If your career goal is a promotion to a leadership or upper management role in your business or industry, a Master’s in Business Administration, or MBA, may be your key to success. In fact, despite the economic downturn, a 2008 Graduate Management Admissions Council (GMAC) survey of MBA graduates reported that those who continued working for the same employer after getting their MBA received an average salary increase of 21%.
The most familiar MBA program requires being in school fulltime for two academic years. Accelerated MBA programs, usually around one year or 18 months in length, involve a heavier course-load and a faster program pace. Part-time MBA students are usually working professionals who prefer to take a lighter course-load over a longer period of time, so part-time MBA programs often hold classes on workday evenings and allow three years or more for completion.
A fast-growing type of MBA program is the distance learning or online MBA. Online MBA programs may be offered as synchronous or asynchronous online courses, non-interactive broadcast video, pre-recorded video, live teleconference or videoconference, while distance learning MBA programs may include all those formats and correspondence courses by postal mail or email as well. Many reputable schools offer online MBA programs now, but so do diploma mills. Before registering for an online MBA program anywhere other than at a familiar brand-name school, you should confirm that both the school and the MBA program have legitimate accreditation.
Admission to MBA programs usually requires a bachelor’s degree and a reasonable amount of real-world work experience. Specialized MBA programs may require substantial experience in a related business setting.
MBA Related Careers
There are always opportunities for MBA graduates in our 21st-century knowledge economy. Your MBA degree can be applied to a wide range of business, management, supervisory, and leadership positions in both government and industry. Opportunities for new MBA specializations such as green energy, green business, sustainability, and socially responsible financial management are on the rise.
What’s the Job Outlook?
Nearly 70% of employers who participated in a GMAC 2008 recruitment survey reported they’re likely to hire new MBA grads in 2009, offering starting salaries similar to those offered in 2008. Even better, most nonprofit and government organizations, as well as energy and utility firms, plan to increase average annual base salaries for new MBAs in 2009. On the employee side, the 2008 GMAC survey of MBA grads documented that 94% were working and a vast majority were satisfied with their current job and employer. Only 20% of MBA grads who participated in the survey reported any concern about their job stability.
How much does it pay?
Your MBA salary will depend on several factors: the type of job you hold; whether your employer is public, private, for-profit, or nonprofit; and the region you live and work in. According to Payscale.com, median salaries for MBA grads start around $70,000 and go up from there.
See Also: Ever Wished You Could Study Business with Jack Welch?
Select MBA Program:
- Master of Business Administration
- MBA/Global Management
- MBA/Human Resource Management
- Master of Business Administration
- MBA in Sustainability
- MBA Specialization in Entrepreneurship & Small Business
