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What is an MBA

An MBA is a degree that can be obtained after completing a Bachelor’s degree. The MBA program typically lasts two years, although there are some programs that may take longer to complete. Students who attend MBA programs often have the opportunity to specialize in a certain area of business, such as finance or marketing.

What is an MBA?

An MBA is a Master of Business Administration, and it is a graduate degree that helps prepare students for leadership roles in business and organizations. The degree can be completed in as little as two years, but most students take three to four years to finish the program. An MBA can be earned at a traditional brick-and-mortar university, or online through an accredited institution.

What are the different types of MBAs?

An MBA is a Master of Business Administration, and there are several different types of MBAs. The most common type of MBA is the full-time MBA, which is a two-year program. There are also part-time MBAs, which take three or four years to complete, and executive MBAs, which are designed for working professionals and take one to two years to complete.

How Much does an MBA Cost?

An MBA can be a great investment in your future, but it’s not cheap. The average cost of an MBA program is around $30,000, and that’s just for tuition. You’ll also have to factor in the cost of living expenses and other associated costs. If you’re looking to get an MBA, you’ll need to start saving now!

Pros and Cons of an MBA

An MBA can be a great way to further your career and earn a higher salary. However, there are also some drawbacks to pursuing an MBA. Here are some pros and cons of getting an MBA:

Pros:

-An MBA can help you earn a higher salary and get promoted more quickly.

-An MBA can give you the skills and knowledge you need to start your own business.

-An MBA can help you network with other professionals and make valuable connections.

Cons:

-An MBA can be expensive, and it may take you several years to pay off your student loans.

-An MBA may not be necessary for every career path. If you want to work in a field that does not require business skills, an MBA may not be worth the time and money.

How to choose the right MBA program

Choosing the right MBA program can be a daunting task. There are so many programs to choose from and each one has its own set of benefits and drawbacks. So how do you choose the right MBA program for you? Here are a few things to keep in mind:

1. Consider your career goals. What are you looking to get out of an MBA program? Do you want to change careers? Start your own business? Get promoted at your current job? Knowing your goals will help you narrow down your choices.

2. Do your research. Once you have an idea of what you want to get out of an MBA program, do some research on different programs. Talk to people who have gone through the program, read online reviews, and compare programs side-by-side.

3. Consider your budget. MBA programs can be expensive, so you’ll need to consider your budget when making your decision. Some programs may offer scholarships or other financial aid options that can help offset the cost.

4. Consider the location. Where do you want to attend school? Do you want to stay close to home or travel for your education? Consider both the location of the school and the location of the city.

How Much Can I Make with an MBA?

25 MBA Programs with the Highest Starting Salaries

  1. University of Pennsylvania – $146,303.00
  2. Cornell University – $143,750.00
  3. Stanford University – $140,553.00
  4. Massachusetts Institute of Technology – $135,000.00
  5. Harvard University – $134,071.00
  6. Claremont Graduate University – $132,453.00
  7. The University of Chicago – $130,000.00
  8. Naval Postgraduate School – $128,000.00
  9. University of San Francisco – $127,244.00
  10. Northwestern University – $126,961.00
  11. Carnegie Mellon University – $126,250.00
  12. Columbia University – $125,000.00
  13. University of Virginia-Darden – $124,684.00
  14. Dartmouth College – $123,900.00
  15. The University of Michigan – $123,000.00
  16. University of Southern California – $122,634.00
  17. University of Wyoming – $122,500.00
  18. University of California, Berkeley – $122,488.00
  19. University of Maine – $122,449.00
  20. Duke University – $121,283.00
  21. University of California, Los Angeles – $121,250.00
  22. University of Washington – $119,904.00
  23. Boston College – $119,818.00
  24. Lehigh University – $118,000.00
  25. Bowling Green State University – $118,000.00

Is an MBA Worth It?

There are a lot of factors to consider when deciding if an MBA is worth it for you. The cost of an MBA can be significant, and there is no guarantee that you will get a job after graduation. However, an MBA can give you the skills and knowledge to help you succeed in a business career. If you are considering an MBA, be sure to research the different programs and find one that is a good fit for your goals and interests.

Graduate Outcomes

According to a global survey by the GMAC:

  • 2 out of 3 MBA graduates say they earned more promotions than their peers without an MBA.4
  • 87% of graduate business school alumni gained skills that advanced their career.5

A Good Time to Be in Management

According to the Bureau of Labor Statistics, the median annual wage for management occupations is the highest wage of all the major occupational groups.6

Employment of management occupations is projected to grow faster than the average for all occupations through most of this decade, which will result in about 706,900 new jobs.

Top Career Goals of MBA Graduates

A recent survey by the GMAC found that prospective MBA students are increasingly earning the degree because they want to enhance their current career path. Top career advancement goals for prospective MBA students include:7

Career GoalPercentage
Manage people42%
Manage projects40%
Raise/salary increase40%
Senior-level position39%
Job with international travel35%
Executive-level position34%
Job with a different company28%
CEO of a company23%
Promotion20%

Skill Demand Five Years in the Future

Corporate recruiters’ opinion on how demand will change for specific skills five years from now²:

SkillGrowing DemandStable Demand
Managing strategy and innovation67%37%
Managing tools and technology60%38%
Interpersonal skills57%42%
Learning/motivation/leadership56%43%
Knowledge of tech/product design/production56%42%
Strategic/system skills55%45%
Generative thinking46%52%
Managing decision-making processes45%54%
Interpersonal orientation44%55%

Conclusion

An MBA can be a great way to further your career and improve your business skills, but it’s not for everyone. Be sure to do your research and talk to people who have gone through the program before you make a decision. If you think an MBA is right for you, then go for it!

2 Source: https://www.mba.com/articles-and-announcements/articles/attending-business-school/skills-employers-will-want-in-a-post-covid-world

4 Source: https://www.gmac.com/market-intelligence-and-research/market-research/2018-alumni-perspectives-survey

5 Source: https://www.gmac.com/-/media/files/gmac/research/measuring-program-roi/b-school-alumni-employment-report-february-2018.pdf

6 Source: https://www.bls.gov/ooh/management/home.htm

7 Source: https://www.gmac.com/-/media/files/gmac/research/prospective-student-data/career-aspirations_mbacom-prospective-students-survey-2019.pdf



Data sources: MBA School Websites, IPEDS, National Center of Educational Statistics, U.S. Department of Education, Institute of Education Sciences (ERIC), Association to Advance Collegiate Schools of Business (AACSB), U.S. Bureau of Labor Statistics (BLS). US News, The Econominst, Forbes, Bloomberg Business Week, Financial Times.

If you notice errors in the MBA program database, please contact us.
September 26, 2022