An MBA degree can be seen as a portal to career advancement for many prospective business students and professionals, and rightfully so. Many employers will be more interested in a resume if it contains MBA credentials and will be more inclined to invite MBA graduates on interviews.
However, what exactly is an MBA degree? If you’re interested in obtaining such a degree, read on to find out all you need to know about it.
MBA Degree Statistics
To let you in on straightforward information about MBA degrees, how to navigate the job market, and how future MBA prospects look like, we’ve compiled data to make a comprehensive guide. Here are the results.
What Is an MBA Degree?
An MBA degree, short for Master of Business Administration, is a degree awarded upon the completion of a (usually) two-year program that focuses on tackling the details of broad business topics. It is a program that, more often than not, is pursued by professionals working in the business field who want to climb up the corporate ladder, among other reasons.
Such degree programs help professionals and undergraduates alike build skills that will prove beneficial to them in the business and management environment. It is known for its flexibility, which allows graduates to work in various industries connected to the business field.
Requirements for entering an MBA degree program will vary from university to university. However, most of the time, you will need:
- Official Bachelor’s transcript in English
- Photocopy of government-issued ID (a passport for international students)
- Two letters of recommendation
- Letter of Intent
For international students, these are some additional requirements:
- Bank statement showing proof of adequate financial resources
- Sponsorship letter (if the bank statement is not in the applicant’s name)
- If the applicant has any dependents, passport copies and additional materials as necessary.
- Proof of English language proficiency
MBA degree cost
Similar to requirements, when it comes to MBA degree costs, it’s not a one-size-fits-all situation. Every university will have its own tuition fees. The average cost of a traditional two-year MBA program is around $60,000.
However, at BAU, yearly tuition fees for an MBA program amount to $13,500.
MBA degree duration
Like most master’s programs, a full-time MBA degree program usually takes two years to complete. However, that isn’t the only option. Many part-time programs can take three to four years to complete and accelerated part-time programs can be completed in two years.
MBA Degree Specializations
An MBA degree offers numerous opportunities for those interested in acquiring one. Although at base, every MBA degree offers a broader understanding of business operations, there are specializations that students and professionals can enroll in if they wish to focus their degree in a particular field.
Some of the MBA degree specializations include:
- General Management
- Global Affairs
- Finance Leadership
- Operations Management
- IT or Technology Management
MBA Degree Jobs & Salaries
After completing an MBA degree program, you will be able to work in all kinds of companies, from family-owned businesses to Fortune 500. There are various positions you will be able to fill across all industries, including entry-level positions and up to C-Suite.
Some of the positions you will be eligible to apply for include:
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- Chief Executive Officer
- Chief Operations Officer
- Chief Financial Officer
- Chief Marketing Officer
- Chief Technology Officer
- Chief Information Officer
- Accounting Manager
- Finance Manager
- Financial Analyst.
- Budget Analyst
- Data Analyst
- Investment Banker
- Investment Fund Manager
- Marketing Manager
- Market Research Analyst
- Human Resources Manager
With these positions, the salaries are almost always above average. Even with entry-level MBA positions, you can make well above $70,000 a year. Meanwhile, the highest average salary or MBA graduate (overall, including bonuses) is around $100,000.
Obtaining an MBA degree requires patience, determination, and hard work. It’s safe to say that it’s the final step in business education; so, before deciding to embark on such a journey it’s important to know all the factors. If you’re interested in furthering your business knowledge and broadening your career prospects, you can always start by enrolling in BAU’s Master of Business Administration program, with specializations in Entrepreneurship, Global Affairs, and Economics & Finance.