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Last Updated: August 09, 2021

What is MBA?

MBA is a professional graduate course based in management and business for candidates who wish to take up leadership-related and managerial positions in companies. Most of the candidates who opt for an MBA will be either switching careers or will be looking for ways of advancing in their careers. The course lets candidates specialize in areas like consulting, human resources, marketing, finance, strategy, etc. They will also be able to do a general MBA if they are not sure of the specialization they will require in the future.

Though the course is a huge financial investment when compared to other graduate courses, the monetary returns that candidates can expect after completing the course are quite high. Most candidates see a 41% increase in their salaries post-MBA when compared to the salaries they received earlier. This evens out the time and effort that candidates have to put in for the course whether or not they are working during the duration.

Types of MBA Programs

There are four different types of MBA programs that candidates can take up which share similar content and curriculum but has different time durations and flexibility. Since the course is aimed at candidates who are already working, there are provisions for taking the course while remaining fully employed. The four types of MBA programs are-

Admission Procedure and Requirements for MBA

The admission procedure for applying to most business schools are the same. Candidates will have to submit the necessary documents along with the duly filled application form to the business schools of their choice. The documents that are generally asked for are-

Choosing Between GRE and GMAT

GRE and GMAT are both standardized examinations that candidates can take before applying for an MBA. While GMAT was designed for candidates who wish to pursue their education in the field of business and management, this is not the only examination that is accepted by business schools. It is ideal for candidates to enquire which examination is accepted by their target schools before attempting either of the examinations.

If the target schools accept either of the two, candidates will be able to weigh the pros and cons in their favor before choosing between the examinations. This can include factors like time duration, exam content, exam structure, etc. which will all contribute to a higher score for the candidate. In a nutshell, it can be said that while the GMAT focuses more on the quantitative sections, the GRE focuses more on the verbal sections. So, candidates will be able to choose wisely and play to their strengths for higher scores.

Fee Structure for MBA

The cost of attendance for MBA programs is high when compared to other graduate programs. While the fee can range anywhere from $30,000 to $200,000, candidates will be able to find fee differences depending on the course they are opting for. A full-time MBA is considered to be highly expensive when compared to a part-time and online MBA. But most often, an executive MBA will cost way more than a full-time MBA due to the kind of students they take in.

Cost of Attendance for Full-Time MBA

The cost for a full-time MBA is calculated semester-wise or year-wise depending on the division of the curriculum. While doing a full-time MBA, candidates will have to calculate additional expenses that will be incurred during the duration of the course like living expenses, accommodation expenses, expenses for books, and other stationery. The cost of tuition for one year can range between $36,000 to $200,000 depending upon the institution the candidate is studying in.

Cost of Attendance for Part-Time MBA

The cost of doing a part-time MBA is considered to be cheaper than a full-time MBA. This is partly because the candidate will be having a full-time job while taking the course. The candidate will be studying and taking classes only during weekends or in the evenings letting them not spend extra on accommodation. But candidates will have to consider the travel expenses that can be incurred if they choose institutions that are far away. The cost of attendance for a part-time MBA starts from $13,000 per semester and can go up depending on the institution they have been admitted to.

Cost of Attendance for Executive MBA

Executive MBA is opted for by senior managers and top executives who will already have a high base salary. 47% of candidates who opt for the course will be funded by the organizations they work in whereas others choose to self-fund their education. Since the course content is advanced in nature and since the modes in which classes are conducted vary, the cost of attendance for an executive MBA is at par with a full-time MBA and can often surpass this. The average fee for an EMBA program is $83,000 but the top universities that offer the course have a fee that exceeds $100,000.

Cost of Attendance for Online MBA

The cost of attendance for an online MBA program is considered to be less than a full-time MBA. The fee for an online course is often charged based on the number of credits the candidate has taken which makes paying for the course easier. The charge per credit will be listed out by different institutions from where candidates will be able to choose the courses they want to take and by extension the credits they will have. The charge per credit for top universities ranges from $1,300 to $2,000.

Course Content for MBA

The course content for the different programs under MBA remains generally the same. The content will include subjects like business, accounts, statistics, etc. among others. These courses will focus on aspects that candidates will have to deal with in their future career and will also focus on enhancing the skillsets that candidates already have.

The general course content includes-

Specializations Offered for MBA

Candidates who pursue MBA will be able to choose between a general MBA or a specialized MBA where they will be taught generic courses and a specific course respectively. For candidates who are unsure of the kind of specialization they will require in their future careers, a general MBA will be the aptest. But candidates who have a deeper insight into the kind of professional advancement they wish to have upon completion of the course will be able to specialize in one subject.

The different specializations offered by institutions are-

Top Full-Time MBA Programs

The best business schools for full-time MBA programs according to usnews for the year 2022 are-

Top Online MBA Programs

The following data has been taken from the usnews rankings that were provided for the years or 2020-2021-

Top Executive MBA Programs

The following data has been taken from the usnews rankings for the year 2021-2022.

Top Part-Time MBA Programs

According to the usnews, the following are the best business schools to do a part-time MBA in-

Top MBA Schools Around the World

The links for details regarding the best business schools around the world has been provided below-

Studying Business Management

Popular MBA Programs

Types of MBA Programs

Admissions and Exam Prep