Introduction

With the job market becoming more and more competitive with every passing day, it is common to see thousands of students going for a Masters degree in Business and Administration (MBA). The MBA degree has gained huge popularity because it acts as a career accelerator for students by equipping them with skills required in day to day business operations. According to a survey, in the United Sates alone, in any given year, there are close to 300,000 MBA applicants pursuing the MBA degree.

Among the huge lot of students, seeking the MBA degree, some see it as a key to a secure future, other see it as a move up the career ladder and people like me believe it, as a means to a greater end. This is because; it’s a fact that those who do the actual work, get paid far less than those who ‘manage’ them.

With an MBA degree in hand, career advancement can open up new horizons. The MBA program and business schools give you both theoretical and practical knowledge about managerial and administrative jobs. 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.

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 huge worth all over the world. There are thousands of students from various countries who come to the US every year to pursue an MBA degree despite of the fact that their own countries may offer several MBA programs.

Eligibility for MBA

Undergraduate Degree

Almost all US universities require 16 years of undergraduate education. That is, four years of education after High School/Junior College.

Work Experience

Most US universities require a minimum of two to three years of work experience. Though some universities may accept you without any work experience, preference is usually given to candidates with work experience.

GMAT

GMAT is required for almost all universities in US. It is also one of the most important criteria for admissions. If you are planning to study in a US business school, you must score high in this exam.

TOEFL

This is also required by almost all universities in US. It is a fairly simple exam for most students who have studied in English medium schools.

MBA Program Contents

MBA programs expose students to a variety of subjects, including economics, organizational behavior, marketing, accounting, finance, strategy, operations management, international business, information technology management, supply chain management, project management, government policy, and ethics.

Specialization

Many programs allow students to specialize or concentrate in a particular area. Standard concentrations include accounting, corporate strategy, decision sciences, property management, economics, entrepreneurship, finance, general management, human resources, international business, marketing, organizational behavior, project management, and operations management.   
         
Choosing the right MBA Course

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.

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 see whether the courses give u the experience relevant to your chosen career and whether the program offers practical training. It is important to assess if a particular MBA program is feasible in terms of course timings and financial considerations.
 
Basic types of MBA Programs

Two year MBA

Two year MBA programs normally take place over two academic years (i.e. approximately 18 months of term time), in the Northern Hemisphere beginning in late August/September of year one and continuing until May of year two, with a three to four month summer break in between years one and two.

Accelerated MBA programs

Accelerated MBA programs are a two year program, generally having a higher course load during the program without any extensive summer break.

Part-time MBA programs

Part-time MBA programs normally hold classes on weekday evenings, after normal working hours. Part-time programs normally last three years or more. The students in these programs typically consist of working professionals, who take a light course load for a longer period of time until the graduation requirements are met.

Executive MBA (EMBA) programs

Executive MBA (EMBA) programs are developed to meet the educational needs of managers and executives, allowing students to earn an MBA or another business-related graduate degree in two years or less while working full time.
Participants come from every type and size of organization – profit, nonprofit, government — representing a variety of industries.

Distance learning MBA programs

Distance learning MBA programs hold classes off-campus. These programs can be offered in a number of different formats: correspondence courses by postal mail or email, non-interactive broadcast video, pre-recorded video, live teleconference or videoconference, offline or online computer courses. Many respectable schools offer these programs.

Dual MBA programs

They combine MBA degree with others (such as an MS) to let students cut costs (dual programs usually cost less than pursuing 2 degrees separately), save time on education and to tailor the business education courses to their needs.

Tuition Fee

US business schools generally fall under two major categories:

The tuition fee is different for different universities and varies widely with courses. It can vary from as low as $ 8000 a year for state universities to as much as $ 35000 per annum for some private universities.

MBA Program Rankings

The MBA degree has become one of the most popular masters' degrees. As more universities have started offering the degree, there is evident difference in quality of schools, faculty and course offerings. It becomes quite difficult for potential students to decide on where to apply. A variety of publications provide ranking of various MBA schools, basing their ranking on differing criteria. Among these publications, Business Week, Financial Times, The Economist, Forbes magazine, The Wall Street Journal, and U.S. News & World Report are commonly looked at and at times believed to be correct. In USA, Business schools like Harvard, Stanford and Wharton are respected worldwide.

Conclusion

Having an MBA degree gives you countless job opportunities, mostly in top level positions, and can help to further your career tremendously. Many MBA professionals have experienced elevation on the strength of additional abilities and knowledge gained through the MBA program and has rightly termed it as a fast forward button for your career.