Master of Business Administration (MBA) is one of the most sought-after degrees worldwide. A master’s degree in business administration signifies more than an advanced level of business knowledge and management skills. Having an MBA degree demonstrates your abilities for strategic planning, critical thinking, problem-solving, and a high level of leadership. Many people in the working world are willing to invest in an MBA for career development and personal growth — and employers are eager to hire people with this credential. Nearly all businesses and organizations need qualified people in management positions to supervise operations and actively participate in the organization’s development.
Earning an MBA degree now only increases your chances of earning a slot in top-ranking firms around the world but also promises career growth and lucrative benefits. If you’re considering enrolling in an MBA school, this article will provide you with everything you need to know about getting an MBA degree.
MBA Degree Program – What You Need to Know
MBA degree program is typically a 36-credit hour course with a wide range of topics from basics of marketing, management, business communication, financial management, accounting, etc., to more advanced courses like strategy design and implementation, strategic marketing and management, cost accounting, business ethics, and laws, and much more depending on your area of specialization. MBA degree program typically takes around 1.5 to 2 years to complete. Students usually take 9-12 credit hours per semester in an on-campus program.
Can I Work While Earning an MBA Degree?
Yes. Many working professionals take MBA programs online or in evening classes. It is convenient for working students to pursue an MBA online, as they are able to accommodate their busy schedules. You can take courses at your preferred time. The flexibility and convenience of online MBA programs make them a preferred choice for professionals worldwide.
The MBA program focuses on developing key managerial skills for leadership, decision-making, management, and analytical roles. It’s almost natural for MBA degree holders to possess strong interpersonal, leadership, and problem-solving skills. The increasing competition in the ever-expanding digital economy has created numerous job opportunities that require implementing strategic organization-wide changes, creating and implementing marketing strategies to create and promote brand identity, and analyzing or making business decisions. As the world shifts to fiercely-competitive e-commerce and social markets, MBA graduates are predicted to remain high in demand. Nearly 92% of companies hired MBA graduates in 2022. You can choose a career path with great growth opportunities by earning an MBA degree.
Many believe that an MBA degree program is about gaining business and managerial knowledge to become a successful businessman or manager. However, this is only a tiny portion of an MBA graduate’s accomplishments.
The graduate must select an area of specialization with many available options. You can earn a managerial position in your specialization area once you graduate. Here are some of the major areas of specialization for MBA students:
Finance: A major in finance means you become a magician of numbers. MBA with a concentration in finance includes advanced accounting and financial management courses and prepares students to make strategic decisions related to investments and project feasibility, estimate product prices and calculate operating costs, estimate the return on investments, create and analyze financial reports, and much more.
Human Resource Management: Human resource management majors equip students with advanced skills in recruiting, training, monitoring performance, preparing employee profiles and roles and responsibilities, employee promotions, and appraisals. MBA graduates specializing in HR become head hunters and talent acquisition managers in reputed recruiting firms.
Marketing: A specialization in marketing offers more than learning product promotion techniques. Before a company introduces a new product, it undergoes a complete market analysis, gathers data, and analyzes product feasibility. This is precisely what MBA graduates with a specialization in marketing do. They create marketing strategies to build brand awareness and promote brand identity, run marketing campaigns to generate more leads, and take them through the sales funnel. Marketing teams are also responsible for retaining old customers and building customer loyalty toward the brand or company.
Information Technology: With nearly 70% of companies shifting towards online platforms and digital transformation, an MBA with a concentration on IT serves many purposes. While you can effectively manage the digital transformation process, MBA graduates with IT majors can analyze a business’s IT requirements and ensure the business information system caters to all business needs.
Cybersecurity: The increased rate of cybercrimes and hacking has forced businesses to invest in cybersecurity to secure their sensitive business information and mitigate risks. This is where an MBA with a cybersecurity concentration can help. These professionals have an in-depth knowledge of cybersecurity, ways to implement it, and how to prevent the organization from internaWhat Can You Do with an MBA Degreel or external data security threats.
Supply Chain Management: The concept of the global economy has brought a revolutionary change in how businesses operate. An MBA graduate focusing on the supply chain can effectively manage a business’s supply chain from raw material acquisition to production, dispersal, consumption, and reverse logistics.
Strategic Management: A specialization in strategic management prepares MBA graduates to make long-term decisions regarding strategic planning, business units, horizontal or vertical expansion, and backup planning.
International Business: MBA graduates specializing in international business can effectively manage businesses that deal with international clients. They can work with multinational companies to help them penetrate global markets.
Operations Management: This specialization is perfect for managers who need to optimize production processes. You’ll learn how to run production as efficiently as possible. Other than that, operations managers sit at the top of all departmental managers and oversee the entire business process management.
Career Path and Future Prospects
As mentioned above, MBA graduates with particular specializations can start from executive manager positions in their areas of specialization and grow their careers as they gain experience. When you advance to managerial positions, you have a wide range of career options for a successful future. Here are some of the top positions you can opt for after gaining experience in your area of specialization:
- Financial Analyst
- Financial Advisor
- Chief Financial Officer
- Accounting Manager
- VP of Finance
- IT Manager
- Business Analyst
- Data Analyst
- VP of Information Technology
- Chief Information Office
- Chief Technology Officer
Human Resource Management
- Talent Acquisition Manager
- HR Manager
- VP Human Resources
- Manager HR Operations
- Director of HR
- Employee Relations Manager
- Director of Marketing
- Strategic Marketing Manager
- Digital Marketing Director
- Manager Public Relations
- Product Marketing Manager
- Market Research Analyst
- Advertising and Promotions Manager
- Chief Marketing Officer
- Security Architect
- Director of Information Security
- Chief Security Officer
- Chief Information Officer
- IT Security Consultant
- Chief Architect – IT
Supply Chain Management
- Supply Chain Manager
- Procurement Manager
- Manager Logistics
- Inventory Planning and Control Specialist
- Production Manager
- Project Manager
Earning an MBA degree offers several advantages. MBA graduates have a thorough understanding of business and financial management. Focusing on a particular area of specialization guarantees professional advancement and opens doors to profitable and high-level positions. With an MBA degree, you obtain a high-profile job in a high-ranking company, but you also have numerous prospects for career growth. This guide will help you choose the type of degree and area of specialization according to your interests and growth prospects.