Do You Need An MBA?

What Is An MBA?

A Master of Business Administration (MBA) degree attracts people from a variety of disciplines. The MBA originates from the 19th century in the US university system as business sought increasingly professionalized, scientific approaches to management. If you look at many of the top people in international business, most will have an MBA or equivalent education. Many business people with MBA degrees tend to leave employment and go on to teach and pass on their knowledge to a younger generation of MBA students. Since the 19th century, the MBA has come to be recognized and taught across the globe in all manner of academic institutions from specialized business schools to globally renowned universities and colleges of education. MBA programs typically incorporate such topics of inquiry as strategy, chain management, organizational behavior, economics, marketing, accounting, IT management, supply chain management, and international business. Students can often specialize in such areas as entrepreneurship, accounting, corporate strategy, and telecommunications.

Who Needs One?

When asking the question “do you need an MBA?” certain considerations must be taken into account. In the modern labor environment, salaries can differ even for the same position. From time to time, new employees at a company are offered a salary equal to the salary of an existing employee, and both of them have held a similar role previously. These days in the work environment, offers are made to employees based on competence rather than seniority. For this reason, employees who wish to increase their competence can do so by taking an MBA, as it instructs one in the mechanics and strategies of the corporate world and increases professional knowledge.

How Long Do They Take To Obtain?

MBA programs usually take place over 2 academic years (i.e., about 18 months of term time). In the Northern Hemisphere, MBAs usually begin in late August/September of year one and carry on until May of year two, with a three or four month summer break between the years. Students begin the course with a fair amount of previous real-world work experience and attend classes during weekdays just as other university students would. It is possible to complete “accelerated” MBAs, which involve a higher workload with more intense examination and intense class schedules. Ordinarily, there is less “down time” throughout the program and in between semesters. Part-time MBAs usually involve classes to be taken on weekday evenings after usual working hours. These tend to last 3 years or more, and students in such courses are often working professionals who prefer a lighter course load to a longer time leading up to graduation. Executive MBA (EMBA) programs have been created to benefit executives and managers to allow them to obtain an MBA or similar degree in two years or less while working. EMBA participants originate from all kinds of backgrounds, from government to non-profit organizations, etc. EMBA students typically have 10 years’ or more work experience under their belts.

The Price Of An MBA

The fees for an MBA course at a top business school are often more than the average wage in Britain or the US. However, the cost of an MBA must be balanced with the benefits from obtaining one. Taking a cheaper, less prestigious MBA could result in fewer long-term benefits to your career opportunities and professional knowledge. Do you need an MBA? If so, you need to decide whether it is worth your shelling out at least $8,000 for a basic standard one. The average cost of an MBA is nearer $40,000 (or $80,000 for 2 years). The best schools offer MBAs for nearer $60,000, which might prompt you once again to ask yourself do you need an MBA? As with all branded products and services, the better and more famous they are, the more expensive they will be.

What Are The Advantages?

If you do the research, the top brass (vice presidents, CEOs, executives) in any company earn more and perform more challenging jobs involving more control in the many facets of the organization. Taking an MBA at a certain point in your career can be a way of avoiding the long climb up the corporate ladder and help you be promoted more promptly. Competition does not only exist between companies, but within an organization in which workers struggle towards promotions which will give them higher salaries and more interesting and responsible duties. An MBA gives one the edge in such professional competition because of the amount of knowledge you have acquired from the studies you have made. It can take a very long time, sometimes decades of hard work and impressing your superiors to reach high posts in business. One reason for this is that these posts require experience and knowledge on all aspects of the organization, with a specialty in only a couple of areas. In addition, management requires you to take various kinds of training, especially if you don’t have a background in management.

More Information Online

There is a whole host of useful resources offering advice, helpful information about MBAs, their advantages and disadvantages, costs, types, and who might benefit from them. Here are just a few highlights from the Internet that will help you answer the question, do you need an MBA?
http://en.wikipedia.org/wiki/Master_of_Business
_Administration#Program_content – an excellent online guide to the qualifications, courtesy of Wikipedia.

http://articles.webraydian.com/article12136-Do_You_Need_an_MBA_Degree_to_Success_in_Your_Career.html - sound advice on the uses of an MBA for a professional individual.

http://www.mbaworld.com/MBAWorld/index.jsp - “The Association of MBAs is the international impartial authority on postgraduate business education. Our accreditation service is the global standard for all MBA, DBA, and MBM programs. We accredit over 157 programs in 71 countries.”

http://www.mbaprograms.org/mbafinance/
thecostofanmba.asp - essential information on the costs of MBAs in the USA and beyond.

http://www.emeraldinsight.com/Insight/view
ContentItem.do?contentType=Article&content
Id=1550350 – exploring how MBAs can help career development and what to watch out for on the rocky road to finding them and graduating from an MBA course.

http://www.mba-courses.com/article.htm - worldwide database of MBAs for those thinking of studying for one or even just for the casual reader who holds a passing interest in the topic.