Individuals who are willing to make the sacrifice and put in the time required to earn an MBA will position themselves for a variety of career and promotion opportunities.
While many professionals still believe that an MBA reserved for individuals that want to be involved in business, the reality is that MBA programs are designed for professionals from nearly every career field, from engineering to operations, to business management and investment finance.
In fact, earning an MBA is becoming increasingly valuable for professionals in technical fields such as engineering and IT.
MBA Overview
An MBA introduces students to an array of business-related subjects and fields of study, such as accounting, economics, marketing, management, statistics, communications and entrepreneurship. MBA programs are designed to prepare students to work as financial professionals, managers and entrepreneurs.
There are two types of MBA programs: full-time and part-time. One program is not necessarily better than the other. Each provides benefits and trade-offs. The full-time MBA program (as its name suggests) is a full-time program that students attend 5 days a week for about 5 to 8 hours a day.
Students participating in a full-time program will find it difficult to work and many programs prohibit students from having a job during their first year of studies. These programs are often attended by younger students who have recently completed their bachelor’s degree.
The part-time MBA program is geared toward working students who work full time and looking to enhance their career. These programs are often conducted during the evening, on weekends or online. The average age of students attending part-time MBA programs is 24-35 years old. The executive MBA (EMBA) is a popular part-time program designed specifically for seasoned executives and managers. The average age of students in EMBA programs is 32-42 years old.
Getting admitted to a good MBA program requires a decent GPA (3.5 or higher) and GMAT score. Scoring a 640 to 700 on the GMAT will qualify candidates for many reputable MBA programs. However, to qualify for top schools will require a score between 720 and 730. A few MBA programs do not require students to take the GMAT. EMBA admissions boards place much more weight on work experience and the professional networks applicants have established than their academic record.
Why earn an MBA?
Earning your MBA from a top school can cost almost $100,000. Is it worth it? Experts, including CEOs, recruiters and startup innovators all have varying opinions. They do however agree on one thing, earning an MBA depends on the person and their situation. Dropping $100,000 on an MBA might not make sense for your situation, but spending $30,000 on an MBA from a reputable sense makes sense if it increases your chances of getting hired, enables to you develop a strong professional network, and improves your skills.
The following are the most popular reasons for earning an MBA:
- Learn how to run a business
- Improve management and leadership skills
- Develop expertise in a specific field
- Make a career transition
- Get a promotion at a current job
- Pay increase
- Set up a small business
- Position oneself to be marketable in the international job market
- Build a network of professional contacts
Earning Your MBA Online
Over the last decade, online MBA programs have skyrocketed in popularity among students and credibility among employers. Online MBA programs are designed specifically for working adults, executives and career-oriented professionals who are unable to attend a campus-based program. Online MBA programs make it possible for individuals with busy schedules and ongoing career commitments to pursue an MBA degree.
However, online MBA programs are not for the faint of heart. Earning an MBA from a traditional campus-based program is demanding. Earning an MBA from an online program is just as demanding, and requires an additional level of commitment. All lectures, study materials and exams are provided entirely online.
Students can complete their MBA according to their schedule at their own pace. While these programs are extremely convenient and flexible, students must be self motivated if they want to complete their MBA via an online program.