What Exactly Can I Do With an MBA?
What is an MBA program?
A Master of Business Administration (MBA) program is a graduate degree that emphasizes leadership, management and marketing skills across a range of business operations.
Applicable to a wide range of business careers, an MBA is well known among graduate business degrees and can feel like a natural next step to those who already have a BS. As a highly recognized credential around the world, it can feel like a natural next step for business professionals looking to enhance their knowledge and career potential.
If you’re asking yourself, “Should I get an MBA?” read on to learn more about what you’ll learn in an MBA program, plus its costs, career alignment and more.
What is an MBA?
An MBA is a type of graduate degree in business. Business administration refers to managing the operations of a commercial enterprise.
As a master’s-level degree, an MBA program typically requires a bachelor’s degree for admission. However, every university has its own admissions requirements. Some universities require prospective students to take certain courses before enrolling if they have a non-business-related undergraduate degree.
MBA coursework typically covers areas like accounting, finance, marketing and operations, as well as “people skills” like leadership and communication. There are different types of MBA programs, such as online, flexible and competency-based (CB) MBAs. Unlike a traditional MBA, a competency-based degree is designed for professionals with a business degree and experience working in the field. This allows students to apply what they already know to earn their degree faster.
MBAs can also be earned with an accounting or HR certificate, giving graduates specialized knowledge in a critical business function. Unlike undergraduate degrees in business, which tend to focus on foundational knowledge, MBA programs emphasize more in-depth expertise.
What is the difference between an MBA and a master's?
An MBA is a type of master’s degree. But unlike business-oriented master’s degrees that focus on a single subject, such as a master’s in management or finance, an MBA covers multiple areas of business for a comprehensive understanding of operations. Knowing what is in an MBA degree can help you decide if it’s right for you.
MBA coursework is designed to prepare students to manage business operations effectively and successfully by emphasizing strategic planning, marketing analysis, entrepreneurship and more. Students gain an overview of each function as well as how they work together to develop strategic leadership skills.
What can you do with an MBA?
An MBA is often a stepping stone to managerial and leadership roles. It may even be required for executive-level jobs.
The job outlook for these kinds of positions is promising: The U.S. Bureau of Labor Statistics (BLS) has projected more than 1 million openings in management occupations each year from 2022 through 2032. This can include positions such as business manager, general manager (GM), operations director and administrative director. Employers may prefer an MBA for some positions.
An MBA on a resumé may enhance career opportunities by showing proof of business expertise and an ability to handle critical business decisions and planning. Knowing what you can do with an MBA may help you decide if it’s the right degree for you.
(Related: MBA careers: What to do with an MBA)
Should you pursue an MBA?
Pursuing an MBA is a personal decision. If you want a leadership position in a business, an MBA can be a good investment. But it’s important to consider several factors first.
For example, MBA tuition can be significant, and you must decide if that investment in your education is worth it to you in terms of career goals and personal fulfillment. Earning an MBA enhances your practical and theoretical knowledge in the field of business and can be useful to various career paths. You’ll have to make time in your schedule to focus on coursework, however, even for a limited time while earning your degree, and this may be difficult if you also work a full-time job. This could impact time with family and other personal obligations.
Some people may decide they will benefit more from an MBA with a few years of work experience, while others may want to start a program right after earning a bachelor’s degree.
Consider the application process as well. Some programs require applicants to take the Graduate Management Admission Test (GMAT) or the Graduate Record Examinations (GRE) and submit a personal essay and letters of recommendation.
Is getting an MBA hard?
Many people have concerns and misconceptions about how hard it is to earn an MBA. Consider that the MBA is the most popular graduate degree in the United States. While coursework is designed to be challenging, it may not be as demanding as specialized degrees in science or engineering, for example. However, students do have to analyze and synthesize information, conduct research, write papers and collaborate on projects.
Perhaps one of the biggest concerns about earning an MBA is managing the time requirements. Students need to be able to meet deadlines for studying and assignments while also finding time for family and other responsibilities, such as work.
Here are some tips to help navigate this balancing act:
If you’re already a professional working in the business field, you can choose a self-led or flexible program.
Block out time every week for studying and homework.
Talk to a partner or family members about how they could help, such as by taking on more household tasks.
See where you can temporarily cut back on social or volunteer commitments.
It’s important to take time to relax as well. Managing stress effectively is essential to quality learning and getting the most out of an MBA program.
How much does an MBA program cost?
An MBA program’s cost depends on a number of factors, such as the type of institution (private, public, online) and whether you have to pay out-of-state tuition fees.
Students may be eligible for financial aid to help cover the cost of their program. In addition, some employers may have tuition reimbursement programs or be willing to pay full or partial tuition for employees they want to promote internally.
Estimated salary ranges
An MBA can help prepare you to pursue management and leadership positions. For example, according to BLS, the annual wage range for all management occupations, such as business manager, occupational manager and sales manager, was $50,290 to $220,500 as of May 2022. Of course, salary ranges vary by occupation and other factors, such as location, experience and company, among others.
In general, research shows that higher levels of education translate to higher pay. Workers with more education are also less likely to face unemployment.
How to pursue an MBA
The first step to pursuing an MBA is to have a bachelor’s degree. For those whose undergraduate degree is not in an area of business, it can be helpful to have at least a few years of work experience.
Research the types of MBA programs, their curricula and costs. Decide if you want to take an online or in-person program, study part or full time and whether you want a standard, accelerated or self-paced course of study.
Knowing how long it takes to get an MBA can help narrow your options, so compare credit requirements and average completion times for programs you research.
When you’ve decided on the programs you are interested in, look at the application and admission requirements. Some programs may require you to take the GMAT or GRE as a condition of admission.
Fill out the application, which may ask for your academic records, work history and reasons for pursuing an MBA. When you’ve gathered all the application materials, submit them as directed.
What is an MBA program like?
MBA programs provide a well-rounded business education that prepares students to tackle the challenges of business leadership. Their structure usually includes a core curriculum and electives. MBA programs may also include optional specializations.
Core courses focus on fundamental business areas as well as topics like statistics, economics and quantitative analysis. If electives are provided in a specific program, they provide the option to explore areas of particular interest in more depth, such as international business, entrepreneurship or digital marketing.
Many classes in online master's business degrees offer hands-on learning by incorporating real-world business cases and projects into coursework. Coursework often culminates in a major project, which may be a written report, thesis or presentation. Although this may vary depending on the specific program.
(Related: 4 Steps to Becoming a Software Developer)
Duration of MBA programs
Many prospective students ask, “How long does it take to get an MBA?” Depending on the type of Master of Business Administration program and the number of classes you take, an MBA usually takes about two years.
The MBA-CB program can be completed in less than 12 months. The primary difference between the traditional program and the CB program is how the courses are scheduled. In the CB program, students take four courses at one time over 16 weeks, while in the traditional program, students take one 6-week course at a time.
Exploring specialized MBA programs
Dual degree programs offer a way to combine general business expertise with advanced studies in a specific area in less time than it would take to earn two master’s degrees separately. There are also competency-based programs.
Dual MHA/MBA degree program
A dual Master of Health Administration/Master of Business Administration program provides the comprehensive business administration education of an MBA with studies focused on the administrative and business aspects of the healthcare industry, such as the regulatory environment and the impact of economic and financial factors.
An MHA/MBA program can prepare students to work effectively as leaders of healthcare and health-related facilities and organizations.
Compentency-based MBA degrees
In a Master of Business Administration Competency-Based (CB) degree program, students earn credit by demonstrating their ability in core skills rather than through traditional classes and homework. These programs are usually self-paced and emphasize practical ability.
Because students can gain credit for competencies they already have, competency-based MBAs are usually less expensive and take less time than traditional MBAs.
This article originally appeared on Phoenix.edu and was syndicated by MediaFeed.org.
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The 14 best jobs for MBA graduates
When you make the decision to continue your higher education beyond an undergraduate degree, you likely think about the payoff: will the education, such as a Master’s degree in Business Administration (MBA), help you secure a well-paying job? Will you be able to quickly pay off your graduate loan?
If you’re wondering, “what can I do with an MBA,” you’re not alone. While there are many different jobs for MBA graduates, the important thing is identifying which you’re interested in so you know you’ve got a promising career ahead of you on the other side of that MBA program.
Related: Facing a post-MBA career crossroads: How to pull a successful career pivot
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Because an MBA exposes you to a variety of business aspects, from finance to marketing to economics, it can help you qualify for a wide range of business-related MBA careers.
Because you aren’t focused in a single niche, you can apply the leadership, accounting, and communication skills you have learned in your MBA program to your future career, no matter what industry it’s in.
Some prestigious MBA programs (that also come with a hefty price tag) may have an alumni network that can help you find a good job right after graduation.
But even if you’ve opted for a more affordable MBA program, the simple fact of you possessing an MBA may be appealing to employers and could help you command a higher salary than you could have earned with just an undergraduate degree.
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Because of the global impact that the coronavirus pandemic has had on the job market as a whole, jobs for MBA graduates have seen a decline over the past year.
Recent graduates seeking MBA jobs are competing with applicants who have some job experience, and employers may be reluctant to hire fresh grads when they can get more for their money in more qualified candidates.
Certain industries, like hospitality, have taken a nosedive in terms of hiring MBAs. Not surprisingly, given the increased reliance on tools to help us work remotely, the technology industry has actually increased the number of jobs for MBA grads in the past year.
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This leads us back to that question: “what jobs can I get with an MBA?”
The good news is, no matter what the economic climate, there are still many jobs for MBA graduates, no matter what your skill set.
Related: What Does Life Post MBA Look Like?
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If you aced your finance, statistics, and accounting courses, your future may lie in finance. For someone with an MBA, you’ve got several possibilities.
A financial advisor provides financial planning and advice for clients, and may specialize in certain niches, like estate planning or high net worth clients. Financial advisors may continue to pursue additional certifications or licenses. The average salary for financial advisors is approximately $59,000, according to Payscale.
A financial analyst is attuned to the stock market and may make forecasts about the behavior or stocks and bonds for clients. The average starting salary for a financial analyst is around $61,000.
If you enjoy managing a business’ finances, becoming an accountant may be a good fit. You may be in charge of accounts receivable and payable, as well as filing taxes for a business. The median salary for an account is around $71,550.
If you have a little technical skill, a budget analyst might be a good fit. You’ll prepare financial reports, evaluate budgets, and help the business manage its finances. Average salary for a budget analyst falls around $62,539.
If numbers aren’t your thing, but you love the idea of promoting a brand and connecting with its customers, a career in marketing could be up your alley.
A marketing manager is involved in overseeing marketing campaigns for a company. You may be involved in the strategy, and/or actual execution of tools like social media, content, and advertising. Salaries start at $66k for recent grads.
If you want to get more hands-on with digital marketing, consider applying to become a digital media strategist. This role taps into analytics and data to build marketing and ad campaigns to build relationships with customers. The average salary for a digital media strategist is approximately $57,000.
If you’re a born salesperson, being a sales manager may come naturally to you. They develop sales and promotions and oversee sales teams for a company. The average salary for sales managers is $77k.
If you’re highly organized and have leadership skills, a career in management might be a good fit, particularly if you also have technical skills.
Management consultants often work in technology fields, and help companies solve problems or facilitate transitions. The average salary for management consultants is $88,000.
Or you could become an operations manager, who is in charge of making sure a company runs smoothly. This role could be involved in finance, supply chain, hiring, and overall strategy, and the average salary is $68k.
HR managers are also involved in the company’s operations, though from the human resources perspective. This role recruits, interviews, and hires employees, as well as onboards them and trains them. New MBAs can expect to earn about $59,000.
If you like keeping projects running smoothly, you might make a great project manager. You’ll be involved in assigning tasks to team members, communicating with company leaders, and facilitating the success of a project. Average salaries fall around $69k.
Another option is a product manager, who is involved in creating and marketing new products. The average salary for this role is $101k.
If your skill set lies in IT, there are several jobs to consider once you’ve graduated.
As IT manager, your role would be to manage and upkeep a business’ IT hardware and software, as well as build strategies and protocols for IT security. The average salary is $85k.
Business intelligence analysts assess business data and trends to find ways that a business can become more efficient and profitable. The average salary for a business intelligence analyst is around $95,000.
Now that you have a sense of your career options post-graduation, the question is how to get hired.
Start by networking. There likely are organizations in your community that cater to a general business audience, or even a specific niche, like IT professionals. Your university may have an organization to connect students with employers.
As you build relationships with people through these groups, you can put feelers out for potential jobs.
Remember: networking isn’t about what you can get out of it but rather what you can give. So contribute what you can and connect people when appropriate, and the favor may be returned.
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Update your LinkedIn profile to reflect your education as well as any internships or organizations you have been involved with. It’s also a great place to search for jobs and connect with people who work at companies you’re interested in.
Finding a job will take time, so start early and have patience. Have a few versions of your cover letter that you can modify, and customize the letter you send specific to the job and company you’re applying with.
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If you make it to the interview phase, send a handwritten thank you note to the person who interviewed you. This is not only polite, but might help you stand out, since few people send physical mail anymore.
After all your hard work, you will be rewarded with a career that allows you to utilize the knowledge you gleaned in your MBA program, and ideally offers a competitive salary that can help you repay any loans you took out to finance your education.
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Getting your MBA can open doors for your career. MBA programs aim to teach students a broad range of skills that can help them thrive in a wide range of roles and industries, including tech, HR, marketing and more.
MBA programs can be pricey. If federal aid, scholarships, and savings aren’t enough to fill the funding gap, private graduate school loans could be one option to consider.
This article originally appeared on SoFi.comand was syndicated by MediaFeed.org.
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