Earning a Master of Business Administration (MBA)

When earning an administration business degree, master's programs are popular among those wanting to broaden their prospects in the business management field and pursue an advanced level of education.
 
A master’s business administration degree teaches students how to use scientific approaches in business management, a methodology rooted in a theory created by Frederick Winslow Taylor in the 1880s and 1890s. The theory changed ideas about management by looking at workflow processes and improving labor productivity.
 
Many people seeking to become an executive in their workplace choose to earn MBAs as steppingstones towards advancement.

Types of MBA Programs

Many schools, both online and traditional universities, offer a number of different programs that can tailor your master’s degree in business administration to your specific needs. When choosing a school for your MBA, look for these types of flexible degree programs:
  • Accelerated: An accelerated program is great for those who want to condense a two-year program into a shorter amount of time. While accelerated programs have bigger course loads, these students generally complete the program faster.

  • Dual: A dual program combines the MBA with another degree that a student may already be working on. These MBA programs usually have a lighter course load and can be a convenient way to complete two degrees in a shorter time period.

  • Internet: You can also choose to earn an online master's in business administration degree. While online classes may lack teacher-to-student interaction, they can be a convenient option for those who are already working in business management.

  • Part-time: Part-time MBA students take night or weekend classes. This type of program works very well for those who have full-time jobs. While part-time business masters programs take longer to complete, they are usually much less stressful.

  • Two-Year: Two-year MBA programs are typical college programs that have breaks in summer and fall. These classes are meant for people who have time to devote solely to their studies and do not necessarily have full-time jobs.

MBA Specializations

MBA students can choose to further specialize their knowledge by choosing a concentration. For example, a person can become a Master in Business Administrations in:
  • Accounting
  • Global Management
  • Health Care Management
  • Human Resources Management
  • Marketing
  • Public Administration
  • Technology Management.
The choice of a specialization depends on your current field and your desired career path.

The Cost of an MBA Degree

The price of an MBA can vary depending on what kind of program you choose and what school you take it through. Generally, if the school is a well-known, accredited institution, a student may end up paying between $30,000 and $50,000.
 
It is important to weigh the potential benefits of an MBA for your own personal career before committing to a program. With the cost and time required to complete a degree, an MBA is no small undertaking. However, the result of this specialized business training can put you on the path to a better career.

Resources

Hansen, Ph.D., Randall S. (2008). The Master of Business Administration: Is the MBA Worth the Time, Effort, and Cost? Retrieved March 24, 2008, from the Quint Careers Web site: http://www.quintcareers.com/MBA_degree.html.