When considering a post graduate degree in business, the most popular and the most versatile option is the Master of Business Administration, or MBA. This degree was first offered by Harvard University as early as 1908. Since then, the degree has evolved to include many different specialties, and it comes in a number of different formats.
The traditional MBA is a full-time two academic year program. However, as a number of students are working adults, a number of schools have adapted their programs. Some can be completed at night. Others can be completed at an accelerated rate. Distance learning is even offered.
Usually the first half of study consists of certain core subjects. These subjects include accounting, economics, finance, operations, corporate strategy, decisions making models, marketing, negotiations, and capital markets. The second half is devoted to study of a specialization. These specializations include: accounting, economics, finance, international business, marketing, real estate and others.
There are a number of Master level business degrees that are very similar to a specialized MBA. For example, the Master of Healthcare Administration is close to a MBA with a Healthcare focus. However, the MBA in Healthcare focuses more on the business aspects. Those include finance, marketing, and accounting. While the Master of Healthcare Administration focuses more on healthcare policy. It's important to understand the differences and how they can impact particular career objectives when making education decisions. The MBA offers future versatility that more specialized degrees may not.
The cost of getting a MBA can range from an average of $ 60,000 to more than $ 200,000 for an ivy league school. Some online schools can be considerably cheaper, although other online schools can charge high tuitions for the convenience. On top of those costs, the investment of time must be considered.
Beyond the pride of accomplishment in getting a Master's degree, statistically, the MBA is financially rewarding. For example, a professional with a MBA can make significantly more than a professional of the same experience who only has a Bachelor of Business Administration (BBA). Statistics show that a BBA with 5-9 years of experience commands a median salary of $ 51,376 compared to a MBA with 5-9 years of experience who earns a median salary of $ 68,989.
In the end, there are a number of strategies out there when it comes to education in business at the post graduate level. They all require time and money. In terms of versatility the MBA outweighs other more specialized degrees. In an uncertain market with an uncertain future, that versatility makes the MBA the best option out there.