Did you know 80% of MBA graduates land a job within three months?
Needless to say, we are living in the digital age. The number of MBA or Master of Business Administration courses is immense and getting responses to questions about MBA courses can be overwhelming for a lot of people. An MBA is one of the most popular online graduate degrees at present. From career training to alumni networking to growing potential earnings, an MBA degree offers value to learners. Currently, a number of schools offer MBA degree programs in a variety of formats and lengths.
So, is pursuing an MBA program at a business school overseas a good choice?
Is an MBA degree worth it?
What can you do with an MBA?
Understanding An MBA Program
MBA degree programs are the only degree programs that teach both hard and soft skills. An MBA degree program is a prevalent bridge to C-suite jobs at big companies, and it is also an advantage for budding entrepreneurs. A Master of Business Administration or MBA, is a general graduate business degree that prepares students with technical, managerial and leadership aptitudes.
Furthermore, an MBA not only teaches business essentials but also develops your viewpoint on analyzing business difficulties from different angles with varied mindsets. The degree is an internationally accepted master’s (postgraduate) level degree. One of the most appreciated aspects of attending an MBA program is the prospect to network and making valued business networks.
MBA is a globally recognized degree and is measured as essential to get top-level management positions. The thing that makes the degree more desirable is an MBA graduate is anticipated to not only have shrill business skills, but also problem-solving aptitudes, interpersonal skills as well as intrapersonal skills.
Different Modes of MBA Programs
Following are the different modes of MBA programs available at present ---
- 1-Year Full Time MBA Program
- 2-Year Full Time MBA Program
- Executive MBA Program
- Part-Time MBA Program
- Online MBA Program
- Online Accelerated MBA Program
Nowadays, several MBA programs offer deferred admission which allows applicants to apply during the final year of an undergrad program but increase work experience before attending.
How Long It Takes to Get an MBA?
Usually, a full-time Masters in Business Administration program lasts two years. Online accelerated MBA programs last a single year. Part-time and executive MBA programs differ in length, depending on how many credits a student registers in each academic semester or quarter. Both executive and part-time MBA programs are planned for busy working professionals who are attending school while continuing a full-time job.
Curriculum and Syllabus
Unlike the MA or the MSc Programs, the MBA emphasizes the practical module of training, paralleled with practical business experience for the real business environment. An MBA is a generalist business degree that covers the following essential subjects:
- Accounting
- Economics
- Finance
- Strategy
- Marketing
- Operations Management
- Organizational Behavior
Additionally, you can customize your MBA degree by picking electives from several different areas. Finance, Consulting, Technology, Marketing, Operations and Entrepreneurship are some of the most popular MBA specializations. Moreover, recently in response to the H-1B visa circumstances, different business schools have started offering Science, Technology, Engineering and Management (STEM) MBA concentrations.
Generally, the course structure of MBA programs is structured into several core and elective courses. During the second year of the MBA, candidates are allowed to modify their MBA program by picking electives based on their post-MBA career goals.
Teaching Practices of MBA Programs
Certainly, different MBA programs have different training methods of conveying learning. In general, MBA programs depend on numerous group projects, case studies and other forms of action-based learning along with the traditional lecture-based teaching.
When we talk about the case method, it is needless to mention the name of Harvard Business School. The case method is a method of simulating factual business problems in the classroom. Students are presented with a comprehensive business issue, characteristically accompanied by supportive data and facts. The method needs active student participation as well as engagement to be successful.
Another teaching method used profoundly in MBA programs is Group-Based projects and activities. The major drive of group work is to recognize different viewpoints, learn from the involvement of your peers and simulate a team situation.
Requirements For MBA Programs
Typically, MBA applications consist of standardized test scores, resumes, academic transcripts, essays and recommendation letters. A lot of B-schools accept either GMAT or GRE test scores. Occasionally, B-schools call candidates to interviews and sometimes need applicants to submit video essays.
MBA For Working Professionals
For people like you, accelerated online MBA programs are the perfect option. You can start preparing for it while you are working. There are end numbers of business schools that offer part-time and accelerated online MBA programs to busy working adults.
An accelerated online MBA program offers an option for professionals to acquire their advanced business degree in less time than most traditional business programs need. These types of degrees are exceedingly customizable, offering concentrations and graduate minors. The accelerated MBA degrees have been common in Europe for some time, and are now gaining popularity in the world. Moreover, it’s also important to note that an accelerated MBA saves money as it only takes one year, providing a quicker return on investment than longer programs.
In less than two years, you may earn your dream business degree completely online.
Alternatives Of MBA Degrees
If you aren't interested in an MBA, there are some alternatives like the Master of Finance, Chartered Financial Analyst (CFA) program, Financial Risk Manager (FRM) and so on.
Most In-Demand MBA Specializations
Here are the most popular specializations in MBA and the categories of job you get:
- MBA in International Management
A specialized MBA in International Management is one of the smartest domains for business students who aim or aspire to work overseas or at different multi-national companies. You'll learn several critical skills like finance, policy, operations, etc. in an international background. This will be preparing you to do business with people as well as organizations all over the world.
- MBA in General Management
General Management has consistently remained one of the most popular domains. General management learners will learn a variety of management skills as well as perspectives that can be functional to organizations in any industry, starting from human resources and marketing to systems and UX etc.
- MBA in IT or Technology Management
MBA in IT or Technology Management places MBA graduates at the cutting edge of UX, design, and the stream of information technology. If you want to be able to handle how data moves within corporations, between them, and into the world, consider this forte.
- MBA in Finance Leadership
For business apprentices who choose to focus on finance, a focused MBA in Finance Leadership could be a great optimal. Numerous high-level bankers, monetary controllers, chief financial officers, and finance managers specialized in finance. In this specialization, you'll study statistics, analytics, accounting, and more.
- MBA in Environment, Health & Safety Management
The climate change awareness is growing and different companies progressively rely on environmental managers. MBA in environmental management programs formulates students for careers assessing business practices with environmental guidelines. With the degree, you can lead to lucrative positions, such as environmental manager, environmental scientist, environmental engineer, or environmental science and protection technician etc.
- MBA in Human Resource Management
An MBA in Human Resource Management focuses on communicating knowledge and training professionals to manage the staff of an organization. Every company has an HR to advance & manage corporate cultures by hiring the best aptitude. HR are the ones to manage the employees to achieve the organization’s accomplishment by following the set of principles, visions, ideals, rules, systems, and procedures.
- MBA in Business Analytics & Big Data
At present, businesses are continuously looking for brilliant managers due to the rising necessity for the analysis of Big Data. Henceforth, business colleges have introduced this trending subject to make students comprehend the status of data and immediately analyze the information, decrypt and understand actionable explanations to make a valued organizational influence.
- MBA in Logistics Management
An MBA in Logistics Management is particularly planned to train students to become effective in the field of industrial supply and chain management, logistics as well as e-commerce. The curriculum is personalized to fit the expertise set essential to deal with goods, inventory and transportation facilities.
- MBA in Project Management
An MBA in Project Management delivers the groundwork of a master’s degree in business administration, with importance on leadership and problem solving. At present, there is a bigger call for the aids required to create and implement a business plan fruitfully in real time. MBA in Project Management prepares students to act conclusively and strategically in real world scenarios.
- MBA in Supply Chain Management
An MBA in Supply Chain Management is harvesting a lot of acceptance. It is created to impart to students with wide knowledge related to the developments tangled in this field. It studies the execution, control, flow administration, movement of raw materials from the resource, i.e., the manufacturer or supplier to the consumer as a concluding product.
- MBA in Enterprise Management
An MBA in Enterprise Management equips students with knowledge related to international finance and actions, the processes of worldwide business, international strategies, ethics global management, and organizational growth.
- MBA in Artificial Intelligence
An MBA in Artificial Intelligence is anticipated to nurture at a wonderful rate in the upcoming years. Consequently, this specialization is predicted to prepare the young aspirants who wish to build a career in the AI trade. The course will deal in both technical as well as quantitative thoughts along with calculated mindset expansion to support data-driven decision-making.
- MBA in E-Commerce
An MBA in e-commerce is precisely planned to deliver students with a cutting-edge understanding of the key thoughts involved in conducting business. The curriculum comprises important general business supervision, finance, marketing skills development that embraces leadership, problem-solving, and decision-making skills etc. It supports the capabilities of the students to purposefully manage their online business activities while overcoming common drawbacks of the industry.
- MBA in Sales and Marketing Management
Different job profiles after MBA in sales & marketing are Area Sale manager, Marketing manager, Brand manager, market research, marketing strategy, supply chain manager, branding logistics, etc. The course will equip you with the skills and insights to tackle the diverse set of marketing challenges present in today's competitive business environment.
- MBA in Entrepreneurship
Consider a specialized MBA in Entrepreneurship, which bids critical management along with business growth involvement as well as the skills entrepreneurs will need to pitch ideas and secure capital.
- MBA in Rural & Agri-Business
An MBA in Rural & Agri-Business provides a complete understanding of different essential areas related to the international agriculture market. Learners in this specialization will be given a piece of comprehensive knowledge about subjects like farm planning, soil management, economic policies, supply chain, food processing, etc.
- MBA in Pharma & Health Care Management
Different features that shed light in this specialization take in advanced pharmaceutical administration, nursing, enterprise management, advanced business concepts and so on. A career in the pharma and healthcare industry has grown very well in recent years. To acquire an edge over the competition extraordinary development of this sector, candidates are taking the greatest importance to build a career with this specialization.
- MBA in Communications Management
This Program is precisely planned to deliver students with theoretical knowledge along with implementing their analytical and creative thinking skills. It embraces subjects that aid students to build their knowledge about the socio-psychological situation of business and communications that help them become better decision-makers.
- MBA in Tourism & Hospitality Management
An MBA in Tourism & Hospitality lets you develop and attain the skills essential to manage the day-to-day processes, theoretical as well as practical subjects of the tourism sector through a complete approach.
Based on your prior work experience and business profile, the location of your company and your outlook to travel, you can select MBA in any part of the world from a wide variety of specializations.
Popular Careers With An MBA
Certainly, MBAs are very popular, which means there are several jobs and opportunities to choose from. Let’s have a look ----
Marketing Manager: Companies frequently require the help of marketing managers, so demand for them has grown during the pandemic. They need someone professional to create different ideas to develop a tactical plan that delivers a plan on how to test the markets. Marketing managers aid manage a company's marketing campaigns and organizing the efforts of a company's marketing employees.
Medical and Health Services Manager: Recently, health care organizations faced various huge logistical challenges and are in need of skilled managers to overcome them. Medical and health services managers generally run several kinds of health care facilities, and their job includes exploiting quality while lessening cost.
Management Consultant: Management Consultant may work self-sufficiently or work under the supports of a management consulting firm. MBA-trained management consultants support companies that are either at a serious turning point in their growth or facing major difficulties.
Financial Manager: Financial managers are usually trained to resolve cash flow problems and sometimes work at financial institutions. They generally monitor a company's budget and decide where to make financial investments.
Business Operations Manager: They use their skills in supply chain management and operations management to overcome business problems. The essential focus is to manage the international supply chain more professionally. With a good salary, a variety of industries to work in (trading, import/export, etc.), the potential to advance, this is one of the most popular MBA jobs now. Experts have projected 30% growth by 2024.
Computer and Information Systems Manager: With great pay, high job development this is one of the top positions in the IT field. From 2014-2024, 15% growth has been projected. Their chief role is to support to regulate the IT goals for the company and make sure the computer systems meet the company objectives.
Investment Fund Manager: Investment fund managers deliver financial advice and manage the investment of money for establishments as well as individuals. Investments are made in stock markets, real estate, and other markets. An emphasis in finance is a foremost plus.
Chief Technology Officer: Here, a specialization in leadership is certainly a good idea. Chief technology officers produce the technical vision of a business. They handle the technology team and supervise research and development and special projects.
Information Technology Director: The sector has many benefits including good pay, high career growth and job security. The person is responsible for the management of all information technology and computer-related facilities and activities in a business. The person also determines what the IT goals are of a company and is in charge of the execution of the computer systems required to meet all business goals.
Logistics Manager: Most logistics managers have an MBA with a focus on operations and supply chain management. A logistics manager organizes and examines the supply chain for an association. They must handle the complete life cycle of all the business's products, including how staff members obtain, allocate and deliver products.
Purchasing Manager: The person plans and coordinates all the buying materials, products and supplies for concerns. The person also supervises local or regional buyers by purchasing agents. Like logistics managers, purchasing managers also help synchronize the supply chain. These professionals typically have an MBA with a focus on operations and supply chain management.
Sales Manager: They recommend various ways to improve sales procedures. They also create sales and promotions, plan sales quotas, train salespeople and regulate proper commissions for sales staff. Sales managers also examine market trends to forecast the requirements and desires of customers and endorse the best new markets.
Project Manager: A project manager manages one or more business projects, such as introducing a new creation and so on. They manage quality control, scheduling employees, meeting deadlines, informing supervisors, ordering supplies and materials, marketing and more.
Business Development Manager: Job titles associated with this are - business development consultant, business development executive, business development manager, director of business development, sales development executive, strategic partnerships, strategic programs lead. Their job is to cultivate companies, mostly by identifying and apprehending new revenue opportunities.
General Manager: Nowadays, the competition for GM positions a extreme. MBA programs are typically modified to uniform busy senior managers such as general managers. Job titles associated with this are - general manager, general manager of finance and administration, general manager operations, general manager people and culture.
Needless to say, there are many more career options for an MBA graduate. However, the above-mentioned are the most popular ones.
Top Industries Paying MBA Grads Good Salaries
The kind of MBA you attain can affect your future wages. Take a look at the top industries that are paying MBA grads the highest salaries ----
- Financial Services
The financial services segment contains securities, commodities and other financial services, in addition to credit intermediation. Research and experts are saying that the demand for financial quantitative analysts will increase by 11%. The financial services industry boasts some of the highest salaries in the world. One more popular job in the financial sector is a personal financial advisor, and demand for this job is projected to grow by 15%.
- Consulting
A consulting position at a top international firm is one of the most diverse and rewarding career trails an MBA can follow. Management consultants and analysts work with a variety of clients. Also, the demand for these consultants and analysts is expected to grow by 14% through 2026, which means consulting is rising faster than the average for all professions.
- Technology
There are a variety of leadership roles in different technology companies. Starting from senior business analysts and consultants to senior project managers, IT managers, directors and CIOs, a 6% growth rate for most of these jobs is being projected by the experts. Now is the perfect time to specialize in technology management. A career in this field is definite to be professionally and financially worthwhile.
- Healthcare (counting products and services)
Well, the demand for medical and health service managers is projected to grow by 20% through 2026. The industry is an enormously valued section within societies and economies worldwide. MBA jobs in healthcare extent from hospital and clinic management to insurance and pharmaceutical consulting, healthcare consultants, senior healthcare assistants, healthcare product managers or directors and healthcare administrators etc.
- Retail
Boomed in the 2010s, the industry is a highly lucrative field to start a career in. Be it as an entrepreneur, or a manager or a chief financial officer (CFO), there are several high-end positions you could land with an MBA under your belt.
- Real Estate
Grads with an MBA can find several lucrative opportunities in this sector. It is a stirring sector with a wide range of career paths. The employment of real estate brokers and sales agents is also projected to continue to grow.
- Energy
A 14% increase in demand for analysts has been expected. This sector is very popular amongst b-school students and typically requires sustainability and/or energy specialization. You can work in energy management or renewable energy or as a senior operations analyst or market research consultant, or as an operations manager or director.
- Consumer Packaged Goods
The industry has got a constant growth since 2014, enduring periods of worldwide and localized economic destitution, making it a great field to land a job in. MBA grads will focus on food marketing, consumer packaged goods and retail management.
Major Factors Affecting MBA Salary
MBA salary can be affected by several factors. Let’s see some prime salary affecting factors:
Majority of the professionals pursue a Masters in Business Administration to jump the corporate ladder up a few steps. Also, different places are seen to be offering different salaries based on the cost of living and the value of the marketplace. Salary will also depend on your experience level. The higher you go up on the ladder, your experience rises, and you are paid higher.
So, if you have niche domain aptitudes with outstanding exposure to the working environment, you can demand a much higher salary. For example, MBA Salary in Canada is around $99,800and in the US is around$102,100.
The top countries for MBA salary are –
- Switzerland - overall salary packet of US$140,900 - the highest in the world.
- US – around US$102,100.
- Canada–around US$111,100 according to the latest report.
- France - an average overall MBA salary of around US $116,200 with bonus.
- Australia - with big bonuses averaging salary is around US$17,800.
- UK – average salary is around US$122,900.
- Italy - overall MBA salary is around US$111,800.
- Singapore – aroundUS$105,300.
- Japan – around US$106,600.
- Germany – around US$94,100.
Source - topmba.com/jobs/top-10-countries-mba-salary-levels
How Much Do You Need To Save For An MBA Course?
MBA is a dream for countless students but funding the course has become a challenge. Especially when you study that you need to pay for extra other expenses, like room and board, food, utility bills, and extras like fixed travel that is common with MBA students and so on. Certainly, it goes without saying that the earlier you start saving, the easier it will be! Furthermore, the approaches of investment will depend on the timeline you have selected. Let us see how can you accumulate money for your MBA.
You can do SIPs in Short Duration Debt Funds, Banking & PSU Debt Funds and Corporate Bond Funds to gather money for your education. Consider Equity Linked Saving Schemes (ELSS) to save tax at the same time. A few business schools offer substantial fellowship awards that are similar to scholarships.
Numerous scholarships offered by business schools are based on merit, think about those too. Working as a graduate assistant while enrolled in an MBA program is an alternative way to pay for business school. On the other hand, some companies offer an MBA sponsorship to high-achieving employees. Federal student loans and Special government grants are also considerable options for you.
Some more pocket friendly suggestions include - learning to prepare food for yourself, learning to budget and trying to do everything you can to minimize expenses and maximize savings, trying to secure and increase your income streams and last but not least, consider an Online Degree!
When is the Perfect Time to Get an MBA?
So, what’s the right answer? Let us see ---
Did you know At Harvard Business School, the average MBA student is 27? Well, your best time to get an MBA is not directly after college, with a few exceptions. If you really want to get into a leading program you need some experience first.
Also, another important qualification MBA program wants to get is an experience in leadership. Along with that, when you do enter the professional workforce, you will get a better idea of what you are looking for workwise.
Experts recommend that the best time to start an MBA is after 3 to 4 years of work experience. Additionally, having an MBA at a young age won’t bring you more in your professional career as you simply won’t have any work experience. For example, a leading company won’t offer you a senior management position without you having had appropriate work experience, it’s as simple as that.
Basically, you will need an MBA when you want to move into senior management or leadership positions. Ask yourself these questions ---
- Can I plainly prove how an MBA will help me reach my career goals?
- Do I have enough work and life experiences?
- Will more time on the job help me or my MBA application?
However, if you have highly focused career goals with sufficient insight to share, certainly you can go for a Masters in Business Administration. In fact, it also has been seen that the early career candidates are motivated, talented and have a demonstrated track record of leadership. There's no real age requirement to do an MBA.
How to evaluate various MBA rankings?
In general, rankings are updated each year, by the accrediting institutions and publications specialized in business. Also, it fluctuates, but the most vital norms are the average GMAT scores of accepted candidates, their years of experience, the global class profile.
According to a study done by mba.com, applicants in almost every section in the world except Asia and the United States say that the Financial Times ranking is the most important to their decision making. Candidates in Asia tend to vender The Economist’s rankings as most important, and aspirants in the United States often go with U.S. News and World Report.
Is an MBA Worth It?
Decide for yourself. Studying for an MBA needs enthusiasm, determination, and passion in equal measure. Online MBA Program from the East Bridge College could be the ideal choice for you.
We wish you the best of luck, whatever you decide!
Written By : Rebecca Wilson