What is MBA?

MBA stands for Master of Business Administration. It is an internationally recognized postgraduate business degree. It is academic in nature, like Master of Arts (MA) or Master of Science (M.Sc), yet it is a more practical than scientific (theoretical). This is a "hands-on" preparation for individuals in business and management for analyzing and solving demanding business problems. Business schools that offer MBA programs demand that students have some number of years of working experience (typically 3 - 5) before they take an MBA program, often as managers or senior managers.

History

The Master in Business Administration (MBA) is one of the most sought after degrees in the world. The MBA programs have been taught in the USA for over 100 years, but more recently, since the 1960s, the "MBA-craze" has spread around the world like the wild forest fire fueled by an ever-changing business climate. Today, virtually all universities and business schools offer MBA programs.

Today's world No.1 MBA program has been taught at the Harvard Business School for over 100 years! It is a highly competitive 2 year full time program that trains students in business problems analysis and decision making. The types of MBA offered by institutions and universities vary wide nowadays to suit the busy schedule of executives.

Mode of study

Full-time or "classical" MBA program is a 2-year program where students attend lectures, work in teams and individually, all within the confines of an educational institution. Some schools offer excellent, intense full-time 12 - 18 month long programs.

Part-time or "executive" MBA is nowadays more common. This is tailored to suit busy executives who do not want to miss out in their career progression. Here students study and work at the same time. Lecturers and classes are usually held after office hours and on weekends. It typically takes longer to complete a degree, depending on the level of commitment and how successful are students in resolving frequently conflicting demands for time to study and to run their daily work.

In distance learning MBA program the classes are less frequent. And students are given the necessary materials to engage in self study, much like a correspondence school.

In more recent development, a form of distance learning via the Internet has gained popularity, known as the virtual MBA. Students can interact with tutors/lecturers and fellow students via the Internet through chat rooms or forums.

Types

Many business schools offer "basic" or general MBA that satisfies most of the students giving them solid grasp of business proficiency. Over the years, MBA has grown into a mature industry, prompted by clients and neighboring industries, schools developed more specialized MBA, like MBA in Information Technology, Finance, Human Resources, e-Commerce, even Wine! Despite their differentiation, the underlying principles of management do not vary too much. The specialization means the course spend considerably more time focusing on issues & cases in the area of choice.

Content

Most MBA courses are quite similar in their course content. As a minimum they will cover core and additional subjects.

Core subjects (classes):

  • Financial Management
  • Human Resource Management
  • Marketing Management
  • Operations Management

Additional subjects (classes):

  • Business Strategies / Strategic Planning
  • Entrepreneurship
  • Information Technology
  • Managing Change
  • Organizational Behavior