how a master of business administration mba works
an mba is a level up from an undergraduate business degree and generally places the graduate well above those with only undergraduate degrees most major universities and colleges provide mba programs which usually last two years to get into an mba program an applicant needs to take the graduate management admission test gmat and be accepted by the program based on its particular selection criteria some programs may require the gre instead or accept it as an alternative standardized test mba programs typically include core classes in accounting management finance marketing and business law management training is at the heart of any mba curriculum with a focus on leadership planning business strategy organizational behavior and the more human sides of running a large or small business increasingly mba programs include training in international business and a focus on the responsibilities and corporate accountability of businesses within their communities the mba degree is the most common route into certain fields including strategic planning and private equity other financial services fields however may no longer consider an mba an entry level degree each company will have its own requirements for different positions but mbas can certainly help distinguish candidates it is not uncommon to gain professional experience before applying to an mba program many programs require a work resum and demonstration of real world experience prior to joining the program other programs may be suitable for candidates straight out of college types of mba programsmba programs will vary between disciplines specialties and schools it is highly likely that most mba candidates will be able to find an educational solution that works with their schedule interests and time commitment restraints one of the most common type of mba program involves a two year commitment during which candidates attend school full time during the first year of the program mba candidates may learn fundamental business skills such as strategy or communication it s normal for candidates to choose more specific electives during the program s second year 1although it requires a substantial amount of time a two year program allows candidates to pursue an internship between the years the longer duration is also intended to help foster relationships between classmates and give candidates more time to absorb materials accelerated programs crunch a two year program into a single year better for candidates that don t want to spend too much time away from work this type of mba program is more intensive faster paced and often must sacrifice content quantity during a one year full time mba program candidates may still learn general business skills while selecting specialized electives however less time may be dedicated to either group due to the condensed nature of the coursework one year programs are often chosen by students trying to accelerate their current career paths as opposed to jumping to different ones 1students not looking to leave work and willing to attend school for a longer time may pursue a part time mba program this type of program often offers greater flexibility related to how many courses can be taken at once and how quickly a student must move through the program part time programs may be more favorable for candidates wanting to study at their own pace in addition part time programs may be better suited based on lifestyle demands e g a single parent may only be able to attend classes during a certain time of the day part time programs may offer the flexibility of evening or weekend classes allowing candidates to balance part time freelance or gig economy work one type of mba program that overlaps with the options above is an online mba often a two year one year or part time choice an online mba allows students to attend school remotely this type of mba program grants candidates even greater flexibility concerning when they take classes and how they attend school online programs may also have different approaches to fostering collaboration compared to in person programs some mba programs focus on global operations candidates interested in a wider focus and who want to branch out from just domestic companies or segments of a company might choose an international program an international mba can help candidates build an international network and develop opportunities around the world international mba candidates may be more diverse than traditional or domestic mbas especially if the international mba offers online classes 1 in addition international mba programs may be better suited to candidates preparing to work in a multinational corporation specialized mba programs are also available for students whose lives and careers do not permit them to attend school full time for example executive mba programs are designed for working professionals hoping to add to their credentials and qualifications these courses of study typically involve classes at night and on weekends some also may require short residencies of intensive coursework executive mba programs are typically only open to candidates who already have substantial professional experience thus they tend to focus on more advanced topics such as leadership development while mba candidates can focus on one of the core disciplines of the degree such as management or finance many mba programs allow students to concentrate in specific industries for example an mba student might specialize in sports management entrepreneurship the entertainment business or healthcare management even within a management specialty mba programs can allow for a concentration on information technology hospitality education or criminal justice some mba programs team up with various professional healthcare programs such as nursing schools to offer joint degrees mba programs have different length of study requirements for example a degree at franklin university requires 36 60 credit hours while the university of nebraska omaha program is comprised of 33 credit hours 23special considerationsthe most prestigious mba programs are nicknamed m7 mba programs they are offered by these schools acceptance by an m7 school is considered more difficult than acceptance by non m7 schools in addition tuition is substantially higher at m7 schools though financial assistance is usually available in the form of financial aid fellowships or sponsorships broadly speaking an mba gives degree holders two uses accelerated advancement in the career they are already pursuing or a strong pivot in a new direction with a newfound skillset the wharton school of the university of pennsylvania communicates the following benefits and uses of an mba to its prospective candidates over the past two decades a growing number of americans have prioritized higher education in 2021 24 1 million u s citizens age 25 and over obtained a master s degree not necessarily an mba that s more than eight million citizens since 2011 5every mba program will have different requirements more prestigious programs or schools will have more competition and these programs will often require more of candidates before accepting them into the school the following list is taken from the university of washington bothell s mba program admission requirements some programs may require submission of a gmat gre score other programs like uw bothell may waive the requirement if certain criteria are met 7as programs offer different services and benefits the cost of an mba will vary widely between program or school top tier mba programs will often be more expensive than local smaller options for the 2023 2024 academic year the first year budget for the wharton mba program was 124 476 this includes 87 370 for tuition 26 028 for room and board 6 868 for books and supplies and 4 210 for health insurance wharton offers many fellowship programs to alleviate the financial burden of the program 8other two year full time programs may have similar expenses the two year program at the university of chicago costs 161 922 in tuition alone for the class of 2025 9shorter term or online programs may be substantially cheaper for example an online mba at the eller college of management through the university of arizona has a tuition cost 56 250 as of february 2024 the program is promoted as completable in as little as 14 months 10those with an mba often have greater skills capabilities and professional competency that can lead to a more successful career though an mba involves a material expense this cost often can be recovered over time through high paying employment according to glassdoor as of october 2023 those with an mba received an average annual compensation package of over 119 000 salary historically has been skewed towards degree holders with experience individuals with one year or less of experience earned over 77 000 per year while individuals with greater than 15 years of experience earned more than 139 000 11mba holders often make substantially more than undergraduate business majors the raymond a mason school of business at william mary reports that an mba holder s salary was as much as 20 000 a year more than that of a holder of a bachelor s degree 12