Last Updated: August 08, 2021
Candidates who wish to make life-changing career switches often opt for an MBA irrespective of their educational background. MBA or Master’s in Business Administration is a course based in the field of management and helps candidates specialize in courses like finance, human resources, marketing, strategy, consulting, etc. Studying this course helps candidates enter professions that require leadership qualities and can even aid candidates who aspire to be entrepreneurs.
Enrolling in the course often requires candidates to clear their GMAT/GRE and also have at least 2 years of work experience. The course takes a duration of 2 years but can also be completed in a year according to the institution the candidate chooses to study in. The program is offered on a full-time and part-time basis. There is also an executive MBA option, which is otherwise called EMBA, that is offered for candidates who are studying the course as per their company’s interest. The most common queries that candidates have regarding the course have been compiled here for the convenience of MBA aspirants.
Basic Information on MBA
What are the different programs offered under MBA?
While the program of MBA has similar content, the time frame that candidates can take to complete the course will depend on the kind of program candidates choose. Choosing the right MBA program
will depend upon the candidate’s requirements from the course and the investments they can make for the course. The four different types of programs for MBA are-
- Full-Time MBA- A full-time MBA is generally opted by candidates who have completed their undergraduate degree and want to take up a professional degree before looking for career prospects. It is also for candidates who have worked for a minimum of 2-5 years and wish to get the degree before taking up leadership positions.
- Part-Time MBA- A part-time MBA is offered to candidates who have a full-time job but wish to advance their career by taking an extra degree. This course lets candidates take classes in the evening or during weekends according to their convenience.
- Executive MBA- Executive MBA or EMBA is offered to senior managers of organizations who wish to pursue an MBA in order to benefit the company. The candidate will be funded by the organization or company they work in and requires a minimum of 10 years of work experience. The course is offered on weekends only.
- Online MBA- Candidates who do not have sufficient time to commute every day or even on a weekly basis for higher studies, or want to study with a more flexible schedule, will be able to opt for online MBA programs that are similar in content.
What is the duration for completing an MBA?
The duration for completing an MBA depends on the kind of program the candidate chooses. A full-time MBA can be completed by candidates with a time duration of 1-2 years while a part-time MBA can take anywhere between 3-5 years for completion. An executive MBA also takes up a time-frame of 2 years but is provided only to candidates who have experience of 5 or more years. The duration for an online MBA is the same as that of a full-time MBA and is dependent on the institution the candidate is studying in.
What are the specializations offered under MBA?
Candidates who wish to pursue an MBA can either do a general MBA or take up a specialization under MBA. The most common specializations offered under MBA are-
- Human Resources
- International Business
- Information Systems
How to choose an MBA program?
Candidates must ideally choose an MBA program based on how they fulfil the eligibility requirements. Those who have freshly graduated will be able to enroll only for a full-time program while candidates who are employed for a full-time job will be able to enroll for a part-time MBA or executive MBA depending on the years of experience they have working. While any employed person will be able to do a part-time MBA program, an executive MBA can be done only by candidates who have 5 or more years of work experience.
Information Regarding MBA Admission
What are the general eligibility requirements for MBA?
The general eligibility requirements for MBA irrespective of institution are-
- Letters of Recommendation
- GMAT/GRE Scores
- Professional Experience of 2 years or above
How to get letters of recommendation?
Since MBA is a professional degree that fresh graduates and employees pursue equally, obtaining a letter of recommendation can seem like a tricky affair. Candidates who have recently completed their degree will be able to obtain the letter of recommendation from their mentors or instructors who have taught them for a longer duration whereas ideally, candidates who have been employed for a minimum of 3 years can obtain it from their supervisor or manager in the organization they work in. It is recommended that candidates do not get the letter from people who barely know them.
Should candidates opt for GRE or GMAT?
Both GRE and GMAT are standardized examinations that can be used for MBA admissions. Out of the two examinations, the GMAT has been designed for MBA aspirants and used to be the mandatory exam required for the MBA admission process. But in recent years, business schools have been accepting both GRE and GMAT but it is advised that candidates look up the requirements by their target schools before choosing an examination.
Cost and Other Financial Information
Is financial aid available for MBA?
is available only for a full-time MBA. Candidates will be able to apply for scholarships
, grants, fellowships, or even student loans
. Students have a higher probability of receiving loans due to the returns expected after completing the course. Candidates generally will not be able to receive financial aid if they are doing a part-time MBA or executive MBA.
What is the range for the cost of attendance in MBA?
The cost of attendance for an MBA program
ranges anywhere between $60,000 and $200,000. This can exceed based on the ranking of the institution, location of the institution, the learning pace offered, exchange opportunities provided, etc. On average, the cost for MBA can exceed more than $100,000 if one includes aspects like living expenses.
Other Information on MBA
Is doing an MBA worthwhile?
Completing an MBA can be beneficial for candidates both for the development of their personalities and for their future career prospects. According to statistics, the post-MBA salary shows a 50 percent increase when compared to their pre-MBA salary. There will also be a significant increase in practical knowledge pertaining to business and management.
What are exchange programs? How are they beneficial?
Most MBA programs from top universities offer candidates opportunities like exchange programs where they will be able to do a semester abroad. They will also be able to do internships in the country they go to, thereby giving them the chance of creating large networks that can help in their future career prospects. The exposure exchange programs can offer is unmatched when compared to other parts of the course.
Does MBA provide networking opportunities?
Through the duration of the course, candidates doing MBA will be able to create huge networks by mingling with their classmates and alumni. These networks will eventually be able to provide candidates with the basis for new collaborations and business ideas they can eventually develop. Alumni networks will also be able to provide career opportunities for candidates with the networks they have created.
Is online MBA worthwhile
Online MBA programs are the best option for candidates who work full-time and cannot take the extra time for commuting to classes every day. The course will be taught with a mix of tutorials, online classes, online workshops, and other institution-specific methods that mimic a full-time MBA more than a part-time MBA. Candidates will be able to complete the course within 2 years all the while having a flexible schedule that can be customized according to the time they can invest in the course.
What is the average cost of an online MBA?
Online programs for MBA have a fee structure based on credits rather than semesters. This makes the payment for the course easier and more flexible for the candidate. The fee is also comparatively lesser when compared to full-time and part-time MBA. Top universities charge around $1,300 to $2,000 per credit for the course.
Career Prospects after MBA
What are the most common fields candidates can work in after MBA
The industries that candidates can work in often depend upon the specializations they have taken during the course. The most common and popular industries are-
- Financial Services
- Consumer Packed Goods
- Human Resources
Which MBA program provides the highest salary?
While doing an MBA can provide candidates with at least a 40% increase in their salaries, doing a full-time MBA can provide candidates with the most benefits. This is due to the various opportunities like exchange programs and internships that candidates can do while pursuing a full-time MBA. While a part-time MBA also provides significant career advances, this is mostly limited to the organizations they already work in or for career switching between industries.
The average salary after completing any MBA is around $105,000. But this is dependent on the institution the candidate studies in, the places they do internships in, and their other achievements made during the duration of the course.