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. Will an MBA improve my career prospects? An MBA degree provides you with innumerable career opportunities in various fields. It is especially beneficial to get jobs in high level positions such as managerial and executive level jobs. Whether you are looking to further your career in your existing job or are looking to change your job and start your career afresh, an MBA degree can be very valuable in either scenario. With an MBA degree under their belt, employees have a whole new world opened up to them and are elevated to managerial positions on the strength of the additional abilities and knowledge gained through the MBA program. If you are looking for a change in careers, an MBA degree can be invaluable in careers such as: marketing, finance, government positions, ability to improve your own business Why get an MBA? An MBA qualified manager is highly regarded and often given serious consideration for senior/top management positions in the industry. What is the minimum qualification to get in? Almost every institute that you ask will require you to have at least your bachelors' degree, whichever the discipline, be it economics, pharmacy, engineering, accounting, science, information technology, or commerce. The other qualification is work experience. Most will insist on 3 to 5 years as a minimum. This is to ensure that the candidate has reached a certain level of maturity when they apply. If you are a fresh graduate, it may be a bit difficult for you to get in, unless you have excellent results. Our advice to you is to get that work experience first. Why? This is so that you can appreciate the MBA even more and you will gain a deeper level of understanding and learning when you exchange ideas in your class discussions. MBA stresses on practical experience rather than academic that is why the institutes insists on work experience. How long does an MBA course take? Depending on the program you join, it can be anything between 12 months to 7 years. Yes, seven years ! But most complete within 18 to 24 months. Trust me, you don’t want to be on an MBA course for longer than that! How are the classes conducted? Classes are conducted with lectures with the usual assignments and exams. Most would require some group assignment where team work is required. For the part time programs, classes are conducted either weekdays (evenings, usually from 6pm to 9pm) or weekends (usually one full day, from 9:30am to 6 or 7pm). There also residencies i.e. the class is conducted for one whole week continuously for a week or two, sometimes three, at a hotel (usually out of town). You will need to take leave from your work for that. Source: financial-dictionary.thefreedictionary.com www.thisisnotawebsite.com www.onestopmba.com