What Is an MBA Degree? Definition, Careers, and More

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There are so many different programs to consider when enrolling in college or seeking out education. An MBA is one of the most popular options out there, perfect for those seeking careers in fields like accounting, finance, marketing, and management.

But what is an MBA, exactly? Let’s take an in-depth look at what MBAs are all about, the benefits they bring, and the kinds of careers you can enter if you obtain an MBA of your own.

What Exactly Is an MBA Degree?

We’ll kick things off with a simple definition.

MBA stands for Master of Business Administration. It’s a type of graduate degree first introduced at Harvard University over a century ago in 1908, building on the world-first business studies launched in 1881 at the Wharton School at the University of Pennsylvania in Philadelphia.

These days, students can access and enjoy an MBA degree program at countless universities all over the world. They rank among the most popular degrees to consider because of their versatility and value.

Indeed, one of the best aspects of MBAs is the broad range of topics they cover. Thanks to this, the average MBA student graduates with strong knowledge of many critical business principles and a broad set of skills to help them in a multitude of roles or even aid in setting up their own business.

Who Should Get an MBA Degree?

Now that you know what an MBA is, is it the right choice for you?

Thanks to the versatility of MBAs, they’re great options for a wide selection of students. They provide many universal and foundational business skills to launch you forward into numerous careers and industries, from finance to manufacturing, marketing, health care, and many more.

Surveys show that many students enrolling in MBA programs typically cite personal development, gaining business knowledge, unlocking future opportunities, and expanding their networks as some of their reasons for doing so.

In other words, you don’t necessarily need to be planning a career in finance or international business to benefit from an MBA. It can be an excellent option to help you build business knowledge and expand your skill set to help you not only in your next job but also in all future career moves.

Types of MBA Programs

There are several types of MBA programs to choose from, mainly based on how much time you need to set aside each day or whether you plan to study in-person or online.

Full-Time

A one- or two-year full-time MBA program is the most traditional type of MBA and one of the fastest ways to obtain this qualification. It typically involves students being present on campus and studying day in and day out to learn the skills and knowledge they need to succeed.

Part-Time

Better for working professionals who can’t necessarily commit to a full-time course, a part-time MBA program lets you continue to work while you study at a pace that suits you. Classes usually occur in the evenings or on weekends, and the full program can take two or more years to finish.

Executive

Introduced by the University of Chicago Booth School of Business in the 1940s, the executive MBA program is an advanced variant of the MBA, aimed at executive-tier professionals. It helps leaders and executives upskill, network, and exchange ideas to learn from one another.

Global

A global or international MBA is similar to a standard MBA but is more oriented around international business ideas and strategies. Typically, classes are composed of students from across the world who may move on to working with global enterprises after graduation.

Online

An increasingly popular option for earning an MBA, online courses let you study from home. This is the most flexible choice, providing real-world knowledge and essential business skills without needing to actually go to a far-off college campus.

How Long Does It Take to Earn an MBA?

That all depends on which type of MBA you opt for. Ranked full-time MBA programs can be completed in just one or two years, especially in Europe and Asia, where single-year MBA programs are exceptionally popular and accessible at many major universities.

However, if you enroll in part-time, flexible online MBA, or executive MBA graduate degrees, the process may take longer. In some cases, students may study for three years while working or pursuing other qualifications before obtaining their MBA qualification.

What Jobs and Salary Can You Earn as an MBA Graduate?

As mentioned earlier, an MBA is a versatile qualification that can lead to many different careers and professions. It provides a wide and varied set of skills to take forward into your professional life and help you excel in numerous industries.

Just some of the many jobs MBA graduates enter include:

Financial analysts
Human resources professionals
IT managers
Marketing managers
Operations managers
Financial managers
Investment bankers
Management consultants

This is an abbreviated list, as the positions in the business world are vast, and new ones continue to be created as technology advances.

Regarding salary, statistics show that median salaries for MBA graduates are around $125,000. There’s potential to earn much more than this, and it all depends on the type of work you do. Many graduates report earning a raise and/or promotion upon earning their MBA.

MBA Specializations and Certificates

MBA programs are quite generalist in nature, covering a wide array of topics and ideas. However, students may choose to specialize in one or more specific areas, especially if they have a clear career plan in mind post-graduation.

There are STEM MBAs, for example, that allow you to gain business skills and knowledge that correspond to working in the fields of science, technology, engineering, and mathematics.

Many business schools also offer MBAs that specialize in particular fields, such as entrepreneurship for those intending to set up their own companies or healthcare management for those intending to work in the medical sector.

Of course, many colleges and universities also offer dual or joint degrees. This is when you can study an MBA alongside another separate qualification in a field of your choosing. This could be the right move for someone who has created a clear career path in a specific industry.

Glimpse at the MBA Courses and Curriculum

The specific content of MBAs can vary from college to college. However, they mostly follow the same basic structure and cover similar topics.

A typical MBA is split into two sections:

Core courses
Elective courses

The core courses are the fundamentals of the MBA. These are the classes every student needs to take to build their business knowledge and gain skills that are useful in a vast array of situations. Examples include business ethics, accounting, data analytics, leadership, and marketing.

Then, there are the elective courses. These are chosen by each student, with a mixture of options to match various objectives and backgrounds. Typically, the elective modules are selected and studied in the second half of the MBA program once the core fundamentals have been covered.

Examples of elective courses could be:

Nonprofit management
Blockchain technology
Artificial intelligence
Entrepreneurship
Business history
Negotiations
Mergers and acquisitions
Private equity
Supply chain management

Unlike some bachelor’s degrees, MBA courses tend to focus on the “case study” approach popularized by Harvard. In this method, students review and analyze real-world examples of businesses, exploring how and why they succeeded or failed in various areas.

Many MBA courses also provide extracurricular activities to supplement lectures and in-class learning. Students could join MBA or business clubs, participate in networking events, or challenge themselves in competitions and contests, for instance.

MBA Admission Requirements

Of course, not everyone is eligible to simply enroll in an MBA program. You’ll need to meet the institution’s admission requirements if you hope to be accepted and gain a place in the program. These requirements vary from school to school, but usually include:

An undergraduate degree or equivalent (ideally a bachelor’s degree in business administration or in the industry you want to be employed in, but not necessarily)
Some level of professional experience

Typically, you’ll also have to provide supporting documents, like letters of recommendation, GRE/GMAT test results, an essay or personal statement to introduce yourself, as well as potentially attend an interview.

Acceptance rates all depend on where you apply. The rates at the most competitive MBA program—Stanford—are less than 9%, but other schools will accept a much larger percentage of applicants.

What Makes a Great MBA Program?

Not all MBA programs are equal. That’s why so many students seek out the very best, highest-rated schools to study at and carefully review the contents of each course before applying.

A good MBA program should be:

Comprehensive: Covering many useful skills and relevant topics that graduates can take forward into their professional careers.
In-depth: With detailed knowledge, engaging case studies, real-world examples, and detailed breakdowns.
Flexible: With a good range of elective modules that allow students to pick and choose the most appropriate study materials.
Supportive: With plenty of helpful resources and experienced teachers to guide the way, answer questions, and support each student’s learning.

How Do I Get Started?

If, after finding out what an MBA is, you decide it’s the right option for you, the next thing you might ask is, “How do I apply and enroll?”

Here’s a quick step-by-step guide:

Research various programs at schools or other institutions to see what kinds of courses are out there, what they contain, and so on. University of Cincinnati’s Lindner MBA (Online Program) is a fantastic option to start with, ranked among the best in the nation.
Narrow your search to the best MBA programs that suit you just right. Consider the kind of subjects you want to study, but also the cost and flexibility of the courses and whether they fit with your schedule and learning plan.
Prepare your application materials, which may (as discussed above) include the likes of GMAT or GRE test scores, letters of recommendation, a resume, and a personal statement or essay of some sort.
Submit your applications and await your responses.

Contact UC to Learn More

All in all, the simple takeaway to “What is an MBA?” is this: an MBA is one of the most versatile, useful, and empowering graduate degrees to consider. It can give you so many skills and useful insights to take forward and supercharge your career in business. To find out more or start the enrollment process, contact UC today.

Frequently Asked Questions (FAQs)

How many years does an MBA take?

It depends on the type of MBA you choose. Some full-time MBA programs take just ten months to complete, while flexible or part-time programs may take a few years.

What is an MBA vs. a Master’s?

MBA is a specific type of master’s degree: a master of business administration. The term “master’s” is more of a general term, referring to an entire category of graduate degrees that students can obtain after their bachelor’s degrees.

How difficult is an MBA?

The challenge of an MBA will depend on how well-prepared you are for it. Students who already have a good foundation in business can expect to build on that knowledge, and you can increase your odds of success by preparing accordingly and obtaining a relevant degree.