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Overview
An MBA is more than just an advanced professional degree. It allows students to nurture skills that are aimed to help a company succeed. It also helps impart confidence by improving their leadership, interpersonal, and communication skills.
Since an MBA helps students get well-versed with the constantly evolving aspects of their fields, they can effectively leverage their skill set and knowledge to further their business endeavors.
Like an on-campus MBA program, online MBAs include, but are not limited to, the following specializations:
- Entrepreneurship
- Health Care
- Organizational and Management Effectiveness
- Accounting
- Business and Public Policy
- Data Analytics
- Energy and Sustainability
- Environment
- Finance
- International Business
- Operations and Information
- Real Estate
- Strategic Management
Plenty of MBA schools offer students the chance to tailor their online MBA programs to encourage an interdisciplinary roadway to education.
Here are few known advantages of pursuing an MBA degree:
- Sharpened communication skills
- Enhanced marketability
- Exposure to the global market
- Increased peer-to-peer networking opportunities
- Polished time management and organizational skills
- Greater advancement opportunities
- Better earning potential
Applicants who wish to pursue an MBA degree in the USA require exceptional GMAT scores to land a seat in the top US business schools. American universities also demand a top-notch TOEFL score for international students to convince universities of their English-speaking skills.
Once you have accomplished the requisite qualifications, you must carefully evaluate the universities where you wish to apply. It is recommended that you send in inquiries to your desired universities at least a year in advance.
If you are applying for an online MBA, here are the steps to follow:
- Step 1: Fill and submit your MBA application.
- Step 2: Wait for news of your shortlisting based on your professional experience and academic scores.
- Step 3: Once you receive the offer letter, block your seat by paying a caution amount.
- Step 4: Submit the required documents.
- Step 5: Make payment for the MBA program you are applying for.
The United States is the foremost choice for students pursuing a higher education degree like an MBA. The country offers excellent infrastructure alongside top-class education facilities for MBA aspirants. Also, students can choose from an array of MBA courses for their higher studies, given that the US hosts one of the biggest MBA markets across the globe.
In 2016-2017 alone, over a million international students arrived in the US to pursue an MBA degree. The country produces almost 125,000 MBA graduates every year. The US hosts nearly 186,000 Indian MBA candidates at its universities, resulting in a 12% increase in their numbers post-study and work-visa regulations.
Based on the job growth forecasts by the US News Best Jobs ranking, some of the top career paths for MBA graduates in the US include Management Consultants, Marketing Managers, and Business Operations Managers. Even Financial Managers and Medical Services Managers receive high-end compensations and enjoy a decent work-life balance.
As per the U.S Bureau of Labour Statistics, Medical and Health services are expected to grow by 32% by 2030. On the other hand, job opportunities in business and financial operations occupations are projected to increase by 8%, creating nearly 750,800 new jobs by 2030.
Evidently, the demand for an MBA is increasing rapidly with each passing year, bringing forth a power-packed combination of prestigious and well-paid jobs in the market.
Students with top MBA scores and exceptional business skills enjoy competitive leverage on the world platform and can pursue several job opportunities to grow in their careers.
Here are a few of the most advantageous career paths for MBA graduates across different industries:
1. Marketing Managers
Marketing managers are in demand in almost every industry and are also known to earn six-figure salaries. They are responsible for overseeing marketing campaigns and ensuring companies have a business advantage in the market.Salary: The average salary of a marketing manager in the US is $63,277 annually.
2. Corporate Finance
One can become a Finance Director, Financial Analyst, Finance Manager, or a Finance Consultant when looking out for career opportunities in the corporate finance field.Salary: The average salary of someone in Corporate Finance in the US is $110,000 annually.
3. Economics and Finance
Some of the most popular jobs in Economics and Finance are Portfolio Management, Operation’s Director, and Financial Consultancy, to mention a few.Salary: The average salary of someone in Economics and Finance in the US is $76,000 annually.
4. Medical and Health Service
MBA professionals in this field are responsible for strategizing health management at various health care facilities and ensuring that organizations comply with necessary US medical regulations.Salary: The average salary of someone in Medical and Health Service in the US is $104,280 annually.
5. Business Operations
Trade and business operations is a new emerging sector where MBA graduates are in huge demand. Companies that seek organizational efficiency or face logistical challenges require the services of business operation managers to maintain quality standards of their end products and maximize profitability through seamless management of operations.Salary: The average salary of someone in Business Operations in the US is $69,417 annually.
A few other popular career paths for MBA degree holders and their corresponding average salaries:
- Business Development Director: $104,860 annually.
- Senior Accountant: $73,349 annually
- Financial Controller: $87,384 annually
- Data Analyst: $66,477 annually
- HR Manager: $68,920 annually
Disclaimer
- Deakin University is among the Top 1% universities as per ARWU 2020.
- Past record is no guarantee of future job prospects.
- NMIMS Global Access is India's largest EdTech university as per executive.nmims.edu.
- Past record is no guarantee of future job prospects.
- NMIMS Global Access is India's largest EdTech university as per executive.nmims.edu.
Overview
How often have you heard people say, “you can do anything if you put your mind to it?” An MBA degree is the perfect example of this. As one of the most sought-after degrees in the world, an MBA program offers a great starting point for any aspiring professional.
The United States is home to some of the best MBA programs in the world. The country has a wide variety of options to choose from, ranging from large state schools to private universities and accredited online programs.
Most importantly, US universities offer some of the best learning experiences and job opportunities available. Students can expect to engage in hands-on projects and work closely with top industry professionals, which will equip them with the skills they need to succeed in their future careers.
Keep reading to learn more about the MBA programs available in the US, their benefits, how to choose the right one, and more.
A degree MBA (Master of Business Administration) is a postgraduate program designed to teach students advanced business skills and prepare them for success in the corporate world.
This type of program usually focuses on areas like:
- Management
- Finance
- Accounting
- Marketing
- Human Resources
- Leadership
Most MBA degrees last two years, but some programs can be completed in as little as one year. A traditional MBA program combines classroom instruction and real-world experience to make it one of the most comprehensive educational experiences available.
They equip you with the knowledge required to lead teams and excel in high-level positions within corporations worldwide. By completing an MBA program, students will gain the knowledge and skills needed to become successful business professionals.
This includes the ability to think strategically, manage teams effectively, and take advantage of global opportunities.
In short, MBA gives you access to incredible job opportunities that would otherwise be out of reach without this qualification.
The US offers a wide range of MBA programs to choose from, ranging from traditional on-campus courses to online and hybrid options. Here are some of the most popular types:
Full-time MBA
This type of program is usually completed within two years and requires students to attend classes full-time. Full-time MBAs often include internships or externships with local companies and mentorship opportunities with successful business professionals. To complete the MBA curriculum, many programs have stringent requirements that need to be fulfilled in terms of prior work and academic experience.
Part-time MBA
These programs allow students to work part-time while studying for their degree. Most candidates usually take one or two courses and finish the program within four to five years. Part-time MBAs are ideal for working professionals as they can balance their studies with their existing commitments. Both lock-step and self-paced options are available, allowing you to further your career without having to put everything on hold.
Executive MBA
These programs are designed for experienced business professionals who want to take their careers to the next level and gain additional skills. Executive MBAs often include short courses on leadership and corporate strategy, and management and communication skills. Classes are scheduled for Fridays and Saturdays, with the occasional weekend thrown in.
Online MBA
Online MBA programs give students the flexibility to study from anywhere in the world, usually taking around two years to complete. This type of program is perfect for those who don’t have the time or resources to attend a traditional course. Moreover, best online MBAs often cost less than full-time programs and can be tailored to match your specific needs.
Hybrid MBA
Hybrid MBAs combine online and on-campus learning, allowing students to get the best of both worlds. They usually offer flexible schedules and part-time options, making them ideal for working professionals looking for a convenient option. The best part about hybrid programs is that they are designed to fit in with your lifestyle, allowing you to get a quality education without sacrificing too much of your time or resources.
When it comes to the world of business, MBA degrees give you the competitive edge you need to succeed. Here are five benefits of pursuing an MBA program:
1. Access to Networking Opportunities
MBA programs give you access to a wide network of business professionals and alumni who can open up new opportunities for you. Being part of an MBA program also gives you a chance to attend conferences, workshops and seminars, which are great places to build your professional network. Suppose you are looking to break into a certain industry. In that case, MBA events can be hugely beneficial in helping you understand the nuances of the market and find potential employers.
2. Improved Leadership Skills
MBA programs teach students how to manage teams efficiently while developing strong leadership skills. With courses focusing on strategic thinking, problem-solving and decision-making, MBAs equip their graduates with all the necessary skills needed for high-level positions within corporations worldwide. Let's say you want to pursue a career in management. An MBA program can help you take your managerial knowledge and experience to the next level, giving you an edge over other applicants.
3. Enhanced Career Prospects
MBA graduates often command higher salaries than their colleagues who lack the same qualifications. Additionally, having an MBA will make you more attractive to potential employers and give you access to exclusive job opportunities that are typically reserved for those with postgraduate degrees. Over and above this, many employers offer tuition reimbursement packages, which cover the cost of pursuing an MBA program.
4. Greater Awareness of a Global Market
MBA programs emphasize international business and provide students with the necessary tools to operate in a global market. With courses covering marketing, finance, strategy and supply chain management, MBA students gain valuable insight into how businesses work on an international scale. As more businesses continue to expand overseas, having an MBA can be a huge advantage when seeking employment opportunities abroad. For instance, if you want to pursue a career in the finance industry, knowing how different markets work and how global businesses are structured can be extremely useful.
5. Increased Critical Thinking Skills
MBA programs also hone your critical thinking skills by teaching you how to find solutions for complex business problems. With classes focused on creative problem-solving and data analysis, MBA students learn how to develop effective strategies and make well-informed decisions that will benefit their organization. The ability to think critically is essential for success in today’s business world, and MBAs strive to equip their graduates with this skill set. For example, you are tasked with making a decision about whether or not to invest in a certain company. With the right knowledge and skills, you'll be able to assess the situation rationally and make an educated decision that will benefit your organization.
If you are looking to pursue an MBA degree, then consider these top MBA programs in the US. By pursuing your MBA from one of these top schools, you’ll be armed with the skills and knowledge required to excel in today’s business world. With access to a global network of peers and professionals, you can ensure that your career trajectory is headed in the right direction.
1. Harvard Business School (HBS)
Located in Boston, HBS is considered one of the best MBA programs in the world. The school offers a wide array of courses and specializes in leadership development and strategy execution. With a network of over 44,000 alumni, HBS provides students with access to an extensive global network.
2. Stanford Graduate School of Business
Situated on the campus of Stanford University in Palo Alto, California, this program gives students access to innovative curriculums that focus on creativity and collaboration. Students also have the opportunity to take part in hands-on learning experiences and engage in research projects.
3. The Wharton School at the University of Pennsylvania
Located in Philadelphia, this program has consistently been ranked in the top three MBA programs by various publications. Boasting a highly experienced faculty and advanced technology, Wharton provides students with an all-around business education that focuses on problem-solving and analysis.
4. Massachusetts Institute of Technology Sloan School of Business
As one of the oldest business schools in the US, MIT Sloan offers an exclusive experience to its students. With courses covering topics from entrepreneurship to finance, graduates are well-equipped with the skills needed for success in today’s market.
5. Northwestern University Kellogg School of Management
Located near Illinois, Kellogg offers an incredibly diverse program that focuses on offering strategic leadership opportunities. Through its various programs, Kellogg provides graduates with the tools needed to become top-level executives in their respective fields.
Choosing the right MBA program can be a daunting task. With so many top-notch schools to choose from, it’s important to take some time to research and evaluate each school in order to select the one that best fits your needs. Consider factors such as location, cost, curriculum, and reputation before making your final decision.
5 Important Factor for choosing right MBA Program
With that being said, the following are some tips to help you decide which MBA program is right for you:
1. Accreditation for MBA Programs
One of the most important factors to consider when selecting an MBA program is its accreditation. Look for programs that are accredited by organizations such as AACSB International, AMBA, and EQUIS. This will ensure that you receive a quality education and can trust the degree that you receive. Accreditations in the US also ensure that employers recognize the degree and consider you for job opportunities.
2. Cost of MBA
Another important factor to consider is the cost of the MBA program. Many MBA programs can be quite costly and some may include additional fees such as housing, textbooks, or living expenses. Essentially, it can range between $50,000 and $250,000 for a two-year program. Research each school’s tuition rates and make sure that you are able to afford it before enrolling in a program. Most importantly, the cost of an MBA program will also depend on the type of degree you are pursuing, as some schools may offer different tuition rates for full-time and part-time programs. In case of online programs, you may also want to consider the cost of technology such as laptops and tablets.
3. Curriculum
Before enrolling in an MBA program, it is important to research the curriculum of the school. Look at the courses that are offered and see if they align with your career goals and interests. Make sure that the faculty members have experience in their field and can provide you with sound advice throughout the duration of the program. Additionally, look into any internship or study abroad opportunities that may be available for students enrolled in a particular MBA program.
4. Class Size
The size of each class in an MBA program can have a major impact on your educational experience, so it’s important to research this factor before committing to a school. Generally speaking, smaller classes are preferred as they allow for more student-teacher interaction and offer more opportunities for peer collaboration. Additionally, smaller classrooms help to reduce distractions and create an atmosphere that is more conducive to learning.
5. Reputation
The reputation of a school can also play an important role when choosing an MBA program. Research each school’s rankings within business publications such as U. S. News & World Report and Bloomberg Businessweek, as these rankings can give you a better idea of the school’s overall quality and prestige. Additionally, look into any awards that each school has won for its MBA program. This will give you an indication of how employers view graduates from the particular institution.
Once you have narrowed down your list of potential MBA programs, it is important to compare them in order to make an informed decision. Here are some tips to consider when comparing MBA programs:
1. Examine the cost of each program and determine which one offers the best value for your money.
2. Research the faculty members to get a better understanding of their experience and expertise.
3. Look at student reviews to gain an insight into what life is like as a student in a particular program.
4. Check out job placement rates to see how successful graduates have been in finding jobs after completing the program.
5. Evaluate career services offered by each school so that you can take advantage of these resources once you start the program.
6. Explore study abroad opportunities and internships that are available with each school, as these can add significant value to your degree.
Finally, it is important to align your chosen MBA program with your career goals. Make sure that you select a school that offers courses and opportunities that are suitable for your future plans. Additionally, it is wise to speak with alumni of the program so that you can gain more insight into what life is like as a student in that particular MBA program.
Once you have identified the MBA courses that are right for you, it is time to apply. Here are some steps to consider when applying:
1. Research the school and its admissions process.
2. Gather the necessary documents such as transcripts, test scores, essays, letters of recommendation and CV/resume.
3. Submit all required documents before the application deadline.
4. Schedule an interview with an admission counselor or alumni of the school if needed.
5. Receive notification of your acceptance or rejection and make a decision on which school to attend if accepted into multiple programs.
6. Plan out financing options in case there is a gap between financial aid and total tuition costs.
Applying for an MBA program can be a long and daunting process. However, following the above steps should give you a better chance of success. Additionally, here are seven common mistakes to avoid when applying for an MBA program so that your application stands out:
1. Talking just about your past achievements
One of the biggest mistakes applicants make is talking about their past achievements without linking them to the future. Admissions officers are looking for students who have a vision and plan for the future. You can talk about your experience, but be sure to explain how it will help you achieve your future goals.
One of the biggest mistakes applicants make is talking about their past achievements without linking them to the future. Admissions officers are looking for students who have a vision and plan for the future. You can talk about your experience, but be sure to explain how it will help you achieve your future goals.
2. Sending the same essay to different schools
Many students make the mistake of sending the same essay to multiple schools. This is not a good idea, as each school will have different requirements for essays and admissions officers can easily tell when you send a generic essay.
3. Failing to express why the program is right for you
When writing your essay, make sure to explain why the particular program you are applying for is the right fit for you. Explain how the school’s curriculum, faculty and other resources will help you achieve your goals.
4. Your recommenders don’t know you
Make sure to pick recommenders who know you well and can provide accurate information about your academic qualifications, professional achievements and personal traits. For instance, if you had a professor who was impressed by your performance in class, ask him or her to provide you with a letter of recommendation.
5. Not being consistent
It is important to present a consistent story and develop a strong profile throughout your application. This means that all the documents and essays should have a common theme, with each element adding something new to your story.
6. Not being yourself
Be honest in your application and express who you are through your essays, interviews, and other documents. Admissions officers will be able to tell if you are trying to present yourself in a way that is not genuine, so make sure to show them the real you.
7. Not following instructions
Finally, make sure to read all instructions carefully and follow them when submitting your essay or any other documents. Failing to do this could lead to your application being rejected.
If you have been accepted into an MBA program, the next step is to figure out how to finance it. No matter which option you choose, it is important to remember that financing your MBA program requires careful planning and dedication. Make sure to research the different options available and compare them so you can make an informed decision. Here are three popular options for financing your MBA program:
Scholarships and grants
Scholarships and grants are a great way to pay for your MBA program, as they do not need to be repaid. Some schools will offer scholarships based on academic performance, while others may provide financial assistance to students from low-income families or those with special needs.
Student loans
Student loans are another popular option for financing an MBA program. There are various types of student loan programs available, such as federal and private loans. Depending on the type of loan you take out, you may be able to get funds at lower interest rates than other forms of financing.
Employer tuition reimbursement
Many employers provide tuition reimbursement benefits that can help cover part or all of the cost of an MBA program. You should check with your employer and discuss their tuition reimbursement policy before applying.
Frequently Asked Questions on MBA Programs
Is doing an MBA worth it?
An MBA can be a great investment, as it can open the door to career advancement and more job opportunities. It is important to research different programs carefully and talk to current students or alumni before making your decision.
Is a 2 year MBA worth it?
Yes, a two-year MBA program can be very beneficial as it provides more time to specialize in a particular field and complete internships. However, if you are a working professional, you may want to consider a one-year program so you can get back to work as soon as possible.
Which MBA course is best?
The best MBA course for you will depend on your career goals and interests. Research different programs and talk to alumni or current students to get an idea of which program might be the best fit for you. For example, if you’re interested in entrepreneurship, then an MBA with a focus on that area might be the best choice.
What jobs do you get with an MBA?
An MBA can open the door to a number of career opportunities, including management positions in large corporations, start-up venture capital firms, consulting firms, and Fortune 500 companies. Job titles can include operations manager, marketing director, financial analyst, and more.
Is MBA difficult to pass?
MBA programs can be challenging, as they require a lot of dedication and hard work. However, with the right amount of preparation and commitment, you can make sure that you’re successful in your studies and graduate with an MBA. Be sure to take advantage of all the resources available to you, such as studying with classmates or seeking out help from professors when needed. You can also visit Upgrad for quality resources and guidance on your MBA journey.
What is the starting salary after MBA?
The starting salary after completing an MBA will vary depending on the individual and their chosen field. According to data, the median salary for a graduate with an MBA is $115,000 per year. However, this number can fluctuate widely depending on factors such as location and type of job. It is important to research salaries in your specific field before accepting any job offers.
What is the difference between an MBA and a regular Master’s Program?
The core difference between an MBA and a regular master’s degree course is that it focuses on imparting unparalleled business and entrepreneurial experience in real-world business environments.
How to find an MBA program that is right for you?
While finding a suitable MBA program for yourself, you should consider factors like prior business experiences, location, and job profile that fit your career goals. In addition, one can choose their MBA course depending on how intense they want their education to be (an MBA program can range anywhere between 18-24 months).
How much impact does prior professional experience have in the admission process and ranking?
Prior business or job experience plays an integral role in the application procedures. Business schools are more willing to admit applicants with job experience or, better yet, managerial experience. Questions about prior experiences also take up a vital portion of the face-to-face interview process with the admission officer.