Master of Business Administration (MBA): What It Is and How It Can Advance Your Career
The Master of Business Administration (MBA) is a graduate degree program intended for individuals who wish to enhance their ability to manage in a variety of organizations. The degree is intended to assist individuals in managing others across a variety of organizations and in achieving their career goals. There are many MBA programs available throughout the world. The MBA program at National Louis University is offered through the Graduate School of Business and Leadership.
What Is an MBA?
Typically, most MBA programs comprise an applied curriculum and cover the following core courses: finance, strategy, marketing, operations, and organizational behavior. Some MBA programs even add a special twist or focus to the core required courses. For example, an MBA program could be focused on entrepreneurship or even health services administration. There are many concentrations and MBA programs available today.
In addition to leadership, the National Louis University MBA program develops the students’ creativity.
Why Pursue an MBA?
Most working professionals want to earn their MBA in order to: (1) move into a management-track position at their current company; (2) switch industries and need to obtain business acumen prior to the transition; (3) increase their knowledge in finance in order to develop enough knowledge and skills to start their own business; and/or (4) gain and obtain a graduate degree of Business in order to formalize many years of on-the-job experience.
Another important factor to consider is the length of time it will take to complete the program and whether or not it can be completed while still working full-time. Most programs do not require the GMAT or GRE for admission and instead focus on a student’s academic record and work experience. Many programs do not require prior business education and focus on teaching students the fundamental concepts of business in the program’s core curriculum. Some programs are even 100% online or have hybrid classes that meet on weekends. Programs can also be specialized to meet a student’s specific needs.
Another very important factor in choosing an MBA program is the cost and return on investment for students. There are significant differences in cost across the many types of MBA programs. The cost for a few different types of MBA programs is a few thousand dollars for some public and accelerated programs. However, some of the top-ranked MBA programs can cost well over $150,000 for the full-time programs. Many MBA programs are looking for students with a certain amount of pre-MBA work experience and with a certain pre-MBA salary. Many employers also offer tuition assistance to their employees. Therefore, many prospective students research a school’s average post-graduation salary and the school’s employment rate. Many prospective students also research other qualitative factors that can enhance a student’s overall MBA experience, such as faculty accessibility and the school’s strong alumni network.
Key Questions About the MBA
How long does an MBA take to complete?
The duration of an MBA program typically varies, but most Full-Time Two-Year Programs last for two years. However, the needs of Working Professionals have led to the design of several Alternative Programs. National Louis University’s MBA program, for instance, is designed to be completed in as little as 12 months of full-time study for $12,000, with the option to extend the completion period if necessary to accommodate the work obligations of students in full-time employment.
Do I need a GMAT or GRE score to apply?
Whether to require the GMAT or GRE for admission to graduate business programs has become a much less stringent criterion in recent years, with many programs that require the test also considering candidates who do not take it. For example, the MBA at National Louis University does not require the GMAT or GRE for admission. Rather, applicants must hold a bachelor’s degree and submit a completed application (including transcripts, resume, etc.).
Do I need a business background to apply?
MBA programs have very flexible entry requirements. Because the core of an MBA program consists of foundational and advanced business courses, most programs require no prior business knowledge. Core courses in accounting, finance, and management provide students with a solid foundation for more advanced courses in strategic management.
Can an MBA be completed online?
Some of the best MBA programs can now be completed entirely online. In other cases, there are a variety of hybrid options. National Louis University’s Graduate School of Business and Leadership offers flexible delivery options for MBA students. However, please note that scheduling will vary by term. It is best to check with the specific school to determine the current delivery options for applicants.
Can an MBA be specialized?
Yes. MBA programs can be specialized. Some programs are designed to focus on specific functions or industries, or even to specialize in sectors such as health services. Some institutions even offer complementary degrees, for example, a Master’s in Business Analytics to go alongside an MBA.
What the Curriculum Typically Covers
Many programs, particularly those within the graduate school of business and leadership, follow a set of core competencies, supplemented by a variety of electives and concentrations. For example, a typical MBA program will include a variety of Financial, Managerial, and Accounting classes to teach students how to read and utilize financial statements to make informed business decisions. Also typical are classes in Marketing, Finance and Management to equip students with the strategic and analytical tools required to succeed in today’s competitive environment.
- Financial and managerial accounting, including how to read and use financial statements
- Corporate finance - Budgeting, investment analysis, and capital planning for corporations.
- Marketing management, from market research to brand strategy
- Organizational behavior and human resource management
- Operations and project management
- Business Strategy and Competitive Analysis, Capstone Integrative Project for Strategy Management.
- Ethics and, in a growing number of programs, equity and inclusive leadership
Working professional students can apply what they are learning about business to their current jobs, which helps explain why some accelerated one-year MBA programs include the same amount of core content as a two-year MBA program.
Accreditation and Program Quality
Another factor that MBA students should take into account is the accreditation of business schools. Business programs in the U.S. are typically accredited by a specific business accrediting body, or even by several of them. There are three main accrediting bodies for business schools in the U.S. The first is the Association to Advance Collegiate Schools of Business (AACSB), which is a leading accreditor of business schools worldwide. The second is the Accreditation Council for Business Schools and Programs (ACBSP), which offers similar accreditation for business programs worldwide. Finally, there is the International Accreditation Council for Business Education (IACBE), another accrediting body focused on business programs at colleges and universities worldwide.
Full-Time, Part-Time, and Executive Formats
MBA Programs can be offered in Full-time, Part-time, Executive, and even Accelerated formats. This enables the program to meet the needs of different students. The Full-time on-campus programs are typically aimed at younger professionals who are looking to focus on their studies for 1 to 2 years. The Part-time or evening programs are designed for working professionals who can only attend classes in the evenings, typically taking one or two classes per term over the course of 3 to 4 years. The Executive MBA (EMBA) programs are designed for senior professionals with extensive work experience who are looking to further their studies in a short period of time. The programs typically meet on weekends and are delivered in intensive residencies. A growing number of business schools are now also offering accelerated MBA programs that are delivered on a full-time basis, but over a shorter period of time than the typical 2-year full-time on-campus program, in order to provide students with the best of both worlds, i.e. the ability to apply the knowledge they acquire in the program to their current job as soon as possible, while at the same time being able to complete the program in a shorter period of time than would be the case with the typical full-time on-campus program.
Career Outcomes
MBA graduates can expect to find work in almost any industry because the skills that they learn (financial analysis, strategic planning, people management, etc.) are very transferable. The U.S. Bureau of Labor Statistics forecasts that employment in management occupations overall will increase by about as much as the average for all occupations through the decade ending in 2029. Management occupations are typically very high-paying jobs. The BLS Occupational Outlook Handbook, in the Management Occupations section, reports on occupations in this general category and lists current wage data.
Occupational Outlook Handbook, Management Occupations.
These are common roles that MBA graduates work in. Of course, there are many, many other roles, but these are the most common. Also, people who complete MBA programs focused on inclusive leadership and organizational culture are prepared to manage talent and lead change within organizations. Right now, many organizations are building out functions that include these types of work.
For those who are currently employed, an MBA can be used to get promoted within their organization, as many organizations require an MBA for positions at the Director level or above. For those looking to make a career change, an MBA provides the means to develop the skills needed to enter a particular field of work. For this reason, many MBA holders end up working in a variety of industries, including healthcare administration, non-profit work, technology, manufacturing, retail, and government, in addition to traditional corporate roles.
Some of the most common career paths for MBA holders include operations manager, marketing manager, financial analyst/manager, human resources manager, project manager, management consultant, and business development manager. Other graduates have used their MBA as a springboard for launching their own businesses. They have applied their knowledge of finance, strategy, and marketing to grow a successful business.
The MBA at National Louis University
The MBA at National Louis University. This program is delivered through NLU’s Graduate School of Business and Leadership. The MBA program integrates studies of diversity, equity, and inclusion and creativity into its core curriculum, rather than offering them as a series of separate electives. Business students also have the opportunity to work with business mentors, hear from guest speakers, and participate in a variety of business partner programs that help build connections with a range of organizations. The program does not require students to submit GMAT or GRE scores as part of their application for admission. In terms of scheduling, students in this program have the option of studying in a variety of formats. For example, evening, hybrid, and online courses are available to students who are trying to balance their studies with their work. The program costs as little as $12,000 in total and can be completed in as little as 12 months of study.
