A master’s degree in business administration, typically referred to as an MBA, is consistently one of the most popular graduate degrees because of the knowledge it imparts, its flexibility and the seemingly countless career paths and promotions it opens professionals up to.
A master’s degree in business administration, typically referred to as an MBA, is consistently one of the most popular graduate degrees because of the knowledge it imparts, its flexibility and the seemingly countless career paths and promotions it opens professionals up to.
Like any graduate program, a master’s in business administration goes well beyond undergraduate level business education, including studies such as business theory, finance, statistics, business strategy and economics. However, a bachelor’s degree in business isn’t necessary to enter an MBA program.
Careers in Business Administration
For someone looking to advance their career, a bachelor’s degree in business administration typically is just a starting point for management positions, as employers are increasingly looking for supervisors with an MBA. Some workers start with an undergraduate degree in the field they wish to pursue, like communications or advertising, and acquire business administration skills while earning their MBA.
Most companies want managers with an MBA for positions such as overseeing communications or marketing. An MBA also reaches into fields such as IT where you can start with a bachelor’s degree but, employers may prefer someone with an MBA to be database administrator, information security analyst or computer network architect, according to the U.S. Bureau of Labor Statistics (BLS).
Many MBA programs let you concentrate on a segment of business administration that can focus your learning. The concentrations can be as varied as the world of business and commerce with some of the basic concentrations in areas like finance, human resources and accounting. Or, the graduate programs can be even more specialized with international business, government or health administration concentrations. Some programs even zero in on entrepreneurial skills.
This type of focus can influence what you intend to do with the MBA, which could be moving into position for a promotion or launching a search for new employment and a better job.
Though now considered the gold standard for business executives, graduate degrees in business have only been around a bit more than a century.
History of the MBA
The Harvard Graduate School of Business Administration started what the school says was the first MBA program in 1908 with 15 teachers and 33 students, according to the school’s website. Two years later, the first eight students received an MBA. It was the first degree the university conferred in English instead of Latin.
Today, the MBA has become the most popular master’s degree sought, with 22% of men seeking a master’s degree selecting business administration, according to a 2010 article on CBSnews.com and 10% of women in master’s degree programs choosing an MBA. In fitting with this popularity, schools are offering a variety of ways to obtain an MBA.
MBA Classroom Options
One progression is the traditional graduate program lasting about two years with full-time classes. Core courses are taken at first, followed by a more focused concentration according to your career goals. Less common are shorter, more condensed MBA programs that also require full-time attention from the student.
Schools also offer part-time MBA courses that may allow you to work but can take longer to receive the degree.
Increasing in popularity are online MBA programs that require less class attendance than traditional programs – or none at all. A main advantage of distance learning for an MBA is being able to determine when you take the classes and the pace at which you progress, as well as holding a job and taking care of other responsibilities at the same time. For someone with sound work experience, typically at least five years, there are executive MBA courses that can be combined with a schedule of work and school.
Job Outlook
Regardless of how someone achieves an MBA, the degree can bring substantial rewards. A BLS report showed on average that business majors with a graduate degree were paid $24,000 a year more than those with only a bachelor’s. A Wall Street Journal article in 2011 said the expected starting salary for MBA graduates was nearly $86,000.
Someone thinking of an MBA, though, would need to consider the cost and time of the advanced degree. If you’re looking to progress into a management position, an MBA can be the final key to filling one of the top spots. It also can help you move into another field or give you the specialization needed to shift into a different area of your current career.
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