Studying for an MBA
Last Updated on : 6/24/2014 7:49:38 AM

An MBA can increase your earning potential and broaden your job prospects. Applicants should have at least three years relevant experience in a managerial role. A typical MBA course will be made up of mature students from a variety of cultures and countries, and often with five to ten to year's experience in a range of industries.

Types of MBA

An MBA can increase your earning potential and broaden your job prospects. Applicants should have at least three years relevant experience in a managerial role. A typical MBA course will be made up of mature students from a variety of cultures and countries, and often with five to ten to year's experience in a range of industries.
Types of MBA

Many business schools now offer part-time courses and distance learning options as well as full-time courses. The Association of MBAs  suggest you need to dedicate at least 20 hours a week to a distance learning programme, while full and part-time courses demand even more of your time. There are several MBAs you can take:

    General MBA
    Executive MBA
    Specialist MBA

If you don't have the required experience, you may want to consider taking the Masters in Business and Management (MBM). If you are interested in undertaking management research, the Diploma in Business Management (DBM) is a doctorate-level qualification which will see you develop academic knowledge and professional practice in one programme. For more information on these degrees, go to, Association of MBAs – The Global Guide to Accredited MBAs – MBA not right for you?
Why study for an MBA?

The majority of students use an MBA to change their job function and sector. Some manage to change location and others use an MBA to significantly enhance their career within the same sector, or with their pre-MBA employer. Studying for an MBA can:

    improve your contact list and expand your network;
    increase your salary;
    create more job opportunities.

Before embarking on an MBA, consider the level of commitment needed to successfully complete the course. They are consuming and will require a lot of time and energy. If you are unsure about whether to apply for an MBA, speak to the individual business schools directly.

The wealth of knowledge and experience that an MBA brings, ensures that those in possession get more than their money's worth. For more information, see, Is the MBA qualification right for you?

What does an MBA involve?

All the major aspects of business are covered on an MBA programme, including finance and banking, accounting and economics, and marketing. Much of the learning comes from collaboration and networking with fellow students and so teamwork and group projects are a key component of the course.

A full-time MBA course will normally take two years to complete, while students can be given up to five years to complete a part-time course. This can vary with each university and so it's best to check with the business school you are interested in.

How do I apply?

You will have to apply directly to the business school you wish to study at with a CV. All schools require you to write at least one essay along with your application. Here you will explain:

  • who you are;
  • what you have achieved;
  • why you want to study for an MBA;
  • what you want achieve after the course.

Some schools will require you to complete the Graduate Management Admissions Test (GMAT) as a prerequisite for enrolment and will specify the minimum score you need for admission. This demanding, computerised test assesses numerical and written skills, so if you lack confidence in these areas seek help in preparing before you apply.

You will need to display an appropriate level of English language skills to ensure you understand the course content.

How much does it cost?

Tuition fees for an MBA are recognised as being expensive, costing between £5,000 and £30,000 plus, per year. Prices will change depending on the exact type of MBA, the duration of the course and the business school you attend.

Despite the high cost of studying for an MBA, the return on investment is considered high with measurable short and long-term paybacks. The Association of MBAs' most recent survey found that the average MBA salary stands at £66,500.

Is funding available?

Most business schools will have scholarships available for the right candidates, namely those with a record of academic excellence and relevant and exceptional business experience. Some schools will arrange paid internships on two-year MBA courses.

Funding is available from companies who work in collaboration with schools and the government also award scholarships for MBAs.

(Source: http://www.prospects.ac.uk)


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