Scope and Types of MBA
Prologue of an MBA Degree
Business is a field that we have all thought about entering into at some point in our lives. Whether you may be a freshman or an experienced campaigner, a foray into the high-risk, high reward world that controls, regulates and generates the majority of any working economy may be an opportunity too good to pass up on.
Now the question becomes, how do you take your first steps into this wide world, and the answer, of course, lies in the most sought after and rewarding graduate management degree – MBA.
Masters in Business Administration
MBA stands for Masters in Business Administration, and it is one of the premier master’s degrees that a graduate can go for if a business career is their aspiration. It happens to be an umbrella degree that teaches and gives you experience in business management, networking, trends and holistic business knowledge.
As a post-graduate program, it is generalist, meaning people from across all disciplines can attempt to get in on and succeed in the program. The program’s knowledge and experience in marketing and finance are only secondary, with sustained emphasis on vital soft skills, leadership qualities, and an eye to spot trends in and understand the market. Prioritizing these soft skills elevate the degree from a generic masters program that focuses on an information dump to a course that pushes boundaries to mould and build future entrepreneurs.
Scope of Masters in Business Administration
To understand the scope of a Masters in Business Administration, one only needs to look at the resumes of executives and CEOs of the Fortune 500 companies on the top end of the financial spectrum. All the major players have had an affinity towards hiring and continuing with MBA graduates. Looking at their revenues, we can see that they have immensely benefitted from experts in their ranks. At the very pinnacle of the business world now, enigmatic CEOs like Sundar Pichai, Tim Cook, and Sheryl Sandberg, among many others, have MBAs. This speaks for the quality and universality of the program.
It is far more than three words on a sheet of paper, and as we discussed earlier, its scope goes far beyond learning marketing techniques or attempting to balance your books. It is a program designed by and for leaders in any industry, teaching them practical skills, providing career advice, and making and managing a professional network while learning how to manage and grow a valuable, functional business.
It is natural for you to be curious about the types of Masters in Business Administration programs, so let us look at the different options. Bear in mind that these options may vary significantly around various parts of the globe, as an MBA is an international degree designed to accommodate different needs.
MBA programs are available in a whole gamut of options; let us take a look at few options, their duration and formats:
Full Time MBA
This program is the most immersive and compelling full time, on-campus experience for the degree. The two-year program offered by colleges in the US best suits graduates and aspirants mid-career. Because of that, it is the most popular; it is provided predominantly by the M7 business schools.
However, in Europe and Asia, the full-time course offers an accelerated one year plan that prioritizes workplace education. INSEAD offers a 10-month program while the prestigious London Business School provides a rather flexible course and curriculum, with exit points after 15, 18 or 21 months into the program.
In a part-time program, you can combine a job and your course, which can help you earn a decent salary and look for opportunities while also being a part of a rewarding program.
With the freedom of a part-time course, you can actively look for other potential windows of opportunity like jobs post MBA while already having a coveted MBA degree locked down.
These courses are very flexible and usually take place in the evenings or weekends within a class or very efficient modular methods.
This program exclusively targets executive-level professionals who possess years of work experience in any sector. It is tailored specifically for a trained mind, especially in the spheres of business. Executive MBA focuses on bringing these professionals together to upskill, network and share their knowledge and collective experience.
This is an offshoot of the part-time course, but doing it online makes it very flexible and easy to scale according to your needs. There is an increasing number of online programs that are 100 per cent online, thus increasing their intake. With an online course, the student is given complete control over the course as they can pick modules and study as they see fit.
Jobs you are eligible for by possessing an MBA are testament to the program’s universality and viability. Some high-end jobs include:
- Investment banker
- Financial Manager
- HR Manager
- Management Analyst
- Marketing Manager
- Operations Analyst.
This kind of versatility in the job market is another positive of MBA, as it well and truly paves a way to the upper echelon of management.