What is an MBA & why should you study one?
If you’re a business-minded person who is always striving for success and searching for the next step in your career, then studying an MBA is right choice for you. You will gain priceless new skills which will be a stepping-stone to enviable future accomplishments (and an attractive paycheck!) So, what exactly is an MBA? And why should you study one?
A foolproof guide on “How to Become a Business Manager” simply does not exist. If it did, then we would all have long ago become billionaires. Those who want to excel in the business world need some serious training, in the form of an MBA. An MBA is a Master of Business Administration. It is a postgraduate course and a great opportunity to earn a prestigious diploma that will allow you to work in a leadership position anywhere in the world. Every year, the world’s largest and richest companies (such as Apple, Google, and Goldman Sachs) spend millions of dollars sponsoring their managers to study an MBA, so they can return to help the company reach even greater successes. But what is all the fuss about?
What will I learn with an MBA?
No training courses, business coaches or motivational speakers can provide the deep knowledge and experience you will get from an MBA! The MBA programme touches on all aspects of business, from law and psychology to economics and statistics, and places huge emphasis on practice. This means no boring lectures that leave you falling asleep at your desk, but real study in action, where you can immediately put into practice what you learnt yesterday! You will be taught to think outside the box and find solutions where there seem to be none. You will learn how to develop your leadership qualities, build strong business and social connections, and develop a foolproof marketing and business strategy. At the end of your MBA, you will be the businessman or businesswoman that every company dreams of.
- Did you know? Some world business leaders who have studied an MBA include Sheryl Sandberg (COO of Facebook), Melinda Gates (6th most powerful woman in the world), Satya Nadella (CEO of Microsoft), Indra Nooyi (chairwoman and CEO of PepsiCo), and Sir Harpal Kumar (CEO of Cancer Research UK). If you want to follow in the footsteps of these inspirational figures, you too should study an MBA!
So, let’s take a look at the MBA in more detail.
When can I apply to study an MBA?
Whilst you can begin a normal master’s degree immediately after finishing your bachelor’s, you should study an MBA after you’ve gained 2 or 3 years of professional work experience. It is also possible to find MBAs which don’t require you to have any work experience. If you’re a high-achieving graduate and are committed to climbing the business ladder, then maybe this is an option to consider!
What are the different types of MBA?
- The General MBA is for those who want to achieve a management role or break into the highly-competitive finance or corporate strategy industries
- The Executive MBA (EMBA) is intended for top managers with 5-10 years experience in a leadership role
- The Specialist MBA is ideal for managers who want to further their career in a specific industry
- You can study full-time, part-time, and online. Part-time study is the most common format, as MBA students are usually working whilst they study
How do I get in?
You should have at least a 2:1 or GPA 3.3 or above to get into an MBA course. Most MBA courses throughout the world are taught in English, so an English Language certificate is required for students whose first language is not English. You’ll usually need to sit an entrance exam (such as the GMAT) for admission to a General MBA programme.
Where can I study an MBA?
As the MBA is a very in-demand course, it is offered at universities in all corners of the globe. MBA programmes last 1-2 years depending on the country. US and Australian courses typically last 2 years, whereas UK and European courses take 1 year. Some business schools have multiple branches around the world, allowing you to study closer to home but still achieve this prestigious qualification.
- Just some of the universities offering MBA courses include the University of Birmingham, Queensland University of Technology, City University of Hong Kong, the International University of Japan, the EU Business School in Barcelona, Queen’s University Belfast, the London School of Business and Finance in Singapore, University College Dublin, the University of Miami, and the University of Warwick. Discover MBAs at these universities and countless others on Aplic.io!
Let’s move onto the numbers.
How much will I pay to study an MBA?
The cost of studying an MBA is an extremely important factor to consider, and depends on the prestige of the university and the chosen programme. We should warn you – it’s not cheap.
- UK: an MBA will cost from £10,000 to £60,000 per year
- US: you’ll pay an average of USD$60,000 (rising to USD$120,000 at top schools) for the standard 2-year MBA course
- Canada: the average MBA fee is between CAD$30,000 and CAD$40,000, though elite schools can charge twice that
- Singapore: you’ll pay between SGD$15,000 and SGD$100,000 for an MBA
- Australia: MBA tuition fees average AUD$58,000, rising to AUD$90,000+ at elite schools
- An EMBA can be significantly more expensive
Most students fund themselves, but others receive employer sponsorship to study an MBA. Many business schools offer a wide range of scholarships, to ensure that they attract the top calibre of candidates, not just those who can afford it.
- If you want to study an MBA but are worried about your finances, then we at Aplic.io are here to help! We offer a number of MBA scholarships on our platform for universities in the UK, Canada, and US! Our Scholarship Helper will assist you in crafting the best application possible, and our Scholarship Package includes support for up to 10 applications with the help of your personal Scholarship Advisor!
The good news? As the income of MBA graduates increases by between 67% – 118%, after working for as little as 3 years, you can pay off the costs of your MBA. After that, you’ll soon be competing with Bill Gates for a place in Forbes. 😉
When deciding where to study your MBA, you must consider the return on investment. A cheaper course is more accessible, but will it provide the same opportunities? Should you instead invest in a more expensive course which will launch you into an even higher-paid job? You should also consider the ‘opportunity cost’ of lost salary, benefits, or bonuses that you ‘pay’ whilst studying.
We have examined the material benefits of studying an MBA, but what other advantages are there?
Other advantages of studying an MBA
- When you feel that you have reached a career “ceiling” and that something is missing in your job satisfaction and growth, an MBA programme will be a springboard to a new level in your career!
- If you study an MBA, you have the opportunity to meet other business leaders from all over the world. And as you know, having a wealth of international business contacts has never harmed anyone. 😊
- An MBA degree obtained at a prestigious business school will open the doors of companies and organisations that you could only dream of. You will become a welcome candidate for leadership positions and, as innovative leaders are always in high demand, your diploma will never be redundant.
It is important to remember that an MBA is not a golden ticket to success and wealth. It is a very academically challenging course and a huge financial investment, so you should be certain of your ambitions before making the commitment. However, if you’re ready to be a world-class leader and and found a successful business then apply for an MBA today, and you’ll be destined for great things! We at Aplic.io are ready to help you apply for an MBA programme and find funding. Visit our website and begin your future today!