15 Things You Didn’t Know About Studying MBA
MBA is a degree that people acquire to learn a specialized skill or improve their portfolio so that companies looking for these skills will find them suitable to employ. This greatly enhances the graduate’s employment prospects. However, this is just a general believe from most people. In reality, it doesn’t have to work that way.
Certain people’s experience and situations on the ground show that most of these general beliefs about MBA (Master of Business Administration) being some kind of a meal ticket might not be true. For example, employability. In this article, we’ll explain some basic facts you need to know about an MBA so that you are prepared for all and any outcome after your studies, and also for you to know what to expect.
Our facts will help students who would like to know more about what an MBA entails in order to make the proper study decision. That is because there are people who are regretting the decision to do an MBA due to inadequate knowledge about what it takes before they joined a program. We don’t want you to be among those who’d one day say, “had I known”.
1. An MBA is Still a Career-Boosting Achievement
Despite some negative experience and outcomes for others who took an MBA and later regretted due to the cost or after losing a job, an MBA is still a stepping-stone to C-suite jobs in large corporations. An MBA will also improve your knowledge regarding entrepreneurship, particularly for those interested in entrepreneurship. The MBA is a qualification that a lot of successful business executives have in the fortune 500s. You’ll often see it reflected in their credentials that they have an MBA. For example, the C.E.O of Walmart and Facebook both have an MBA from different schools.
2. An MBA isn’t Enough for Success in Your Career
But having an MBA is not a guarantee you’ll land a job with the fortune 500, or succeed in your entrepreneurship career. Rather, it increases your chances of qualifying for certain jobs. There are many factors employers consider before hiring you, especially if the position offered to you is very critical to the success of their business.
Most employers and companies are aware that having an MBA does not translate to being capable of handling the job in a way that pioneers the success of their business. For example, to be a successful business leader or executive, it is imperative to have certain qualities apart from an MBA degree. And some of these qualities are not obtained by doing some kind of a degree. Most qualities critical to business success comes from the talent, experience, initiative, hard work, and creativity of the business executive, with even some element of luck. This is the view of most MBA experts who’ve made it in their business career.
3. Most Employees in Top Positions at High-Tech Companies Have an MBA
It is true that most C.E.O.s and other top officials of the fortune 500s and some high-tech companies have an MBA. It is a critical qualification for most high tech companies looking to recruit for key business positions. While having an MBA does not guarantee you a spot in the fortune 500s or similar, it surely puts you at an advantage in the job market over those who do not have.
4. The Institution from Which to Acquire an MBA Matters
Do not just obtain your MBA from a local school that has no great reputation for producing great managers and other business executives. There are many reasons people go to low-quality schools, some of which include, tuition, strict admission requirements, environment, and many others. Studying for an MBA is a lifetime investment, and you should choose carefully which school to go to. This is especially true if you dream of working in one of the high-tech companies. Companies and organizations don’t just accept any kind of MBA. But if you just want an MBA to improve your CV, then attending a local, less popular school shouldn’t be a problem.
5. Most MBA Graduates Don’t Study Further
While it is possible to further your education after an MBA, stats show that most people don’t. There is a number of reasons for this. For starters, a good number of MBA students study on loan, particularly those studying at prestigious institutions. That is because the cost of an MBA is usually high and only a few unemployed students can afford it without financial aid from a government, parent or sponsor. Many say that they are stuck with paying back the loan after graduating, and that normally takes years even with a good job. Other reasons people stop education after an MBA has to do with age. Many feel it’s time to settle down with a good job and build a family.
6. The Duration for an MBA Degree
Traditionally, a full-time MBA degree takes two years to complete. Nowadays, we also have what is called, accelerated MBA degrees, where students acquire a degree in about one year, even though that means doing nearly double the work in a normal setting. Accelerated MBA degrees are common in conventional universities instead of business schools.
There is also a part-time or executive MBA program. These are designed for candidates constrained by something that prevents them from taking a full-time MBA. For example, an employee who does not want to give up their current job in favour of pursuing an MBA, or a parent, especially women, who has to take care of a family. There are other reasons people go for part-time MBA courses, but this takes longer than a full-time MBA program, and such people doing part-time studies are usually not in a hurry. In a part-time MBA, you get to choose the number of credit units to do in a semester or session, and that will determine the ultimate duration of your studies.
7. Requirements for an MBA Program
Normally, schools, especially business schools, have certain criteria you have to meet in order to be given admission to study for an MBA. These requirements normally include a resume, a standardized test score, academic test scripts, essays, and recommendation letters. Some schools even require a video essay just to make sure the essay can be considered a close reflection of your capabilities. Standardized test scores are provided by organizations that test for certain skills in a candidate to determine their suitability for a course or job. With a high score, you are more likely to gain admission into many schools.
8. A Standardized Test-Score is Not Compulsory for an MBA Program
While the test-score of a reputable and authorized organization increases your chances of getting admission into business schools or others for an MBA, it is not mandatory to have one. Many schools accept a student without any standardized test-score if such students demonstrated a strong understanding of their subject field. A strong GPA and academic transcripts will qualify you for admission in many dedicated business schools. So also does a proven work experience handling a top position that has to do with the field you are applying to study in.
Watch these: 25 Things You Didn’t Know About Studying PhD
9. MBA Specializations Differ in Employment Opportunity
MBAs offer a wide range of specializations for candidates to acquire deeper knowledge in certain areas that improve their chances of getting employment. There are many such specializations with different levels of demand in the job market.
10. MBAs Require Preparations Based on Career Goals
It is important for candidates to make adequate preparations before joining an MBA program. The preparations involve knowing what your career goals are and focusing on those areas during studies and campus recruitment opportunities. Another good preparatory step is to take either a GMAT or GRE entrance exams while you are still a fresh graduate, cos then, you are more likely to perform your best.
11. The Average MBA Salary and Budget
Base salaries and bonuses vary according to MBA specializations and schools. Some skills are in greater demand or pay higher than others, while graduates of certain schools earn notably higher than their peers due to a difference in the reputation of institutions attended. The average salary for MBA graduates stands at about $166,999 for highest-paid MBA graduates and $53,464 for lowest-paid MBA graduates.
12. How Expensive is an MBA?
The cost varies by school and environment, cos you have to take account of both living cost and tuition. The tuition for most top-rated business schools exceeds $60,000 annually in 2020. The cheapest schools to obtain an MBA is public-funded schools, with some being as low as $43,000 a year.
13. Skills Taught in an MBA
The focus of MBA programs is on grooming candidates to succeed as business executives and entrepreneurs. The skills include the ability to quickly and accurately analyze a large amount of information, the ability to develop smart business solutions, and how to manage people in a way that commands respect and brings out the best in them. MBA programs try to equip you with every skill you need to succeed in your own business.
14. The Types of Classes in an MBA
An MBA program typically draws from courses in accounting, finance, marketing, organizational behaviour, economics, management and business ethics. Through these courses, candidates get exposure to multiple areas of business that helps guide their career.
15. Taking a Joint-Degree MBA
There are times when taking a J.D MBA can be of great advantage, but make sure not to take a Joint-Degree MBA for less compelling reasons like improving your CV. It must be for a strong reason that one should take a Joint MBA degree because the task if financially and psychologically tasking.
In conclusion, the points outlined in this article should give you some insights into how things work with attending business or conventional schools to further your career and education. This is not an exhaustive explanation of all that MBA entails, and we advise that you make further research on job prospects, cost, institutions, and other factors before signing up to any program.