Business education offers a unique combination for students as it can be used in virtually any industry and even in starting up one’s own business. Obtaining a business degree may prepare you for a variety of challenging careers, by opening up opportunities for advancement in your chosen career and offering jobs that pay well with benefits.
You may elect to pursue general business studies or specialize in one of its sub-fields like finance, accounting, human resource management, marketing and supply chain management. The multi-billion dollar business industry is one of the largest employers around the world, and offers endless exciting opportunities.
What is the Master of Business Degree?
The Master of Business or MBA degree is an advanced 2-year graduate degree offered in a variety of specializations such as economics, resource management, organizational development and strategic planning. The degree is designed to help students develop managerial and administrative abilities, and to lead a team in order to most efficiently achieve an organization’s targets while keeping in mind financial and operational limitations.
- Online application
- An undergraduate degree in any discipline from an accredited institute
- GMAT/GRE scores
- Minimum cumulative GPA
- Personal Essay
- Professional recommendations
Curriculum and Graduation Requirements
- Completion of 60 credits
- Successful completion of all core and elective courses
- Maintenance of a minimum cumulative GPA throughout the entire course of study
- Summer internship
Some of the Courses included in this degree are as follows. It is important to note that courses mentioned below may vary with different programs.
- Operations Management
- Leadership in Organizations
- The Global Economy
- Foundations of Finance
- Firms & Markets
- Statistics & Data Analysis
- Financial Accounting & Reporting
- Supply Chain Management and Global Sourcing
- Social Innovation and Impact
- Real Estate
- Quantitative Finance
- Product Management
- Luxury Marketing
- Leadership and Change Management
- Financial Systems and Analytics
Online Masters in Business
More and more universities are offering graduate programs in business studies online. These programs are primarily for those mid-level business executives who would like to assume advanced leadership positions in their organizations. Prior work experience may therefore be necessary for admission; however there are many exceptions to the rule.
Another attractive feature of an online MBA is its duration. While full-time students are bound to complete their graduate requirements within 2 years, online students may get an extended time period to complete the same. This works in favor of those who have a 9-5 work schedule with family and other social responsibilities.
Admission in an online MBA program may also be relatively easier as compared to a traditional MBA program. Many online programs do not require GMAT/GRE scores and/or work experience. However known business schools (read top-ranked schools) may follow the same criteria for both their online and traditional admissions.
Other than the abovementioned distinctive features of an online MBA program, the rest of the curriculum, courses, etc. may be the same as in a traditional MBA program. Since most graduates may already be employed, therefore their employability does not become an issue.
If you are pursuing MBA studies for the sake of career change and you have enrolled yourself in an accredited online MBA program then your employability may not be an issue. An increasing number of employers are now hiring online MBA graduates as well.
What are the Future Prospects?
Sky is the limit for MBA graduates or at least that was the picture sketched for them before the economic crisis. However, lately business school campuses are once again abuzz with potential employers’ presence and hiring activities. A number of business schools are reporting unprecedented placement records in their history. While graduate employment in the financial services may have been the most affected, MBA graduates are increasingly being hired in the following sectors: Your future employer may be in
- Luxury retail
- Product Management
- Corporate Finance
- Digital Media
Positions that You May Qualify to Apply For
- Top Executives – They make policies and strategies to ensure that their organization meets its business goals and interests. They are responsible for planning, directing, and coordinating operational activities. The Bureau of Labor Statistics (BLS) reported chief executives earning a median salary of $168,140 in 2012. Their job numbers are expected to grow at the rate of 5% faster than the average growth for all other occupations from 2012 to 2022.
- Management Analysts – They are also called management consultants. They propose ways to improve their company’s performance. They advise managers on how to reduce costs and increase revenues to make their organization more profitable. The BLS reported that these professionals earned a median yearly salary of $78,600 in 2012. Their job numbers are expected to grow at the rate of 19% faster than the average growth for all other occupations from 2012 to 2022.
- Training and Development Managers – They plan, direct and coordinate programs to further increase skills and knowledge of their organization’s employees. They may also oversee and manage a staff of development and training specialists. The BLS reported them earning a median yearly salary of $95,400 in 2012. Their job numbers are expected to grow at the rate of 11% which is faster than the average growth for all other occupations from 2012 to 2022.