[phpzonsidebar title=”MBA Books” keywords=”mba” num=”4″ country=”US” trackingid=”mustbeautycom-20″ id=”2″]The MBA degree is so popular that most people do not even need to be told what does it stand for? However, some of us might be wondering what an MBA is? MBA is an abbreviation of M, B and A.
- M stands for Master
- B stands for Business
- A stands for administration
MBA, therefore, simply means Master in Business Administration. Is it “Master in” or “Master of”? If you ask 10 people this question, you may get 50% response for “in” and 50% for “of”. The English prepositions “in” or “of” are used interchangeably by people. That is not an issue. Whether you interpret it as Master in Business Administration or Master of Business Administration; for sure, you are mastering the subject of business administration!
An academic definition should be like: “MBA is a postgraduate degree teaching business and is awarded by recognized and prestigious Universities”. From this definition, we come to know that an MBA degree should have, at least, the following 3 elements.
1) It is a postgraduate degree (Master Degree)
2) Prestigious and recognized Universities award MBA.
3) It teaches Business Administration i.e. learning about the science and art of business.
Subjects of MBA
MBA teaches Business Administration which, itself, is not a single subject, but a collection of many other fields of knowledge associated with business. Other fields of knowledge, such as Sociology, Psychology, and Medicines etc are independent branches of knowledge in the sense that academicians usually class them as separate fields of study. On the other hand, MBA is a collection of interdependent fields of knowledge such as Marketing, Finance, Management, Organizational Theory, IT, Business Psychology, Management and many others. An MBA student is expected to gain knowledge of all these subjects relative to their overall relation of understanding of Business Administration.
Types of MBA
Many Universities and Colleges offer a variety of specialised MBA degrees. Here, are some of the main areas wherein people can get a specialised MBA degree.
1) MBA General
2) MBA in Marketing
3) MBA in Accounting and Finance
4) MBA in Project Management
5) MBA in Human Resource Management
The first three types are the most popular. The first one is a general course of all the MBA subjects without any specialisation in a particular area. MBA in Marketing is when Marketing gets special emphasis. Students take Marketing as a subject in which they specialise. MBA in Accounting and Finance focuses on accounting and finance areas, whereas the No 4 and 5 in the above list focus on their respective field of knowledge, as their names indicate.
The above list is not exhaustive, and there are a number of other areas where one can obtain an MBA qualification. Through recent years, it has made significant inroads into other disciplines like health care, education, nursing, criminal justice, health services and some others. This new trend does not stop there, and with each passing year, business colleges or universities are continuously introducing new disciplines and fields of specialization.
History of MBA
There is a general agreement on the point that MBA programs first started in the United States in the early part of the 20th Century. Tuck School of Business, Dartmouth College, in USA was the first business school which was established in 1900. In the beginning, the School awarded master degrees known as MCS (Master in Commercial Sciences). They, later on, renamed it as MBA. Harvard Graduate Business School was founded in 1908 with Edwin Francis Gay as its first Dean. Since then, the School stands as one of the world’s top most business schools. These days, MBA courses have spread across the world. There are thousands of Business Schools in many countries around the world such as USA, UK, France, Germany, Singapore, Australia, Canada, India, Pakistan and a lot many other countries.
How Long Does it Take to Complete MBA
Initially, an MBA degree used to take, at least, 2 years to be completed. This is still the case in many business schools around the world. However, there is no thumb of rule that an MBA must be of a certain fixed duration. Different schools follow different length of times. Some Business Schools still stick to 2 years, while others follow a one year course. In the UK, there are many schools who offer a one year MBA. There are also a number of schools which offer programs of 10, 12, 15, or 18 months. Executive MBA is typically 1 year. Part time MBA normally takes double time of that taken by full time MBA. For example, if a school offers an MBA full time in 12 months, its part time takes 24 months.
The Growing Trend
More and more organization wants their employees to be specialized in the art of Business Administration. So the demand for MBA has been increasing tremendously for the past few decades. The industrial revolution, growth of tremendous global trade and international business necessitate organizations to equip their managers with knowledge of business administration. MBA has, therefore, grown to be recognized as a prestigious degree and hence an increasing number of people are applying for the course. According to an estimate 80,000 people get their MBA degrees each year in the USA alone. There are 11000 fresh MBA graduates in the UK every year. Around the world, the number must be significantly high.
Who Can / Should Do MBA?
People having a bachelor degree in business normally take their Master in Business, but due to the increasing demand for MBA graduates, many business schools around the world now take students who do not have previous academic qualification in business. Such candidates are normally required to have a work experience in their organization, so, you either need pre-master academic qualification in a business related field or appropriate work experience to be accepted on the program. Some business school also offer access courses especially designed for the purpose. In case of neither having work experience nor an undergraduate qualification in business, the access course route is the best available option. Most access courses take 9 to 12 months.
Benefits of MBA
There are several benefits of getting MBA.
There are several benefits of completing Master in Business Administration. For full details see the article on Benefits of MBA. Here, are just a few points regarding the benefits.
1) Business Knowledge
2) Leadership abilities
3) Managerial knowledge
4) Financial Benefits
5) Organizational Benefits