MBA IS WHAT

Masters of Business Administration (MBA) MBA stands for Masters of Business Administration, and is a post graduate degree in business communication MBA stands for Masters of Business Administration, and is a post graduate degree in business communication. It is also one of the most sought after degrees in the world because of its value to people in business and administration. An MBA degree can benefit those in positions in business and management, especially those in executive and managerial positions. An MBA degree from a leading institution in the US has great value throughout the world and thus there are thousands of students from various countries who come to the US for the sole purpose of pursuing an MBA degree even though their own country may offer several MBA programs. Inject Script An MBA Program offers a range of benefits for the successful applicant, including: Business Knowledge: The MBA program and business schools give you valuable knowledge about business and all its related aspects. You learn about business strategies and concepts, not just on paper, but the training and internship required in an MBA course, teaches you how to use these skills in practical life and in day to day business operations. Leadership Abilities: An MBA degree involves rigorous training, assignments, reports, presentations, and group projects, all of which give you the necessary abilities to handle real-life business situations. This helps to set you apart from those who do not have such expertise and can make you a leader in your chosen field. Networking: The alliances that you form with your classmates and the network that you create is deemed as one of the most important and valuable things that an MBA program can give you. MBA graduates have often felt that the associations formed during the MBA course are resources that are invaluable and can be drawn upon for years after the MBA degree has been achieved. Anyone thinking of applying for an MBA program could benefit greatly from learning more about the program beforehand, and finding out what an MBA is all about as well as what MBA institutions are looking for in applicants. This site aims to teach you about various aspects of the MBA program, enabling you to make a more informed choice and to be more prepared for what to expect. What is an MBA An MBA is a post graduate degree in business communication. MBA stands for Masters of Business Administration An MBA is a post graduate degree in business communication. MBA stands for Masters of Business Administration and is a very popular course for business students the world over. The MBA program is recognized worldwide and is considered as a major step towards a successful business management career. An MBA degree is one of the most sought after degrees in the world because of its value to people in business and administration. Irrespective of the industry or profession that you are in, or regardless of the condition of the economy of your country, an MBA degree can benefit those in positions in business and management, especially those in executive and managerial positions. Eligibility for MBA While most schools and educational institutions that offer MBA programs have their respective criteria for getting into an MBA course, the two most significant factors that are common to most schools and MBA courses are: Age and Experience: The average age of students applying for the MBA is about 26-30 years. Most schools require their applicants to have 4-5 years of prior work experience before joining an MBA course. Since experience is usually believed to come with age, those under 25 are generally not accepted for an MBA program as it is assumed that such students do not have the required work experience. GMAT Score: Having a GMAT score in excess of 600 is essential if you wish to get into the A grade MBA schools. Although just a good GMAT score is not a guarantee for admission to an MBA program, it doeGlobal Appeal of MBA An MBA program strives to equip its students with all the necessary knowledge, theoretical as well as practical, which can benefit them tremendously in managerial and administrative jobs. This does not apply only to business, as is usually understood by most people, but can also benefit people to get into executive positions in the public sector and government jobs as well. This gives the MBA degree a global appeal and worldwide recognition. MBA in the United States The MBA program and degree was developed in the United States and was introduced in the early 1900s. Even today, an MBA degree from a leading institution in the US has great value throughout the world and thus there are thousands of students from various countries who come to the US for the sole purpose of pursuing an MBA degree even though their own country may offer several MBA programs. An MBA program in the US typically is of two years duration as it is felt that such time is necessary to learn everything that there is to know about business and administration. But across Europe, where the MBA course was first introduced in the 1960s, the program is usually of 1 year duration and can sometimes be completed in as less as 10 months. Evolution of the MBA Program Since its inception in the early 1900s and especially in the last two decades, the MBA program has evolved tremendously and has witnessed the following trends: Programs of shorter duration as a result of the highly competitive mature of the education industry and also in a bid to make the course less expensive, while at the same time not sacrificing on the quality of the course and the value of the MBA degree. MBA courses had always been full time courses, but in the last few years there has been an introduction of many types of MBA programs based on their structure. So now there are part time MBA courses, modular programs, international programs, distance learning programs, and even online MBA programs. Eligibility for MBA While most schools and educational institutions that offer MBA programs have their respective criteria for getting into an MBA course, the two most significant factors that are common to most schools and MBA courses are: Age and Experience: The average age of students applying for the MBA is about 26-30 years. Most schools require their applicants to have 4-5 years of prior work experience before joining an MBA course. Since experience is usually believed to come with age, those under 25 are generally not accepted for an MBA program as it is assumed that such students do not have the required work experience. GMAT Score: Having a GMAT score in excess of 600 is essential if you wish to get into the A grade MBA schools. Although just a good GMAT score is not a guarantee for admission to an MBA program, it does better your chances tremendously. MBA Career Opportunities Most degrees are obtained with the purpose of advancing your career prospects and job opportunities Most degrees are obtained with the purpose of advancing your career prospects and job opportunities. The same is the case with an MBA degree; the only difference being that an MBA degree is considered as the most valuable post graduate degree in the world and has exciting career opportunities. People take the MBA program in order to further their careers in their current jobs or to get a better job on the basis of their MBA degree. Even within your existing company and in your current job, you can notice the difference in your career prospects pre-MBA and post-MBA. With an MBA degree under their belt, employees have a whole new world opened up to them and are elevated to managerial positions on the strength of the additional abilities and knowledge gained through the MBA program. If you are looking for a change in careers, an MBA degree affords the following career opportunities: Marketing: People who are in charge of marketing the goods or services of any organization need to be able to create effective marketing strategies and convey their message to people efficiently. An MBA program equips its students with theoretical knowledge as well as practical marketing skills, which can help in getting jobs in the marketing field. With the MBA degree, you can look to become no less than a product manager responsible for marketing. Finance: Those in the field of finance need to be quick thinkers, have high energy levels to stay abreast of the financial markets, and most importantly, need to have patience to deal with clients and explain things to them. The finance courses in an MBA program are a great way to determine if you have what it takes to be a success in finance. If so, then there are a host of top jobs that you can get in this field. Government Jobs: People often live with the misconception that an MBA degree is only good for business because of its very name. But it can be very useful for a career in a government agency. Such jobs usually require you to be a big thinker and to be a team player. All this and more is learned in an MBA program. Government agencies have since long had a reputation of giving reactive responses that do not much translate into action. To change this image, government agencies are increasingly on the lookout for people who are doers and not merely talkers. Thus, someone with an MBA degree could have many career prospects in a government job. Personal Business: Those who have their own business are known to benefit tremendously from completing an MBA program. But what is even better is that an MBA degree can give you all the relevant skills and abilities needed to start your very own enterprise and become an entrepreneur, thus giving you tremendous career opportunities. Non-profit Organizations: An MBA degree can open up many jobs for you in non-profit organizations. Most people with this degree or those who are still pursuing this degree, do not give much thought to jobs in the non-profit sector as it is regarded as a ‘waste’ of their skills and abilities. But on the contrary, this is one sector that could benefit a great deal from having more people with MBAs involved in non-profit. As for the MBA graduate, it can be very rewarding, both financially and emotionally, to see that your talents are making a positive difference in the lives of many people. You get the chance to work for a worthy cause, while at the same time furthering your own career. This is just the tip of the iceberg as far as career opportunities for MBAs are concerned. Having an MBA degree gives you countless job opportunities, mostly in top level positions, and can help to further your career tremendously. The Value Of An MBA In the United Sates alone, in any given year, there are close to 300,000 MBA aspirants In the United Sates alone, in any given year, there are close to 300,000 MBA aspirants pursuing the MBA degree. Taking into account the thousands of students who take the MBA program all over the world, there surely must be something of great value that the MBA degree offers you. But is it really as worthwhile as it seems? Here’s a look at what an MBA can do for you and how valuable it actually is. Skills Acquired Through an MBA Program Business Knowledge: The MBA program and business schools give you valuable knowledge about business and all its related aspects. You learn about business strategies and concepts, not just on paper, but the training and internship required in an MBA course, teaches you how to use these skills in practical life and in day to day business operations. Leadership Abilities: An MBA degree involves rigorous training, assignments, reports, presentations, and group projects; all of which give you the necessary abilities to handle real-life business situations. This helps to set you apart from those who do not have such expertise and can make you a leader in your chosen field. Networking: The alliances that you form with your classmates and the network that you create is deemed as one of the most important and valuable things that an MBA program can give you. MBA graduates have often felt that the associations formed during the MBA course are resources that are invaluable and can be drawn upon for years after the MBA degree has been achieved. Career Prospects An MBA degree provides you with innumerable career opportunities in various fields. It is especially beneficial to get jobs in high level positions such as managerial and executive level jobs. Whether you are looking to further your career in your existing job or are looking to change your job and start your career afresh, an MBA degree can be very valuable in either scenario. The value of an MBA degree, on the whole, cannot be denied. But more importantly, anyone who has an MBA degree, or anyone who is in pursuit of one, has to determine how the degree can benefit them and should ask themselves what the value of an MBA is to THEM individually. You can do this by assessing how an MBA can help you in your chosen field and in jobs for which you have an aptitude. If an MBA can enhance your business skills and make them better suited to your particular profession or career choice, then it can be invaluable to you. Financial Value of an MBA An MBA degree from one of the top business schools in America could set you back by up to $100,000. This is by no means a small amount and is indeed one of the largest investments that you are likely to make in your life. So it is necessary to evaluate the value of an MBA, strictly from a financial point of view as well. So you need to ascertain the return on investment on the amount that you are likely to incur in pursuing an MBA and see if it is financially valuable to you. Calculate all the costs that are involved in pursuing an MBA, namely application fees, program fees, tuition costs, interest on any loans, cost of materials needed, travel costs related to training etc, test fees, and any other miscellaneous costs that you may incur. Once you have estimated the cost of your MBA, you need to assess the benefits of an MBA in terms of increased salaries, better wages, and more career opportunities to evaluate the monetary value of your MBA degree. What Makes a Good MBA Candidate This is what all applicants to an MBA program need to ask themselves when they apply to any school This is what all applicants to an MBA program need to ask themselves when they apply to any school to be admitted into their MBA program. Remember that the admissions officers and those professionals, who process your application, are also asking themselves if you will make a good candidate for their MBA program. As the MBA is a very intense program, not to mention very expensive, schools are looking out for those applicants who come across as having prior knowledge about the program and are also clear about what they want from the program. As an MBA aspirant, you too, should do your best to be perceived as the ideal candidate for an MBA. The following areas are where you need to make your mark and put your best foot forward. The Application for MBA Once you have decided on some schools for an MBA program, the next step is to apply to those schools. Your application is the most important aspect, which will determine whether or not you are accepted into an MBA program. People think of the interview as the tough part, but if your application does not make you stand out as a great candidate, then you may never reach as far as the interview. Here’s how you can better your MBA application: Have a really solid and complete application file. List down all your qualifications and your work experience in a way that complements them. Do NOT leave any part of the application form blank. The essay that is required with the application should be written sincerely and should be so compelling that the person reviewing your application finds it tough to put your essay down. Prepare for your GMAT test beforehand so as to have a high GMAT score in your application form. The letters of recommendation with your application should stand out from the others. Remember that only as little as 20% of all applications received by MBA schools, are actually considered further for the next stage in the admissions process. So make sure that you do the best possible job with your application so that it goes on top of the ‘in’ pile and does not get relegated to the ‘out’ pile. Interviews for MBA Programs If your MBA application is as good as it should be, then you may be short listed for the interviews. This is another critical aspect of the MBA admissions process and here the interviewer can physically determine how good a candidate you are for their MBA degree. Here are some tips to help you get prepared for the interview: Portray Yourself as Part of a Team: Convey what you wish to get out of the MBA course, but more importantly, tell what you will contribute to it as well. Most MBA graduates consider their classmates and other students to be a big help during the course. So present yourself as a quality student and a valuable team member. Be Sincere and Truthful: Do not give answers to questions that you think the interview committee wants to hear. They are great at their job and can easily differentiate among students who are being sincere and those who just give the ‘expected’ answers. So be honest about your expectations from the MBA course and why you have decided to pursue the particular program or school. Prepare Yourself: Make a list of expected questions and then decide how you will answer them. But do not prepare actual questions and answers as then they will seem rehearsed and not spontaneous. The Graduate Management Admission Test (GMAT) The Graduate Management Admission Council had developed a standardized test to assess overall skills The Graduate Management Admission Council had developed a standardized test to assess overall skills of aspirants who want to pursue an MBA degree as well as other business management courses. This test is known as the Graduate Management Admission Test or GMAT as it is more commonly referred to. This test – the GMAT, was created so that business schools had a common measure by which to evaluate the abilities of applicants who wished to enroll in MBA courses and other management programs. The GMAT is a tool whereby admissions officers in business schools can assess the overall abilities of applicants and can also reasonably predict their future performances during the MBA program. What the GMAT Gauges The GMAT is a test which measures the overall skills and abilities if a person without testing specific data about any particular topic or subject. It is the measure of the analytical and verbal skills of a person and is not a test to find out knowledge about business or to test your skills at any particular job or in specific careers. The GMAT Format The GMAT is conducted in English and is a Computer Adaptive Test. Earlier it could be taken as a written test with physical pen and paper, but now it is available only in its computerized format. The test is divided into three sections, which are: Analytical Writing: This is the first section of the GMAT. It involves two tasks – 1) the analysis of any issue and 2) the analysis of an argument. The applicant has half an hour to complete each task, making this section of 1 hour duration. Quantitative Section: After the first section, you are given a five minute break, which is optional. After this break you have to begin the second section which is the quantitative section. In this section you have to answer questions on Data Sufficiency and Problem Solving. There are a total of 37 questions with multiple choice answers and you can take a maximum of 75 minutes to answer all the questions and complete this section. Verbal Section: Another optional five minute break is available after the second section and then you come to the third and final section of the GMAT, which is the verbal section. Reading Comprehension, Critical Reasoning, and Sentence Correction are the three areas in which you are expected to answer a total of 41 questions, again with multiple choice answers. Another 75 minutes is given to complete this section. When the test was available in its physical form, you could skip a question within any section and go back to it once you had completed the other questions provided you had time left. But with the introduction of the computerized version of the GMAT, you now do not have this option. GMAT Scores The GMAT gives four scores, analytical, verbal, quantitative, and the total score. Your score depends on the number of questions that you have answered, the number of correct and incorrect answers, and the level of difficulty of the questions. Each Computer Adaptive Test contains some trial questions in the test which are necessary for pre-testing of questions before use in GMAT. These trial questions appear randomly in the test and are not marked as such. The scores for these trial questions are not included in the overall score of the GMAT. GMAT scores are a very important part of your MBA application. So you should study the materials that are available for GMAT and give the test your best shot to get as high a score as possible. GMAT Study & Test Taking Strategies If you are aspiring to get chosen into an MBA program, then you will be required to take the GMAT GMAT Study & Test Taking Strategies If you are aspiring to get chosen into an MBA program, then you will be required to take the GMAT (Graduate Management Admission Test). The GMAT scores are an essential part of your MBA application and could very well be the deciding factor in your getting chosen for the MBA program or not. So you need to prepare for the test and know how to take the GMAT so that you have the best chance of getting a good score. Here are some tips to help you out: GMAT Study Tips Become familiar with the format of the GMAT so that you know what to expect from the test and which areas to prepare yourself in. Look up sample questions and retired questions from previous GMATs. These are available online and in paper form as well. Although you will not be asked the same questions in your GMAT, reviewing the sample questions will give you a much clearer picture of the type of questions that you are likely to be asked. The Quantitative section of the GMAT tests your basic math skills. So if it has been a few years since you studied the subject, you may want to revise basic math topics so that your math abilities are up to date. The Analytical Writing Assessment section of the GMAT requires you to write two essays. So you can prepare yourself for this section by writing sample essays on topics that have been used in previous GMATs and also on other similar topics. There are many test preparation courses that you can join, which will help you in studying for your GMAT. All kinds of GMAT test preparation software and tools are available online for very low costs and sometimes even for free. You should take advantage of these tools that are great for helping you to prepare for the all important GMAT. Remember that although the GMAT is a test of your basic overall skills and not testing of a particular subject, you still need to study for it. Confidence is good but over confidence, which leads to cruising in for the test without any preparation, may cause you to regret your actions later. Start studying for your GMAT at least 4 weeks in advance of the test date. Test Taking Strategies Once you have prepared for the GMAT and are ready to take the test, you need to focus on the test and nothing else. Remain calm and do not be nervous (yes, easier said than done!). Here are some tips on taking the GMAT and some strategies to use while taking the test. You will be given the number of questions that have to be answered in each section and also the time available. Read these directions properly. Concentrate on the questions and read them carefully. Read all the answers properly too. Even if you think you have the right answer, read all the given answers. Each question has one correct answer and one that is almost correct. So see all the answers before submitting your response and do not gloss over any answer if you feel you already have the right one. To guess or not to? This is on everyone’s mind when taking the GMAT. Since your test score is lowered for every un-answered question, you may need to do some guesswork if you do not know the right answer. But keep in mind that wrong answers lower your test score as well. So try and eliminate at least one or two answers, (one answer is almost always obviously wrong) and then guess between the remaining two so that you have a better chance of your answer being correct. Once you have confirmed any answer, you cannot go back and change it. So think over the question and then answer it only after you have made your final decision. The quantitative section requires you to make calculations. Try and do only the simplest calculations mentally but use paper and pen for the tough ones. Mental math often results in incorrect answers in test situations. Keep the total time that you have for each section in mind and pace yourself accordingly so that you have enough time to finish the test. You are allowed to take only one test each calendar month. So if you quit a test or cancel it, then it is counted as a valid test but your scores are not. So be aware of this while taking the test. How To Choose The Best MBA Program For You With the rising popularity of an MBA degree as one of the best post graduate courses worldwide With the rising popularity of an MBA degree as one of the best post graduate courses worldwide, there are now practically thousands of business schools and an equal number of MBA programs available to those who wish to obtain an MBA degree. With such a huge and diversified choice, it becomes very difficult to know which program is right for you. Choosing an MBA course that serves your needs best is indeed a tough job. Here are some things to consider when deciding on an MBA program. 1) Your Expectations from the MBA Program No two MBA programs are absolutely alike and even though they teach you the same basics, they do not offer the same syllabus. So you need to ask yourself: Does this course give me the experience I am looking for? Does the syllabus include topics that are relevant to my chosen career? What electives does the program offer and am I interested in them? Is the content of the course suited to my needs? Do I have the required aptitude to successfully finish the course? Does the program offer practical training and real life experiences as well? 2) Your Physical Circumstances You need to assess if a particular MBA program is feasible in terms of: Does the structure suit you? Whether you can do the full-time two year course or you need a shortened course. Is the program in your area or will you need to travel daily? Are the timings of the course suitable for you? Are you free to join the course on its start date? 3) Financial Considerations An MBA program is an expensive program and thus you have to consider the financial impact of a particular program on yourself. Ask yourself: Can I afford the program fees? Will the living expenses, travel costs, and other expenses involved in the particular program put an immense financial burden on me? Will I have to borrow a loan to cover the costs and do I even want to? If I do take a loan, will I be able to bear the interest on the loan and how long will it be before I can repay it? 4) Impact on Your Lifestyle Will I be able to balance work and studying? Will I have to give up my job? How will a particular course affect my family life? Once you have asked yourself the above questions in relation to the different MBA programs that may interest you, you can determine which of those programs is best for you and positively addresses all the above areas in which an MBA program can impact you. Most people want to go in for an MBA program that is offered by the top A grade business schools and which have the highest ratings. If given a chance to enroll in such a program, they jump at it without considering how it can affect them, and later have to live with the consequences. Although an education from the top business schools cannot be compared to other programs, you have to decide which course is best for you according to the above guidelines. If you choose to enroll into an MBA program just because it is THE best one available, but are unable to stay with the program or complete the course, then even the best of programs will not do you any good. So determine which program is best for YOU and then make the most of it. MBA FAQ An MBA is a post graduate degree in business communication. MBA stands for Masters of Business Administration An MBA is a post graduate degree in business communication. MBA stands for Masters of Business Administration and is a very popular course for business students the world over. The MBA program is recognized worldwide and is considered as a major step towards a successful business management career. What will I gain from doing an MBA? An MBA program strives to equip its students with all the necessary knowledge, theoretical as well as practical, which can benefit them tremendously in managerial and administrative jobs. This does not apply only to business, as is usually understood by most people, but can also benefit people to get into executive positions in the public sector and government jobs as well. What skills will I pick up from doing an MBA? You will learn a range of valuable skills from the MBA program, such as: Business Knowledge: The MBA program and business schools give you valuable knowledge about business and all its related aspects. You learn about business strategies and concepts, not just on paper, but the training and internship required in an MBA course, teaches you how to use these skills in practical life and in day to day business operations. Leadership Abilities: An MBA degree involves rigorous training, assignments, reports, presentations, and group projects, all of which give you the necessary abilities to handle real-life business situations. This helps to set you apart from those who do not have such expertise and can make you a leader in your chosen field. Networking: The alliances that you form with your classmates and the network that you create is deemed as one of the most important and valuable things that an MBA program can give you. MBA graduates have often felt that the associations formed during the MBA course are resources that are invaluable and can be drawn upon for years after the MBA degree has been achieved. Who is eligible for these programs? While most schools and educational institutions that offer MBA programs have their respective criteria for getting into an MBA course, the two most significant factors that are common to most schools and MBA courses are: Age and Experience: The average age of students applying for the MBA is about 26-30 years. Most schools require their applicants to have 4-5 years of prior work experience before joining an MBA course. Since experience is usually believed to come with age, those under 25 are generally not accepted for an MBA program as it is assumed that such students do not have the required work experience. GMAT Score: Having a GMAT score in excess of 600 is essential if you wish to get into the A grade MBA schools. Although just a good GMAT score is not a guarantee for admission to an MBA program, it does better your chances tremendously. Will an MBA improve my career prospects? An MBA degree provides you with innumerable career opportunities in various fields. It is especially beneficial to get jobs in high level positions such as managerial and executive level jobs. Whether you are looking to further your career in your existing job or are looking to change your job and start your career afresh, an MBA degree can be very valuable in either scenario. With an MBA degree under their belt, employees have a whole new world opened up to them and are elevated to managerial positions on the strength of the additional abilities and knowledge gained through the MBA program. If you are looking for a change in careers, an MBA degree can be invaluable in careers such as: Marketing Finance Government