For over the past five decades the Master of Business Administration degree has been a staple in the business world as far as graduate education is concerned. Generally purposed for the working professional, an MBA is a unique degree which is applicable in a broad range of career choices. Even though it is specifically designed as a business degree, an MBA provides an interdisciplinary education of the disciplines of finance, economics, psychology, and sociology. Students take their comprehensive knowledge of these disciplines and learn how to apply them to business specific practices such as operations management, accounting, finance, marketing, and human resources.
Essentially, the difference between an MBA and a typical master's program is that one provides a broad range of education that is relevant but not unique to business professions, while the other allows one to further specialize in their field of choice, usually related to one's undergraduate education. Therefore, it is not necessary a degree created as a "next step" for anyone whose undergraduate education was business related, in fact, an MBA is a degree that is suitable for a diverse range of academic backgrounds. Although those without and business education may be required to complete a few prerequisite courses before enrolling in graduate courses within an MBA program.
An MBA can be a very beneficial in terms of career mobility and advancement. Those with MBA degrees are more likely to qualify for higher up positions in management, consulting, finance, operations, and human resources. Often continuing education is necessary to move up the corporate ladder and justify one's ability to handle greater responsibilities in the workplace. Common titles of MBA graduates include Chief Executive Officer, Senior Analysts, Operations Director, Financial Controller, or Project Manager. Earning an MBA can also provide someone with the credentials necessary to qualify them for a higher income. According the College Board's study "Education Pays 2010," of full-time workers over the age of 25, those with professional degrees, such as MBA or law degrees, made more on average than those with bachelor's, master's, or doctoral degrees. Professional degree holders had a median earning of $100,000 annually, which was about 80 percent more than those with bachelor's, 49 percent more than those with master's, and 9 percent more than those with doctoral degrees.
Perhaps a little trickier than the decision to pursue an MBA, is choosing which type of MBA program is most appropriate for you and, even more daunting, which school you should earn it from. This may sound like an overwhelming process, but don't worry, there are plenty of options when it comes to a business education as well as plenty of ways to help you narrow them down. The "typical" MBA student is not easily defined, given the fact that they come from various career stages, industries, and educational backgrounds. Therefore, there are various types of program structures in which individuals can choose depending on their personal and career goals. There are traditional programs for those with student friendly schedules, accelerated programs for the individual who wants to earn their degree in the fastest way possible, and then there are night and weekend programs for the professional trying to juggle both school and a 9 to 5 work schedule. Perhaps one of the most convenient options, thanks to a technology-driven society, is the online MBA program option.
Making it possible for professionals to earn an MBA degree without temporarily having to put their careers on hold, MBA online programs utilize the Internet to deliver a business education that is not confined by class times or academic calendars. These types of programs typically operate around the concept of flexible scheduling in which MBA curriculum can be accessed 24/7 allowing students to work on coursework whenever they find it most convenient. Many people choose to earn their MBA online so that they can continue to meet their short-term career goals, while working toward a qualification that will allow them to meet their long term career goals.
An online MBA also allows for more options when it comes to choice of higher educational institutions. As opposed to settling for a degree from whatever university is in the closest proximity, professionals have the option to enroll in online programs from reputable business schools across the nation. With online MBA programs, you won't have to change your life and relocate to another town just to attend the business school of your choice.
If an online MBA format sounds like the best fit for your lifestyle but you're apprehensive about the quality of education you will receive, you should know that most of these programs are just as difficult, and sometimes even more challenging, than those that take place on campus. To meet the demand of working professionals, hundreds of private and public institutions across the country have adapted their traditional MBA programs into an online format. An online MBA program often involves the exact same curriculum, is taught by the same faculty, and holds students to the same academic standards. The biggest difference in earning an MBA online is the instructional methods utilized. Courses are accessed through Web portals, discussions take place on discussion boards, lectures are accessed through streaming video, and assignments are submitted by uploading a file.
But even though the majority of schools offer legitimate MBA programs, there are still plenty of schools out there that are more concerned with making profits than providing a solid business education. Two of the most important things to consider in the search a business education is accredited online MBA programs and online MBA rankings. You can quickly narrow down your options by only looking for accredited online MBA programs which have received that designation from trusted and respected business organizations. One of the most prestigious and oldest business school accreditors is The Association to Advance Collegiate Schools of Business. According to AACSB, this association has been in existence since 1916 and today there are 620 member institutions that hold AACSB Accreditation within 38 countries. Another well-known accreditor is the Association of Collegiate Business Schools and Programs, which has been promoting excellence in business education since 1988. Currently, 529 campuses are accredited by the ACBSP as well as more than 700 MBA programs. There is also the International Assembly for Collegiate Business Education which accredits business programs at colleges and universities worldwide that demonstrate all 17 "Characteristics of Excellence in Business Education."
After accreditation, another important thing to consider is online MBA program rankings. Rankings can help you take a deeper looking into online MBA programs and be indicative of the quality of a business school's faculty, instruction, reputation, and students. There are many great resources out there for those looking for the best online MBA programs 2011. One such resource is Bloomberg BusinessWeek, which publishes annual rankings of the best business schools with part-time MBA, full-time MBA, and MBA online programs. Schools are ranked based on factors like academic quality, student satisfaction, and employment outcomes. The U.S. News and World Report publishes annual rankings of the Best Grad Schools, in which they include rankings of business schools and top online MBA programs. To determine placement, the publication surveys over 400 master's business programs for student selectivity, quality assessment, and placement success. These programs are further broken down into rankings of programs based on concentrations, so those looking to focus on a particular area of business can see which school offers the top online MBA programs within that specialization. Online MBA ranking is a quick and convenient way to identify which schools offer the best programs, as well as learn more about admissions standards and tuition costs. Other publications with annual online MBA program rankings that are worth looking at include The Economist and The Wall Street Journal, along with Princeton Review's The Best 300 Business Schools.