If you are considering an advanced business degree, there are a number of options available. At the top of the list is the Master of Business Administration in all its various forms. It was the first advanced business degree when Harvard introduced it in 1908, and it is still the most prominent. Today, the Master of Business Administration with its many specialization options is taught in a number of different forms from traditional to night classes to online learning.
Until the last Two decades or so, the MBA was only taught as a traditional college program. It was comprised of two years of daytime classes. Having said that, as society has changed, the degree has changed with it, especial how it is offered by universities. The conventional two year version still exists, but now there are other options like accelerated programs, night classes, and online learning.
The program is made up of two parts. Core classes like advertising, economics, operations and finance, are taught in the first. The second has the student pursue a specialty in such subjects as international business, human resources, real estate or the like.
There is a great deal of similarity between other Master level business degrees and a MBA degree with the appropriate specialty. By way of example, a MBA with a Healthcare focus is similar to the Master of Healthcare Administration. Except, the MBA is focused more on the business operations aspects. Marketing, finance and accounting would be included in that list. While the Master of Healthcare Administration focuses on healthcare policy. It’s important to understand the differences and how they could impact particular career objectives when making education decisions. Other degrees are specific to their field, however the MBA offers some versatility moving forward.
Some online schools offer the MBA for as low as $7,000, but they aren’t that credible. Then, on the other hand, some online programs are pricey. That additional price is a charge for the convenience of being capable of getting the MBA from a credible school via the web. The price for the MBA from most traditional colleges runs about $60,000. The degree from a top school could run $200,000. Time spent is the hidden cost that has got to be added in to those figures. All MBA programs call for a good chunk of time and energy.
Getting a MBA is rewarding, both in the sense of accomplishment as well as monetarily. For example, a professional with a MBA can make significantly more than a professional of the same experience who only has a Bachelor of Business Administration (BBA). For example, a BBA with 5-9 years of experience commands a median salary of $51,376 compared to a MBA with 5-9 years of experience who earns a median salary of $68,989.
Ultimately, there are options in post grad business education including both choice of degree and the format in which to earn it. Either way, it’s a lot of money and time. Looking at all the factors, the MBA offers one thing the other do not – a broad scope of applications. That, in itself, is beneficial. So, unless a person can be absolutely certain that they will never get tired of a career, the MBA is probably the better path over a something like an MHA.