MBA
From Unofficial Guide to Engineering
Contents |
What is a MBA?
A Masters in Business Administration is a two-year program focusing on general business and management principles. Originally, it was designed to provide engineers (that’s you) with skills in managing and leader others. However, in recent years, professionals from many other disciplines have gone back to school to earn their MBA.
MBA stands for Masters of Business Administration, and is a post graduate degree in business communication. It is also one of the most sought after degrees in the world because of its value to people in business and administration. An MBA degree can benefit those in positions in business and management, especially those in executive and managerial positions. An MBA degree from a leading institution in the US has great value throughout the world and thus there are thousands of students from various countries who come to the US for the sole purpose of pursuing an MBA degree even though their own country may offer several MBA programs. More: What Does MBA Stand For?
GMAT
The GMAT(Graduate Management Admissions Test) is administered by the Graduate Management Admission Council. This exam is one of the most important requirements for entrance to the business school MBA program.
The average GMAT scores vary from school to school and for top MBA programs, it is 680. If you'd like to know more about it, you can visit the MBA Admissions.
GMAT Preparation Materials
Application
Most people go back to business school after working in industry for several years. The median age of MBA candidates is around 28. Although not a common occurrence, some individuals attend directly after graduating from college. However, most MBA programs do not encourage this practice, as they prefer their MBA candidates to bring real-world experience to the classroom.
Curriculum
MBA programs are not known for their challenging coursework. In fact, many MBA recipients claim that they learned nothing in school, but were able to meet a wide variety of people who became useful resources in their later careers. To be fair, many good programs will provide valuable instruction and insight on business practices. Nevertheless, the networking aspect of business school is arguably the most important aspect of it.
Top Programs
Because the hallmark of a good MBA program is the quality of its candidates, many MBAs advise that only top programs are worth attending. That way, you will come in contact with the future movers and shakers of their respective industries. Much of the business world is driven by relationships, and knowing the right people can make all the difference. Thus, in a time when even DeVry offers an MBA program, choosing the right program is key. More: Top MBA Programs in the United States.
In the area of management, Harvard Business School (HBS), MIT (Sloan) and Northwestern (Kellogg) consistently rank among the top. University of Pennsylvania (Wharton) and University of Chicago are highly respected in finance, and Stanford University’s Graduate School of Business is known for entrepreneurship. Dartmouth (Tuck), Berkeley (Haas), Columbia and University of Michigan at Ann Arbor (Ross) round out the top ten, according to U.S. News and World Report’s 2005 rankings.
Comprehensive MBA Rankings - Rankings available by major and location. Also from Financial Times, U.S. News, and Business Week.
Tution
Tuition and fees for MBA programs are much higher than for undergraduate education. Although it takes only two years, the higher cost per year and the lack of financial aid can really take a toll. For example, Hass estimates that tuition and other expenses will add up to approximately $66,000 a year.
Resources
MBA Monster: An MBA site addressing career information.
Top MBA Directory: Directory of top MBA schools.
Eduers.com: Basic information about MBA education and GMAT test information.
