The field of business administration deals with the application of management principles in business organizations and industries around the world. Business administration professionals are charged with managing resources and personnel, marketing, financial management, supply management and logistics and other administrative duties. Their basic aim is to increase productivity, boost sales, and improve overall profitability in an organization. Business administration professionals also deal with purchasing and acquisitions, project management, labor relations and ensuring that goods and services are provided to consumers on-time and in an efficient way.
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What is the Master of Business Administration?
The MBA or Master of Business Administration degree is one of the most popular graduate degrees, with thousands of new students applying for enrollment every year. This degree starts off with a core curriculum including subjects such as business communications, organizational psychology, resource management, management information systems and strategic planning. Students also take advanced courses in a specialization of their choice, such as marketing, finance, human resources, supply chain management and a number of other fields.
Admission requirements for MBA may vary from one institute to another. However, following are some of the major requirements of the degree.
A bachelor’s degree from an accredited college or university.
GPA requirement; generally 3.0 or above
Scores of standardized tests such as GMAT or GRE
TOEFL or IELTS for international students
Resume, recommendation letters, and personal essays
Although, coursework for the degree can differ from one institute to another, following are some of the major courses offered in the program.
This course enables students to understand different business functions. It also develops an increased awareness in students about their perceptions and values, so they can manage and communicate with others effectively. Other important course topics include decision making, argument construction, teamwork, collaboration, problem solving, and academic research.
Human Capital Management
This is one of the core courses that address the concept of personal development in managers. Students acquire knowledge and skills related to work on job analysis, appraisal systems, and career development plans for employees. Other important course topics include management behaviors, recruitment and selection, training, benefits, workplace diversity, discipline, employee rights, and unions.
This course trains students in the legal aspects of business. Students evaluate legal risks and also create proposals to manage organization’s legal aspects. Important course topics include the legal system, enterprise liability, alternative dispute resolution, product liability, business risks, international law, governance, legal forms of business, and intellectual property.
This course trains students to apply the acquired leadership principles to different management roles. It will enable them to analyze the connection between the individual and the organization. Major course topics include organizational structure, culture, motivation, group behavior, workplace conflict, and organizational change.
Applied Business Research & Statistics
This course enables students to apply statistics and probability concepts for business decision making. Students acquire knowledge and skills to develop appropriate research questions and also learn about selecting sampling populations and instruments. The course also includes topics such as descriptive statistics, probability concepts, sampling designs, data collection, and data analysis.
This course is geared toward applying finance concepts to management decisions. Students acquire an understanding of methods used for evaluating financial alternatives and creating financial plans. Other key topics include working capital, cash flows, capital budgets, and long term financing.
This course trains students to apply marketing concepts that create and grow customer value. Students discuss and solve marketing cases while working in teams. They cover key marketing topics such as market research, customer relations, market segmentation, branding, product development, pricing, communications, and public relations.
Strategic Planning and Implementation
This course enables students to apply strategic planning concepts to create an unbeatable competitive advantage. Important course topics include environmental scanning, strategic analysis, implementation and evaluation, risk management, and corporate social responsibility.
What are the future prospects? The Master in Business Administration degree not only helps improve your career advancement opportunities but can also be used to establish your own business. The Master in Business Administration degree is a good choice in terms of future growth, wages and career opportunities. Following are some of the popular job options available for MBAs:
Median Annual Wage: $63,550 in May 2012
Employment Growth (2012 – 2022): 13 percent
The major responsibility of accountants and auditors is to prepare and examine financial records. They ensure the accuracy of financial records and also check if taxes are paid in a timely manner. They also keep a check on financial operations and make sure that organizations run efficiently.
Median Annual Wage: $88,590 in May 2012.
Employment Growth (2012 – 2022): 7 percent
Advertising managers are responsible for creating interest in potential buyers in a product or a service, or it could be a whole organization. They generally work in advertizing agencies, media firms, and organizations that require extensive advertising.
Human Resource Managers
Median Annual Wage: $99,720 in May 2012.
Employment Growth (2012 – 2022): 13 percent
The major tasks of human resource managers are to plan, direct, and coordinate the different managerial functions in an organization. They work on functions such as recruiting, interviewing, training, appraisal, and employee benefits. Human resource managers also serve as a connection between organization’s management and its employees.
Median Annual Wage: $78,600 in May 2012.
Employment Growth (2012 – 2022): 19 percent
Management analysts are also known as management consultants. They recommend ways to increase the efficiency of an organization. They guide managers on how to make an organization more profitable by reducing costs and increasing revenues. Some management analysts work for particular organizations, while others work on a contractual basis.
Median Annual Wage: $168,140 in May 2012
Employment Growth (2012 – 2022): 11 percent
The major tasks of top executives are to devise strategies and policies that enable an organization to meet its goals. They are involved in planning, directing, and coordinating the operational activities of companies and organizations. The responsibilities for top executives vary according to the size of an organization. In large organizations, top executives spend most of their time in devising strategies, while in smaller organizations they look after various other functions as well.
*All statistics are taken from the Bureau of Labor Statistics website.