Why Study MBA ? Knowing the answer to this question is of great importance, especially before you begin the experience or conduct a job interview in which representatives will ask you. Among its advantages, an MBA helps you enhance your career or change it to one that suits you, and develop many business and communication skills. Follow the article to learn more
What is an MBA?
It is a postgraduate degree in the field of business administration. The Master's program offers many courses in multiple fields, including accounting, statistics, human resources, marketing, and entrepreneurship, and is considered a highly professional degree that guarantees the quality of education
The Master of Business Administration (MBA) degree is one of the most popular graduate degrees in the world, due to the increasing demand for it from students and employers.
The MBA degree was first implemented at Harvard University in 1908, to complement the graduate program in business administration, which is a highlight for anyone on their CV.
Many students take advantage of an MBA in different fields, such as technology, industry, commerce, health, and media, with the aim of developing their potential, increasing income, gaining more knowledge, and offering some the opportunity to start their own business.
MBA programs may be full-time, part-time, or online, and each program has different requirements for admission.
Benefits of studying MBA
An MBA degree offers many benefits on a professional and personal level, especially in the field of technology, finance, management, marketing or manufacturing. An MBA provides you with more career advancement and increased communication and leadership skills, ultimately enabling you to succeed professionally. Here are the professional benefits of an MBA degree:
Availability of more jobs, and advancing to higher positions
Gain new skills and open more career paths
Financial benefits, and increased income
Improve theoretical and practical knowledge of how companies operate.
Gaining a greater degree of job security
Gain more “soft skills,” such as communication, teamwork, and leadership
Develop a strong professional network.
Learn new skills that may lead you to change your career path
Increase your standing in your business community
Disadvantages of studying MBA
Despite the many advantages of obtaining a Master's degree in Business Administration, it has some drawbacks, which are:
High cost: Obtaining an MBA can be very expensive and requires a large sum of money, including tuition fees, books, and living expenses. In addition to the cost associated with the time spent by the student studying the program.
Competitive Application: Outstanding master's programs have strict admissions criteria, including high GMAT scores and strong work experiences.
The return is uncertain: Despite the high cost of obtaining an MBA degree, there is no guarantee of a high financial return or a higher job.
Rapidly changing business landscape: Change in technology and business models may precede the Master's curriculum, which can lead to skills gaps.
Uneven niche: MBA programs from universities outside the M7 are not competitive and will likely not provide many opportunities for the student.
It takes more time: A master's degree requires a significant amount of time and effort.
Focuses only on business: An MBA is mainly focused on business, so those interested in other fields may not get many benefits.
Advantages of studying MBA in Türkiye
Studying an MBA in Turkey represents a combination of high-quality education, cultural diversity, and promising job prospects, especially as Turkey continues to grow economically and academically, making it more attractive for international students to pursue an MBA degree. The most important advantages of obtaining it in Türkiye are:
Reasonable tuition fees
High quality education
The faculty members are highly experienced and competent.
Thus, obtaining an MBA from a Turkish university becomes an investment in your career.
What does a student study in the MBA?
The Master of Business Administration curriculum that the student studies is divided into two parts:
Basic courses
Covers the basics of business management, including the following:
accounting
Business relations
work ethics
Business strategy
Data analytics
Economics
finance
Leadership
marketing
Operations
Optional courses
The student chooses what suits his individual professional goals, and studies it in the second half of the study program after completing the basic course. Elective courses include several options:
Human Resource Management
Nonprofit Entrepreneurship Management
Sustainability
Corporate social responsibility
artificial intelligence
MBA courses are usually taught in the case study style, followed by Harvard Business School. Students analyze case studies of business success or failure before discussing them.
Studying an MBA allows you to learn business theory before applying it practically in teamwork or in projects on the ground.
Types of Master of Business Administration (MBA)
Business schools are keen to offer different types of Master of Business Administration, to suit different students, including:
Full-time MBA
The program lasts for two years of study and is therefore the most affordable and comprehensive. This type is suitable for students who are able to focus fully on studying for two full years to complete their master's degree. Despite these obstacles, it carries the greatest amount of benefits. Where more communication with others, internships, and extracurricular activities.
Part-time MBA
This type is a good option for people who want to study for a master's degree while keeping their job, so it is more flexible than the previous type and usually cheaper, but despite this, it has fewer advantages in terms of networking, internships and coursework. It is also the appropriate type for people who work in the same career path and study it to improve their professional skills and increase financial returns and academic degrees.
Online MBA
It is similar to a part-time MBA in terms of its pros and cons, especially for people looking to get an MBA without sacrificing their job.
The Executive MBA is more aimed at professionals at a later stage in their careers, offering them full-time study but of a slightly shorter duration, and providing them with more advanced knowledge.
The Deferred MBA
It is the newest type of MBA program, and is available to undergraduate or graduate students who are unable to work full-time. Students apply for this type of master's degree in their final year of college, and if accepted, they can defer their studies for between two and five years to save their place until they have full-time work experience.
What are the differences between an MBA and other master's degrees?
Both are postgraduate studies, but the MBA is mainly focused on business administration, while the other master's degrees specialize in business administration through a specific subject (such as big data, finance, digital marketing). Therefore, there are several points that must be taken into consideration when determining the difference between the two types, which are:
Background: There are many master's degrees available under the name MBA, which leads to confusion for people wishing to study. Especially in the absence of a global regulatory framework on what an MBA should be called.
Diversity of profiles: The MBA requires full-time work experience, whether it is a two-year or one-year full-time MBA, or a part-time Executive MBA. While other master's programs aim to continue academic studies after the bachelor's degree.
Teaching Methods: Lectures are usually the main teaching method in a Master's degree, along with case studies.The difference is that MBA teaching is more experiential, through the use of case studies and project-based work, and is one of the most efficient methods of learning.
Results: For other master's degrees, the professional outcome may not be clear. Most companies, especially in Europe, target graduates who do not have sufficient work experience, while others use the master’s degree to differentiate between candidates and choose the best.
Admission requirements for the Master of Business Administration (MBA)
Admission requirements for an MBA vary from one university to another and from one country to another, but these conditions usually include:
The student obtains a high school diploma or its equivalent with good grades.
Passing the university admission test.
Passing the English language test approved by the university.
Obtain a good grade in some basic subjects such as mathematics, statistics, and economics.
Submit the required documents such as a CV, letters of recommendation.
Two years of work experience at the administrative or executive level. People with part-time work experience are rejected.
Passing the personal interview at some universities.
The cost of studying MBA all over the world
Obtaining a Master of Business Administration degree represents a major investment, as it brings great financial returns to people. But on the other hand, studying for a Master of Business Administration costs a relatively large sum in various universities around the world. Here is the cost of tuition fees in some countries for one year of study, taking into account that the study lasts for two years:
United States: 14,000 – 40,000 euros
United Kingdom: 9,000 – 60,000 euros
Australia: 14,000 – 30,000 euros
Canada: 11,000 – 35,000 euros
Spain: 15,000 – 28,000 euros
Singapore: 29,000 – 45,000 euros
Netherlands: 8,500 – 32,000 euros
Turkey: 20000 USD
Most universities charge around 16,000-24,000 euros/year, while the most expensive MBA degrees can cost up to 80,000 euros per year.
You can find affordable or even free MBA programs in the following countries:
Finland and Sweden: only €0 for EU students.
France and Germany: 0 – 9,000 euros for all international students
Austria: 0 – 10,000 Euros per year for all international students.
What are the qualities that MBA students should have?
The MBA is currently the most in-demand study programme. Therefore, the candidate must possess certain characteristics to ensure acceptance, the most important of which are:
Analytical and presentation skills
Well communication
Possessing ambition and a strong drive for excellence
Discipline
The ability to create and innovate
Leadership
Decision-making skills and problem-solving ability
Integrity and morals
Constant desire for development
Job opportunities for MBA graduates
When you wonder Why Study MBA? You will find the answer in the benefits and jobs that MBA holders can join, including:
project manager
Business analyst
Business operations manager
Financial Manager
accountant
Management consultant
Financial Manager
Production Manager
Sales Manager
Risk manager
Digital Marketing Manager
What is an MBA salary?
Salaries for Master of Business Administration (MBA) degree holders are usually much higher than those of people who work in the same jobs, but do not have an MBA degree.
The salary depends on several factors, Including industry, work location, university from which you obtained your master's degree, and number of years of experience.
The latest surveys for 2023 reported that the average starting salary is estimated at $125,000, compared to $75,000 for people who only hold a bachelor's degree.
Regarding the effect of industry type on salary, let us explore the average annual salary for various industries with an MBA degree:
Accounting manager: $67,000
Consulting director: $98,000
Data analyst: $55,000
Finance Director: $80,000
Healthcare consultant: $65,000
Human Resources Director: $70,000
IT manager: $97,000
Marketing Director: $115,000
Nonprofit: $49,000
Operations: $74,000
Conclusion
It becomes clear Why Study MBA? Especially with the increasing demand for people with a master’s degree by business owners and institutions, and the availability of many senior management positions with high financial returns
It opens you to a wide range of job opportunities in various industries such as technology, finance, management, marketing and manufacturing, leading to more responsibilities, rewards and better paying positions. This is in addition to enhancing intellectual knowledge and communication skills.
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