You just graduated from college and are ready to step out into the world. You have a few potential jobs but want to strengthen your abilities and expand your qualifications. Masters in Business Administration or MBAs are one of the most popular degrees to get after college graduation because they provide valuable knowledge that applies to virtually every industry.
Learn more about MBAs and what are the requirements to get yours today, below.
What is an MBA?One of the first things that you should be familiar with is what an MBA really is. MBA stands for a Master of Business Administration and is a course that is specifically designed to give students the skills that they need to take up managerial level positions.
The MBA program is considered to be one of the best business programs you can opt for and is highly valuable in most professional settings. This type of degree provides several interesting benefits, including:
- Soft skills and knowledge that can be applied across different industries, providing versatility and possibilities all over the job market.
- Strategic thinking skills which are not only useful in any job you get, but that can also be applied to pursue personal goals and even in your finances.
- Communication skills, key for any person in a managerial position and to resolve conflicts in any area of your life.
- Time-management skills which, in this fast-paced world, are a real asset.
- Higher earning job prospects. According to US News, the average salary and bonus paid to MBA graduates are over 100,000 a year, and these numbers are even higher if you study at a selective business school.
- A strong contact network, with graduates and faculty working across different industries in different positions.
MBA Structure and DurationMBAs coursework is generally divided into three types of courses:
- Core courses, that provide the business foundation and generally include marketing, finance, operations, accounting, strategy, ethics and organizational behavior. You need to complete a specific amount of these courses to earn your degree.
- Elective courses are designed to explore other areas of business that may interest you.
- Specialization courses are designed for students that would like to specialize in an individual area within business administration, such as marketing, operations, or even more specific courses like healthcare management.
CostThe average tuition costs for a two-year full-time MBA program are over $60,000. However, if you apply for a top business school, tuition and fee costs can amount to as much as $100,000.
There are several scholarships, fellowships and grants available. Learn about top MBA Programs for Scholarships here and if you are an international student, these are the best MBA scholarships you can apply for.
MBA Entry RequirementsTo be eligible for an MBA you will need to have a bachelor's degree or be almost finished with a BA.
Generally, MBA students prefer to work for one or two years to know what route they wish to follow and craft their MBA courses to pursue that specific professional goal. Although it's not mandatory to have professional experience, it is preferable.
A strong GPA could also make a difference for schools considering your application. It's not a mandatory requirement, but it can definitely push your application in the right direction.
Generally, to apply to graduate school, most institutions require results from standardized tests. The two most required tests are GMAT and GRE.
GMATThe GMAT or Graduate Management Admission Test measures knowledge of analytic writing, grammar, data analysis and arithmetic. The cumulative score is between 200 and 800. The average score is generally around 580 and the top 10% scores 710 or higher.
GREThe Graduate Record Examination or GRE is administered by the Educational Training Service (ETS) tests students' verbal abilities, as well as quantitative reasoning, analytical writing and critical thinking skills.
Most business schools in the U.S. will ask for at least the GMAT. However, some schools don't. You can find a list of full-time programs that don't require a GMAT or GRE here.
Employment Possibilities for MBA Graduates
The scope for career paths for MBA graduates is extensive. There is a wide range of sectors that require MBA Graduates, and the list is ever-growing.
MBA careers span over the fields of finance, business, marketing, advertising, industrial manufacturing and technology. You can also become an entrepreneur and begin your own business.
Depending on the elective and specialization courses you choose, you can work in several different areas, including finance management, operations management, marketing management, product management, sales management or program management.
If you chose a more general approach, you can always opt for positions as account executive, general manager, business consultant or business development manager.
There are many other possibilities out there for MBA graduates, these are some of the most popular.