What is MBA?
Master Of Business Administration (MBA) - a graduate degree achieved at a university or college that provides theoretical and practical training to help graduates gain a better understanding of general business management functions. It is probably the worlds best known and most widely recognized post graduate degree and is considered as a major step towards a successful business management career.
It is an expert degree - in that it is intended for those who work in business and management i.e., the meaning of a program leading to an MBA is to train or further prepare individuals for responsible positions in business - usually managerial positions. MBA programs are run all through the world, as they are seen to be relevant for the training of people for work in management irrespective of the industry, business sector, the nature of the economy, etc. An MBA is a level up from an undergraduate business degree, and once achieved usually places the graduate well above those with only undergraduate degrees. Most major universities and colleges provide MBA programs. At first most programs were full time and of two years duration, but now there is a broad variety of program structures and durations. Your selection should be influenced by two main considerations - your wants and your conditions. Potential MBA program participants will want to be clear about what they want to gain from a program - in terms of the skills or competences they wish to develop, whilst also being clear about what is possible and suitable for them - e.g., to fit their budget, time availability, location, etc. Programs differ enormously in what they offer, the type of experience they provide, their cost, accessibility, duration etc - so careful research will be needed in order to make the right choice.
What will I gain from doing an MBA?
An MBA program strives to equip its students with all the necessary knowledge, theoretical as well as practical, which can benefit them tremendously in managerial and administrative jobs. This does not apply only to business, as is usually understood by most people, but can also benefit people to get into executive positions in the public sector and government jobs as well.
What skills will I pick up from doing an MBA?
You will learn a range of valuable skills from the MBA program, such as:
Business Knowledge:The MBA program and business schools give you valuable knowledge about business and all its related aspects. You learn about business strategies and concepts, not just on paper, but the training and internship required in an MBA course, teaches you how to use these skills in practical life and in day to day business operations.
Leadership Abilities:An MBA degree involves rigorous training, assignments, reports, presentations, and group projects, all of which give you the necessary abilities to handle real-life business situations. This helps to set you apart from those who do not have such expertise and can make you a leader in your chosen field.
Networking:The alliances that you form with your classmates and the network that you create is deemed as one of the most important and valuable things that an MBA program can give you. MBA graduates have often felt that the associations formed during the MBA course are resources that are invaluable and can be drawn upon for years after the MBA degree has been achieved.
Who is eligible for these programs?
While most schools and educational institutions that offer MBA programs have their respective criteria for getting into an MBA course, the two most significant factors that are common to most schools and MBA courses are:
Age and Experience: The average age of students applying for the MBA is about 26-30 years. Most schools require their applicants to have 4-5 years of prior work experience before joining an MBA course. Since experience is usually believed to come with age, those under 25 are generally not accepted for an MBA program as it is assumed that such students do not have the required work experience.
GMAT Score:Having a GMAT score in excess of 600 is essential if you wish to get into the A grade MBA schools. Although just a good GMAT score is not a guarantee for admission to an MBA program, it does better your chances tremendously.
