What’s An MBA?
Posted July 12, 2018, by Emily Garbutt
In the business world, there are many top-level executive jobs on the table. You can find fantastic opportunities in every industry. The salaries you can achieve in these roles are substantial. Perhaps, you have even applied for one of these high-flying roles in the past. Or you wanted to but lacked the confidence send your application. No wonder, because getting your foot in the door can present a challenge. One of the ways candidates can open doors is by studying an MBA. But what exactly is an MBA I hear you say?
In this article, we will shine a light on things MBA, and why this mysterious sounding thing can hold the key to opening doors.
What does MBA stand for?
MBA stands for a "Master of Business Administration". The master's level degree includes a wide range of business-related topics under the umbrella heading. Students can usually tailor their course to suit their interests and desired career path.
What do you learn with an MBA?
Most MBA degree subjects will include fixed core modules with some optional modules to choose from, and add-on and complete before you graduate.
The course will launch your journey, primarily focused on helping you to develop the core skills you need to succeed in business.
MBA subjects might include learning about managing people, how to lead, and ways to develop people. Moreover, the course will include other technical modules to get you up to speed in areas such as corporate strategy, and economics for managers.
Tailoring the course for you
After completing the core program, you then choose a few other topics on offer (each education provider will differ slightly). These are aimed to develop a range of skills which may apply to certain business areas and can be tailored to your own interests and goals. Options could include modules on entrepreneurship, international business, contract law, human resource management. Or one module could take the form of a practical project with a written assignment.
For example, The Australian Institute of Management (AIM) has an MBA which includes nine core modules. Then, you pick and choose another three modules from their list. Or you can go for a pre-selected group of three modules tailored to a specific direction, such as entrepreneurship or consultancy.
How do you do get accepted into an MBA program?
Each MBA will have different requirements, and the MBA application process can differ. Usually, providers will look for applicants with some relevant work experience in a professional capacity, as well as already have completed a relevant Bachelor’s degree (BA). They will also want to see proof that your level of English is proficient. Furthermore, some schools may require a personal statement and references.
Enrollment requirements will vary from provider to provider. However, to give you an idea, you usually need to meet something like the following requirements in your MBA application:
- Able to read and write English to level 12 or if English is not your first language you will need to hold a certificate (meeting their requirements). The minimum level can vary between school; AND
- A Bachelor’s degree as well as two years of professional experience; OR
- Some schools understand not everyone goes into business from University. As a result, they may have provisions for candidates who don’t have formal qualifications. For example, if you do have five years of professional experience, you can undertake a Graduate Certificate in Management first. This is a great pathway and will enable you to continue to an MBA afterwards.
Where can an MBA lead you?
The answer to this question has no limits!
Proper training in business, and attaining the highest level of qualification at that, can help you up your game, and finally get you closer to that promotion you have had your heart set on. Or your MBA will provide the perfect training and knowledge so you can succeed in your entrepreneurial activities. Perhaps you simply want to take your career in a new direction. For example, an office administrator may want to move into management or into the HR department. The MBA can equip you with the new skills you will need.
Completing an MBA can help to give you the edge over others, and achieve your goals, whatever they might be. NRMA President and Chairman, Kyle Loades says to think of this qualification as “insurance for your career”, he expresses that “I’m a real believer that education is essential to ensuring you always remain in employment. You need to continually learn; you’re never too old to learn. The world is changing and education is insurance for your career."
The opportunities within the business world have no limits, and the MBA will equip you with confidence and knowledge which will help you succeed.
In addition, corporations, employers, and even investors recognise the value behind the MBA. This means graduates can achieve higher salaries. Or entrepreneurial graduates can better secure investments for their startup because investors have more confidence in their expertise.