Essential Guide To MBA Programs

All About MBAs

All About MBA

The MBA, or Master of Business Administration, is a prestigious postgraduate qualification that is highly respected by employers globally. It does not only hold currency within business, but rather its value is recognised in government, public sector work, and in academia.

As one of the world’s most popular master’s programs, the MBA degree comes in different forms and can open doors to students from any walk of life: for recent graduates with their sights on a future in business, to experienced managers and professionals looking to take their careers to the next level.

Since MBA program is an expensive investment, it is important to choose the right MBA program to maximise your return of investment. Here are some popular MBA programs around the world:

Why should I pursue an MBA?

A prestigious MBA program is not cheap. The fees could easily run from $70,000 to $160,000.

So why should you bother with getting an MBA degree at all?

The most common reason for getting an MBA degree is career acceleration.

An MBA degree is a valued credential recognized all around the world. The skills and knowledge obtained in an MBA program are highly valued by many employers.

In several industries, such as management consulting and investment banking, an MBA degree is a de facto requirement for career progression. A study found that the average MBA degree holder’s career accelerates 30% faster than that of someone without an MBA.

Another popular reason for getting an MBA degree is career change.

For professionals from various industries, an MBA degree opens up the path to enter management consulting, investment banking or venture capital.

An MBA degree is also useful in changing careers more generally, e.g. someone from a manufacturing background may find an MBA degree helpful in transitioning to the pharmaceutical industry. According to Bloomberg BusinessWeek, 64% of MBAs who graduated in 2012 entered a new industry.

Will an MBA degree really improve my career prospects?

One of the biggest benefits of an MBA degree is the expansion of your professional network.

The MBA degree opens up your school’s academic, student, and alumni network to you, which can be very valuable.

Many professionals, including those who’d like to pursue entrepreneurship after the MBA program, cite this ability to make wide and relevant connections as their most important motive to seek an MBA education.

Finally, of course, employability of MBA graduates is high.

For one, MBA graduates from highly-rated business schools are highly desirable for blue-chip employers. According to data released by Graduate Management Admission Council (GMAC) in January 2013, even in a tight job market, 92% of 2012 business school graduates worldwide found employment within 3 months after graduation.

MBA salaries also remain high. Graduates from highly-rated schools could earn anywhere between $100,000 and $240,000 per year. These salaries represent 55% to 160% increase from pre-MBA salaries.

In purely financial terms, an MBA degree typically pays itself off in about 4 years. The lifetime salary enhancement for the average MBA graduate from a highly-rated business school is over $2 million!

What should I expect from an MBA program?

The majority of MBA programs will train you in core skills and theories, in accounting, marketing, leadership, or social responsibility. However, programs usually offer elective modules in which you can specialise.

Some schools even offer specific MBA programs, in Health Care or IT Management, for example, and it is also common for schools to offer different programs based on students’ previous experiences.

Someone already in a senior managerial role might take an Executive MBA, for example, designed to support further career progression.

Business schools also offer part-time MBA or online MBA.

A full-time MBA program is completed in two years – and sometimes only one – whilst part-time programs are designed for professionals who cannot afford to take this time off work.

While completing an MBA part-time will take longer, it will allow you to study evenings or weekends to fit your lifestyle.

The MBA online, meanwhile, will prevent the need for a commute to class, with courses, tutorials, and assessments conducted remotely.

OK, I'm ready for an MBA now. What should I do to get started?

There are almost 3,000 MBA programs offered globally, producing hundreds of thousands of graduates annually. Top schools, including INSEAD, University of Cambridge, and Stanford Graduate School of Business, may require business experience prior to enrollment.

Most programs are conducted in English, so an IELTS or equivalent proof of English proficiency is usually required for non-native speakers. Often, it will also be essential for you to complete a General Management Admission Test (GMAT) and have an undergraduate degree with a 2:1 or higher.

Whilst admissions processes will vary between schools, you should expect to submit an essay and attend an interview during the application.

Still unsure? Schedule for a chat with our MBA consultants today!

Founded in 2006 by a team of MBA graduates, Prep Zone Academy has remained one of the top GMAT preparation centre and MBA admissions consultancy in Singapore. With the help of our veteran consultants, many professionals have gotten into top MBA programs around the world.

Over the past 12 years, we have helped more than 1,000 candidates securing admission offers at top MBA programs. In 2019, 35% of our 70+ MBA applicants received at least one admission offer from an M7 School – Harvard, Stanford, Wharton, Booth, Kellogg, MIT, Columbia.

If you are interested in working with us, or simply just want to see whether your profile is a good fit for a certain MBA program, we do offer a free CV review service, no commitment required. Simply fill in the following form to get in touch with our consultants.

For any additional inquiries, contact us at [email protected] or call us at 6812 9999.

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