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What is an MBA?

What is an MBA?

What is an MBA?

A Master of Business Administration (MBA) degree course is internationally recognised and allows individuals to obtain the skills needed for a successful business and management career. MBA degree courses cover areas such as: accounting, business policy, entrepreneurship, finance, human resource management, international trade, IT, leadership, market research, and marketing.

Students will gain an insight into key business practices, develop skills in specific areas and is great for those wishing to gain a promotion or a career change. Although, this qualification is quite academically challenging, and a huge financial commitment.

How long does it take to complete an MBA?
This postgraduate course typically takes one year to complete if studied full-time and two years part-time, although this is dependent on the degree course and the institution.

What are the different types of MBA?
There are different types of MBA that students can study, and each one suits varying career goals, current experience and circumstances. MBA degree courses fall under four categories:

• General MBA – is the best option for individuals with some experience, but wish to fast-track their career in business and management, or wish to enter the world of business, finance and corporate.
• Executive MBA – is best for those already in a senior role in business or management and have ambitions to enter the boardroom.
• Specialist MBA – is great for those who have managerial experience and looking to gain a promotion of to enter a particular career sector.
• Distance learning MBA – perfect for individuals who can’t attend university or classes full-time and prefer to manage their own studies around commitments.

What entry requirements do I need to study an MBA?
To study a general MBA, students tend to need at least a 2:1 undergraduate degree, although, depending on the degree course, a 2:2 may be accepted, or extensive professional experience. Business schools can expect individuals to have at least three years of relevant work experience, and this can increase for executive MBAs. Some universities also ask students to take the Graduate Management Admission Test (GMAT) when applying for the course.

How do I apply to study an MBA?
Students can apply through the university’s website, which involves completing an essay, an online form and sending supporting documents.

How much does an MBA cost?
MBA degree courses in the UK vary in price between the top UK universities. Tuition fees fall between £10,000 and £40,000 depending on the university and course itself. The majority of individuals fund their own course fees, although, some employers sponsor employees.

What can I do with an MBA?
Due to the high cost of tuition it is vital that individuals work on utilising their MBA to the best of its ability. This qualification can lead to promotion, higher earnings or a career change. An MBA is also highly respected globally, allowing individuals to cast their nets further afield.

What do you study in an MBA?
Degree courses vary but most of them will consist of core modules that are compulsory, optional modules and a dissertation or a work-based project. Students will be assessed through examinations, coursework, essays and group activities. Some courses may also offer opportunities for students to gain work placements or study periods abroad.
An MBA will allow individuals to achieve networking opportunities, gain insight into the business world, develop a marketing strategy, lead a team and assess financial reports. This qualification differs from other postgraduate courses as it helps to develop skills that a candidate gains through professional or life experiences, as well as build on the academic background of the individual.

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