WHICH MBA

High-flying executives, budding young managers, successful entrepreneurs and full-time mums are all studying for an MBA – but what is it? Explanation of the different types of MBA programs:

The MBA, or Masters in Business Administration, is a graduate degree designed to provide students with knowledge of business practice. The degree originated in the United States in the late 19th century and today is offered by business schools around the world.

Delivered in a range of formats, from part-time to full-time, modular to distance learning, the MBA is typically one year (European programs) or two years (US programs) in length. Business schools have been quick to recognise the different needs potential MBA candidates have and are therefore adapting their MBA courses to suit more people’s lifestyles. As a result there is likely to be an increasing number of variable types of MBA courses on offer in the future.

As well as providing students with an insight into business practices, MBA programs tend to feature a core set of specializations, such as finance, marketing, strategy and operations. Thereafter, students can often take electives in specializations they are interested in, such as leadership or entrepreneurship. The MBA is a general management degree but it is possible to specialize in, for example, a wine management MBA, or sports MBA.

Most MBA programs are accredited at a local and international level. There are three major accreditation bodies – AMBA, AACSB and EQUIS. These have been set up to ensure there is a level of consistency and quality across all graduate business qualifications that are being offered throughout the world. Candidates considering an MBA degree are advised to avoid unaccredited MBA programs. 

While MBA courses seem extremely expensive at first – a one year MBA program in the UK begins at £20,000 – students are guaranteed a high return on investment. Most MBAs will find a marked increase in salary after graduating and will see their salary grow incrementally higher than those without MBAs. The course, on average, pays for itself after around four years.