What is MBA & Why Study It?
If you’re right now choosing what exactly to study for a successful life and work in the future, then you must have come across an incomprehensible abbreviation MBA and have repeatedly tried to understand what is it and what does it do, right? You may rest assured that an MBA is a very interesting and fascinating program, different from ordinary courses at the university, it’ll teach you completely new and you’ll gain new skills! But, first things first … and so, right here, we answer the most popular questions about studying an MBA!
To begin with, briefly and clearly, MBA is a master of business administration. In other words, this is a great opportunity to get a quality business education and a prestigious diploma that will allow you to work in a leadership position anywhere in the world. Every year, the largest and most famous companies spend millions so that their managers have an MBA diploma. But why are they doing this?
This program combines knowledge of law, psychology, economics, statistics and has a huge emphasis on practice. This is not boring lectures that you can skip when you want, this is a real study in action, where you can immediately apply in practice everything that you learned even yesterday! The thing is that there simply does not exist an exact guide “How to Become a Business Manager” if there were such ready-made solutions, then we would all have long become billionaires. 😉 Every day you’ll be taught to look at things differently, think outside the box and find solutions where they seem to be completely gone.
After completing this course, it’ll definitely not be difficult for you to start the work of one of the shopping centers under construction in two months from scratch or to restore the production of a “burned out” company in two weeks. Cool, yeah?
Now in the world, there’s also a million business training and coaches that offer you the same thing, but in a shorter time frame, so what’s the difference, you think? And why waste time and money on a whole program! The answer is simple: these are completely different things, like chalk and cheese. 😉
Any coaching is just a psychological training and setting in your head how to do and how not. Even I, a person who has never been to any coaching, can literally word for word tell you what they supposedly “study”. 😊 So, you definitely won’t become a professional!
Of course, the development of leadership qualities is a lot of importance, but it does not come first. You’ll also be taught this at MBA, but you know, this is only one module out of about 20-30 in the entire program! Also, for example, there is a very exciting networking module. You’ll learn how to build strong business communications even if you never knew how to do this before and create strong social ties for the future! The program slogan can be written: Create your own company while studying!
Now that we already know what the MBA is, let’s dwell on it in more detail. MBA programs last 1-2 years and take place in business schools, most of which operate on the basis of classical universities. Since this is now a very popular and demanded course, many universities that are in the public eye anywhere in the world can offer you to take such a course. For example, Australian National University, City University London, European University Barcelona, Singapore National University, Hong Kong University of Science and Technology, Northeastern University in Boston and many-many others!
Now I’ll torture you a little more with abbreviations for a better understanding of the types of this program. Foreign business schools offer full-time MBA, Part-time MBA, and distance-learning MBA / Online MBA courses. In general, preparation for any students with all amenities! In addition, an Executive MBA (EMBA) course also exists in many educational institutions. This program is intended for top managers with experience in a leadership position of 5-7 years. And of course, the last program is the most expensive.
Well, smoothly move on to the numbers. There are two news: pleasant and not very. Not very pleasant is the cost of study, which depends on the prestige of the university and the chosen program and will average from 20,000 to 200,000 dollars a year. And here there is one big BUT, which is good news. The costs of obtaining an MBA, as a rule, pay off within 2.5 years of work, and the growth in the income of graduates of MBA programs is about 85%. Now calculate yourself in your mind how much you’ll earn! Well, then you’ll compete with Bill Gates for a place in Forbes. 😉
We have examined the material benefits of an MBA diploma, but what other advantages are there?
I am sure that the information acquired is enough to decide whether you need an MBA education or not, in any case, this diploma will never be redundant, I guarantee you! You certainly won’t refuse to be a high-class leader and create your own well-known in future strategy for a successful business!