Master of Business Administration
Overview
The Master of Business Administration (MBA) is a globally recognized postgraduate degree designed to develop skills required for careers in business and management. The value of the MBA, however, is not limited strictly to the business world. An MBA can also be useful for those pursuing a managerial career in the public sector, government, private industry, and other areas.
History
The first school of business in the United States was The Wharton School of the University of Pennsylvania established in 1881 through a donation from Joseph Wharton. In 1900, the first graduate school of business in the United States, the Tuck School of Business at Dartmouth College, was founded. The MBA degree originated in the United States in the early 20th century when the country industrialized and companies sought scientific approaches to management. The core courses in an MBA program cover various areas of business administration such as accounting, applied statistics, business communication, business ethics, business law, finance, managerial economics, management, entrepreneurship, marketing, supply-chain management, and operations management in a manner most relevant to management analysis and strategy.
Admission Criteria
Most programs also include elective courses and concentrations for further study in a particular area, for example, accounting, finance, and marketing. MBA programs in the United States typically require completing about sixty credits, nearly twice the number of credits typically required for degrees that cover some of the same material such as the Master of Economics, Master of Finance, Master of Accountancy, Master of Science in Marketing and Master of Science in Management.
Curriculum
The MBA curriculum is designed to allow for the practical application of business concepts, so students can step into their careers with leadership skills already in place. The curriculum is typically structured around core courses, an internship or practicum, and electives. The core courses are designed to introduce students to the various areas of business, including accounting, finance, marketing, human resources, operations, and statistics. The internship or practicum allows students to apply what they've learned in a real-world setting. The electives allow students to focus on a specific area of interest.
Accreditation
Accreditation bodies specifically for MBA programs ensure consistency and quality of education. Business schools in many countries offer programs tailored to full-time, part-time, executive (abridged coursework typically occurring on nights or weekends) and distance learning students, many with specialized concentrations.
Types of MBA Programs
There are several types of MBA programs, including Full-Time, Part-Time, Executive, and Dual MBA. Full-Time MBA programs typically take two years to complete. Undergraduate students can earn a BA in Business Administration or a BS in Business Administration, and then spend two years earning their MBA, for a total of six years of education. Part-Time MBA programs usually take three years to complete. Students work full-time and attend school part-time. Executive MBA (EMBA) programs are for those who are already working in the professional or managerial level, and they want to make a move to an executive or managerial position. Dual MBA programs combine an MBA with others (such as an MS, MA, or a JD, 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.
Career Opportunities
Graduates of MBA programs have, due to their qualification, higher chances of obtaining and holding high-level management positions. Nearly 50% of the graduates of the Full-Time MBA programs of Harvard and Stanford are CEOs, VPs, or Senior Managers, and about 30% are in middle management. Some of the more common jobs an MBA graduate might pursue include project manager, business consultant, health services manager, financial manager, information technology manager, marketing manager, sales manager, and high-end management consultant.