Getting your masters degree in business can be a major tool to advancing your career interests. Businesses are always looking for individuals with specific training in areas such as marketing, finance, accounting or human resources. Thus, there is no doubt that there is a demand for business students. Further, businesses are usually willing to spend top dollar to bring in this top quality talent. US News reported in 2018 that recent MBA grads could expect to make an average of $102,495 in salary and bonus- making it one of the most rewarding graduate degrees available.
What is Business School?
A Masters of Business Administration (MBA) is a graduate level degree which allows students to gain and develop knowledge in all areas related to business. It also provides them the opportunity to specialize in functions such as accounting or human resource management.
What Do You Learn In Business School?
Business school helps bridge the gap between academic theories and science and practical business applications. Some tend to believe that business school is unnecessary and all that it takes to succeed in this field is to be a good ‘people person.’ While it is important to not downplay the importance of good people skills, business school helps develop leaders who are skilled in making sound, calculated, timely decisions.
During your first year of school, you will likely take generalized classes which cover a wide range of topics. Classes include: finance, organizational behavior, math, economics and marketing. This period is designed to give the student a broad overview of the main functions of business.
Your second year will allow you to specialize your interests. Many people choose to specialize their degree in an area such as marketing or finance. Getting your MBA in marketing for example will help you stick out as someone who is an expert in that field and will be more attractive for potential employers.
How Long Does It Take To Get an MBA?
Depending on the type of program you choose to join, it may take you more or less than 2 years to get your MBA.
Full-Time MBA Program:
With a full-time program, you can expect to spend 2 years if you are taking a full course load and are enrolled as a full-time student at the university. As the name suggests, this is a big commitment and most people will leave their jobs to pursue these programs. You may want to consider how this time commitment could affect your work-life balance, especially if you have kids.
Part-Time MBA Program:
A part-time program will generally take you 3+ years to complete. It does make it easier for you to maintain a job or take care of a family as you will not have a fully packed schedule. Most part-time programs hold classes at night or in the evening further providing you with schedule flexibility.
Online MBA Program:
Online MBAs are one of the most popular program options for students. It provides you with the freedom and flexibility to continue working and take care of your family as it is done at your own pace. Another benefit is that some programs allow completion in 2 years- same as a full-time program!
You learn a lot of useful and specialized skills in business school that you just will not find with just real-world experience. Having knowledge in the science of business will better help you excel in your future career. Want to learn more about getting your MBA? Check out our guide or our blog for more information!