Earning an MBA is hard work, but the rewards are worth the effort. Let’s take a look at what an MBA is and how it can help you. A Master’s Degree in Business Administration, also known as an MBA, gives a person the proper skills for management. The MBA degree emerged in the United States at a time when companies were looking for more scientific approaches to management.
The main classes in an MBA program will cover various areas of business such as: statistics, marketing accounting, finance, human resources, and operations. The program covers the most important information to management analysis and strategy. MBA programs usually require completing approximately 60 credit hours. That amount is nearly double the amount normally required for degrees that covers similar material. For example, Master of Accountancy, Master of Science in Management, Master of Finance, Master of Economics and Master of Science in Marketing.
Are you considering the pros and cons getting an MBA degree? Below are 8 reasons to put in the hard work.
As businesses raise the bar for success, ambitious professionals are asking themselves that question, more and more.
With the Age of Information upon us, there are several paths that can be taken to obtain technical business. However, there’s no replacement for the decision-making, strategic and leadership skills that an MBA degree program will provide. An MBA degree is a way to show future employers that you are serious about being successful. It also shows that you have a degree which gave you the proper skills you need to find solutions for both the human and the technical sides of management.
1. More Career Opportunities
An MBA program gives you the ability to explore your career options. It also furnishes you with the training you will need if you decide to change careers. However, if you really love your current position, an MBA degree can get you ready and help you get a management job, within your own field.
2. Make More Money
Another benefit of getting an MBA degree comes in the form of more money. According to a study by the Graduate Management Admission Council (GMAC), completed in 2015, the average base salary for graduates with an MBA reached $100,000.
Also, in 2015 a survey of alumni, by the GMAC, 90% of the alumni that responded that getting their MBA degree help increase their paycheck.
3. Employers May be willing to “Foot the Bill”
As the marketplace changes many employers are balancing their need to keep good employees with their desire to fill management positions. Their goal is to do that with employees who possess the proper knowledge and skill sets. So they send a few employees to school to earn their MBA and foot the bill.
4. Go Out on your Own
Are you interested in starting up your own business, but not completely sure you already have the proper skill set? An MBA degree program can help get you ready to be able to do everything you will need to be able to do. For example, you will learn skills from putting together a business plan, to obtaining venture capital, to ultimately launching an IPO. The research shows us that the rate of failure for small businesses started up by people with a Master’s Degree in Business Administration is about 50% less than the normal rate of failure.
5. Increase your Business Skill Set
An MBA degree could put you on a faster track to advance your career. First of all, it will give you the opportunity to gain a wide range of business knowledge. It will also give you a really good base of technical skills in a fairly short time frame. As opposed to the knowledge gained learning while you are on the job, which could take many years.
6. Be a Leader
Master of Business Administration degrees give you a good foundation. Business schools will also give you access to up and coming education. That access could take you on a path to an exciting new career in emerging fields such as: information technology, brand management, mobile or e-commerce telecommunications.
7. Increase Your Contacts
Another important benefit of an MBA degree program, is networking. Business schools’ teaching methods encourage teamwork. And over the course of an MBA program, you’ll cultivate important, long-lasting relationships that could help you throughout your entire business career. As a result, you will be connected with alumni working at a wide variety of companies. In addition, networking is also useful for professional contacts, job hunting and mentoring opportunities.
8. More Job Security
MBA degree grads are wanted in every job market area. An MBA gives you all the tools you require to take your career to the next level, in the business world.
Now that you are aware of the benefits of getting your MBA, it’s time to begin educating yourself on which MBA degree program would best fit your busy life.
4 Steps to Get Ready for an MBA
- Build a good track record. You will have to have your bachelor’s degree completed. So, to pave the road to an MBA you need to first work hard in the job you have now. You will also want to participate in projects that will take you outside of areas that you are normally comfortable in, and build a strong network of people. Schools look for applicants that can show a strong work history for a minimum of two years. Also, they usually require references. So, help yourself by doing really well in the job you already have now.
- Research the options. Today, there are a ton of MBA degrees to choose from. The different options include online and traditional. There are also different and more areas of academia available. However, be aware, not all programs will give you what you need, so be sure to do your due diligence and research what is out there. Take a look at the list below for the different options available.
- Complete the GMAT (Graduate Management Admissions Test). Many “traditional” schools expect applicants to submit their GMAT results along with their other materials. There are 4 parts to the exam. The test measures both integrated, verbal and quantitative reasoning skills along with analytical writing.
- Or don’t. However, some schools have decided that the GMAT does not properly assess a students’ abilities. So, many schools, including accredited ones, have decided not to require the state test. Those schools are more interested in what potential students have done work-wise, along with their educational background.
MBA Programs that are Available
In order to help working professionals many business schools today are offering different choices in order to earn a MBA degree. Below are some of the options that are now available at many schools:
» MBA Full-Time Program: 2 years
For anyone who is ready and able to buckle down could complete an MBA degree in 2 years. This type of program requires a person to be on campus. Also, anyone in this type of program will be working closely with professors and peers, giving you the opportunity to build lifelong contacts and/or friends.
» Part-Time Program: 3-5 years
As people get busier, it becomes harder to squeeze in extra things like schooling. This particular part-time program offers a person the ability to complete an MBA program in 3 to 5 years, with some flexibility. This program can be completed online or on a college campus. Note: If you are working in a field related to your MBA program you’ll be able to use the skills you acquire while on the job. Also, some companies will pay for part of their employees’ schooling, so long as it’s related to the field they’re working in currently.
» Online MBA Part-Time: 3-5 years
If your schedule is busy to the point of not being able to make any classes on campus the online part-time program might be the best option for you. What is great about this option is that you may meet people from all across the country. You might be able to make a contact for different position in a different state. This program also allows for doing assignments at your convenience versus having to be somewhere at a scheduled day and time.
» Accelerated Program: 12-18 months
If you’re in a hurry to advance your career this accelerated program could get you your MBA degree in as little as 12 months. This particular program requires you to already have a very solid foundation of business skills. In addition, you’ll need the ability to concentrate on your studies full-time. This is not an easy path to take, however professionals who graduate from this program tend to make many connections and are submersed in the material.
» MBA Program Executive/Evening: 2 years
If you have more than 5 years of experience in a business position and you are a mid-level manager or higher than this would be the program for you. This MBA program will take you through scenarios that could really happen helping you build on the strategic, leadership and decision-making skills you already have. This MBA degree format is online and allows you to work online and meet locally with other peers in the program.
When Choosing a Program Keep These 5 Important Factors in Mind
Accreditation 
Accreditation is not only important for your resume, it is also important if you plan to apply for grants and/or federal student loans. Companies looking to hire are going to see where you went and if that school has been accredited by one of the following agencies: Accreditation Counsel for Collegiate Business Schools & Programs and the Association to Advance Collegiate Schools of Business, plus for any online MBA degree programs—the Distance Education Accrediting Commission.
Rankings
In order to make the most educated decision you need to know how programs are rated.
U.S. News & World Report started using 2 rankings 1 for programs that are online and one for programs that are considered more traditional, as of 2015.
- Credentials of the Faculty
- Student engagement
- Selectivity of Admissions
- Student Opinion
Bloomberg BusinessWeek uses the following 3 markers, biannually:
- Employer survey (counts for 45% of the total) – specific qualities are rated by recruiters from the corporate world
- Student survey (counts for 45% of the total) – this part of the rankings is done by the students, they give their feelings about whether the program had good development opportunities and the overall academics
- Intellectual capital (counts for 10% of the total) – Bloomberg looks at and totals up the number of published articles by the faculty in the business school, over the last 5 years, in the top 20 business journals
The Economist looks at 2 area, student (both current and new graduates) feedback which represents 20% of the ranking and 80% goes to the responses by the schools.
Faculty Credentials
For most of our lives we had to work with the teachers we were assigned. It didn’t matter if we got along with them or not. While looking at what MBA program would be best for you look at the faulty. Look at articles they have published. Look at their resume, their biographies and their websites. Although there are no guarantees, you will at least know if what they have to offer is interesting and useful to you and your goals.
Available Support Systems for Students
Starting somewhere new is never easy. Be sure the school you choose has student services that are going to be willing and able to help you navigate your way. Take a very good look at what they offer in terms of resources for financial aid. And be sure they have opportunities to network.
Student Population
No matter which program you go with realize the people that join at the same time will be around for 2-5 years. You want to be sure the mix of students is going to be workable for you professionally. One of the best parts of the MBA degree program is the networking you will be able to do.
MBA Degree Costs
Tuition range from around $15,000 at West Texas A&M University, while the University of North Carolina’s top-ranked MBA program is $95,000.
Also, all over the board is online prices versus the traditional type of degree. Some schools’ programs are priced the same, doesn’t matter if it is online or on-campus. Other programs charge more for online, while others charge more for on-campus.
Make sure you check out all the pricing options before choosing a program. Keep in mind that every school has other fees that are not included, like: fees for technology, books, cost of living, etc.…
Options for Payment of an MBA Degree
Now that you have selected the program and the school, how are you going to pay? Below are a few possible options:
Federal Aid for Graduate Students
In order to see if you qualify you must meet the following criteria and you must fill out a FAFSA form. The form only take about 15-20 min. to fill out and it is free to apply.
You must:
- show that you have a financial need
- be a citizen of the United States or be an eligible non-citizen
- and be signed up (and/or accepted) into a program carrying enough credits to be considered half-time
Loans given by the government have several different options for repayment. However, private lenders do not usually offer terms that are flexible.
Grants and Scholarships
Other ways to help pay for an MBA degree is with grants and scholarships, neither of which require repayment. Be aware, grants are usually based on a person’s financial need. While scholarships are normally more focused on particular areas of study and/or academics.
Begin your search using the U.S. Department of Labor’s massive database, houses over 1,000 scholarships for eligible graduate students.
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An MBA degree will take your career to the next level, so don’t hesitate, decide which program is best for you.