MBA – Definition and meaning
MBA stands for Master of Business Administration. It is a post-graduate degree that focuses on developing the skills that people need to manage a business.
Some colleges refer to the program in the plural form and use the preposition ‘in‘ – ‘Masters in Business Administration.’
An MBA helps students develop the skills they need to run or manage a business better. It does this by providing theoretical and practical preparation. The course also gives the student a better understanding of business functions.
MBA courses – who is eligible?
People who already have a bachelor’s degree are eligible for this type of post-graduate course. The person is likely to have graduated in business, economics, finance, or a related subject.
However, individuals with non-business, non-finance, and non-economics bachelor’s degrees are also eligible.
Traditionally, MBA programs offer business-related courses, such as accounting, finance, and human resources. Operations management and information systems management may also be part of the program.
In some programs, there is a stronger focus on specific subjects. While one program may focus on hospitality management and public administration, another may concentrate on accounting or human resources.
The terms human resources and human resource development (HRD) refer to the hiring, training, and development of workers. Human resources often means the department in a company that deals with the employees (personnel).
Regarding the history of Master of Business Administration programs, Wikipedia says the following:
“The MBA degree originated in the United States in the early 20th century when the country industrialized and companies sought scientific approaches to management.”
Types of MBA programs
There are different types of MBA programs, depending on the candidate’s qualifications and the school’s requirements.
A Full-Time MBA program typically lasts two years. Two-year full-time programs are very common.
Students either live on campus or nearby and come to classes every day or most days of the week. You cannot do a full-time course and have a full-time job at the same time.
With a part-time MBA course, students can also work. Some students may also be working full-time. This type of course is becoming increasingly popular.
Part-time programs take longer to complete. Students usually study for three to four years. Course duration depends on the institution and also on how much work the student does.
For example, somebody who studies for 15 hours per week might complete the course in three years. However, a student who studies just 10 or 12 hours per week may take four years.
An Accelerated MBA is a fast program that the course participant can complete in a year or slightly longer.
In most cases, the school will be more demanding regarding the student’s curriculum vitae (résumé). Most colleges require work experience.
As the course covers a short period, the weekly workload is relatively heavy.
Schools that offer Executive MBAs target people with more professional experience. In some cases, for example, candidates are only eligible if they have at least ten years of work experience.
Some of the topics are more advanced than in the other programs. This is because the course participants have more work experience than their counterparts in other programs.
A Dual MBA is a program that combines two degrees. It provides the student with more skills and expertise in specific areas. For example, they may choose to study an MBA and also a Master in Arts.
Business management schools across the world earn considerable incomes from their MBA courses. The Wharton School of Business, for example, charges $141,740. The Wharton School of Business is part of the University of Pennsylvania.
Video – What is Business Administration?
We have all heard the term Business Administration and most of us understand what it means. However, defining it is not so easy. Watch this Market Business News video, which provides a brief definition of the term.