A postgraduate degree is one of the best ways to continue improving your career path and salary, whether you have a job or if you are just about to enter the job market.
An MBA degree is one of the most popular postgraduate degrees across the world.
Let’s review some of the basic information about it and how much it costs.
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What Is an MBA degree?
MBA means Master of Business Administration, and it’s a postgraduate degree that focuses on enhancing essential business practices by covering a wide range of subjects, such as finance, marketing, technology, and leadership.
Students with diverse academic and professional backgrounds can obtain this degree since it will provide essential tools that will help them thrive in any field.
It’s not just for people who have previously studied business.
Although you might believe that a Master’s degree is the same as an MBA degree, these two types of postgraduate studies differ.
What’s the Difference Between a Master’s and an MBA?
An MBA degree is not the same as a Master’s degree in Business.
A Master’s is for people who want to achieve a high level of specialization on a specific subject, whereas an MBA degree, offers a more extensive array of topics.
Another significant difference between these two types of degrees is that to study in an MBA program, you must have work experience.
This requirement will vary depending on the university where you want to apply, but generally, you must have worked between 2 and 5 years before trying to obtain this degree.
If you wish to apply to the Executive MBA, though, some universities ask for at least 10 years of work experience.
The teaching method in MBA programs is focused on projects and case studies, something that also sets them apart from Master’s programs.
However, it is possible to obtain both degrees, generally first a Master’s and then an MBA.
How Long Does It Take to Get an MBA?
MBAs tend to last an average of two years, but this can change according to the university and type of degree you choose.
Types of MBA Programs
There are mainly four types of MBA programs, online, part-time, executive and full-time MBA.
This type of MBA program is generally aimed at professionals that want to continue working while studying and need maximum flexibility.
After the start of the COVID-19 pandemic, online programs for a large variety of degrees have increased, so they can be a great opportunity for people that for any reason, can’t attend traditional classes.
This program is also a good fit for those who wish to continue working because they want to move up at work or because their company is helping them pay part of the cost of the program.
It’s also a flexible program.
Another MBA program that allows you to work and study at the same time, is the Executive program.
However, Executive MBAs are usually directed to people that have ample work experience and want to enhance their leadership and management skills.
This is the most traditional MBA program where you have to attend regular classes, and it generally lasts two years.
There is another version that it’s only one year, which also reduces the total cost of the program, but the commitment and workload might be too overwhelming for some students.
Why Study an MBA?
The main reason to obtain an MBA degree is to improve the theoretical and practical knowledge you already have, thus increasing the chances of getting better job positions and a higher salary.
It’s also a great opportunity for those professionals who want to change their career paths and specialize in a particular subject.
How Much Does an MBA Cost?
The cost of an MBA program can vary according to the university you choose to attend, the city where you live, and the type of program you choose.
Some of the costs you have to cover are application fees ($100 – $275), the GMAT exam, which is a requirement for most graduate business schools ($275), mandatory fees ($900 – $2,500), and health insurance ($2,500 – $4,000).
On average, you could pay just for the tuition of a full-time MBA program, between $30K and $100K per year.