What You Should Know About an MBA Degree
Many students always believe that they have to attend a top graduate business school to succeed in their career goals. The MBA is the starting point towards getting the C-suite positions in large establishments. Apart from that, an MBA is the basic foundation of top entrepreneurs. It is among the credentials required for top prominent personnel.
However, holding an MBA degree doesn’t automatically translate to becoming fortunate or famous. MBA experts suggest that succeeding in business activities requires more than just a degree. There is creativity, personal initiatives, efforts, and motivation, among other requirements for a successful business.
According to the Forte Foundation CEO, Elissa Sangster, whose plan is to encourage women to consider MBA programs to achieve their career objectives, an MBA degree from a reliable business school can uplift focused individuals to the next levels. Above all, she says that MBA students who hope to work in bigger states away from home can join the MBA program at a nonlocal school. Are you looking forward to getting your MBA, and you are having lots of questions about the program? Well, read below to unleash more.
First of all, an MBA stands for Master of Business Administration degree. After getting such a degree, the individual stops attending school programs. But those who have a passion for doing business-related research can keep up with the studies by taking a Doctor of Business Administration degree (DBA) or a Ph.D.
The Duration of getting an MBA
A complete MBA program requires two years though there are options for one year. In the case of part-time and executive MBA programs, the duration varies depending on an individual student’s preferences. The executive and part-time programs are for the working individuals who want to attain the degree and still maintain full-time employment.
Requirements for an MBA Program
Before you apply for an MBA, you must have resumes, essays, standardized test scores, recommendation letters, and academic transcripts.
Most B-school will need GRE or GMAT test scores. Nonetheless, there are still options whereby applicants don’t have to give out their business school entrance exam scores. To add to that, other B-schools give test score waivers to applicants who have a positive track of experience.
Some of the details MBA admission officers want to see from applicants include success stories on previous companies, career progression, and their contributions to helping society.
Types of MBA Degrees
If you need to enroll in an MBA degree program, you must have adequate knowledge of different program types. They include:
- Full-time program
- Part-time program
- Executive MBA programs
Each program fits students with different requirements and preferences. The degree aims to elevate the career objectives of the applicants. You can change your career route or push on with your original career goal with the MBA degree.
According to experts, there are two types of full-time MBA programs. There is an accelerated one-year full-time program and a full-time two-year program. The one-year full-time program is less costly compared to the two-year program. However, students must brace themselves for a marathon year for the one-year full-time program.
The Average MBA Salary and Bonus
The salaries of MBA graduates vary from school to school. The salary ranges between $53,464 on the lowest side and $ 166,999 on the highest side. The pay depends on the sector the applicants prefer.
MBA Costs
If you want to enroll in an MBA program, you must be ready to have more than $60,000 for the top-ranked MBA programs. However, the public school offers lower tuition fees compared to private institutions.
You can get a full-ride or partial scholarship for your MBA program; however, there is a lot of competition. Most of the scholarships are kept for active-duty military personnel, women, military veterans, and ethnic minorities. This doesn’t have to discourage you because there are other scholarships available for other applicants.