You’ve heard the word that adding an MBA to your resume can help your career take off. An MBA could be what you need to make that next big step or shift to a career where you can level up.MBA programs come in a variety of flavors, from online MBAs to executive MBAs. If you’re wondering, what is an MBA program, anyway? – you’ve come to the right place.
The MBA Exchange team can guide you through the complexities of the b-school world, and help you find the MBA program that best suits your candidacy and future goals. Read on to learn more about the types of MBA programs and the benefits that come with a b-school background.
What is an MBA program?
The first place to start: by understanding exactly what is an MBA program, anyway. An MBA is a Master’s in Business Administration degree. If you have an MBA, you’re accredited at a Master’s level in the skills it takes to succeed in today’s business world.
Your degree lets potential employers know that you can handle challenges, take initiative, manage complex business decisions and come out on top.
What are the types of MBA programs?
You can also answer the question of what is an MBA program by considering all the different types of MBA programs, from executive MBA programs to MBA online programs.
MBA programs cater to different segments of the market, tailoring their offerings for students with different experiences, backgrounds, and career development needs. If you think an MBA might be a part of your career development arc, you should take a minute to figure out which type of program would be best for you.
Full-time MBA programs
Your full-time MBA program includes 1-2 years of direct, on-campus instruction. Think of this as the standard-model MBA program, a good choice for candidates who have recently graduated college, with a few years of career experience under their belts
Executive MBA programs (or EMBA)
If you’ve been performing in the business world for a while now, you don’t need the same type of instruction that a younger, less experienced student would. That’s where an executive MBA program, or EMBA, comes into the picture. This executive MBA program is tailored for high-level professionals with eight or more years of full-time career experience.
Executive MBA programs typically offer shorter time commitments, so you can juggle adding a degree while still working. Classes are often scheduled for weekends to better accommodate your schedule.
(Non-Executive) Part-time MBA programs
Part-time MBA programs are another way to earn a business degree while you’re still hard at work. Part-time MBA programs can take three or more years to complete, with convenient evening class options that fit into your busy schedule.
Online MBA programs (or Global MBA)
The technological interconnectedness of the world in the 21st century provides benefits for b-school students, as well as presenting new challenges and opportunities for businesses. An MBA online program takes advantage of technological advances to go truly global, allowing you to earn your MBA from anywhere in the world.
How long is an MBA program? You can complete most MBA online programs in two years. Some Global online MBA programs use a full-time courseload and can be completed in just 1-2 years.
What can you do with an MBA program?
What is an MBA program good for? A completed MBA gives you a powerful, flexible tool that you can leverage to raise your professional profile. You can do a lot of different things with an MBA!
An MBA prepares you to enter fields like consulting, international business and finance. Many students use an MBA to explore opportunities in fields they haven’t worked in previously.
And, many b-school grads find success as entrepreneurs. The Graduate Management Admission Council™ (GMAC) estimates that 85% of entrepreneurs who have graduated from an MBA program start their own companies, mostly in the consulting and products/services sectors.
What does an MBA involve?
Studying for an MBA involves improving the skills you need to be able to perform in today’s fast-paced international business world. Completing an MBA shows that you have mastery of skills and capabilities including:
- Financial literacy and data interpretation
- Communication skills
- Leadership and people management
- Product development and sales
- Networking and partnership creation
What are the benefits of an MBA program?
Coursework and skills
You come out of an MBA program enriched with new skills, and more confident than ever about how to put your talents to use in the business sphere. Majoring in finance, international business or consulting preps you to hit the ground running once you’re hired at that post-graduation dream job.
Earning an MBA puts you in line for higher income and higher positions of responsibility.
On average, The National Association of Colleges and Employers records that MBAs in 2020 made $20,000 a year more than those who have completed only an undergraduate-level business degree. The QS Jobs & Salary Report puts average MBA annual salaries in the US at $102,100 per year.
Having an MBA positions you well to work in high-paying industries like consulting, financial services, healthcare, tech and consumer packaged goods (CPG).
Your MBA experience puts you in close contact with other big-time movers and shakers, and can help you build a strong network to support your future career. Networking potential is one big plus of in-person MBA programs over MBA online programs.
When you can contact thousands of alumni from your MBA program in professional positions around the world, you’ve got the connections it takes to get going on climbing the professional ladder.
Higher employment rate
Job applicants with an MBA fare significantly better in the competition for employment. If you have an MBA, you’re well-positioned for hiring at large companies like McKinsey, Amazon, JP Morgan, Walt Disney and others that rely on MBA graduates to fill positions with high responsibility levels.
A top-tier MBA is your ticket to employment. The Wharton School boasts that more than 98% of their graduates receive job offers, with almost 94% accepting job offers by the time they graduate from the MBA program. Check your MBA program rankings to find out the career benefits available to you.
Access to higher-paying roles
Having an MBA clears your path to head for the top. With an MBA, you can climb your career ladder with speed and self-assurance. Worldwide, more than 50% of MBA graduates hold a title of senior manager or board director. These prestigious roles come with high responsibilities and a salary to match!
How to choose an MBA program: factors to consider
If you’re convinced that an MBA is right for you, but aren’t sure about what type of program would be best for your skills and goals, here are some points to consider.
How can an MBA help you in your career path?
Make sure you know what you’re going to do with your MBA. Getting another degree because you’re bored, or even “just because,” won’t set you up for real success.
Are you ready for an MBA program?
Applying for MBA programs can be arduous – and then you’re in, and the real work begins! Consider your availability and time commitments.
What type of MBA program is best for you?
Depending on your age, professional experience and current availability, you might benefit most from a traditional MBA program, a part-time MBA, an executive MBA program or an online MBA program. Take advantage of your options and find the one that works best for your personal needs and professional goals.
MBA program rankings let you know which MBA programs are most prestigious, and the best match for your goals.
Pros to getting an MBA program
Getting an MBA has a lot of upsides. With an MBA, you:
- Gain a broad range of valuable skills
- Become a highly qualified master in business knowledge
- Increase your ability to get hired
- Boost your earning potential
- Benefit from valuable networking opportunities
Is an MBA program worth it?
An MBA takes hard work, dedication and an initial investment in your future. If you’re not afraid of those hurdles and you see yourself operating at the top levels where MBA graduates flourish, an MBA education might be right for you.
In order to complete an MBA, first you’ve got to get accepted in today’s competitive application environment. Your application materials include your transcripts, GMAT or GRE test scores, writing samples and interviews.
How long is an MBA program? Once you’re admitted, an MBA requires between 1-4 years of in-person or online MBA program class attendance. You select a major, such as finance, health care management, or entrepreneurship.
Completing an MBA shows your commitment, drive and capability with learning and applying essential business skills, and demonstrates that you’re up-to-date on the latest innovations and business practices.
If you don’t know, now you know
…what you need to know about MBA programs, that is. If you’re interested in expanding your future with an MBA education and credential, it’s time to start making your strategic plan of approach. Where would you thrive best, and what type of MBA program do you need to make your goals a reachable reality?
Get in touch with the team of MBA experts at The MBA Exchange and we can help you concretize those plans and make them into your new reality. Request your free MBA candidacy evaluation from The MBA Exchange now to get started.