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Masters Of Business Administration / MBA:
MBA is the short form of Masters of Business Administration. An MBA degree has global recognition and is often seen as a step towards a successful career in business management. An MBA is the most popular and sought after post graduate degree in the world. The United States of America has the highest number of MBA students with Great Britain coming in second.
The first MBA degree was offered in the US in the early 1900s and in Europe the MBA program began in the 1960s. The average full time MBA program takes about 2 years to complete in the US, whereas in Europe it can be completed in a minimum of 10 months or could go up to 2 years. Not just in the US, MBA degrees are now being offered in thousands of colleges and universities across the globe.
Criteria for getting into an MBA program
Generally schools have their respective and specific requirements to be able to get into their MBA programs. But some aspects are common to most schools. The more generalized criteria that often applies across the board includes:
- GMAT Score: A GMAT score of at least 600+ is required to get into an MBA course. If you get any less than that, you can look to only the B and C class schools for admission. Although a very high GMAT score is not a guarantee for admission to a top school, it really can help you to achieve this.
- Work Experience and Average Age: Top schools look for applicants who have 4-5 years of work experience under their belts. Average age of students getting into the good schools is from 26 to 30 years.
What an MBA program gives you
An MBA program can benefit you in many different ways, such as:
- Providing Quality Business Education: An MBA program teaches you solid business concepts in the fields of finance, economics, marketing, accounting, management, and operations. These can help you to create a foundation for a successful career in management.
- Forming a Network: An incidental advantage of an MBA degree is the ties and contacts that you form with your fellow students and batch mates – known as a form of networking but one that happens by default. This network can prove to be a lifelong resource for an MBA.
- Meticulous Training: During the course of the MBA program, students are expected to prepare innumerable projects, case studies, presentations, and reports. This rigorous training equips an MBA for the practical demands of his profession.
What an MBA degree translates into:
- Higher Salaries: MBAs are reportedly being paid better salaries than those in the same professions but without the added degree.
- Career Advancement: An MBA is a management degree and can thus help you to rise to managerial positions in your chosen field of work, irrespective of what that may be.
- Career Change: An MBA, being a much sought after degree, can help you to change your career if you are not satisfied with your existing one.
- Business Opportunity: An MBA degree equips you with all the knowledge required to start your own business. From drawing a business plan, to finding venture capital, to executing your idea; it helps you with everything. Research has shown that the failure rate of small new businesses is 50% less if it has been started by an MBA.
An MBA degree seems like the perfect post graduate program. But in recent years there has been some doubt as to the merits of an MBA. In the US alone there are close to 300,000 students pursuing an MBA degree. The cost of getting one is also very high as most top MBA programs, costing up to $100,000. However, due to the numerous benefits of having this degree, it is generally worth the time, effort and expense of an MBA program, as the degree will more than likely pay off in the long run.