What You Should Know About This Degree
While an MBA can offer a competitive advantage to your career, due to cost, you may also consider a specialized Master of Science or Master of Arts degree. These programs follow a similar curriculum. A specialized master’s degree might also provide more value if there’s a specific subject you would like to focus on. Some universities offer a Master of Management degree, which doesn’t require work experience and covers general management principles.
Because networking is a large part of business and management, accreditation does hold some importance when it comes to MBA programs. Accreditation by the AACSB is a quality stamp, and the organization accredits only 30% of MBA programs.
The top three accrediting agencies for MBA programs are the AACSB, the Accreditation Council for Business Schools and Programs (ACBSP), and the International Accreditation Council for Business Education (IACBE). The U.S. Department of Education and the Council for Higher Education Accreditation (CHEA) ensure that accreditors award this distinction only to schools that meet high academic standards.
The U.S Bureau of Labor Statistics expects 5% growth for all management positions between 2019 and 2029. Over 505,000 jobs will be created during this time. As new businesses start and existing ones expand, there’s increasing demand for workers to manage these operations.
Here are some questions to ask when researching MBA programs:
- Am I eligible for this program? To pursue an MBA degree, you must hold a bachelor’s degree from a U.S. or internationally accredited institution. Many programs also require at least two years of work experience. MBA programs deal with high-level strategy and assume students have previous business experience.
- What tests are required for this online degree? Studying online for an MBA may require the submission of a standardized test score. Both the Graduate Management Admission Test (GMAT) and the Graduate Record Exam (GRE) are accepted for most MBA programs.
- Many MBA programs require supplemental information, such as a personal statement or professional recommendations. Check on the school website for information about admissions for an accurate list of required materials. These resources might mention important deadlines for scholarships and financial aid applications. Cost-conscious students should also consider accelerated one-year MBA programs that have lower tuition fees.