Jennie Amit Gandhi asked:
Most of the job surveys show that one of the most preferred career choices is MBA (Master of business administration). No wonder, MBA is one of the most sought after careers across the globe. Globalization, liberalization and increasing capitalism across the world has made MBAs one of the biggest beneficiaries. Most of the countries have adopted liberal policies lately and this has resulted into opening up of new vistas for MBA professionals. Corporate world thrives on the crucial abilities of MBA professionals. Management professionals formulate proper strategies and provide immaculate leadership which helps business in attaining new highs.
MBA degree programs tend to differ across the countries. Most of the universities follow the norm of two year MBA degree program. At the same time, many colleges offer one year specialized MBA programs as well. Students choose their desired course depending upon their requirements and inclinations. The common thread between all management degree programs is successful completion of graduation with certain percentage. Two year full time MBA degree program is basically a regular course (mostly residential) meant to be attended regularly.
Apart from two year regular MBA course, students also have option of going for part time MBA degree program. Normally, this is of three year duration which also provides student with option of earn while learn. Students have other options as well to earn MBA degree. Besides, regular and part time courses, candidates can opt for distance learning and online MBA programs as well which are relatively cheaper and more flexible.
Most of the Business schools worldwide offer various specialization to the aspiring candidates like marketing, finance, human resources, IT, operation etc. With the recent advent of new industries, many colleges have started offering courses in hotel management, communication, fashion technology etc. Not only that, several institutions have also started specialization in insurance, media and retail management as well. Students do have the option of searching internet for plethora of information available on different MBA degree programs and several universities all across the world.
Amelia Turner asked:
MBA programs are a popular choice for many mid-career professionals who want to earn a credential in management level to prepare for their career advancement. Nowadays, with the available of online education programs, you have a choice to earn your MBA degree from traditional MBA program offered by a campus-based university or through an online MBA program. What are the differences between the online and traditional campus-based type of MBA programs? Knowing the basics will help you to decide whether or not these programs are right for you.
In term of educational goal, both online learning and traditional MBA programs general share the same goal of preparing the students for many fields, functions, and industries to help them progress toward a specific career goal. Both online and traditional MBA can be considered equally difficult and have a similar type of curriculum. Both MBA learning types are able to help you achieve your career goal, but instead of spending hours in class as in traditional MBA program, online MBA students are expected to dedicate their time to study independently.
Traditional MBA program will have a time table which you need to follow to attend the classes on time. If you decide to pursue your degree through campus-based MBA program and at the same time maintaining your current employment, you may need to adjust your working schedule to fit the time table of your MBA courses. Most working individuals who sign up for traditional MBA program will normally enroll into evening classes or time after work. They also need to commute to and from school and they might miss the classes if they need to stay after work due to important assignment or project. For those working individuals who are frequently travel on job assignment, they may have difficulties to fit their time to the fixed time table of the MBA courses.
Online MBA programs solve the above problems with the features of flexibility, self-pace and convenient of attending classes from any location as long as the location has internet connection for the student to login into the online classes. The online students who pursue their MBA online can attend the classes, downloading their training materials and assignments, submitting their courses from their comfort location through internet connection. The flexibility time tables of online learning allow students to plan their own study time based on their learning pace and convenient schedule. The features best fit for most working individuals who have busy working schedule. The frequent travelers are able to take advantages of studying anywhere and at anytime with online MBA program.
While traditional MBA courses require you to attend the physical lectures and work with your physical peers on group assignments, online curriculum generally consist of lectures, reading, assignments which are all in text, multimedia and audio format which you need to login to the school’s online system to view or download the materials. Most of time you are using online channels such as online discussion board, online chatting, email and sometime phone calls to communicate with the lecturers and online classmates.
In general, online MBA and traditional MBA programs are similar in term of curriculums but different in term of the learning media. Online MBA programs require the students to be more self-motivation and self-discipline to make progress to complete on their degree program.
Dl Hoh asked:
There are many reasons why one wishes to study for an MBA. Especially with the technological advancement nowadays, there are also those institutions that are able to offer Online MBA course.
The followings are some of the most tangible benefit from studying for an MBA:
MBA graduates are able to develop analytical skills to identify, analyze and resolve problems faced in management and business.
MBA graduates are able to develop the skills of leading people and managing people.
MBA graduates are able to develop a life-long personal and professional relationship with other students, which may turn out to be extremely useful business network.
Analytical Skills
The forte of virtually all MBA program is to be able to teach its students analytical skills in analyzing and addressing business problems. In fact, survey results carried out on employers of MBA graduates show that the attributes that they were most satisfied with is the analytical skill demonstrated by these MBA graduates.
Hence, an MBA program that focus on the effectiveness of developing a student analytical skill can hardly go wrong. Schools of all sizes produce MBA graduates who get high marks for analysis and technical competency.
People Skills
The next important tangible benefit that you may derive from an MBA is the people skills. Soft management skills, interpersonal, people-management skills are all soft skills which are hard to be taught. That is why it is important to choose an MBA program with a detailed curriculum on people skills. The reality is that as business managers rise in their organizations and take on ever-greater responsibilities, the percentage of their time devoted to “people problems” increases exponentially.
Business Networking
Of course, probably the most important and most enduring benefit for all MBA graduates are the acquaintances found during the program. The deep relationships with other members of the MBA program had proven to be important business network to the life-time career of the graduate.
Even though relationship building is very important to the MBA experience, few programs actually make a conscious effort to facilitate that process. That failure diminishes the value of services rendered to their MBA students, and accordingly leads to lower retention rates and a diminished sense of alumni loyalty and support once the students finish their programs.
The decision to pursue an MBA program is becoming increasingly more complicated in this era of business world. The demand of a good MBA graduate is likely to increase over the years.
If you are still contemplating the MBA experience, the choice among the different MBA programs will not likely yield a measurable difference in the mastery of technical and analytical skills. These skills are the hallmark of virtually every accredited program.
In contrast, the concurrent mastery of people-management, leadership, and teaming skills is a greater variable in choosing among the different MBA course. Prospective MBA students should expect that - should demand that - from their MBA course.
Brit Boone asked:
With the increase in demand for an MBA both in terms of students and corporations, a vast variety of types of programs have come onto the global market. Additionally, there is a wide range in the ways and combinations of courses that are being offered.
Variety in Offerings
At present, there are five widely recognized types of MBA programs available in various parts of the world. A quick overview of the types of MBA include:
Distance-learning MBA - A distance-learning MBA program is usually internet-based though in some parts of the world where internet is less reliable, other media elements may be utilized.
Executive MBA - An executive MBA is more descriptive of the target audience, than how it is delivered. The most common delivery format for an EMBA program is in short, intensive periods (usually ranging from one week to one month in length) where participants attend classes at a university, satellite, or other setting.
Flexible MBA - A flexible MBA program allows a student to select courses that are of interest to them to work toward an MBA with a desired emphasis. Though there are several of these programs primarily in the U.S., the flexible approach is the slowest growing of all MBA programs.
Full-time MBA - A full-time MBA program is for students that desire to focus primarily on their education often without work responsibilities. Most often, the full-time approach is held on a university campus.
Part-time MBA - A part-time MBA program usually consists of a three plus year program that is held on a campus or satellite location.
According to a 2007 survey reporting the “Net Trend in Total Application Volume,” program growth rates are as follows: (1)
Part-time MBA 46%
Online MBA 43%
Executive MBA 40%
Full-time MBA 36%
Flexible MBA 18%
There is significant growth in MBA participation in general and the higher growth rates in the part-time and online programs than other formats. This is due to a couple of key factors. One of these is a growing number of professionals that are returning after some years of experience to earn their MBA degree. With ongoing work and family responsibilities for many candidates, an increase in coursework that offers more variance in scheduling and portability of work is to be expected. A second factor impacting MBA trends is an increase in part-time and online programs due to universities offering courses in other geographic locales. This expansion has led some universities to take a go-it-alone approach, while others have looked for strategic partnerships.
Growth in Partnerships
There is an increase in the level of partnership that is occurring in MBA education throughout the world. One example of this is the partnership formed between Wharton in the U.S. and INSEAD with campuses in Fountainebleu, France and Singapore. While a partnership such as this brings a number of benefits, one of the main benefits according to the respective deans is the increased global presence and experience it brings to their students and alumni.
Other partnerships are forming throughout the world. A number of western universities have formed partnerships with local universities to make an MBA available in a range of countries including the BRIC countries (Brazil, Russia, India, and China). These types of partnerships are also occurring in many other markets such as South Africa, Croatia, Czech Republic, Dubai, and Mexico.
A new form of partnership is beginning to emerge where expertise is coming from a number of partners to provide a high quality MBA offering. One example of this exists with the VLC corporation who is providing state-of-the-art distance-learning using virtual-reality. Having prepared a customizable frame-work, VLC works with a small number of universities including Indiana Wesleyan University to make available several MBA offerings. In this form of partnership, the university has complete quality control oversight. These programs are then marketed and given local expertise by working with training and development companies in a broad range of global markets from Brazil to Russia.
Types of MBA Programs
In recent years, there has been a significant increase in the number of specialized MBA programs available. This range includes but is not limited to concentration in finance, legal, marketing, IT, entrepreneurship, human resources, international business, executive management, etc. While these emphases bring new opportunities for specialization in a field, candidates should examine their planned career path to determine what is best for them.
Whereas some candidates desire to be an expert in a particular field, placing emphasis in that field in MBA education is highly desirable. Some candidates are looking for experience in a range of areas so that he or she can continue to have new challenges in the workplace and/or move toward upper management ranks. For these candidates, selecting a program that has elements of their specialty with a broad enough specialization that lateral and vertical moves can be successfully made is highly beneficial.
(1) “Application Trends Survey” of the Graduate Management Admission Council (GMAC), 2007.
“Net trend is calculated as the percentage of programs reporting an increase in application volume minus the percentage of programs reporting a decrease in application volume.”
Manik Thapar asked:
What is an MBA worth? It depends. There is no one correct answer that applies to everyone. Career goals, personal circumstances, and occupational requirements are some of the major factors to consider.
Think of getting an MBA as an investment and weight the risks and benefits accordingly.
There are several potential advantages in getting an MBA:
* Recognition from others and self-satisfaction in earning an advanced degree
* Gain enhanced strategic thinking and managerial effectiveness
* Higher pay than someone with less education
* More upward job opportunities, especially management positions
* Larger professional network through faculty, fellow students, and others you meet while in an MBA program
There are some potential disadvantages in getting an MBA:
* You may be considered by some companies, especially the smaller ones, as too expensive
* An MBA may not be required for your career goals
* Emphasis on the MBA might not be worth as much as years of experience to some employers
The cost of an MBA is of its most daunting aspects. But, according to research conducted by Forbes, despite a shaky economy and job market, an M.B.A. still pays for itself in the long term. The average time to recoup your investment is 3.1 years.
An MBA will improve your strategic-thinking skills, develop your leadership abilities, and foster managerial effectiveness. These are skills needed by every type of enterprise. If your career aspirations require the edge of an MBA, it remains a good investment for your future.
Scott Deane asked:
Graduates of Masters of Business Administration (MBA) programs throughout the UK have a wide variety of career options ahead of them. There are a number of factors that can determine the marketability of a particular MBA graduate. Some MBA programs have a particular focus amongst their faculty and their curriculum, which makes its graduates particularly attractive to certain industries. As well, the success of an MBA graduate while in school can determine the type of position they can gain within the corporate world. Finally, MBA graduates who have done work in their field of interest, whether it is an internship or a temporary project, can gain the attention of potential employers.
MBA graduates who excel in all areas of study and professional development can land great jobs in a variety of industries. The most obvious field of entry for MBA graduates is in banking. MBA graduates can work as high level analysts and bank managers, working with individual clients and corporations on financial solutions for their needs. The reason why MBA graduates work so well in the banking field is that they have an understanding of how businesses work and their financial needs. In this way, MBA graduates can thrive in the banking field.
In addition to banking, MBA graduates work well in the financial sector. Stock brokerage firms and financial planning companies often hire MBA graduates to give them a stronger personnel group to deal with new clients. MBA graduates understand the perspective of businesses entering the stock market, opening up ownership of their company to the general public. As well, these graduates understand a wide variety of accounting and financial investment options that make them ideally prepared for financial planning positions.
While these endeavors are great for MBA graduates, many choose to commit themselves to work with government agencies. MBA graduates often work with the British government on budgetary issues, small business relations, and legislative issues dealing with the growth of business in the United Kingdom. MBA graduates sacrifice some of their potential financial prosperity with government positions but they use their advanced education of the improvement of their nation and possess a fairly steady employment within the government.
Finally, some MBA graduates choose to open their own business and make their own way in the marketplace. The connections and the business acumen that MBA graduates develop make them capable of opening and succeeding in their own business endeavors. As well, many MBA graduates team with colleagues or investors on ventures to expand their potential income and improve the strength of their main business.
Elizabeth Morgan asked:
The MBA graduates have a vital role in the competitive business world today. They are eagerly needed by businesses worldwide. Salaries and other bonuses influence these post graduates. The salary for all levels of MBA holders shows continuous increment each year. Studies show that the average salaries for MBA professionals have risen above 21% in the last seven years. The MBA salaries also increase with seniority levels within an organization. With an MBA degree, one can increase his salary up by as much as 50%.
Besides the base salary, the total compensation earned yearly include bonus of around $25,000 and other benefits, including tuition reimbursement, car allowances, and relocation that add about $15,000 on an average. The base salary and bonus may vary from one company to another. Some companies offer a higher base salary and fewer bonuses, while others offer a high year-end bonus.
Business companies look for MBA graduates to widen their business areas to get more profit. A professionally qualified MBA graduate can assist the company to meet the business targets. As the profit level of a company increases, there may be increases in the remuneration to its staff. This is the main factor that increases the average salary of a business professional. Also, some leading business companies offer competitive and exciting salaries and benefits to qualified and experienced MBAs solely to attract them. Year-after-year the salary scale goes up; each year showing a large difference with its preceding year.
A significant salary change can be seen in a person’s salary if he or she completes an MBA program while working in an organization. But, there are a number of factors determining the salary offer like the area of specialization, prior earnings profile, pre-MBA work experience, geographic location and cost of living, and the academic record in the business school he or she attends. Compensation packages will also be offered. Consider a person working in a reputed business company earning a salary of $25,000 per year; the salary will increase up to $50,000 or $60,000 after his MBA graduation.
Altaf Sahibzada asked:
Gone are the days when entrepreneurs used to learn business on the job. This was the most prevalent way of getting business education, though informal. There are numerous successful entrepreneurs who succeeded in business field without any formal business education.
One can learn business on the job as has been demonstrated by a large number of businessmen. That route takes longer and is fraught with uncertainties.
With the complexities of modern business, business education has now been formalized. In order to do business, it is necessary that one should be conversant with so many business practices. Any business is now interdependent on other national and international factors. Formal business learning is now necessary in order to understand business environment as a whole.
Without a business degree from a renowned business school, it is difficult to undertake a business career.
Basis of business education are business and economic practices and theories. These comprise of courses in fields like business accounting and bookkeeping, business strategy, business intelligence, business law, business writing, business consulting, financial management, organizational behavior, business marketing, business planning, international business, micro and macro economics etc.
Business education leads to important degrees like bachelors and masters (MBA). These two are the most important business degrees and are in high demand amongst companies and business establishments.
A university level business qualification leading to an MBA degree is the crown of a business course. MBA programs have been in high demand because of their clout in the market. While business concepts get clear at bachelor’s level, master’s education is a more specialized form of business education.
Generally an MBA program is spread over a two year period after bachelors. Most renowned MBA universities are in North America, UK and Australia. There are certain institutions like Indian Institutes of Management (IITs) in India which are equally reputed.
Some universities also have executive MBA programs which can be completed in one to two years. Executive MBAs are specific to working executives and managers who have been practicing in business field or at jobs for a number of years.
Executive MBA candidates have mostly bachelor level degrees and experience of a number of years. Essential qualifications for an executive MBA program are a combination of education and business experience. Executive MBA programs are generally employer supported and have a shorter duration than regular MBAs.
It is estimated that MBA salaries are generally higher by about 35 per cent than regular graduates. They hold prestigious jobs. They position their businesses strategically and help in the growth of companies and economies.
MBA degrees can be obtained at a university campus, through distance learning MBA, MBA online and part time MBA. With the spread of internet, it has become easier to pursue an MBA degree. It is no longer necessary now to be a full time student at a campus, although this is most desirable.
Almost 43 per cent of MBA universities also have online MBA degree programs. About two thirds of MBA degrees get awarded through distance MBA programs and part time MBA education.
Though expensive, one can study an MBA course on part time basis or through distance learning MBA while on the job. An MBA course enables a person not only to have a successful MBA career, but also helps one to establish own business consulting or any other independent business.
Andy West asked:
The recent downturn in the economy has many people playing armchair quarterback over decisions made by the Federal Reserve during the last few years. These guys are supposed to be geniuses when it comes to economics, right? It doesn’t take a rocket scientist to recognize that there may have been errors in judgment regarding interest rates and home financing. Think you could do better than Bernanke or Greenspan? Don’t even think about being considered for such a high ranking position until you have an MBA Business Economics Degree.
An MBA Business Economics Degree goes beyond basic economics. The person in charge of making decisions regarding one of the strongest economies in the world will be required to have knowledge and expertise in the following areas: monetary policy, advanced economic theories like macro and micro economics, international markets and foreign trading, an understanding of leading economic indicators, - just to name a few. This person would need to be able to analyze economic issues quickly and accurately, as well as be able to assess and consider alternative economic policies to help achieve stability in a tumultuous economy.
Still want to pursue your dream of chairing the Federal Reserve? Then you definitely want to start looking at schools that have serious MBA Business Economics programs. There are several institutions of higher learning that offer such a degree program. Take the time to investigate several of them and the coursework they offer to ensure that their curriculum is in line with your career goals. In addition to accounting and finance coursework, they should offer courses that cover trade and finance theory, past and current trade issues, international economic organizations and their agreements and impacts on the world economy, econometrics and statistics.
The program should also offer hands-on experiences which will allow you to experience real world obstacles and challenges in the world of business and finance. It should provide opportunities for you to work with companies that will teach about corporate mergers and acquisitions, supply chain management and product development. By the time you are finished obtaining your degree, you will have knowledge and expertise in all of these areas, along with managerial skills and a firm knowledge and understanding of business ethics and economic practices and theory.
If you decide you want to focus on a particular area of economics, look for MBA programs that offer areas of specialized interest, such as the study of poverty economics, which deals with the effect that poverty has on overall economic stability or economic crime investigation and management, which prepares graduates to deal with economic fraud and corporate crime. These types of specialized programs make an MBA graduate highly marketable.
If the Federal Reserve is not high on your priority list once you have finished obtaining the MBA business economics degree, start looking in areas such as economics research in both the government and private sectors. Most advanced degree holders will find themselves in high demand for upper management positions in both the government and private sectors, as well as with non-profit organizations. A person may also decide to pursue an academic career by becoming an Economics Professor at a university.
MBA Business economics graduates are ahead of the curve in terms of earning potential too, with starting salaries around 75,000 per year, depending on the area of study.
When all is said and done, obtaining an advanced degree can definitely help your career, especially if you really do aspire to helping set economic policy on a federal or global level. An MBA Business Economics degree will set you on the right path by giving you knowledge and expertise regarding economic practices, theories and issues that can have a great impact on a corporation’s bottom line. And who knows? Maybe your expertise will eventually put you in line for Bernanke’s seat as Chairman of the Federal Reserve. After all, knowledge is power.
Elizabeth Morgan asked:
MBA sports marketing is a post graduate program designed to provide students with an understanding of the products and services applied in sports events and contemporary marketing principles. Basically, MBA sports marketing is a specialty of general marketing providing an in-depth knowledge in the sports industry.
Nowadays, sports marketing is one of the fastest growing industries. With an aim to provide students with a solid foundation in sport marketing, an MBA sports marketing program offers a comprehensive curriculum which combines both classroom and practical experience. The curriculum is approximately same to that of a general MBA curriculum, but the exception is that, additional subjects in marketing of sports are included. In addition to competitive and creative business tricks, the curriculum covers accounting, decision sciences, management, finance, and general marketing. Year long weekly sports programs and strategic planning projects are also included. Besides this, the sports marketing students can participate in internship programs and learn the economic aspects of sports marketing and law.
The program is specially designed for those students who are planning to enter the sports management positions in the private or public sectors. Many positions are waiting for these MBA sports marketing graduates in professional sports, education, recreation, and leisure fields. These professionals will be able to pursue careers in intercollegiate athletic departments, conferences, sports agencies, professional sport organizations, sport marketing firms and various other organizations. Some of the major functions of sports marketing professionals are planning and facilitating exchange of sports related properties and non-sports property items, creating opportunities to promote sports and sports-related activities, and handling of the business angles of sports. The program enables the students to efficiently manage a wide range of sport-related programs including amateur and professional sports, intercollegiate athletics, special-event management, and facility management.
There are a number of schools and universities offering specialized MBA programs in sports marketing. Most of them offer flexible time schedules for students, including full time regular course and evening classes. Throughout the year, these schools arrange sports events by coordinating fellow students, alumni and industry professionals.