MASTER OF BUSINESS ADMINISTRATION
The Master of Business Administration (MBA) is a masters degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out scientific approaches to management. The MBA degree has since achieved worldwide recognition.
Types of MBA Programs
Depending on the entry level of the students, the duration of the program and specific student-needs there are different modes by which an MBA program can be delivered.
Two year MBA programs normally take place over two academic years. Students enter with a reasonable amount of prior real-world work experience and take classes during weekdays like other university students.
Accelerated MBA programs are a variation of the two year programs. They involve a higher course load with more intense class and examination schedules. There is no three to four month summer break between semesters for the accelerated programs.
Part-time MBA programs normally hold classes on weekday evenings after normal working hours. Part-time programs normally last up to three years or more.
Distance learning MBA programs hold classes off-campus. These programs can be offered in a number of different formats: correspondence courses by postal mail or email, non-interactive broadcast video, pre-recorded video, live teleconference or videoconference, offline or online computer courses.
Dual MBA programs combine an MBA degree with other degrees (such as an MS or a JD, etc) to let students cut costs. Some business schools offer programs in which students can earn both a bachelors degree in business administration and an MBA in four or five years.
An Executive MBA program provides an opportunity for experienced professionals to obtain a masters degree in Business Administration on a schedule that minimises disruption of work and personal pursuits. A unique aspect of an EMBA program is the collective professional experience of its participants. EMBA students possess several years of significant, post-baccalaureate career experience. Most students are sponsored both financially and through release time by their employing organisations, and all continue to work full-time while enrolled in the program.
Eligibility Criteria
Most MBA programs base admission on the Graduate Management Admission Test (GMAT). The GMAT is a Standardized test that measures verbal, mathematical and analytical writing skills. It is intended to help the graduate schools of business assess the potential of applicants for advanced study in business and management.
Non-English-speaking applicants are also required to take an English language test. The minimum scores required for most universities range from 550 to 600 on the paper based TOEFL and 213 to 250 on the computer based TOEFL.
Further, most universities require a minimum of two years of work experience. Though some universities may accept students without any work experience, preference will be given to candidates with work experience.
Areas of Concentrations
Some of the areas of concentrations offered by most MBA programs include accounting, corporate strategy, decision sciences, property management, economics, entrepreneurship, finance, general management, human resources, international business, marketing, information systems/information technology, telecommunication, organizational behavior, project management and operations management.
MBA in Australia
Although most of the MBA programs in Australia have a requirement that all applicants have a certain amount of work experience, there are many that allow for alternative modes of entry into the full Master of Business Administration program. In particular, a number of the Australian business schools offer graduate certificate and graduate diploma programs that give student the opportunity to prove that they have the maturity and the academic capacity to manage the full MBA program. Most major universities in Australia offer MBA programs, varying in length from 18 months to five years, depending on whether students are full or part-time.
MBA in UK
One major advantage of the UK MBA is its duration which is one year as compared to the two years system in US and Canada. Also, unlike those in other countries, most UK universities recognize the system of 3 year bachelor degree. So, students having a three-year bachelor degree like BA, BCom or BSc, will be eligible to apply for the UK MBA program as these are considered equivalent to a British Bachelor (Ordinary) Degree. Most UK universities require a minimum of two to three years of work experience.
MBA in Singapore
Singapore offers two full-time MBA programs: a two-year program that typically runs 21 months and offers accelerated coursework that covers essential business materials and a one-year program that is for students who already have significant business experience. This program focuses on management skills, assuming that students already have the professional networking and extracurricular business skills covered during the two-year school programs. Besides, Part-Time MBA Programs, Online MBA Programs and Executive MBA Programs are also offered.
MBA in the US
It is the US MBA that is perceived by many to be the most valuable in terms of career development and salary. The flip-side of gaining an MBA in the US is that it is also the most costly in terms of tuition fees and living expenses. The cost of an US MBA averages between $40,000 and $50,000. Almost all US universities require 16 years of undergraduate education. That is, four years of education after High School/Junior College. Thus, it is advisable for students who have completed a three-year degree program like BSc, BA, BCom from an Australian, Indian, Pakistan, Bangladesh, New Zealand and Sri Lankan university to do a Post Graduate degree like MSc, MA or MCom, before applying to business schools in USA.
Thus an MBA not only sharpens one’s managerial and business skills, it’s also a surefire recipe for a successful career.