The
Master of Business Administration (MBA) is a graduate business degree, earned by
completing a graduate business school program. The MBA designation originated in the
United States, as the companies sought out scientific approaches to management. The
core courses in the MBA program are designed to introduce business school students to
the various areas of business such as accounting, marketing, human resources,
operations management, in which students engage in traditional academic coursework and
instruction based on real business challenges. Students in the MBA program have the
option to select an area of concentration and focus approximately one-third of their
studies in this area. The MBA degree opens up worlds of opportunity for its bearers.
Many business positions require an MBA for advancement. For example, investment banking
and management consulting firms hire large classes of newly minted MBAs each year at
six-figure salaries into the "associate" level -- those without MBAs generally don't
advance past the "analyst" level. Full-time programs are traditionally 2 years, or 21
months, long. There are also a number of 1-year Executive MBA programs, mostly in
Europe. Two-year program allows for a 10- to 12-week internship period between the
first and second year. No matter what your career goal is-from advancing or changing
your current career to starting your own business or helping those in need-an MBA
degree can help you get there faster. A master of business administration (MBA) degree
is the key to employment with an amazing range of companies and organizations around
the world. Why? Because you'll be instantly recognized as someone with leadership and
management skills.
The MBA programs first appeared in the US at the start of the 20th century, developing
from the accounting and book-keeping courses. The programs were modelled on the
standard American two-year postgraduate academic programme and most students enrolled
straight after taking a first degree. Later, the MBA programmes were attacked for
alleged lack of academic rigour and poor relevance to business issues, and business
schools had to raise both their admissions and teaching standards and establish classic
American MBA model: a first year of required core courses to provide a grounding in the
basics of management and a second year of electives to allow specialisation or deeper
study. The Graduate School of Business Administration (GSBA) at Harvard University
offered the world's first MBA program in 1908. The first MBA degree courses outside the
United States were introduced even earlier by the University of Western Ontario in
Canada and South Africa's University of Pretoria.
In Europe, INSEAD became the first European university in 1957 offering an MBA program,
followed in 1964 by IESE (first two-year program in Europe), UCD Smurfit Business
School in 1964, Manchester Business School and London Business School in 1965, The
University of Dublin (Trinity College), the Rotterdam School of Management in 1966, the
Cranfield School of Management in 1967 and in 1969 by the HEC School of Management (in
French, the �cole des Hautes �tudes
Commerciales) and the Institut d'Etudes Politiques de Paris. In 1991, IEDC-Bled School
of Management became the first school in the ex-socialist block of the Central and
Eastern to offer an MBA program.
In 1950 the first MBA degrees were awarded outside the United States by The University
of Western Ontario in Canada, followed in 1951 with the degree awarded by the
University of Pretoria in South Africa.The Institute of Business Administration,
Karachi in Pakistan was established in 1955 as the first Asian business school by the
Wharton School of the University of Pennsylvania. In 1957, INSEAD became the first
European business school to offer an MBA program.
Over the years, the basic MBA course has evolved into different structures. Students
can now choose from two-year MBA, accelerated MBA, part time MBA, and executive MBA
programs. Online MBA courses make use of Internet technology to provide students with
the opportunity to obtain an MBA degree off campus. Not all online institutions offer
accredited MBA online degrees. Before signing on for any online MBA courses, make sure
that the institution is an accredited MBA online program. The MBA degree has been
adopted by universities worldwide, and has been adopted and adapted by both developed
and developing countries.
What will I gain from doing an
MBA?
An MBA program strives to equip its students with all
the necessary knowledge, theoretical as well as practical, which can benefit them
tremendously in managerial and administrative jobs. This does not apply only to
business, as is usually understood by most people, but can also benefit people to get
into executive positions in the public sector and government jobs as well.
What skills will I pick up from doing an
MBA?
You will learn a range of valuable skills from the MBA
program, such as:
Business Knowledge: The MBA program and business schools give you
valuable knowledge about business and all its related aspects. You learn about business
strategies and concepts, not just on paper, but the training and internship required in
an MBA course, teaches you how to use these skills in practical life and in day to day
business operations.
Leadership Abilities: An MBA degree involves rigorous training,
assignments, reports, presentations, and group projects, all of which give you the
necessary abilities to handle real-life business situations. This helps to set you
apart from those who do not have such expertise and can make you a leader in your
chosen field.
Networking: The alliances that you form with your classmates and the
network that you create is deemed as one of the most important and valuable things that
an MBA program can give you. MBA graduates have often felt that the associations formed
during the MBA course are resources that are invaluable and can be drawn upon for years
after the MBA degree has been achieved.
Who is eligible for MBA
programs?
While most schools and educational institutions
that offer MBA programs have their respective criteria for getting into an MBA course,
the two most significant factors that are common to most schools and MBA courses
are:
Age and Experience: The average age of students applying for the MBA
is about 26-30 years. Most schools require their applicants to have 4-5 years of prior
work experience before joining an MBA course. Since experience is usually believed to
come with age, those under 25 are generally not accepted for an MBA program as it is
assumed that such students do not have the required work experience.
GMAT Score: Having a GMAT score in excess of 600 is essential if you
wish to get into the A grade MBA schools. Although just a good GMAT score is not a
guarantee for admission to an MBA program, it does better your chances
tremendously.
An MBA degree provides you with innumerable
career opportunities in various fields. It is especially beneficial to get jobs in high
level positions such as managerial and executive level jobs. Whether you are looking to
further your career in your existing job or are looking to change your job and start
your career afresh, an MBA degree can be very valuable in either scenario. With an MBA
degree under their belt, employees have a whole new world opened up to them and are
elevated to managerial positions on the strength of the additional abilities and
knowledge gained through the MBA program. If you are looking for a change in careers,
an MBA degree can be invaluable in careers such as:
Two-year MBA programs normally take place over two academic years
(i.e. approximately 18 months of term time). For example in the Northern Hemisphere
beginning in late August/September of year one and continuing until May of year two,
with a three to four month summer break in between years one and two. Students enter
with a reasonable amount of prior real-world work experience and take classes during
weekdays like other university students.
Accelerated MBA programs are a variation of the two year programs.
They involve a higher course load with more intense class and examination schedules.
They usually have less "down time" during the MBA program and between semesters. For
example, there is no three to four month summer break, and between semesters there
might be seven to ten days off rather than three to five weeks vacation.
Part-time MBA programs normally hold classes on weekday evenings,
after normal working hours, or on weekends. Part-time MBA programs normally last three
years or more. The students in these MBA programs typically consist of working
professionals, who take a light course load for a longer period of time until the
graduation requirements are met.
Executive MBA (EMBA) programs developed to meet the educational needs
of managers and executives, allowing students to earn an MBA or another
business-related graduate degree in two years or less while working full time.
Participants come from every type and size of organization - profit, nonprofit,
government - representing a variety of industries. EMBA students typically have a
higher level of work experience, often 10 years or more, compared to other MBA
students. In response to the increasing number of EMBA programs offered, The Executive
MBA Council was formed in 1981 to advance executive education.
Distance learning MBA programs hold classes off-campus. These programs
can be offered in a number of different formats: correspondence MBA courses by postal
mail or email, non-interactive broadcast video, pre-recorded video, live teleconference
or videoconference, offline or online computer courses. Many respectable MBA schools
offer these programs; however, so do many diploma mills.
Dual MBA programs combine MBA degree with others (such as an MS or a
J.D., etc) to let students cut costs (dual programs usually cost less than pursuing 2
degrees separately), save time on education and to tailor the business education
courses to their needs. Some MBA schools offer programs in which students can earn both
a bachelor's degree in business administration and an MBA in four or five years.
MBA Preparation
If you
are preparing for MBA, you have come to the right place. Total Gadha is the leading preparation website for MBA
aspirants. This is the best site providing lessons, quizzes, tests and discussion
forums for MBA aspirants.
Before we begin, we would you to know that you can find a lot of information about MBA
on the Official GMAT Website.
