What Is an MBA Degree?
Find out more about this graduate-level business degree, how to obtain one, and the opportunities it offers.
What does “MBA” stand for?
A master's degree in business administration, also known as an MBA, focuses on leadership and management abilities at the graduate level. By earning this degree, you can equip yourself with the knowledge and skills necessary to advance quickly in your career, move into new fields, or even start your own business.
It is the most prevalent graduate degree and also one of the most adaptable.
Types of MBA programs
There is no one-size-fits-all MBA program. The best program for you will depend on your lifestyle, career goals, and employment situation. Some common types of MBA degrees are as follows:
MBA full-time: Like an undergraduate degree, traditional two-year programs typically require a full course load. Students who don't have to work full-time and can comfortably pay for their education without a regular paycheck are the best candidates for these programs.
Parttime MBA: Students who wish to pursue a degree over several years while working or raising a family can take advantage of the flexibility and improved work-life balance offered by part-time MBA programs, which are sometimes referred to as professional MBAs. Students who already have a job can continue to acquire useful work experience and learn job skills that they can immediately use. Employees who pursue a graduate degree while working may receive tuition reimbursement or assistance from their employers.
MBA Executive: Executive MBA programs, also known as EMBAs, are two-year programs designed for executives and leaders with a lot of experience in management. The majority of students in these programs are employed professionals, so classes are typically held on weekends and evenings. As opposed to a typical program, anticipate a learning environment with a faster pace and less immersion. You can frequently build on your work experience with the skills you acquire from an EMBA to maximize your impact in your organization.
MBA abroad: Worldwide MBAs (some of the time called global MBAs) are like customary two-year MBAs however with an emphasis on global business standards and procedures. The majority of students come from other nations. Students who want to work for multinational corporations may find this to be an appealing option. A study abroad component may be included or required by some global MBA programs.
Do I need an MBA degree?
Although there are numerous compelling reasons to earn an MBA, not all individuals or professional fields require one. Check out current job postings on sites like LinkedIn or Indeed to see what hiring managers in your desired field are looking for.
If you want to move into a different field, you might find cheaper and faster ways to learn the skills you need. Think about whether alternatives like one-on-one classes, certificates for professionals, or bootcamps might be a better fit. Before committing to the full MBA, you can try out a course (sometimes for academic credit) in some online MBA programs if you're unsure.
Earning your MBA: Online vs. on campus
You may be able to complete your coursework on a college campus, online, or a combination of the two, depending on the type of degree you choose. There are distinct advantages to each approach. It all comes down to how well an MBA program fits into your lifestyle.
Online MBA
The iMBA from the University of Illinois at Urbana-Champaign is one example of an accredited online program that provides students with access to the same professors and learning resources as on-campus programs, with the added benefit of a more adaptable schedule. You don't have to quit your job or move to attend a highly rated business school—you can learn from virtually anywhere on a desktop or mobile device.
Sometimes, these programs are less expensive than those offered on campus. You will be able to learn at your own pace, so you can work full-time and earn a regular salary.
"In the event that an understudy is agreeable in joining and being completely taken part in a web based setting, then a web-based degree will furnish them with additional potential chances to lay out associations," says Fataneh Taghaboni-Dutta, Clinical Teacher of Business Organization at the College of Illinois. " I say more in light of the fact that as far as time expected to 'talk' or 'meet' others in a web-based climate, it's less burdening than doing likewise for in-person settings."
On-campus MBAs
If you choose to pursue an on-campus MBA, you’ll typically attend classes in person on a fixed schedule. These traditional MBA programs often attract candidates who want to take advantage of the facilities, extracurricular activities, and overall community of a university campus.
Networking often takes place face to face, both with professors and other students. But you may have to consider relocating, particularly if you have your eye on a specific school or specialization.
MBA coursework and concentrations
As you pursue an MBA, you can learn a wide variety of business fundamentals, including economics, marketing, finance, strategy, organizational behavior, and accounting. Outside the core curriculum, you can typically customize your experience through concentrations or specializations, elective classes, and internships with actual companies. This can help you to develop some of the leadership skills necessary to run a business—and these skills transfer to many career paths.
While curriculums vary from school to school, here’s a look at some classes you might see in an MBA curriculum:
Is an MBA worth it?
Pursuing an MBA can be a significant financial commitment. It’s important to define your goals when deciding whether the investment is right for you. Through an MBA program, you’ll have the opportunity to expand your professional network, elevate your career prospects, and increase your earning potential.
Weighing the cost against the return, most MBA graduates agree that earning their MBA was worth it. In a 2022 survey from GMAC, over 85 percent of MBA graduates reported a positive return on investment from their graduate education. A majority found their business school education to be professionally, personally, and financially rewarding (84, 72, and 68 percent, respectively) [2].
“The training you receive in an MBA Program prepares you to deal with ambiguity and provides a buffer against uncertainty,” says Hayden Noel, Assistant Clinical Professor at the University of Illinois. “You would be better equipped to take advantage of changing opportunities post-COVID. You will also become more effective as a leader and better understand the different functions of your organization. This leads to more positive outcomes in your current job.”
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