What is an MBA?
MBA, which stands for Master’s in Business Administration, is perhaps one of the most searched majors in the world in general, and in the United States in particular, and many managers are asked to have a degree in MBA in order to get employed.
What is an MBA? In the first place, MBA program is a course in management that allows the learners to master a number of disciplines necessary for managing a company, including human resources, accounting, finance, operations, marketing, and other. Altogether, mastering these subjects helps the learner to become proficient in management strategy and analysis.
Receiving an MBA allows you to master a number of subjects in various fields of business and get a high-profile job
What is needed to get an MBA?
Indeed, the first question that comes to one´s mind is what is needed in order to get an MBA. So, here is the list of steps you must complete in order to receive a degree in Business Administration:
Receive a Bachelor’s degree
Indeed, prior to getting enrolled for an MBA, you should get a Bachelor’s degree. The good point is that any major you wish to choose is ok for enrolling for an MBA later.
Pass the GMAT
The Graduate Management Admission Test is a CAT (computer adaptive test) that allows the examiners to assess the level of reading, verbal, quantitative, writing, and analytical skills of the participants. The MBA committee, however, will pay the most of its attention to your work history, academic track record, and the results of the GMAT.
Get the experience of work
Regardless of how well you had been doing in your undergraduate studies, it is highly unlikely that you will be accepted into an MBA program without having a real work experience. Indeed, there may happen some exceptions, yet do not expect to be that much lucky.
Find out about MBA programs
Before providing the documents for getting enrolled in a certain institution for an MBA, you should get to know about its program. Take into consideration that every MBA program is a distinct one, with certain differences from the other programs. Considering that there may be different philosophies, subjects, and coursework, make sure that you have chosen the MBA program that perfectly suits your needs.
Be familiar with the requirements
After all, you should know the requirements for the MBA program you want to enroll for. So, make sure that you know when you are eligible to join the program or when you will be able to do so.
Apart from the aspects that have been just noted, you should also consider what university you are going to enroll. Keep in mind that most of the employers value the prestige of the university where you have received your MBA, and it will play an important role in your future career. Therefore, you also have to check the ranking of the university you wish to enroll into.
In addition, make sure that, if you want to combine your work and pursuing MBA, you have enough time and that you will not be overloaded by a large number of tasks from both sides, which you will be barely able to tackle.
Subjects Included in MBA programs
In the majority of cases, an MBA program should always include the following subjects:
This subject allows you to get knowledge about how to manage your investments and cash flows successfully. In particular, you will get to know how to estimate the company’s “health”, as well as you will practice cash flow management and carry out analyses of securities and investments.
Directly connected with the previously mentioned subject, learning this subject gives you an opportunity you will get to know how to read and interpret financial information. Essentially, different MBA programs offer distinctive approaches to accounting: whereas one MBA program may offer you only a basic course of accounting (which gives you knowledge about reading and creating financial statements), another program may provide you with a more in-depth course, allowing you to master how to handle business taxes as well as assess companies.
With the help of this subject, you will master how to communicate with your customers successfully and exert influence on their decision making process. Thus, you will know how to prompt the clients to choose the service or goods of your company rather than those of your competitors. Marketing specialization includes such classes like branding strategies, global marketing, marketing research, internet marketing, and advertising.
Lessons of economics are crucially important for any MBA student, since they give an insight of how goods and services are traded between people and countries and what impact those actions have on a particular company.
Indeed, it does not come as a surprise that it is one of the key subjects you will learn through the whole course, and it includes a number of classes that encompass all areas of business. Particularly in this subject, you will deal with such classes like planning, strategic vision, leadership, as well as implementation of plans and strategies. In your MBA program, you can also encounter such classes like operations management and organizational behavior. And of course, all these classes are tightly connected to the economic, financial and other classes you will learn through the course.
While pursuing your MBA, you will have to get familiar at least with the basics of jurisprudence. Indeed, the law subject does not make a lawyer out of you, yet you will be able to read juridical documents or, at least, you will know when and you need to call a lawyer. Essentially, you will receive just an overview of the law in business.
In the globalized world, it is crucially important to be aware of the global environment, possess the knowledge of how to conclude international contracts, and have at least a basic understanding of customs of conducting a business in various countries.
After going through this course, you will receive your MBA certificate, which has a number of important edges for you and your career. First of all, you will receive a miscellaneous education in the various fields of business. This will enable you to apply the knowledge you have received in unexpected situations, where your versatility and set of skills matters the most.
In the second place, receiving an MBA means that, most likely, your skills will always be sought-after. Indeed, the MBA program gives you a foundation consisting of different skills and knowledge that do not get outdated so fast as in other majors. Thus, your career is more likely to advance, too. So indeed, you can expect a promotion or at least a rise in the salary after completing your MBA studies.
One of the key aspects, however, is making connections with other people. While you will be pursuing your MBA, you will acquaint different people who will be studying along with you, and this may prove to be even more important than the fact of having an MBA certificate. Who knows, maybe one your groupmate will become your business partner for a long time!
After all, there are a large number of MBA programs (get to know more about it here) that differ quite noticeably. This flexibility allows you to pick up an MBA certificate even when you have a busy work schedule or you are unable to come to a class in a daytime.
Indeed, such a large number of advantages may cause a logical question: aren’t there any drawbacks at all? Of course, there are certain challenges you will encounter while pursuing your MBA, and you need to know how to deal with them prior to getting enrolled. So, we advise you to pay your attention to such key aspects in particular:
Key Aspects to Pay Attention
Certainly, one of the key issues is a high cost of MBA programs, which frequently exceeds $50,000. So, make sure that you have enough money and that your investments in the MBA will be paid back.
A growing number of the MBA certificate holders
Back in 2009, 250 thousand people were awarded MBA certificates. Now, the figure is believed to be at least threefold bigger, and the competition among MBA certificate holders for decent jobs is on the rise. Therefore, you have to make sure that you are enrolling a high-ranking university, if you wish to have good prospects for receiving a senior post in a decent company.
A fairly generalized program
Of course, the advantage of pursuing your MBA is getting some knowledge from all fields of business. Yet, there is a flip side of the coin: a generalized program means that you will have a bit of knowledge in every subject, yet you will possess no special knowledge in a specific field.
The attitude of employers towards MBA programs
Not in every company receiving an MBA is that much appreciated. Indeed, it depends on the managerial staff, as some bosses conclude that students learn nothing in those universities and just waste the precious time. In any case, having an MBA is better than not to, yet it must be supported by a real experience of work and particular sets of skills.
If you know how to deal with these not that light challenges, and if you want to become more competitive in the labor market, get to know about the most popular MBA programs.