First and foremost, you should know what an MBA stands for. The full-form of an MBA is a Masters in Business Administration. It is a highly valued degree and it enables students to get skills in business and management. If you want a career in business or want to start your own business, then an MBA degree is extremely useful. Some great benefits of MBA programmes are that it usually leads to a good job and the salaries are higher as well. If you get the degree from a good university, then you can expect as much as double your salary figure.
An MBA is an important degree as it offers a wealth of advantages. You can land a management position, become your own boss or even develop a strong professional network. The management skills you develop here are priceless. Even senior employees can go for an MBA, as it helps you jump the curve and get to an even higher position. An MBA programme also helps in gaining a new perspective on how businesses are handled and how someday you can manage your own business.
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MBA programmes are usually expensive programmes, going well up to thousands of dollars. So, every day when you go to class, make sure that you are getting your money worth. Also, doing the prep work and reading about the topic beforehand is also a good practice. If you are learning about a new topic in the class itself, you are failing already. Do proper preparation before class will help you get more out of your class. Also, when taking notes, you can also take collaborative notes in class. This will help you in uncovering things that you might have missed. You can use GoogleDocs or EverNote which allow real-time access. Another great point is to get to know your classmates. It is a great way to increase your professional network. After graduation, you are likely to run into your classmates again.
To be precise, yes. But of course, you can do your preparation so that it is easier for you. If you find yourself in a top B-school, the feeling of inadequacy is normal. You have probably been employed for six to eight years already, because of which you will have to rediscover yourself as a student. Another difficult part of the MBA programmes is to prioritise. Between your classes, socialising, job search. The much-feared phobia among MBA students — the fear of missing out — will haunt you, and you will feel pressured to attend all the events. But you can’t, obviously, and the sooner you learn to say no to some of them, the better.
Before you even join the programme, you can definitely do business programme preparation. Start reading journals, books on business subjects or topics you are less familiar with.
The cost of the MBA programmes can vary, but the average cost of a two-year MBA programme can exceed $60,000. If you want to do an online degree then the cost of the business school may be lower. You can also apply for scholarships, grants or school-aids. The cost of an online MBA ranges from $7000 to more than $120,000.
You also need to factor in the costs of books, staying, international visas and more. These costs can really add up to a lot over two years.
Germany is an extremely popular choice as it is the largest economy in Europe. Not only are the tuition fees low, but there are many renowned universities here that offer an MBA programme. Other countries include Japan, Singapore, Italy, the United Kingdom, Australia, France and Canada. All these countries are offering invaluable career networks, increased salary after an MBA etc.
Majority of jobs after an MBA programme include product manager, consultant, business manager, finance manager and brand marketing manager. The median salary doubled for people across all industries who earned their MBA degrees and then returned to their fields, according to a recent Wall Street Journal survey of nearly 7,000 recent degree earners.
There are different specialisations in MBA, including finance, strategy, general MBA, entrepreneurship, corporate finance, economics and more. The highest paying jobs include strategy The median early career pay (0-5 years) was $96,000 (figures rounded to the nearest thousand) and mid-career pay (10 or more years) $149,000. Top jobs are management consultant, senior product manager, senior strategy manager, business consultant. MBA’s with general and entrepreneurship came a close second in the MBA pay scale.
All in all, an MBA might mean different things to different people. And finding the right MBA is a hard process, if you ask yourself the right questions then you will find an MBA that will suit you the most.