBA vs an EMBA?
MBA Degree
A typical MBA takes 2 years to complete full-time. You'll need a bachelor's degree to enroll and often must furnish GRE/GMAT scores. Many, but not all business schools want to see you have related experience. Often up to three years of it.
The main part of your program focuses on basic business classes. These cover the things managers need to know to oversee operations, people, projects and finances. Other courses tailor the MBA to career interests. Marketing analytics, human resource management (HRM) and so on.
To pull off the rigors of a full-time MBA program, juggling a career with classes may be out of the question. It may be easier for someone early in their career or fresh out of college.
EMBA Degree
A typical EMBA may take fewer than 2 years with the range starting at 15 months. You'll need a bachelor's degree to enroll and professional work experience of 5 years and up. Many business schools waive the GRE/GMAT because of this.
Many EMBA programs cut to the chase and forego the electives. The average age of students ranges from 32 to 38 years old. So, these programs go on the premise that you’ve been at work in your industry and want to refine skills. Not build them from scratch
EMBA students take most, if not all, classes with the same classmates. They face a faster pace, with opportunity to network and learn from peers as well as professors. There's usually a focus on teamwork, and practice-focused skills.
Since classes meet in the evenings, it may be easier to juggle school and career. Even if you travel for work, you may be able to use web conferencing and not miss a beat.
Takeaways? One trade-off is that the MBA is full-time and immersive while the EMBA is intense and part-time. That said, both target students at different points in their career and education. You'll want to look at tuition, schedule and format to see what makes sense.
MBA Degree Specializations
After you complete your business core, you can customize an MBA with a concentration. This allows a more in-depth view of one area of study. Some students use this focal area to shape their career path.
Below are some of the popular MBA specializations. Expect to take about 3 classes (9 credits) per. Most schools have a menu of several to choose from.
MBA Course List
The MBA revolves around a series of core business topics. Some help you understand the economy and how it relates to costs, profits and growth. For example, how to market a product or manage personnel. Others touch on professional ethics and standards to guide your leadership style.
Along the way, you’ll often study business strategy. This often leads to a greater understanding of how to make decisions based on analytics. It involves learning to work towards a goal, solve problems and negotiate results.
While not an exhaustive list, below are some sample MBA courses. These may comprise about 30 credits or more of your program requirements.
- Financial Accounting
- Intro to Business Statistics
- Basics of Management
- Business Law
- Managerial Marketing
- Human Resources
- Operations Management
Financial Accounting - This type of class takes a look at the way a firm will capture, record and report financial data. You'll often learn about cash flows and how to prepare income statements.
Intro to Business Statistics - This class may cover the statistical methods that drive savvy business decisions. It’ll often focus on tools of analysis and forecasting.
Basics of Management - This theme of class gets to the bottom of what management involves. It’ll often explain how smart leadership can support success.
Business Law - This class may get into commercial law as it affects day-to-day operations. It may provide insight into when a manager should look into legal counsel.
Managerial Marketing - This class may look at the strategy and research methods that go into marketing. Other topics may focus on developing skills to manage a sales force.
Human Resources -This type of class is about managing people. It might explore practices such as recruitment and hiring. Also, employee training, corporate policies, change management, and executive leadership.
Operations Management - This kind of class looks at concepts like efficiency and supply chain. It often discusses ways to streamline internal processes. The goal is to learn how to foster productivity and a better bottom line.
MBA Accreditation
Studying at an accredited university ensures a high level of quality. It may enable you to use transfer credits or apply for federal aid.
Another level of standards you might rank on your list of priorities is at the program level. These MBA programs pass peer reviews. The process ensures that the courses you learn adhere to ethical norms. Also, that students gain relevant skills for the modern marketplace.
There are several accreditors for MBA programs to know about. These set their own criteria and limit accreditation for specific periods of time. Usually about 7 years.
To maintain their status, the university must show its MBA program is up-to-date. First they need to prepare a new self-study and undergo another site visit.
You can check accreditation status on the databases of the following agencies.
- Accreditation Council for Business Schools and Programs (ACBSP)
- International Assembly for Collegiate Education (IACBE)
- Association to Advance Collegiate Schools of Business (AACSB)
- EFMD Global Network (EQUIS)
- Association Member Benefits Advisors (AMBA)
- Association of Professional Schools of International Affairs (APSIA)
How long does it take to earn an MBA?
A traditional full-time MBA takes two years to complete. It often requires from 36 to 45 credits. Many schools do enable full time students to take courses in summer. This may mean graduating in from 12 to 15 months instead.
Many schools offer ways to quicken or lengthen the pace, wanting to appeal to the working student. Shorter programs such as the one-year MBA may have fewer (30) credits. They usually target the more experienced student. Part-time programs may take 3 years or more.
University | # of Credits Required | Starts Per Year | Minimum Months to Complete |
Sacred Heart University | 36 to 45 credits | 4 | 12 to 15 months |
Winthrop University | 36 credits | 2 or more | 24 months |
Benedictine University | 64 credits | 6 | 18 months |
Ashford University | 46 credits | Multiple | 20 months |
How Much Does an MBA Cost?
The average cost of a graduate degree from a public institution is $11,617 per year. This means you will be able to find programs both more affordable and more expensive than the average.
To give specific examples, this visualization shows graduate tuition costs of 4 institutions with MBA Programs as reported by the NCES. We have then compared those costs to the typically most affordable and most expensive college options, also as reported by NCES.
Instate/Out Of State Tuition | School |
$11,617 Average Public Institution University
$14,784 Average Private For Profit Institution Tuition
$26,551 Average Private Nonprofit Institution Tuition
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How Many Credit Hours Does It Take to Get An MBA?
To earn an MBA degree, you usually need to complete from 36 to 55 semester credits of study - or 60 to 90 quarter-credits. This equals 12 to 18 courses of 3 credits each. To maintain status as a full-time student, some schools set a 12 credit per semester bottom line.
Cost per credit of course is different at every College or University. State Universities are also likely to have in state costs vs out of state costs. Below are a few examples of the cost per credit as reported by each one of these institutions
Find 64 Top EMBA & MBA Programs in Virginia Here:
