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What is an MBA degree and what
can it do for me? If you want to know the answer
to these and other basic MBA questions, read this.
 What
is an MBA?
The MBA, or Master of Business Administration,
is a graduate management degree. Other management
degrees include Master of Science in Business
Administration (MSBA), Master of Public Administration
(MPA), Master of Science in Administration (MSIA),
Master of Public and Private Management (MPPM),
and Master of Management (MM).
What is an
MBA going to do for me?
The purpose of an MBA education is to provide
training in the theory and practise of business
management. Professional management programs are
based on he premise that people can learn to manage
all types of business situations more effectively.
MBA programs not only help their
students to develop skills that are highly valued
by many employers, but the programs also present
a theoretical context for solving many business
problems.
How long does
it take to get an MBA?
It can take from one or two years to much longer
to get an MBA, depending on whether the program
is full or part-time. At some schools, students
with undergraduate business preparation may find
that they can complete their programs at an accelerated
rate.
What kind of
work can I do with an MBA?
While the majority of MBA’s enter business,
they do not necessarily work for large corporations.
Many are employed by for profit and non-profit
organisations, small companies, or work as consultants.
Are top-ranked
MBA programs the only ones worth considering?
No. Ranking is at best a shorthand method for
evaluating quality. The methodology used for ranking
schools is not always made clear, even though
this methodology invariably affects how schools
are ranked. Furthermore, a uniform ranking scheme
often ends up comparing apples with oranges, not
taking into account the tremendous variety of
MBA programs.
It is important to choose an MBA
program on the basis of how it fits your needs.
With a good match, the qualities of the student
mesh with the characteristics of a particular
business program, bringing out the best in the
student and aiding them in developing their individual
potential.
My career is
established. Why should I get an MBA?
As managers progress within organisations, the
technical expertise that helped them to obtain
their first jobs often becomes less important,
and their abilities to organise the work of others
and to help decide what course of action the organisation
should take become more valuable. As the environment
or an organisation including economic, political,
competitive, regulatory and cultural factors become
more complex, there is an increased demand for
managers with the skills, understanding, courage,
and energy to tackle the difficult demands facing
organisations of all kinds.
Do I need an
undergraduate business degree?
No. Most graduate management programs want their
MBA classes to be as diverse as possible. When
students have different educational backgrounds,
all may contribute and all benefit For this reason,
applicants with a wide range of undergraduate
majors are admitted. In some programs, fewer than
25 percent of the MBA students have undergraduate
degrees in business.
Is work experience
required?
Work experience gives students a reference point
to use as they study business. When experienced
students share what they have observed while working,
it adds depth to the educational experience of
the entire MBA class. In addition, work experience
provides a
means of demonstrating personal performance..
All of these factors make work history
an important consideration in admission decisions.
Schools vary considerably as to the weight given
to work experience, and admission officers recognise
that the abilities developed through employment
can also be obtained in other ways.
Extracurricular and community activities,
for example, can provide valuable experience and
opportunities. When applicants do not have either
work military or community/extracurricular activities,
some schools offer deferred admission, guaranteeing
acceptance into the MBA program after an applicant
has gained a specified amount of work or military
experience.
How important
is the GMAT score?
No single factor merits an automatic decision
of whether to admit an applicant or to deny admission.
In general, admission requirements are multi faceted.
The undergraduate grade point average, work experience,
community involvement, recommendations, awards,
essays, and personal interviews all combine with
the GMAT score to form the basis of an admissions
decision.
The Graduate Management Admission
Test (GMAT) is designed to help predict academic
performance in the first year of an MBA program.
Together, the GMAT score and the undergraduate
grade-point average provide the best prediction
of academic success in an MBA program.
Admission decisions take into
account patterns of accomplishment beyond academic
ability that might indicate ‘the potential
for success in business. Management and leadership
ability, motivation for obtaining a business education,
and preparedness for the program are qualities
that admission officers also value.
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