Masters of Business Administration , or MBA, are a type of master’s degree focused on business administration. These postgraduate studies aim to transmit the knowledge necessary to be able to manage a company. If that were all, today’s article would fit on a sugar cube wrapper.
Fortunately, MBAs go far beyond that, as they are not just any old master’s degree, but rather a highly effective way to expand your professional horizons, make contacts that will stay with you throughout your career, and even increase your salary expectations.
Today we will tell you in detail what a Master in Business Administration is, the objectives that one can set when studying this type of master’s degree, its average duration, the professional opportunities it offers, the access criteria for this postgraduate degree or which are the best MBAs to give a boost to your professional career.
The origins of the Master in Business Administration
The origins of the Master of Business Administration date back to the beginning of the last century. With the Industrial Revolution, companies began to demand skills more closely related to business management.
The Tuck School of Business, a center dependent on Dartmouth University, was the first school in the United States and in the entire world to teach this type of studies that would end up landing in Europe after passing through the United Kingdom.
Among the many reasons that explain the success of this type of training is its learning by doing teaching method, since students are often confronted with specific situations in order to propose solutions and discuss them with their peers, which allows a link to be established between theory and practice.
What is an MBA for?
If you are wondering why you should study an MBA, it is very likely that the countless advantages it offers will end up convincing you.
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Those who study a Master in Business Administration will be qualified to work professionally in the various areas that make up a company: sales, accounting, statistics, marketing and finance, logistics and human resources.
In addition to the countless educational benefits that MBAs offer, the improvements in both salary and employment prospects that this type of master’s degree offers make it an unbeatable option for anyone who wants to improve their professional and salary prospects. According to various studies, the salary increase for MBA students ranges from 12 to 90%.
This marked difference in salary increases is mainly due to factors such as the center where the master’s degree was taken and the country in which the job is sought.
Types of MBA
As this type of training is aimed at people who have already obtained a university degree, its characteristics such as duration or format are adapted to the different needs of the students. Below, we offer you a list of the main types of MBA available:
- International MBA: This type of master’s degree is designed to facilitate student mobility to obtain jobs abroad. As the theoretical training and practical training are usually carried out in different countries, the selection criteria for this MBA are more demanding as it is usually taught in English.
- EMBA or Executive MBA: designed for executives who want to broaden their business education while still working. EMBA classes are therefore tailored to work schedules and usually take place on weekends. They last an average of 2 years and offer an in-depth perspective on the fields of finance, accounting and marketing from a point of view particularly focused on company management.
- Part-time and full-time MBAs: While full-time MBAs require full dedication, as they last one year and are in-person, part -time MBAs allow you to combine your studies with work and have an average duration of two years.
- Specialist MBA: those who opt for this type of master’s degree must specialize in particularly in-demand areas such as:
- International Management: Ideal for students who intend or aspire to work abroad or in multinational companies after graduation. You will gain essential skills in finance, strategy and operations in an international context and be able to prepare yourself to do business with people and organisations from all over the world.
- Entrepreneurship : If you are looking to start a business, this MBA offers you the experience necessary for business management and development, as well as the tools to present ideas and obtain financing for your project.
- IT Management or Information Technology : This specialization places MBA graduates at the forefront of UX, design, and information technology flow. If you want to manage how data moves within companies, between companies, and around the world, this specialization is tailor-made for you.
- Management Consulting: This is one of the most in-demand skills in the business world. This MBA will train business students to enter a lucrative industry after graduation, helping clients run their businesses more successfully.
- Marketing: If advertising and marketing are your thing, you should consider taking this MBA. You will learn how to promote products and services, design and execute marketing campaigns, and communicate with customers – skills that can be applied to marketing and sales roles in B2C and B2B companies.
- Online MBA: This type of master’s degree is ideal for those who, due to travel and scheduling issues, cannot attend classes in person.
Admission criteria
Each university or business school has its own selection criteria. In addition to having completed a bachelor’s or master’s degree, you may have to pass an entrance exam such as the Graduate Management Admission Test (or GMAT), or even need to submit a letter of recommendation.
In addition to these requirements, most MBA programs usually require students to have a good academic record, to be able to prove certain professional experience in managerial positions and, in many cases, to present an English certificate, since many of the subjects offered in this type of master’s degree are usually taught in that language.
The best MBAs in the world
The Financial Times publishes an annual ranking of the best Masters of Business Administration in the world.
To compile this list, factors such as the quality-price ratio of each MBA, the average salary of graduates, the ease of finding a job for alumni, international mobility, the diversity of origin of both teachers and students, and the international scope of the master’s degree are taken into account.
Below is the most recent list of the most prestigious MBAs according to the Financial Times :
- Insead (France / Singapore)
- London Business School (United Kingdom)
- University of Chicago: Booth (USA)
- IESE Business School (Spain)
- Yale School of Management (USA)
- Northwestern University: Kellogg (USA)
- Ceibs (China)
- HEC Paris (France)
- Duke University: Fuqua (USA)
- Dartmouth College: Tuck (USA)