Master's Degree in Business Administration and Management Overview
Managers are needed in all businesses in order to help employees remain effective and productive. A master's degree in business administration and management (MBA) is an advanced degree leading to a management career. Students pursue an MBA for reasons such as wanting to change careers or advance in their current careers. Regardless of the reason, most agree that your earning potential increases with an MBA.
Earning a MBA typically takes between two and five years to complete. The length of a degree program depends on the type of program a student chooses. Some people choose an accelerated program, while others go to school part-time and maintain a full-time job. It all depends on your preference.
Applying to a Master's Degree Program in Business Administration and Management
Applying for a master's degree program in business administration is an intense and competitive process. Business schools usually have round admissions, with two or three application deadlines. It is in your best interest to apply during the first round, as there will be more available slots.
The first step in applying is to register to take your GMAT. The GMAT is the standardized test similar to the GRE that is required for other graduate school admissions. The GMAT tests students on mathematical, verbal and analytical writing skills. An average test score for the GMAT is between 400 and 600, but to get into a top school you should have at least a 700.
The application process for an MBA is similar to that of any other master's degree program. However, MBA students need to pass their Graduate Management Admission Test (GMAT), rather than their Graduate Record Examination (GRE). MBA programs are competitive, but with so many new programs being developed each year, more people are able to earn their degree.
In addition to your test scores, you must gather recommendation letters from professors and/or employers; write personal statements for each school describing why you want to attend business school, and how you are a good fit for their program; send in your completed application; and attend an interview with the admissions committee.
How to Choose a Business Administration and Management Master's Degree Program
All MBA programs are similar in structure. They are all designed to prepare students to start a career in business. Despite this, there are several program options that cater to students with a variety of needs. Browse through the following descriptions to see what type of MBA program best suits your needs.
The two-year program is ideal for students who are earning their MBA to advance in their current career. After the student completes the first year of core classes, they are allowed to take the second year to focus on a specialization such as accounting, finance, business management, marketing, human resources management, and more.
A part-time MBA program is perfect for working professionals who want to earn their MBA without giving up their full-time job. Classes may be held in the evening and on weekends, to accommodate the student’s busy schedule. Keep in mind that not all business schools offer part-time degrees, so check with the admissions department before applying. Another great option for students with busy schedules is to pursue an online masters degree in business administration and management. The online program provides students the opportunity to complete their work in their own time
The one-year program moves at an accelerated pace and reduces the number of core classes you have to take. This allows you to be able to move quickly into the next phase of your career. Unfortunately, some employers that require an MBA do not accept one-year MBA degrees. Do some research on the employers you will be applying to if you are considering this option.
An Executive MBA allows managers who have already completed a graduate school program to learn additional upper-level management skills. Graduates with an EMBA are able to use their degree to advance even further in their field.
What to Expect in a Business Administration and Management Masters Degree Program
Students decide to pursue a masters in business administration and management for a variety of reasons. Some people choose to earn an MBA in order to advance in their business careers. You may need additional skills in order to earn a promotion, and earning your MBA is the most straightforward way to earn those skills. Other MBA students recently graduated college and are looking to earn an MBA in order to get a leg up in their careers. Some students attend an MBA program to start their own business.
With this in mind, expect your peers to come from diverse backgrounds and career goals. Take advantage of this by networking with your peers because they may very well be the person to hire you after graduation.
The MBA is an advanced degree, and this is reflected in the curriculum. Students seeking an MBA are expected to come to class with their assignments completed, ready for an in depth and critical discussion of the topic. Typically, students complete weekly assignments to help build their skills in specialized areas such as accounting, finance, computer technology and other administrative skills.
Top 10 Graduate Schools for a Masters Degree in Business Administration
- University of Phoenix
- American InterContinental University
- Gemological Institute of America, Carlsbad
- Western International University, Phoenix
- Community College of the Air Force
- Webster University
- Strayer University
- University of Maryland - University College
- DeVry University
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