Master’s in Business Administration

The Master of Business Administration (MBA) is a graduate degree in business.  Graduate schools of business, generally affiliated with universities, confer the MBA.

Business schools teach topics such as accounting, management, human resource development, finance, economics, government, organizational behavior, and business strategy. Students with degrees and experience in a wide variety of fields pursue MBAs.

The MBA is widely recognized as a valuable graduate degree. Job prospects expand exponentially. The variety of positions open to MBA graduates is outstanding. Jobs range from owning and operating a small business to heading a huge multi-national organization. An MBA means higher pay. According to Business Week, the average pay increase with an MBA for someone already working in business ranges from 10% to 82%. Students can expect to recover their tuition expenses within five years.

Schooling

Two-year MBA programs are the norm. Accelerated programs allow students to earn their MBAs in twelve to eighteen months by increasing course loads and decreasing vacation time. Part-time MBA programs appeal to people who are both working and going to school. Through nighttime and evening classes, working students can earn their MBA in two, three, or more years. 

Executive MBA programs allow people who have significant business experience to earn an MBA in two years while working full time. An MBA in nonprofit management focuses on the operation of nonprofit organizations.

Distance learning MBA programs include correspondence courses, live teleconferencing, broadcast video, and/or online computer courses. Many colleges and universities offer distance learning options in addition to classroom education, while other schools specialize in distance learning. Students should check the accreditation of distance learning programs before enrolling.

Dual MBA programs offer students the opportunity to earn the MBA degree in conjunction with a bachelor’s degree or another master’s degree. This arrangement can save the student time and money.

Jobs and Wages

People with MBAs pursue a wide variety of jobs. The following table shows the median salaries for seven positions typically held by MBAs.

The starting salary for graduates of MBA programs in 2006 was about $70,000 with less than three years business experience and over $90,000 with over six years experience.

Median Salary by Job with MBA (United States, February 2009)

Per Payscale.com

Graduate school in business provides a foundation for interesting work in a huge variety of settings. The MBA can be the ticket to an exciting and rewarding career.