MBA

The Master of Business Administration (MBA) is a graduate business school degree that focuses on the theory and application of business and management principles. This degree provides students with a broad knowledge of the major functions of a range of business areas and their interconnections, while also allowing for specialization in a particular area.

Overview

The MBA degree originated in the United States in the early 20th century when the country industrialized and companies sought scientific management. The core courses in an MBA program cover various areas of business such as accounting, finance, marketing, human resources, and operations management in a manner most relevant to management analysis and strategy.

Most MBA programs also include elective courses, allowing students to follow their personal or professional interests. Some schools require that MBA candidates complete an internship at a company or organization, which can lead to concrete job opportunities after the program.

Formats

The MBA can be pursued in several formats:

• Full-time MBA: Generally a two-year program, which includes a summer internship.
• Part-time MBA: Usually takes three years or more, and classes are held in the evening, catering to students who work full-time.
• Executive MBA (EMBA): Designed for corporate executives and managers, this program is typically part-time and allows students to work while studying.
• Online MBA: Offered through online platforms, providing flexibility to accommodate professionals' busy schedules.

Admission Requirements

Admission to MBA programs is highly competitive, requiring a combination of a good undergraduate academic record, professional work experience, a high score on the Graduate Management Admission Test (GMAT) or the Graduate Record Examinations (GRE), and often a personal interview. Some programs also evaluate potential students based on their curriculum vitae, motivation letters, and reference letters.

Career Prospects

Graduates of MBA programs typically have a wide range of career opportunities in various sectors including finance, consulting, technology, manufacturing, and healthcare. The degree is recognized globally and is considered a major asset for career advancement to senior managerial roles.

Criticism and Analysis

While the MBA is highly regarded in many professional circles, it has faced criticism regarding its high cost and the debate over whether it adequately prepares students for the practical challenges they will face in the business world. Some critics argue that the curriculum needs to be more adapted to the changing needs of the business environment and technology.

See Also

• Master of Science in Management
• Doctor of Business Administration
• List of business schools
• List of business school rankings