MBA: Things you must know generally
The Master in Business Administration (MBA) degree is internationally
recognised and is seen as a passport to a successful management career. The
MBA is essentially a generalist qualification, designed to widen the horizons
of business professionals. It takes into account all the major functions and
practises of a business, including:
» Production and marketing of goods and services
» Finance procedures
» The economic and legal environment and the social framework
» Accounting, quantative methods and management information systems
» Human resource development at both the personal and collective level
The MBA is the world's most popular postgraduate degree. Around
90,000 MBAs graduate in the US each year. The UK, with over 10,000 graduates
annually, produces the highest number of MBAs outside North America.
History of the MBA
The first MBA programme was established in the USA in the early 1900s
and was introduced into Europe in the 1960s with the founding of IESE in Spain.
London Business School and Manchester Business School followed shortly after.
Thousands of universities and colleges around the world offer the MBA today.
Increased globalisation and changing lifestyles, has led to schools offering
more flexible ways of learning either via distance learning or part-time study.
With so many programmes to choose from, there is a huge diversity in quality.
Helping you to make an informed choice is one of our key roles here at the Association.
Is the MBA right for me?
MBA students may have technical degrees, liberal arts or traditional professional
qualifications. They may be looking to acquire the relevant skills for a move
into a management role . Some want to broaden their international business understanding,
others are seeking a change of career.
In order to determine if an MBA is right for you, you first need to take an
introspective look and answer the following questions:
Can I manage the workload? (Be prepared to put in around
20 h/week in a distance learning course alone - part time and full time options
require an even greater commitment)
Can I make the personal commitment? (Studying for an
MBA is time consuming and will require the full support and understanding
of your family and loved ones)
Is it the right time for me to start an MBA? (Keep
in mind that accredited institutions will require you to have 3 to 5 years
of previous work experience when you start).
Salary and Benefit
Studying for an MBA will mean a large personal and financial investment,
so you need to choose the right programme for you.
The rewards for graduates from leading MBA programmes are good in both the short
and longer term. Findings from the Association's latest Salary and Career Survey
show that salaries for graduates from accredited programmes have risen consistently
over the past decade. Despite the fact that earnings generally increase upon
graduation, career advancement is still one of the main reasons that people
choose to study for an MBA.
AMBA’s most recent survey that:
» the average MBA salary was £66,500
» 70% were either board directors or senior managers
» 1 in 4 expected to run their own business in the future
» MBAs are employed mainly in general management, marketing, corporate
strategy and IT
» Around 25% of graduates are female.
MBA graduates are upwardly mobile. Many graduates remain with
their current employer if they are sponsored; others will soon move on. Greater
confidence in your own abilities leads to higher productivity at work. The MBA
is about long term development and professionalism as opposed to short-term
gain.
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