As a college graduate, you may have been thinking about continuing your education by obtaining an MBA (Master of Business Administration). After all, an MBA is one of the most sought-after and prestigious degrees available in the U.S. and abroad. Perhaps you’ve heard about some of the programs in your area that were advertised on a billboard, radio, or television and you’ve decided to take the next step. Congratulations! You’ve made a decision that will undoubtedly boost your career and change your life in a positive way.
With so many different types of MBA Colleges and programs available across the country, it’s important for you to narrow your choices in order to find the best fit. For example, you’ll need to ask yourself the following questions: What type of degree do you seek? What type of coursework is required for the program? How long will it take you to graduate? Will you need to relocate? Would you consider taking classes online? Do you prefer large or small classrooms? During your research, write down a list of questions. That way, you can narrow your search and get a better idea of the types of MBA Colleges you wish to attend.
What Types of MBA Degrees Are Available?
From a broad perspective, you can attend either an Executive MBA or an MBA program. Both programs have basically the same curriculum; however, the executive program has more stringent requirements than the regular MBA program. For example, with the Executive MBA, students typically devote 80 to 100 hours a week with their jobs and schooling.
What Types of Classes Are Required?
No doubt the first year of MBA College will be very exciting and full of opportunity to become familiar with your professors, other students, and coursework. Your actual coursework depends on the type of degree you choose, but you can expect to complete the majority of your academic coursework the first year. The core curriculum has variations of Accounting, Business Strategy, Economics, Finance, Human Resources, Marketing Management, Manufacturing, Statistics, and more.
How Long Will It Take You to Graduate?
You can choose between either a one-year or two-year MBA program. The two-year program is over four semesters, while the one-year program takes between eleven and sixteen months to complete. One-year programs are much more demanding and have strict requirements for admission.
Have You Considered an Online Degree?
Thanks to technology and the Internet, it’s possible to get your MBA degree online.
An online program offers many advantages. Online courses are more flexible, and you don’t have to deal with crowded classrooms. You also can customize your class schedule, as desired.
How Much Does It Cost?
An MBA is a valuable asset that doesn’t come cheap. For the most part, tuition costs can range between $7,000 to $120,000, depending on the program and the school you choose. On average, you can expect to pay $60,000 for a two-year program. The cost of tuition can also depend on other factors, such as scholarships, financial aid, and your amount of income.
If you’re thinking about getting an MBA degree, there are many factors to consider. However, the task becomes much easier when you make a list of questions and do your research.
Applying for an MBA Program
If you’re thinking about applying to an MBA program, there are a several factors for you to consider. From the beginning, you’ll soon discover that the application process is more extensive than you anticipated, but don’t dismay. Just keep in mind that you need to take ample time to hone your skills and prepare yourself for the application process. This article provides some guidelines to help you along the way.
With so many people applying for graduate degrees, many MBA schools can afford to be selective, and as a result, they look at several different qualities and assets such as your grade point average (GPA), and Graduate Management Admission Test (GMAT) scores in order to make a final decision. In addition, most MBA Colleges have at least two or three application rounds, and you need to begin the application process as soon as possible. Since most students are accepted during the first round, you shouldn’t wait until the second or third round, because doing so could cause your chances of being accepted to diminish rapidly.
Depending on the school you choose, your GPA may also be evaluated in different ways. Most top MBA schools require that you possess a median GPA of 3.5 or higher. Having a lower GPA doesn’t necessarily mean you won’t be accepted; however, your application will need to make up for a lower grade point average in other ways.
Many top business schools use the GMAT exam to test your verbal, mathematical, and writing skills. The exam assesses the likelihood of your ability to succeed in an MBA program. Typical GMAT scores range anywhere from 200 to 800, and the median score for those who are admitted to top MBA schools is 700.
During the application process, MBA Colleges like you to submit at least two letters of recommendation. Keep in mind that your letters should be written by someone who knows you well (for example, a good friend, co-worker, or employer).
A good recommendation letter should provide some additional information about your work achievements, character references, and more.
Admission requirements may vary from school to school, but the more you’re prepared, the better your chances are for acceptance into the college you choose. Some additional requirements include school transcripts, detailed records of work experience, and a formal application. Some colleges even require essay submissions.
In general, College Admissions Departments look for the following qualifications:
- Academic Ability. You need to prove you can handle the curriculum.
- Professional Experience. You need to show a few years of professional work experience. In addition, you should have career goals and a reason for entering an MBA college.
- Personal Characteristics. Lastly, admissions committees want to know who you are. Admissions representatives want to make sure that you’re a good fit for their school.
Finding an Accredited MBA Program
If you’ve been thinking about furthering your education through an MBA, it’s essential for you to find a fully accredited college or university.
Fully accredited schools offer plenty of advantages. For example, when schools are accredited by the proper agencies, your chances of obtaining a scholarship and/or financial aid are much higher. In addition, an MBA from a fully accredited school will eventually earn you a higher position and more money. Why settle for less? When you think about it, there’s no point in spending a lot of money without achieving your desired goal.
A degree from an unaccredited school or diploma mill is a total waste of time and money. If you are thinking about getting an MBA (or any other degree), make sure you know the facts about accreditation before you register.
What Is Accreditation?
Accreditation is the process in which an outside agency reviews a school’s policies and programs to determine whether or not they meet the criteria set by that agency. The U.S. Council for Higher Education Accreditation (CHEA), a non-governmental agency, or the U.S. Department of Education (USDE) are the groups that are mainly responsible for the accreditation process.
Why Is Accreditation So Important?
In general, accreditation protects students, schools, and employers. When you receive a graduate degree from an accredited MBA College, you are guaranteed that your current and future employers will accept it. You’ll also be assured that you receive the proper training from the college you choose.
What Are the Legitimate Sources for Accreditation?
With the right tools, you can check any school’s accreditation status. The following steps explain how to find out whether a school is accredited by an agency recognized by the U.S. Department of Education (USDE):
- Visit the USDE website at http://ope.ed.gov/accreditation/Search.aspx
- Enter the name of the institution or school for which you wish to search in the application text box.
- Enter the name of the city where the institution is located.
- Click the Search box. You’ll be shown a list of schools matching your search criteria.
- Check to make sure the information you see on the selected school is correct. You can view the college’s institutional accreditation for the whole school or specialized accreditation (for departments within the school) on this page.
- Click on any accrediting agency for more information.
What Is a Diploma Mill?
Diploma mills are schools that will sell you a degree that requires little or no work, and should be avoided at all costs. These so-called colleges and universities that issue these types of diplomas are not accredited by the proper agencies. Keep in mind that accreditation from the wrong source is often worse than no accreditation at all.
In order to get the most out of your degree, it’s essential for you to choose a fully accredited MBA college. There are plenty of accredited colleges across the country, and it’s worth your time to do the research before making a final commitment.
MBA College Rankings
MBA college ranking is a tool everyone can use to help determine a school’s quality and reputation. In order to start narrowing your choices, be sure to pay attention to other factors aside from MBA rankings. There are many programs that don’t make the top rankings, but still have merit. However, if you’re looking for the best colleges and universities, the MBA college ranking system is always great place to start.
Keep in mind that when it comes to meeting your educational needs, only you can make the final decision regarding which college works best for you.
What Criteria Are Used to Rank MBA Colleges?
All MBA ranking systems use different criteria on which they base their results. However, the following factors are used to make a final decision:
- The school’s reputation (through surveys from students, teachers, and advisors)
- Academic reputation
- GMAT scores
- Student salaries upon graduation
- Graduates’ views of the program
In addition to the MBA rating system, you should also consider the following criteria to make your final decision: the program’s acceptance rate, tuition costs, and employment rates after graduation.
What Sources Are Used for MBA Rankings?
There are several MBA College ranking surveys for prospective students to use.
The following are some of the most popular sources for MBA rankings:
- U.S. News and World Report
- Financial Times
- Business Week
Comparing multiple sources will give you a better idea of how schools stack up against one another.