Online Business Management Degree For Entrepreneurship – A master’s degree in business administration (MBA) is a postgraduate degree that provides theoretical and practical training for business or investment management. An MBA is designed to help graduates gain a better understanding of general business management functions.
An MBA degree can have a general focus or a specific focus on fields such as accounting, finance or marketing and relationship management.
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A master’s degree in business administration (MBA) is one level above a bachelor’s degree in business and generally places the graduate well above those who have only bachelor’s degrees. Most major universities and colleges offer MBA programs, which usually last two years. To enter an MBA program, an applicant must take the Graduate Management Admission Test (GMAT) and be accepted into the program based on its selection criteria.
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MBA programs typically include core classes in accounting, management, finance, marketing, and business law. Management training is at the core of any MBA curriculum, with a focus on leadership, planning, business strategy, organizational behavior and the more human aspects of running a business large or small.
MBA programs are increasingly broadening their focus to include training in international business and focusing on the corporate responsibilities and accountability of companies within their communities.
The MBA degree is considered essential to enter certain fields, including strategic planning, hedge funds, and private equity firms. However, other financial services fields may no longer consider an MBA as an entry-level degree to begin with.
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It is not uncommon to gain professional experience before applying to an MBA program. Many programs require a work resume and demonstration of real-world experience before joining the program, while other programs may be suitable for candidates fresh out of college.
MBA programs will vary by disciplines, specialties, and schools. MBA candidates will most likely be able to find a solution that fits their schedules, interests and time constraints.
One of the most common types of MBA programs is a two-year commitment in which candidates attend school full-time. During the first year of the program, MBA candidates can learn more fundamental business skills, such as strategy or communication. It is more common for candidates to choose more specific electives during the candidate’s second year.
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Although it requires a significant amount of time, a two-year program allows candidates to complete an internship between years. The longer duration is also intended to help foster relationships with classmates and to give candidates more time to assimilate the material.
Accelerated programs reduce a two-year program to just one. Best for candidates who don’t want to spend too much time away from work, this type of MBA program is more intensive, faster and often has to sacrifice amount of content.
During a one-year full-time MBA program, candidates can still learn general business skills while choosing specialized electives. However, less time can be spent on either group due to the condensed nature of the coursework. Students trying to accelerate their current career often choose one-year programs rather than jumping into another career path.
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Students who do not want to leave work and are willing to attend school longer can pursue a part-time MBA program. This type of program often has greater flexibility in how many courses can be taken at once and how quickly a student should progress through the MBA program.
Part-time programs may be more favorable for candidates who wish to study at their own pace. Additionally, part-time programs may be a better fit based on lifestyle requirements (ie, a single parent may only be able to attend classes during a certain time of day). Part-time programs can offer the flexibility of evening or weekend classes, allowing candidates to balance part-time, freelance or casual work.
One type of MBA program that overlaps with the options above is an online MBA. An online MBA, which is typically a two-year, one-year, or part-time option, allows students to attend school remotely. This type of MBA program gives candidates even more flexibility in when they take classes and how they attend school. Online programs may also have different approaches to fostering collaboration compared to in-person options.
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Some MBA programs focus on global operations. Candidates interested in a broader focus looking to expand exclusively from local companies or segments of a company can help them build an international network and promote opportunities around the world. International MBA candidates can be more diverse than traditional or local MBAs, especially if the international MBA offers online classes. In addition, international MBA programs may be better suited to prepare candidates to work in a multinational corporation.
Specialized MBA programs are also available for students whose lives and careers do not allow them to attend school full-time. For example, executive MBA programs are designed for working professionals who hope to enhance their credentials and qualifications. These courses usually schedule classes in the evenings and weekends, and sometimes also require short intensive course stays.
Executive MBA programs are generally only open to candidates who already have significant professional experience and therefore tend to focus on more advanced topics, such as leadership development.
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While MBA candidates can focus on one of the core career disciplines, such as management or finance, many MBA programs allow students to develop concentrations in specific industries. For example, an MBA student may specialize in sports management, entrepreneurship, entertainment business or healthcare management.
Even within a management specialty, MBA degrees may allow for a concentration in information technology, hospitality, education, or criminal justice. Some MBA programs partner with multiple health care professional programs, such as nursing schools, to offer joint degrees.
MBA programs will have different length requirements. For example, a degree at Franklin University typically requires 60 credit hours, while the University of Nebraska Omaha’s program consists of 33 credit hours.
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Acceptance into an M7 school is considered more difficult than gaining acceptance into non-M7 schools. Additionally, tuition is significantly higher at M7 schools, although financial aid, scholarships or sponsorships are usually available.
Broadly speaking, an MBA offers degree holders two uses: an accelerated progression in the career they are already pursuing or a sharp turn in a new direction with a new set of skills.
The Wharton MBA, by the University of Pennsylvania, communicates the following benefits and uses of an MBA to its prospective candidates:
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Over the past decade, more Americans have prioritized higher education. In 2021, 24.1 million US citizens aged 25 and over had master’s degrees (not necessarily MBAs). This is an increase of more than 8 million citizens compared to 2011.
Each MBA program will have different requirements. More prestigious programs or schools will have more competition, and these programs will often require more candidates before being accepted into the school. For example, the following list is taken from the admission requirements for the MBA program at the University of Washington (Bothell):
Some programs may require submission of a GMAT/GRE score. Other programs such as UW-Bothell may have temporarily waived the requirement.
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Since programs offer different services and benefits, the cost of an MBA will vary greatly between program and school. Top-tier MBA programs are typically more expensive than smaller, local options.
In 2022, the first-year budget for Wharton’s MBA program was nearly $119,000. This includes $85,000 for tuition, $23,000 for room and board, $7,000 for books and supplies, and $4,000 for health insurance. . Wharton offers many scholarship programs to ease the financial burden of the program. Other two-year full-time programs may incur similar expenses; A two-year program at the University of Chicago was estimated to cost nearly $156,000.
Online or short-term programs can be significantly less expensive. For example, an online MBA at Eller College of Management through the University of Arizona costs $51,525. The program is rated to be completed in as little as 14 months.
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The result of an MBA is often greater skills, abilities and professional competence that will lead to a more successful career. Although an MBA is a significant expense in the short term, the intention is usually to recoup this coverage with a higher salary over time.
According to Glassdoor, by the end of 2021, an MBA received an average annual compensation package of approximately $106,000. Historically, pay has been skewed towards experienced graduates. People with one year or less of experience earned less than $104,000 a year, while people with more than 15 years of experience earned more than $144,000.
In comparison, MBA holders often earn much more than college students in business administration. A 2019 study by William & Mary found that the salary of MBA holders was twice that of bachelor’s degree holders.
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MBA stands for Master of Business Administration. An MBA is an advanced degree that provides theoretical and practical training in business principles and leadership skills. MBA recipients earn this graduate degree to further enhance their marketability as a professional.
As of December 2021, an MBA earns an estimated total salary of $106,000 per year. Compensation largely depends on the industry, company and underlying position held by the titleholder. For example, the same salary data indicates a possible salary range between $45,000 and $518,000 per year for an MBA.
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