What is an MBA?
MBA or Master of Business Administration is the professional qualification degree in the sphere of management opening many opportunities of career development before graduates. Top managers, middle managers, specialists of a personnel allowance, and owners of small and medium business, future entrepreneurs, gain the diploma of MBA most often. They already have an experience of business and intention to pass to a new step of management of money, time and personnel resources.
What does MBA stand for?
- Firstly, the MBA program gives high-quality knowledge and unique practical skills. You receive deeper understanding of functioning of laws of business, and in the course of analysis of business cases, you gain experience and ability to solve complex managerial challenges, to think globally and effectively. All this changes your perception and vision of business. The practical component – one of main in the training programs MBA, and is the reason for which it never happens boringly on occupations.
- Secondly, receipt of degree of MBA lays the serious foundation that can bring good MBA salary in the future. The investment into the education pays off as your cost in the market increases, and business becomes more profitable. It will give the knowledge to young specialists of MBA, which will be useful in work in subsequent, will create image of the person aimed at career and will help to purchase useful contacts in a business environment. The training in the MBA program will help to structure the available information, to bring practical experience into accord with theoretical base, to increase the usefulness for business for experienced managers.
- Thirdly, MBA is the status, elite degree in business; it is recognition of professional community. MBA degree – international and, therefore, opens doors in the leading multinational corporations. In some companies, it is impossible to receive a high position, without having MBA degree.
How to choose the MBA program?
There are various formats of the MBA programs. Single classification, as well as the general international standard MBA, does not exist. However, all programs that are available today can be divided into several types, expected pupils with the different purposes, level of knowledge and experience. So, a standard rate of General Management is the program for “beginners”. Moreover, the executive MBA is expected experienced upper managers.
- Full Time MBA is the internal program, implying that in the next year or two you will devote the most part of time only to study. At the heart of the program – 10-12 obligatory disciplines and 12 or more open classrooms, that can be chosen on the discretion after development of a basic course. As well as in other MBA programs, the emphasis is placed here on practical development of knowledge and important skills (for example, conducting business negotiations, the organization of the presentations and other). All students get experience in actual practice, an opportunity to apply the gained knowledge and skills in firms and the companies, and take place training there.
The program provides biennial training in the USA, in Europe – 1 year plus training (on average from 4 to 6 months). Each of these formats has the pluses and minuses. Therefore, for example, not all people have an opportunity to be prevented from working for two years and at the same time to pay for training and accommodation. However, listeners of the biennial program have more time for more deeply study a subject, to choose accurately the direction of the future career and to master practical skills. The training is calculated for one year, more saturated and intensive.
Duration: from 10 to 24 months.
- Part Time MBA – are the part-time courses within which you can combine study and work. Such format (on the job) is considered the most demanded, and most of all it suits young specialists who want to climb career ladder within a short period of time.
There are several options of this format. For example, the modular system, which is suitable for inhabitants from other cities and regions more, is possible: training in the module can take 2 days off; at the same time, you always have opportunity to keep in contact with teachers. In general, Part Time MBA assumes flexible hours that help not to drop out of working process for one or two years and to continue to develop as the professional.
Duration: from 18 to 36 months.
- Executive MBA (EMBA) is a program of already higher level which only upper managers, top managers of the companies and owners of business can choose. It is expected the top officials of the company or specialists, aiming to become the main people in their companies. Therefore, also selection on training in such program is tougher, one of stages of which is interview. In fact, the list of the objects EMBA can be analogous to the list of subjects of other programs: economy, management, and marketing. In addition, the set of specific examples understands the business challenges within cases are solved. However, the material feed and the purposes are a little other here: to think of disclosure of creative potential and development of a capability strategically.
Duration: 12-24 months
- One more extremely demanded format of receipt of MBA is the intensive short-term program, allowing gaining knowledge in the sphere of business management in a short time (from a week to several months). Often such rates are developed for a specific industry, but there are also general programs. Within the intensive short-term program, only the main disciplines accustom and the most topical issues of business management are resolved.
Besides, receipt of degree of MBA online, the so-called Distance Learning format is possible.
The largest business schools of the world who offer the best MBA programs
The first business schools representing the MBA programs have appeared at the end of the 19th century in the USA. Most often, they were created, based on the known universities. Today MBA school successfully works around the world.
It is necessary to distinguish from the international business schools: Harvard Business School, Stanford MBA University School, the French business school Insead, London Business School (LBS), University of Chicago Booth School of Business, a Spanish Business School in Madrid – IE Business School, Business School in Philadelphia Wharton and Kellogg.