There are many paths that lead to an MBA degree. Find out which masters in business administration program is best for you.
There are reasons why the master of business administration (MBA) is currently the most sought-after graduate degree. This degree is often the key to promotion or a better job, and typically viewed as essential for management and executive positions. In many companies it’s almost impossible to be considered for supervisory or top level jobs without an MBA.
Having an MBA usually means larger paychecks as well. Business majors with graduate degrees earn an average of $24,000 more per year than those with only a bachelor’s degree, according to a U.S. Bureau of Labor Statistics report.
The degree draws many types of learners: full-time students, working professionals squeezing classes in with jobs and it is also popular with seasoned executives who need to polish their resumes or knowledge.
Another key to the popularity of an MBA degree is how you can apply the degree to the world of business in addition to teaching core business theories and practices. Many MBA programs let students concentrate courses in various areas.
MBA Concentrations
Some areas where MBA programs may concentrate include: finance, human resources, healthcare, economics, management, marketing, communications, international business and information technology. Typically, these specializations are covered in electives after completing core classes. Studies in these areas can lead to jobs as healthcare administrators, HR director, financial officer, database administrator or communications director, just to list a few.
The traditional MBA program is aimed toward graduates looking to extend their education with a post-graduate degree. The programs make it nearly unbearable to hold a full-time job and complete the courses, although it is not impossible.
The typical two-year MBA takes about 21 months over four semesters, frequently with an internship between the first and second year, according to MBAPrograms.org. The full-time nature and total emersion in studies can help forge contacts and networks, the site said.
1 Year, Hybrid, and Online MBA Programs
Another full-time option is a condensed one-year MBA program for those with work experience that eliminates some basic courses and focuses on your specialized area of interest in business. They are extremely intense, lasting 11 to 16 months and have demanding admission requirements that usually include business experience.
However, not all companies recognize a one-year program as comprehensive enough for upper management positions, the site said.
For someone already working or who can’t devote their full time to classes, schools offer part-time MBA programs that spread courses over a few years with classes at night, holidays or weekends and allow you to remain working. They work well for someone seeking a promotion from their current employer those looking for a new career.
Spreading the courses over time can make it easier to pay for, MBAPrograms.org said. It takes longer to get the degree, but students can apply classroom lessons directly at their workplace. Balancing the classes, work and often family demands can be hectic and courses don’t always transfer if you move into a full-time program, the site said.
Another option for someone already working is earning an MBA online, which can save commuting time and expenses plus accommodate your schedule since classes are available 24/7. Many also let you progress at your own pace, though there still are deadlines and assignments. You also don’t have to move to attend the business school you want if it offers courses online and may avoid out-of-state tuition. However, you need to be motivated and disciplined enough to do the work. You don’t have as much interaction with teachers and students for contacts and networks.
Regional Accreditation
Be sure the school is regionally accredited and respected in the industry.
A “blended” variation is also available at some schools. It provides a majority of the coursework online, but requires you to come to campus for some classes, projects and exams, according to TopMBA.com. As with online programs, check the school’s credentials and how its graduates are faring in the business world.
For those with five years of management experience, executive MBA programs are aimed a mid-level managers who want to move to executive positions, MBAPrograms.org said. The courses are often tailored to fit the student’s career and sometimes can be finished in as little as 18 months.
Because students are juggling career and family, online courses are a popular option for executive MBA programs, the site said.
No Comment