You may have heard the term “MBA” before. Higher education learning is all about using acronyms that they throw around. MBA is one of those acronyms that might have you scratching your head. What does MBA even stand for? Is it right for you? Is it it the right move for you? Will it actually help your career?
Knowing what’s next in your life is a great thing, but what if the next step requires you to have an MBA? You’ll have to learn more about it and how it might help you jumpstart that dream career path that’ll take you toward great things.
What is the MBA Definition?
An MBA stands for a Master of Business Administration. It is essentially a master’s degree in the field or study of business administration or otherwise known as business management. An MBA involves in-depth study in this field to help the student solve more complex problems with a better scientific approach for doing so. The administration can be in any focus that the student chooses such as marketing or accounting.
What are the MBA Subjects You Learn?
The great thing about studying an MBA is the flexibility the course offers. You can either study a generalist MBA covering a range of business disciplines, or you can choose to specialise within a specific industry.
In a nutshell, an MBA includes 12 subjects studied across the period of the course (generally about 18 months full time) and includes a mix of core and elective/specialism modules. Since the MBA is focused mainly on business goals and specifics, a lot of the MBA subjects focus on the many areas of business. Tailor your qualification to your field and choose electives to help you excel in Marketing Management, Operations Management, Entrepreneurship, Financial Management, Accounting, HR, Communications, and Economics or more.
MBA Requirements and Application Process
In order to start the MBA application process, it is important to consider the MBA requirements that each university or business school puts up. The application process will differ between institutions however, those that wish to enrol in an MBA should be expecting to see entry requirements that look like this:
- Bachelor Degree from an accredited college or university; OR
- A minimum of three years professional work experience in the related field; AND
- Proficient in the English language at least at a Year 12 level
Those without a Degree and have the right level of professional experience may be required to enrol in a Graduate Certificate or Graduate Diploma program first. This not only prepares you but proves to the uni or college that you have the dedication and passion to take on a prestigious MBA qualification.
How Much Does an MBA Cost?
In Australia, the average cost of an MBA has reached $50,000, but don’t let that stop you! There are government loan schemes available for eligible students as well as payment plan options and even scholarships available for many institutions (be sure to check with yours). Yes, the price of an MBA is steep, but you could be set to be earning it all back and then some in no time!
Your Future with an MBA Degree
Those that enter into the MBA program wonder what the future holds for them with the MBA degree. Apart from looking mighty impressive on your CV, an MBA qualification will prepare you for higher management roles by providing the knowledge and expertise to help you lead in any business setting. There are numerous positions that a student can hold once they graduate with an MBA. This is the highest level of degree that a business student can obtain, though future classes to brush up on their knowledge are often recommended as industries progress. Here are some of the higher, more sought-after positions that those with an MBA can one day hold:
- Information Systems Manager
- Healthcare Administrator
- Business Operations Manager
- Operations Research Analyst
- Market Research Analyst
- IT Director
- Marketing Manager
- HR Manager
- Top Executive
- Product Manager
- Project Manager
- Information Technology Director
- Securities Analyst
- Finance Manager
An MBA will arm you with very practical skills and an understanding of how business works. Completing an MBA is a demonstration of your commitment to learning and professional development, and a testament to your research skills and leadership potential. Many employers acknowledge the skills acquired and the dedication needed to complete an MBA – which can only do wonders for your future in the workplace.