Do MBAs add value to startups
Studying an MBA: A Guide to MBAs
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You hear the term “MBA” all the time, but what is an MBA really? Opting for a Master of Business Administration (MBA) is a big decision for aspiring global leaders and managers. You need to ask yourself whether attending an MBA program in a business school is worth the investment of your time and money. When you are ready to step into the world of competitive business today, it is worth getting an MBA degree. A Master of Business Administration has many advantages for you, especially if it comes from one of the world's leading business schools. This article attempts to illustrate some of the benefits of an MBA degree.
You need to be someone who can handle the tough tasks of a managerial position, stay in the infinite learning cycle, push yourself to complete rigorous and complex coursework, and think outside the box. If this sounds like you, an MBA is likely an excellent choice for you.
You will likely have some questions as well. What is an MBA? What are the benefits and effects of an MBA on you and your company? Which job offers are open to you after an MBA course? This guide answers these questions.
The facts and figures of MBAs
- More than 9 out of 10 alumni say that an MBA is personally and professionally rewarding.
- 84% of entrepreneurs were interested in To hire 2020 MBA graduates
- The average income of MBA graduates is significantly higher than the salary of an employee with a regular master's degree.
- The demand for MBAs is increasing, and 67% of business schools have seen an increase in applications.
Statistics come from sources cited in the following article.
What is an MBA?
"An MBA was often advertised as a ticket to the Executive Suite," said Elizabeth Kelan of the University of Essex. MBA degrees are internationally recognized as an indicator of individual competitive advantage in management due to the special skills students develop during their studies. In addition, it has become one of the most popular and important professional degrees worldwide. Many studies have reported that an MBA has positive effects on graduates' future employment, income and promotion prospects in the short and long term.
With an MBA, you can expect to leverage experiential learning opportunities based on real-world business challenges and learn the leadership and management skills. Students use management knowledge to solve problems and management challenges, as well as quantitative skills that employers are looking for.
According to the Graduate Management Admission Council (GMAC) Application Trends Survey, 67% of business schools saw an increase in applications in 2020, which tracks demand for MBAs. The total volume of applications to global business schools increased by 2.4%.
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MBA students usually quit after graduating from school. However, those interested in business research can opt for a PhD in Economics or Management, which means they can earn either a PhD or a PhD in Business Administration (DBA).
How long does it take to get an MBA?
MBA programs vary in length? Because a wide range of program formats and delivery options are available, the length of time to complete an MBA will vary from program to program and person to person. Types of MBA degrees generally fall into the following categories:
- A traditional MBA
- An accelerated MBA
- Part time MBA
- Executive MBA (EMBA)
- Dual MBA
A full-time MBA program usually lasts two years over four semesters. Many programs also include an internship where you can put your new skills into practice and improve your resume while learning from industry leaders.
- A full-time MBA
- Two-year program, four semesters
- Usually online or in person
- Usually requires 3-5 years of work experience
- Usually includes 3-4 months of internship space
One-year full-time MBA programs can be completed online or in person. Expedited MBA programs are typically completed in 11 to 16 months. Since there are typically no extended semester breaks in most one-year MBA programs, internship opportunities may be limited. Despite the intensity, one-year programs are a great way to advance your career in your current industry or professional role.
Depending on your goal, background, and availability, the one-year MBA program may be suitable. The math is easy too. Studying in the one-year full-time MBA program will cost you less and require less time than the two-year program. However, the speed of these programs means that students have to bear a heavy academic workload. Remember, there is no right or wrong choice in the end. It's all about the right fit for you.
- A full-time MBA
- One-year program: 11-16 months
- Usually requires 3-5 years of work experience
- Internship opportunities can be limited
Part-time MBA programs
Flexibility is a crucial key factor for many candidates who choose part-time MBA programs. Most of the time, students take classes in the evenings and on weekends to complete their MBA. A part-time MBA program is typically completed in four to six years. The flexibility in part-time MBA programs makes them suitable to work alongside a job. Sometimes a part-time MBA is called a PMBA or Professional MBA to indicate that you can balance it with work and study. One downside of a part-time MBA is that you likely won't get the opportunity to do an internship through school.
- A part-time MBA
- 4-6 years program
- Online, in person or often mixed
- Usually requires 3-5 years of work experience
- Often does not include an internship
Executive MBA programs
Executive MBA programs, also known as EMBAs, can be completed online, in person, or a combination of both programs, which typically last 18 to 24 months. The difference between an MBA and an EMBA is that EMBA programs are perfect for working professionals with a good experience - at least five years - who want to improve their careers, leadership skills, teamwork, strategy skills, professional development, and expand their networks. Like part-time MBAs, EMBAs can also be classified as PMBA or Professional MBA if you complete them on the fly. EMBAs are designed for executives. It is important to note that internships are not part of most EMBA programs due to the pre-existing experience most students on this course already have.
It is possible to complete Executive MBA programs within two years. Entrepreneurs can complete an EMBA program while still working full-time.
The main difference between EMBA and the traditional MBA is that an EMBA is an Executive Degree. Both degrees have the same value upon completion. What sets them apart is their purpose and delivery format, which results in two different experiences.
- A part-time MBA
- Usually 18-24 months
- Online, in person or often mixed
- Usually requires 5-10 years of work experience
- Usually does not include an internship
Dual MBA programs
Dual MBA programs allow students to earn an MBA while working towards another related degree. In essence, a dual degree is when you study two areas in two separate courses. As a result, the chances are higher that you will have more choices in the specific career field you want to pursue. Most joint or dual MBA programs last between three and four years as a full-time student. It's about the length of a bachelor's degree.
- A full-time MBA
- 3-4 year program
- Allows the student to earn an MBA while pursuing a related master's degree
- Usually includes an internship
To earn a place on an MBA program, you must have a bachelor's degree, academic credentials, relevant work experience, an admissions essay, and letters of recommendation. Some business schools may require test scores and others may not. At educationations.com, approximately 20% of MBA programs require test scores, and more competitive programs are more likely to encourage or encourage you to submit them. If test scores are accepted, consider also examining the preference and acceptance of test scores from GRE and GMAT, the two most important graduate tests that business schools may need.
MBA schools will occasionally invite you to a face-to-face interview. Sometimes you'll also need to submit video essays that give you the opportunity to share your personality and express why you are a good fit for the school and program.
It's good to know that there are three stages to admission to an MBA program: pre-application, application, and post-application. All of these phases require energy, time and focus to be devoted to your application.
The upfront application is in finding the best MBA program for you by finding out information about MBA ranking, acceptance rate, program reviews, etc. Remember, it's never a bad idea to start prep early - especially with prep tests that require hard work, dedication, and practice. You'll need to brush up on math, grammar, and other subjects that you likely studied some time ago.
After you've chosen your MBA program, you enter the application phase - the most difficult process. As mentioned earlier, this phase consists of several elements including referrals, essays, transcripts, test results, a resume showing your work experience and a full application. Remember that incomplete applications are usually moved to the next round or rejected.
According to US News, the ideal work experience for a traditional MBA today is three to five years. The school you are applying to will tell you how much experience you need. This means that you will be connected to like-minded, experienced candidates in these programs.
Finally, there is the post-application phase. This phase prepares you for business school. Consider registering for some business classes as a refresher. Remember, do not quit your job once you have been approved, only when you have received a firm offer.
What can you do with an MBA?
The question needs to be asked: is an MBA program a good choice? All in all, is an MBA worthwhile? The best people to ask are the ones who have completed one. When full-time MBA alumni were asked about the value of the business school, the vast majority found their degrees rewarding personally (95%), professionally (91%), and financially (79%).
An MBA degree provides you with a high salary after graduation, helps you find a managerial position, and builds a solid professional network. You learn to think strategically. You will become a better communicator with your co-workers, your boss, and your team. You can cope better with difficult situations like a financial crisis. You can even become your own boss. These are just a few of the benefits of an MBA abroad.
What Can You Get From an MBA?
Why do an MBA? MBA career paths alone are compelling enough.
Your professional position will be fundamentally different before and after you graduate from your MBA, especially if you come from a reputable business school. When you acquire a valid MBA degree and, above all, improve your personal and professional skills, you can make your MBA career path successful. If you are looking for a good job, your MBA degree gives you a better chance of getting one.
In today's job market, the number of graduates is very high and there are a large number of candidates for any job. What sets you apart from other applicants in the same category are your management and leadership skills. If you take an MBA program and acquire these skills during your studies, you can gain a fundamental advantage in interviews. For example, Fortune reports that 84% of entrepreneurs were interested in hiring MBA graduates in 2020, up from 10% the previous year.
For many people who are now dissatisfied with their work and would like to have more diverse work areas to choose from, an MBA offers a unique opportunity. MBA graduates work in a variety of fields and roles. For example, if you get an MBA in Marketing, you can work as a marketing manager, brand manager, market research analyst, sales manager or media manager, or even a CEO in an organization. MBA vacancies and diverse study programs enable everyone to acquire skills in their field of interest.
A broader view of the business market
One of the misconceptions among people is that if you are a good engineer you can of course run an engineering company. This misunderstanding causes many new companies to fail in the market, even though innovative products are based on solid technology. Management is knowledge and the unstable and competitive situation of the business market in recent years shows that a comprehensive management vision is required for all business owners. Earning an MBA degree by going through case studies and developing skills such as strategic planning, leadership, management, market insight, planning, etc. will give you a more complete understanding of how businesses work and run.
Developing systemic thinking and strategic planning skills, as well as creating a business plan, which is one of the cornerstones of an MBA, are required to successfully start a startup or develop a business.
A larger professional network
Some jobs don't require a lot of communication with other people, such as B. programmers or designers, since they mostly work alone. However, MBA students need to interact with other learners through team spirit, leadership, and management, and collaborate with them in project-based work.
The opportunity to work together and meet other knowledgeable people who will become successful entrepreneurs and top managers in the future will provide you with great employment opportunities in the future. In addition, it will be extremely useful for you to benefit from the professors' experience and study in a high-level business school, as well as benefit from the ideas and skills of your classmates. What you get from contacting your business school classmates can be very rewarding for your future career.
An MBA degree is recognizable worldwide
Once you have successfully completed an MBA program, your degree will be awarded. Regardless of where in the world you choose to pursue your career, it will surely add to your credibility in business. With an MBA, you can pursue many careers and grow into high paying jobs quickly.
An MBA from a high level business school will not only help you get a higher and better job, but it will also give you a higher paying job. Joining the executive board or starting and running your own company can open the door to a high salary. The average income of MBA graduates is significantly higher than the salary of an employee with a regular master's degree.
While getting an MBA for undergraduate students can be quite costly given the higher salary, it can be hoped that the cost will return to the graduate in less than three years.
"An MBA is not just about the topics you learn, it's also about the people you meet and the networks you create."
- Phil Kearney, partner at AT Kearney
The average salary for an MBA graduate
When it comes to MBA salaries, you might be wondering how much do MBAs make a difference?
MBA salaries are some of the highest on the job market, and you need to be curious about how much MBA graduates make? A higher salary is one of the benefits of an MBA degree. This is where the difference becomes clear. With the help of the QS Jobs & Salary Report you can estimate how much an MBA will increase your salary. Here are some of the average annual MBA salaries worldwide:
- Switzerland - USD 123,500 / year
- USA - $ 102,100 / year
- Canada - $ 99,800 / year
- France - $ 98,500 / year
- Australia - $ 98,400 / year
- United Kingdom - $ 92,400 / year
- Germany - USD 77,200 / year
The cost of an MBA
There are no two options: An MBA is an expensive investment. However, given the salary options, it's an investment with a healthy return. But how much does an MBA cost in different countries? Here is the list of the average tuition fees per year worldwide:
|country||1 year of tuition (USD / year)|
|Germany||10.050 - 27.830|
|United Kingdom||15.070 - 34.800|
|Netherlands||15.125 - 24.080|
|Canada||18.840 - 42.755|
|France||19.360 - 38.115|
|United States||19.400 - 44.100|
|Italy||21.780 - 42.350|
|Australia||22.450 - 44.000|
|Switzerland||28.000 - 45.650|
Is it worth taking an online MBA?
Attending an online MBA is a significant investment in finance, time and energy, and the experience will transform your professional and personal life. An online MBA follows the same curriculum as an on-campus MBA. Lecturers simply adapt coursework for online platforms. A correspondence MBA allows you to attend schools around the world without the expense and hassle of moving, and gives you more flexibility in terms of your pace of study. You may save more than just international moving costs. Some universities also offer lower tuition fees for online MBA programs. Learn about five key competencies you will develop in an online MBA.
Say you are a frequent work traveler or a busy manager. In this case, don't underestimate the value of an online MBA. You can do your classwork and assignments from anywhere, including an airplane with WiFi or a hotel room.
There are three types of online MBA programs. Self-study programs, real-time programs and hybrid programs:
- Self study : An online self-paced MBA gives you the flexibility to customize your program without being restricted by deadlines.
- Real-time programs: Lectures are displayed online in real time. They are presented live and are not a recorded presentation of the same lecture at a later date or time.
- Hybrid programs: A hybrid program combines the flexibility of online education with the on-campus experience.
As with any degree, you can specialize in an MBA. Depending on how much you want to focus on an industry or a particular skill, a specialized MBA can offer a more direct route into specific positions and areas, while a general MBA leaves more options open.
Popular Business Skills MBAs:
Popular industry-specialized MBAs
The best MBA specialization is individual for you. It depends on your intended career path and goals.
EU Business School - MBA in International Business
The MBA in International Business program in Barcelona, Geneva, Montreaux and Online gives you these necessary tools and a thorough understanding of global economic competition through extensive case studies accompanied by a variety of topics related to international business including: Finance , Law, media, communication and management.
University of Birmingham - Online MBA
The AMBA-accredited 100% Online MBA from the University of Birmingham was developed for determined, future-oriented professionals with at least three years of management experience and combines quality with flexibility.
Delivered 100% online, it is an opportunity for students to learn the latest critical business skills, operating principles, and management techniques alongside their work - and to test that learning in real time for greater success in the workplace.
WHU - Otto Beisheim School of Management - MBA program (full-time)
The WHU MBA program focuses on management concepts that promote strategic vision, entrepreneurship, operational excellence, and awareness of cultural differences.
The students learn to identify complex dependencies and to use the knowledge of functional colleagues to the advantage of the entire company. Teamwork is an essential element of WHU's teaching approach. In learning groups of five to six people, the students discuss current course content and apply concepts and tools in practical projects.
Bologna Business School - International Executive MBA
The International Executive MBA is aimed at managers, professionals and consultants who want to support companies in the process of digital transformation and international growth. You are aware that these challenges will determine your competitive advantage in the near future. The master’s degree puts digital innovation at the center of business decisions and the creation of value for brands, services and consumers, develops a holistic knowledge approach, frees digital skills from exclusively technical and professional discussion tables and instead applies them to the entire company.
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About the author
Golnaz Gharaee is a digital content editor for Educations.com. She previously worked as a web designer and web editor at a web design agency in Stockholm, Sweden. Golnaz was born and raised in Tehran, Iran. Before starting to write, she moved to Sweden to study abroad and did her Masters in Journalism from Örebro University. Then, to shake things up, she went to her second master's degree in media and communication at the University of Södertörn.
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