What is an MBA?
Business administration involves many moving parts, all of which are important to the success or failure of a company. MBA stands for Master of Business Administration, the gold standard for executives in the US. This is a professional degree for students with a mastery of the knowledge and competence required for scientific management (also known as Taylorism), which is the study of workflows in order to improve efficiency and productivity. Many giants in their industries–household names like Melinda Gates, Warren Buffet, and Tim Cook–hold an MBA or MBA-related degree.
An MBA degree could prepare you for a career in management, marketing, accounting, banking, or another field crucial to helping a business to achieve success. It could lead to an important career in running a successful business, and there will always be potential for growth in the field, and it can often get your foot in the door for higher-paying upper-management roles.
An MBA program will typically cover a broad range of business administration-related topics, such as:
- Managerial Economics: This applies economic concepts to solve practical problems and make business decisions.
- Business Strategy: Jumping into business without proper planning is suicide. Strategy is important for achieving long-term goals under uncertain conditions.
- Human Resources: A strategic approach to effective management of people could help your business gain a competitive advantage.
- Applied Statistics: This covers the science of collecting data, identifying patterns or trends, and applying this to your business in a useful way.
- Business Ethics and Business Law: It is important to prepare for the moral and ethical problems that could arise in a business environment, and to understand the laws that govern people and organizations.
- Entrepreneurship: This is especially important if you want to start your own business. This could teach you how to design, launch, and manage that business successfully.
What Can You Do With a Master of Business Administration?
Since an MBA is traditionally one of the most marketable master’s degrees, the sky’s the limit.
A business analyst helps a company to integrate new software which will increase their efficiency and productivity. An investment banker helps a client secure a financial future for their spouse and children. A marketing associate rolls out a new ad campaign that connects with a new demographic of customer. An entrepreneur founds a new company destined to change the world.
These are only a few examples. The possibilities are endless. You get to choose what you’ll do, and you don’t have to know what that is right now. An MBA could give you the tools you need to do a wide variety of jobs, so you’re not committing to a career before you even finish your degree.
Best Programs for Master of Business Administration
Here’s the best part: We’re going to give you the secrets to finding the best programs for adults, programs that could help you get your MBA degree faster and with as few headaches as possible. We know planning for college can be confusing, and OnlineDegree.com is dedicated to helping you find the right path for you so that you can complete your degree and start your new career as soon as possible.
Why We Love an MBA
- Competitive salary: MBA holders are well-paid and can sometimes command a better salary based on their degree alone.
- Excellent growth potential: An MBA is useful in a wide variety of industries, so you can choose the path you feel has the most room for advancement.
- High demand: An MBA is traditionally one of the most marketable degrees, and it may be required for certain upper-management positions.
Online vs. Traditional Campus MBA Programs
Most people who think about going back to school and getting their MBA never even get started. Not only are there various entrance hurdles like exams and application fees, but it’s also tough to make school work around your schedule.
Fortunately, times have changed.
With adult-friendly schools, there is really no reason not to go back to school anymore. What makes a school adult-friendly? Here are a few key attributes:
- Adult-friendly schools are totally online. Online learning is best for busy adults, who have to balance their ongoing education with work, kids, and everything else that comes with being a grownup. Online schools offering an MBA allow you to work college around your life, not the other way around.
- Adult-friendly schools can offer accelerated programs, with ongoing enrollment. What’s better than getting your MBA in two years? Getting it in fourteen months. And with ongoing enrollment, you don’t have to wait until fall or spring to start on your new journey; many schools offer monthly enrollment periods, meaning you can start whenever it works for you.
- Adult-friendly schools can offer more support than traditional schools. This includes, but is not limited to, career services, making it easier for you to begin your new career. Because, at the end of the day, isn’t that why you’re going back to school?
Admissions Requirements for Master of Business Administration
So what do you need to go to grad school? You need to take the GRE or another entrance exam, right?
You might be surprised to learn that many adult-friendly schools do not require GRE or entrance exams. Online MBA programs generally require only a bachelor’s degree to get started, and there are no application fees to worry about. You start when you’re ready.
Master of Business Administration Curriculum
As mentioned above, a Master of Business Administration degree will expose you to key aspects of management science such as operations management, accounting, economics, marketing finance, human resources, statistics, business ethics, business law, and entrepreneurship. These areas of knowledge are all essential to leading a successful company, whether it’s one you join or start yourself.
What Courses Will I Take in My MBA Program?
Because running a company is a challenging endeavor that requires a broad spectrum of knowledge and business acumen, the core curriculum of an MBA program will include a healthy mix of courses designed to build and develop your knowledge and skills in these crucial areas. Examples include:
- Microeconomics: It is important to understand basic microeconomic theory, including supply and demand, cost, production, consumer behavior, and market equilibrium.
- Introduction to Marketing: This would typically cover concepts such as branding, distribution, promotion, pricing, and targeting.
- Foundations of Leadership: Any successful manager must understand the fundamentals of teamwork and how to lead a team effectively.
- Business Communication: This is designed to strengthen your public speaking skills, including persuasion and confidence, as well as your ability to develop arguments in written form.
- Introduction to Accounting: All business managers need to have a grasp of fundamental accounting concepts such as billing, cashflow, profitability, assets, and liabilities.
Specializations and Concentrations
While many people will complete a Master of Business Administration (MBA) program with no specialization or concentration, there may be some available for you to focus your studies as they apply to specific career areas. These could include:
- Accounting: Accounting is the language of business. It involves measuring, processing, and communicating financial information about your business.
- Marketing: One of the primary aspects of managing a business, marketing is essentially studying the needs of people, and using that information in a way that is profitable to your business.
- Finance: The acquisition, spending, and investment of capital is a significant part of running any business.
- Business Analytics: This focuses on using data and statistical methods, such as regression analysis, to gain new understanding of business performance and drive planning for the future.
- Cybersecurity: This could help you specialize in protecting computers and networks from damage, data theft, and disruption of the services they provide.
- Economic Development: This refers to improving and developing the economic well-being of a community, such as a city or country.
- Global Communications: Particularly useful in international business, this facilitates teamwork between employees from different cultures.
- Healthcare Administration: Managing a hospital or other healthcare organization could require a working knowledge of health in addition to your business skills.
You could also find that a different, MBA-related degree is a better fit for your career of choice. Other master’s degrees include:
- Master of Science (MS) in Management: This is similar to an MBA, but it is often more theory-oriented (as opposed to an MBA, which is usually more practice-oriented). It could be more suitable for someone with little or no job experience.
- Master of Accountancy: This is designed to prepare you for public accounting and is required by most states before you take the Uniform Certified Public Accountant Examination (CPA Exam).
- Master of Economics: This could provide you with a mastery of economic theory, applied economics, and/or econometrics.
- Master of Finance: Designed to prepare you for a career in finance, this would likely focus on financial management and investment management.
- Master of Science (MS) in Marketing: This degree could be a good fit if you plan to work in a marketing position, especially in middle management or higher.
Master of Business Administration Program Length
Most Master of Business Administration degrees require between 40 and 60 credits to graduate. Normally, an MBA program takes about two years to complete. An accelerated plan, however, could take 12 to 16 months. This is where adult-friendly schools really shine. They know their students have jobs, kids, and other obligations that make a traditional school schedule unrealistic. The best adult-friendly schools make the process as convenient as possible, and they could get you into the workforce as fast as possible, because they know that’s what adults want.
Choosing the Right University or College MBA Program
Choosing the right school for you can be exciting, but it can also be a hassle. Tuition costs, application fees, accreditation, enrollment windows, and entrance exams are just some of the variables to consider.
That’s why we created the Smartplan. We want to help people go back to school, to make college more accessible and affordable for everyone. With our Smartplan, we make it easy for you to start on your path towards your Master of Business Administration. Here are just some of the benefits of your OnlineDegree.com Smartplan:
- No application fees
- Accredited colleges and universities
- No entrance exams or testing
- Faculty and professors who understand adults
- Discounts and scholarships available
- Open enrollment dates
Best Jobs for Those With a Master of Business Administration
What can you do with an MBA? What kind of salary can you expect? Here are some common careers for MBA holders, with salary data estimates provided by the Bureau of Labor Statistics:
- Investment Banker/Financial Analyst: This is someone who provides guidance to individuals and/or businesses regarding investment decisions. You could make anywhere from $47,230 to $156,150 per year.
- Training and Development Manager: Needed in nearly every industry, this is someone who plans and coordinates programs to enhance the knowledge and skills of an organization’s staff. You could make anywhere from $64,720 to $196,070 per year.
- Market research analyst: This involves studying market conditions, examining potential sales, and interpreting this data in a useful way. You could make anywhere from $34,350 to $122,630 per year.
- Management Consultant: You could specialize in advising managers on improving efficiency and increasing their organizations profits by reducing costs and increasing revenues. You could make anywhere from $49,700 to $154,310 per year.
- Top Executive: This includes CEOs, general managers, operations managers, founders, and other positions responsible for directing the work activities of a company or organization. You could make anywhere from $62,290 to well over $200,000 per year.
We’ve compiled some of our favorite careers, but this degree does provide you broad skills to work in a variety of positions, as MBA holders are usually in high demand across many industries. Best of all, you could work for a company to gain experience and then go into business for yourself! These are just some of the endless possibilities you can choose from.
Cost and Tuition
Cost and tuition vary from school to school, and you’ll want to speak with each of your prospective schools directly. Fortunately, online schools are generally more affordable than their in-person counterparts. Adult-friendly colleges understand that you want to save, and they could even help you with financial aid if you’re eligible. You’ll definitely want to speak to a few schools, and OnlineDegree.com can help you with that.
Frequently Asked Questions (FAQ)
Q: Do I need to know what job I want before I start an MBA program?
A: No! An MBA program could prepare you for a wide variety of careers. You certainly don’t need to know what job you want today.
Q: Will I make more money with an MBA?
A: That depends on a variety of factors. But as you can see above in the “Best Jobs for Those With a Master of Business Administration” section, your MBA could mean excellent earning potential.
Q: How long will I be in school?
A: That could depend on you, your current job, and any other obligations you might have. An MBA program could take anywhere from one to four years, but our Smartplan is designed to help you find the right degree for you, so could finish as quickly as possible!
Best Jobs for Master of Business Administration Degrees
How to save time and money
Our mission is to help you to avoid paying full price for college. We want your Master of Business Administration degree to be affordable and accessible. Here’s how you could save:
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