What is an MBA degree?
An MBA stands for Masters of Business Administration. The flagship course of most business schools, it has a strong emphasis on practicality, international exposure and leadership. As a result, an MBA is usually only pursued once a candidate has several years of work experience under their belt.
What is an MBA?
An MBA degree is meant to provide a holistic view of business. The core MBA modules should include, Operations, Marketing, Accounting & Finance, Strategy, Organisational Behaviour, and Leadership.
Top business schools have triple accreditation which requires an international element. This means students will also be required to study for at least one module abroad.
MBA degree curriculum
An MBA is aimed at professionals who have several years of work experience. The average age for an MBA, according to Poets & Quants, at around 28; however, it is not uncommon for an individual to pursue an MBA into their 50s. What MBA students usually have in common is that they want to gain knowledge outside of their area of expertise and often want to make a career change, win a substantial promotion, or start their own business.
Why do an MBA?
MBA costs range from school to school and country to country. In the UK, a full-time MBA at a top tier University will cost between £40,000 to £60,00
(~$50,000 to $75,000) for the1-year course, excluding accommodation and living costs.
In the USA, MBA costs are substantially more and courses usually run for 2-years.
According to MBA.today, the total cost of an MBA generally ranges between $110,000 to $160,000.
How much does an MBA cost?
MBA funding options include:
Involves personal savings or a student loan. In certain cases, the school may provide a partial MBA scholarship for exceptional achievement.
The employer sponsors the MBA in exchange for the candidate promising to remain in the company for an agreed period after completion.
There are a variety of government and private foundation MBA scholarships based on merit, diversity, gender, or military service. Chevening is a great option for those who wish to study in the UK...FOR MORE
An MBA in the US usually lasts 2-years and includes several internships or company-based projects.
MBAs in the UK or Europe usually last 12 months as standard.
Some business schools offer 15-month and 18-month options. These MBAs also include projects, but with limited time, fewer and/or for a shorter duration.
How long is an MBA?
GMAT is a test widely used as part of the admission requirements for top business schools. The GMAT tests your analytical writing, integrated reasoning, verbal, and quantitative skills. According to the Economist, the average GMAT score for top business schools is around 730. Check with your desired schools in advance to find out their minimum GMAT score for an MBA
Each person will have their own way of preparing for the GMAT, but e-gmat.com shares a list of what they regard as "The Best GMAT Books 2020".
What is the GMAT?
Part of an MBA program's allure is its network and name; thus for optimal career prospects, brand matters, as does ranking. The FT MBA rankings and Economist MBA rankings are the most commonly used. Bloomberg also puts out an MBA rankings list that notes which sector the school is best known for. There is no perfect school, so talk to alumni; reflect on your individual needs and post-MBA career plans; and do check that the school meets these three accreditations: EQUIS, AACSB, AMBA.
How to choose an MBA program?
MBA careers have often been associated with sectors like consulting of finance. Although these are still highly sought-after paths, today the possibilities are endless and an MBA career is what you make of it. Our Modern MBA podcast guests have used the degree to change careers; find a job abroad abroad; start their own business; transition into consulting; and some have pursued the degree to gain the confidence and know-how to simply move up in their current company. Subscribe to hear their stories, maybe one will resonate with you.