What is MBA?
Master of Business Administration an internationally-recognized degree was designed to develop the skills required for careers in business and management .Studying an MBA program lets you get along with a great network of professionals and rigorously test yourself with the newest problem-solving skills.
A typical two year MBA program has its focus on all management subjects in the first year and specialization in its second year.
Below are the most common MBA specializations:
- Finance: Finance is the most oldest and popular form of MBA. An MBA in finance prepares students in subjects such as banking, costing, budgeting, management accounting .The concentration in Finance provides its aspirants with strategical and technical management skills. A graduate of MBA in Finance gets involved in investment banking, corporate and international finance, institutional finance, merchant banking, etc.
- General Management/Strategy: The most common form of MBA program is the General Management Program. It focuses on providing with general business administration insight and preparing the student for a managerial position. A traditional MBA program focuses on both internal operations and external relations. One can expect to learn about marketing, finance, IT and operations depending upon the individual program.
- Marketing : A degree in MBA specialized with marketing enhances a candidate skills in the fields of Marketing, PR, Advertising .To excel in marketing, one needs to have excellent communication skills and resource mobilization skills.
- Operations: Operations Management is in charge of designing, managing and tracking various processes. An operations manager learns how to maintain process flows and develop interpersonal and vendor relationship.
- Human Resource Management: To develop a career in HR and/or strategy students opt for MBA in Human Resource. Specialization in HR teaches the candidates the skills needed to bring together and retain a workforce. Right from the initial recruitment to training and development the HR takes care of everything.
- Supply Chain Management: This specialization being a subset of operations focuses on flow of goods and services. Candidates holding a supply chain management degree also look into warehousing, inventory management and transportation.
- Information technology: Specialization in IT educates and develop managers who can efficiently plan, manage, design and administer the ever-growing information and communication technologies.IT graduates typically design and maintain hardware and software solutions for the business.
Why do an MBA?
Everyone has their own perspective of doing an MBA, however the most sort after reasons to do an MBA are:
- Improve your chances and future earnings.
- Build a strong network of contacts (fellow students, alumni, guest speakers) who could help throughout the career path.
- Develop new skills and knowledge addition.
- A comprehensive outlook on the business world.
Which type of MBA should I choose?
MBA programs are spread over a plenty of platforms .Below are some of the MBA programs offered by different universities in different parts of the world:
- Two Year Full time MBA: This program takes place over two academic years. Students enrolled in this program come with a reasonable amount of real work experience. A typical full time requires 60 Credits to be completed. Universities in US like that of Harvard, MIT Sloan run full time 2 years program.
- One Year: In countries like Europe, One year MBA program is more common than the regular two year program. Cass Business School, Warwick Business School Lancaster University Management School in the UK; INSEAD Business School and IE Business School in Spain; Bocconi University in Italy all offer one year MBA program. US schools falling in the category of shorter MBA programs include Cornell University’s Johnson School of Business, Thunderbird School of Global Management, Kellogg, Emory University’s Goizueta School, USC Marshall and Boston University, among others. The one-year program gives an accelerated option for students who have clear career goals career goals and who are in a hurry to grow in the corporate world.
- Part Time: Part-time MBA is designed for leaders who want to push their professional development without putting their careers on hold. It helps working professionals seeking advanced business knowledge needed to progress within their current field or industry. Universities offering part time MBA are NYU Stern, US; NUS Business School, Singapore; London Business School, etc.
- Executive MBA: EMBA just like the Part time MBA helps the experienced professionals seeking advanced business knowledge to climb up their career. EMBA was first introduced by University of Chicago. Difference between the program lies in the candidatures profile. A part time MBA will be taken up by candidate who want to advance further in their current organization would need an agreement form their employees to let them take some time off from work. On the other hand Executive MBA is taken up by high caliber managers who have a global experience. Top universities offering Executive MBA program are University of Pennsylvania: Wharton Executive MBA; Northwestern University: The Kellogg Executive MBA Program; MBA University of Chicago: Chicago Booth Executive; London Business School: London Business School Executive MBA, etc.
Requirements for an MBA Program
The requirements for an MBA program differ from university to university, however the most common criteria for admissions are:
- Undergraduate degree: In US/Canada, a 4years undergraduate degree or an equivalent 3 years is required as a prerequisite for an MBA program admission in most of the universities. On the other hand, UK/Australia/NZ require 3 years of an undergraduate degree.
- Experience: Most of the top universities require candidates to have a prior experience before they enroll them in their programs. The teaching style in an MBA classroom is based on case studies where there are no right and wrongs but just options which is where the candidates can capitalize their real world knowledge and experience for a better understanding of the subject.
- GMAT: The Graduate Management Admission Test (GMAT) is a computer based examination used by the universities to measure skills and compare students on the bases of their test score for admissions.
How to prepare and score well for GMAT:
The GMAT measures the skills built over a period of time, thus taking practice tests and pacing them will help to learn new strategies and complete the test on time without leaving any section incomplete. The GMAT score are valid for 5 years:
Starting early, planning and executing the plan is a smart approach to prepare for the GMAT:
The following steps would help you plan a course towards your best GMAT score:
- Determine when and where you plan to join a business school and their GMAT requirements.
- Register for the GMAT exam and develop a study plan: Familiarizing with the test structure, format and questions would help in timing well for the exam.
- Progress on your skills by taking practice tests.
- Study and practice in an environment which is similar to that off the actual test center.
- Assess your progress and continue preparing for the actual day eliminating weakness and maintaining strength.
- Proof of English Language Ability: TOEFL/IELTS are the examinations required by the non-native English speaking students to be given as a proof of their English language. Format of the TOEFL and IELTS include components of Reading, Listening, Speaking and Writing .Both TOEFL and IELTS scores are valid for 2 months.
Students who are sure on which programs and university they want to go should start preparing to apply six to nine months before the final submission of the application. The standard application includes information such as
- Name, Age, Contact Details
- Educational qualification,
- Choice of Program,
- Intake year,
- Recommendation letters,
- Results of standardized test scores and
Most of the schools and universities have three application deadlines and it takes close to be 2-3 months to get a final answer on the application. In general it is best to apply before the first deadline however, one should apply when the candidate thinks that he is ready.
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