The Masters of Business Administration (MBA) is a graduate level educational based designation that provides students with advanced business acumen and skills. An MBA is one of the most sought-after business degrees in North America. An MBA provides practical leadership and management skills that are applicable to any industry. Applicants to an MBA program range from professional Engineers to Entrepreneurs from any background. The knowledge gained can be applied to any business regardless of position or profitability. Many find that an MBA also provides new relationships with professionals that provide a network of resources to promote each other in any business position.
It is difficult to determine the total salary increase from obtaining an MBA as many applicants come from a wide range of previous positions. It has been determined that the average increase from obtaining an MBA is around ½ of your beginning salary adjusted for the starting salary and industry. For example, an applicant who completed an MBA with no other previous designations and made $50,000 per year may find recruiters offering $75,000. Those who attend a top 50 business school commonly experience a payback period of less than 4 years.
A bachelor’s degree or equivalent undergraduate program at an accredited university is required before beginning the path to an MBA degree.
1. Take the Graduate Management Admission Test (GMAT) exam. This exam is a standardized exam used as an integral part of the admission to an MBA program in almost all global business schools. The exam is commonly administered by computer based adaptive testing meaning the exam will test verbal skills, quantitative and integrated reasoning abilities and an analytical writing assessment. The test is scored on a standardized methodology therefore correct answers increase the difficulty of the remaining questions while incorrect answers decrease the difficulty.
2. Obtain acceptance to an MBA program. Most MBA programs will require an application detailing your professional accomplishments as well as a minimum GMAT score for admission.
3. Complete all required courses and graduate from the MBA program.
There are no maintenance requirements for this designation.
The worth of an MBA generally relies on the reputation of the providing school. It is important to rank MBA programs before application and obtain an MBA from the most reputable school possible in order to obtain the maximum benefits from obtaining this designation.