What you need to know about getting an MBA degree
Have you been looking for a change in your career? Has the thought of studying towards an MBA degree crossed your mind? If you’d like to learn skills in business and jump-start your career, then it could be perfect for you. There are many benefits to having an MBA degree including learning new skills and expanding your career opportunities. Of course, no amount of studying guarantees you’ll land your dream job so it’s important to know what you’re getting into before making a decision.
What is an MBA degree?
MBA stands for Master of Business Administration. Once a student has an MBA, it is like that you will not need any further schooling unless your desired field of work is research. If this is the case, then you may go on to study for a doctoral degree in business or management. It generally takes two years to earn an MBA degree, though some accelerated programs can be completed in only one year. According to PayScale, the average salary for graduates who have earned this degree is $84,000 in the USA.
What do you need to get an MBA degree?
An MBA application will include standardised test scores, academic transcripts, resumes, essays, and recommendation letters. Sometimes, an applicant can be accepted based on work experience or exceptional school/university results. The average cost of an MBA degree program is usually around $60,000 according to ThoughtCo.
You’ll want to apply to a variety of schools, making sure that your applications are well constructed. This will increase your chances of getting accepted. Be sure to research different schools to know what you need for each application, choose your schools carefully based on your personal assets, practice tests with the GRE or GMAT, know the deadlines for your applications, create a stand-out resume, write a compelling essay, take the time to proofread and revise as needed, and practice interviews.
Which type of MBA should you choose?
There are many different types of MBA programs. Firstly, there is the full-time program, if you’re looking to start your career path or to change it completely, then this is the program you’ll want. But if you’re already satisfied with the career that you’ve chosen and you just want to move up the ladder, then the part-time MBA program could be what you’re looking for. Some companies will even invest in their employees and help to pay for them to take part in the part-time MBA program. And if you’re already high up on the ladder at your company and you just want to take a leap and increase your professional skills, then the executive MBA program is a good match for you. You can even cut out the travelling and campus time by earning your MBA online.
All these programs offer different specialisations which give students the opportunity to focus on their chosen area of expertise, like finance or technology. You’ll want to choose an aspect of your chosen field that will help to improve your work performance and give you more job opportunities. Recruiters are always looking for employees that specifically meet their needs. And you could be that specific employee. Make sure that you have your career goals in order before choosing a program and specialty.
What happens after you earn an MBA?
With an MBA, you’ll have many options in front of you. The business curriculum is broad and depending on what you chose to specialise in, you’ll have even more options to choose from. The many industries of entrepreneurship, finance, accounting, marketing, sales, and more will be yours for the taking. Your main priority, starting from the moment you begin your degree, should be networking. Stay connected with alumni associations, career fairs, and any local groups that you can make yourself a part of. You’ll want a resume that stands out, is easy to read, straightforward, and descriptive. Your professional work experience will also help to open doors and first impressions are important for recruiters. If you keep all of this in mind, then you should be able to find a job that suits you.
Is an MBA degree right for you?
An MBA degree is a great way to set you on a career path to bigger, brighter things. But to be a star in the business, you’ll need initiative, creativity, motivation, and a lot of effort. The quality of your education plays a vital role, but your passion for the work is what really counts. Hopefully the information above can go some way to helping you decide whether an MBA is right for you.
Are you studying for an MBA? Share your experience with others in the comments below.