Young professionals and college students often wonder whether going to a graduate business school is worth it for their future success. For those seeking C-Suite jobs at large corporations, an MBA is a popular stepping-stone. A common credential appears on the resumes of almost all Fortune 500 executives.
Applying for an MBA
When you decide to go to business school, it will often require you to pack and move across the country (or even internationally). For instance, if you decided to attend the Hult Business School, you might have to move to one of their campuses in Boston, London, San Francisco, Dubai, New York City, or Shanghai. If you have been thinking about getting an MBA but you are unsure if it is right for you, here is a look at what you can expect in a typical MBA program.
Understanding Your MBA
The MBA stands for Master of Business Administration. After getting an MBA, most recipients won’t go to school to pursue any further studies as this will be among the top achievements in business education. However, those that wish to conduct business research might pursue a doctorate in management or business. Such people will usually earn a DBA or a Doctor of Business Administration.
The Length of an MBA Program
An MBA program will take you about two years to complete. However, there are now accelerated full-time MBA programs that can last just a year. This is especially so in non-US business schools. Part-time programs can take a long time. It will usually depend on the number of credits a student enrolls every semester. Executive and part-time MBA programs are designed for professionals that are attending school while also maintaining a full-time job.
Requirements for an MBA
To qualify for an MBA, you will usually have to submit a standardized test score, academic transcripts resume, essays, and even recommendation letters. Most schools will accept the GRE or GMAT test scores. However, some programs are test-optional, and applicants will not have to submit a test score. Besides that, some program will waive test scores for those with exceptional work experience.
In general, MBA admission offices require evidence of career progression. Thus, the applicant must prove they have gradually taken up more responsibility. It is useful to have success stories about what the applicant contributes to their current college, company, community, and past employers.
Different MBA Programs
Those applying for an MBA should know that there are different types of MBA programs. They can include full time, part time, and executive programs. Each type of MBA program works for different types of people.
A full-time program is an all-inclusive experience that lets students resent the trajectory of their career. It can be used to accelerate career progression or for a career switch. However, for those already happy with their career but wish to move up in their current workplace, a part-time program is a great option. It is especially so if the company will subsidize the cost of the MBA program. It is a great option for those happy with their current job. The executive MBA works best for seasoned businesspersons who wish to leap to the next level of career advancement and grow their leadership skills.
In the full-time category, hopefuls should choose between a two-year program and an accelerated one-year program. The one-year program will usually cost less but the speed of the program might mean that students have to deal with a huge workload.
There is a huge array of specializations with MBA programs. It lets students get the skills they most desire in the special area of business in which they work. MBA hopeful need to pick a topic in which to specialize based on what will help them increase their job performance.
Preparing for an MBA
It is important for an aspiring student to state the general career goals they have. This way, they can capitalize on the on-campus recruitment opportunities. In most cases, recruiters will start visiting campuses as soon as an MBA program begins. College students who know they have an interest in business school should take the GRE or GNAT entrance exam as soon as possible. This is because students are more likely to perform better on these tests while in school as opposed to after spending years in the workforce.
Average Salary and Bonus for MBA Holders
Pay for MBA graduates often depend on which sector they join. Those in the consulting world are paid salaries about $130,000 annually while those working in nonprofits earn the least. A new graduate working at a nonprofit will earn an average of $81,000 according to the data.
Tuition fees for an MBA program can be as high as $70,000 per year. However, you should note that this would be a worthwhile investment. In just two years or less, your salary could double or triple, depending on what you were making before.