A complete guide to MBAs
Considering an MBA? Explore potential pathways and gain crucial insights so you can reach your career goals.
An MBA (Master of Business Administration) is a globally recognised postgraduate degree designed to develop leadership and management skills. It’s typically pursued by professionals looking to advance their careers, change industries, or start their own businesses.
Covering a wide range of business disciplines, including strategy, finance, marketing, and operations, students will typically spend one to two years gaining the knowledge and skills needed to excel in senior management roles.
On this in-depth guide, we’ll explore everything there is to know about an MBA degree so you have a clearer understanding of what it is, how it can help in shaping your career, and much more.
Types of MBA degrees
MBAs come in different packages. Some are designed to give you a comprehensive all-round understanding of business while others concentrate on your chosen job type or sector. Here’s a list of the most common types of MBA degrees.
General Management MBA
You’ll develop essential management skills that apply to all types of organisations.
Specialist MBA
Specialise as a business analyst, consultant, chief marketing officer, or any area of business currently in demand.
Executive MBA
Designed for senior managers and executives with significant work experience, this MBA focuses on strategic leadership and decision-making.
Global MBA
Learn what business management is like in other countries, or for multinationals working across global regions.
Online MBA
Many institutions now offer the opportunity to complete an MBA completely online. Perfect for people with busy lifestyles, they require a lot of self-drive.
Why earn an MBA online?
Many accredited business schools are now offering fully online MBA programmes, giving students the flexibility to study from anywhere in the world, at their own pace. If you’re thinking about studying online, it’s worth considering the following points:
Save on tuition
Online MBAs can sometimes be more affordable than their on-campus counterparts, as they may eliminate costs associated with commuting, housing, and on-campus fees. It’s always useful and important to compare tuition rates and financial support options across different institutions.
Gain specialist skills
With a range of online MBA programmes offering specialisations in areas like finance, marketing, and strategy, you can tailor your studies to your specific career ambitions. This allows you to deepen your knowledge in a specific area of expertise.
Balance work and study
Online MBA programmes offer unparalleled flexibility, so you can fit your studies around your job and other commitments. This is ideal for busy professionals who don’t want to interrupt their career.
Access expert resources
Many online degrees provide access to the same resources available to on-campus students, including online libraries, academic advice, and technical support. Students can also engage with faculty and peers through discussion boards, live lectures, and group projects.
Boost your salary
MBA graduates from all but two of the 2023 Financial Times’ top 100 business schools earn an average salary of over $100,000. Specifically in the UK, Birmingham Business School’s MBA cohort takes home £79,690.
Enhance your employability
A massive 95% of recruiters for corporate firms said they expect to hire MBA graduates this year, according to GMAC. Another incredible stat is that 96% of graduates from NYU’s 2021 Stern business school MBA programme were employed within three months of graduation.
Your route to an MBA qualification
Earning an MBA degree is a significant milestone that can unlock a wide range of career opportunities and pave the way for further academic pursuits. Below are the key steps to successfully obtaining an MBA degree:
Research
Identify your field of interest and research business schools that offer relevant MBA degrees. Consider factors like reputation, accreditation, programme format, and modules.
Apply
Ensure you meet the entry qualifications, which typically include an undergraduate degree, relevant work experience, and a competitive GMAT or GRE score. Then, complete an application for your chosen institution, making sure to highlight your achievements, leadership potential, and career goals.
Accept an offer
If you’re offered a place, follow the university’s instructions to accept the offer and confirm your enrolment.
Study
Attend classes, complete assessments and coursework, participate in group projects, network with peers and faculty, and engage in any practical training or internships as required.
Graduate
After fulfilling all course requirements, attend your graduation ceremony to officially receive your MBA degree.
Where an MBA degree could take you
With the growing emphasis on leadership and strategic management in today’s business world, obtaining an MBA degree can significantly enhance your employability and earning potential. Many senior management positions require candidates to have an MBA degree, making it a fundamental stepping stone for those looking to advance their careers. Here are some common paths you can pursue when you’ve earned an MBA degree:
Senior management positions
MBA graduates can move into senior management roles within their organisations, overseeing teams, leading projects, and making strategic decisions.
Executive leadership
With experience, graduates can advance to executive leadership positions, such as CEO, CFO, or COO, shaping the direction of their companies.
Consulting
Many MBA graduates pursue careers in management consulting, advising organisations on strategy, operations, and performance improvement.
Entrepreneurship
MBA graduates can start their own businesses or work in startups, applying their skills and knowledge to create new ventures.
Nonprofit and government roles
Many positions in non-profit organisations and government agencies require an MBA degree for roles in administration, policy analysis, and strategic planning.
Finance
A specialised MBA can lead to roles in investment banking, private equity, venture capital, or corporate finance.
Find your MBA degree
Common questions about MBA degrees
Completed after an undergraduate degree and often several years of work experience, it sits at the same level as other master's degrees (Level 7) but below doctorates (Level 8).
- Accounting
- Business Law
- Finance
- Management
- Marketing
- Strategy
- Analytics
- Communications
- Economics
- Ethics
- Operations
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