The MBA (Master of Business Administration) is a postgraduate degree awarded to students who have mastered the study of business and are looking to further their career options and perhaps earn a higher salary.
This degree option is available to students who have already earned a bachelor’s degree. In some cases, students who earn a master’s degree return to school to earn an MBA.
Students of MBA programs study the theory and application of business and management principles. This type of study equips students with knowledge that can be applied to a variety of real-world business industries and situations.
Types of MBA Degrees
MBA degrees are often split into different categories: Full- and part-time programs. As the names suggest, one requires full-time study and the other only part-time.
Part-time MBA programs are sometimes known as evening or weekend MBA programs because classes are typically held on weekday evenings or weekends. Programs like this allow students to continue working while they earn their degree. These programs are ideal for students who are receiving tuition reimbursement from an employer.
There are also different types of MBA degrees:
- The traditional two-year MBA program.
- An accelerated MBA program, which takes just one year to complete.
- An executive MBA program, which is designed for current business executives.
Reasons to Get an MBA
The main reason to get an MBA degree is to increase your salary potential and advance your career. Because graduates who hold an MBA degree are eligible for jobs that would not be offered to those who hold only a college degree or high school diploma, an MBA is almost a necessity in today’s business world.
According to U.S. News’ Best Business School Rankings, the total annual compensation of MBA graduates of the top 10 business schools in 2019 ranged from $58,390 to $161,566.
In most cases, an MBA is required for executive and senior management positions. Some companies will not even consider applicants unless they have an MBA.
Before deciding on a program, make sure it fits your career goals and schedule.
What You Can Do It
Many MBA programs offer education in general management along with a more specialized curriculum. Because this type of education is relevant to all industries and sectors, it will be valuable regardless of the career chosen after graduation.