There are many reasons why a Master of Business Administration (MBA) degree comes out on top every year as the most popular course offered by university business schools. Whether it be the understanding of business principles, the global perspective of business and leadership or the practical experience offered during an MBA programme, it is widely understood that an MBA degree is the key to unlocking your potential within the business field.
Despite its global popularity, students should still take time to understand the ins and outs of the Master of Business Administration and how pursuing an MBA degree will benefit them, their company and their clients.
So, here is a guide to everything you need to know about studying a Master of Business Administration.
What is an MBA?
A Master of Business Administration is a postgraduate degree covering all areas of business administration, including accounting, finance, marketing and human resources.
An MBA degree is internationally recognised and viewed as one of the most important qualifications for business professionals. The Master of Business Administration is an in-demand programme and provides business professionals with the skills, knowledge and network to advance their careers both short-term and long-term.
MBA is a buzzword within the global business industry and everyone in the field is familiar with the value and benefits of a Master of Business Administration degree. MBA programmes are delivered in all shapes and sizes and can be accessed by professionals around the world looking to take their business careers to the next level.
How long does it take to complete an MBA degree?
There are many variations of the MBA degree tailored to student needs and industry demands. Variations in delivery style, content and length of the programme provide business professionals with flexibility and control of their careers.
The main types of MBA programmes are listed below:
- Full-time MBA: Traditional Master of Business Association degrees usually last two years over four semesters. Offered by university business schools around the world, this is the most popular MBA degree and can be studied online or in person. Most programmes will also include internship opportunities as well as exposure to industry professionals and leaders within business.
- Part-time MBA: A part-time MBA degree offers flexibility for business professionals who are looking to upskill alongside their careers. These programmes are designed for working professionals with weekend or evening classes provided. The programme duration is therefore extended to around four to six years and again is offered online, in-person or often blended. Due to the nature of this MBA programme, an internship is rarely offered within the course.
- Executive MBA: Similar to the part-time MBA programme, the executive MBA degree (EMBA) is designed for working professionals in the business field. Being an executive degree, the EMBA is aimed at experienced professionals looking to advance their career and leadership opportunities. The EMBA programme is typically completed in 18-24 months and has a strong emphasis on the practical application of skills and knowledge.
- Accelerated MBA: Some business schools offer a one-year accelerated MBA programme providing students with a crash course in the fundamentals of business. The condensed course means an intense workload and little opportunity for internships or placements; however, it provides a cost- and time-effective alternative to the traditional MBA degree.
- Dual MBA: A dual MBA is a popular option for students looking to extend their career opportunities across two fields. The dual MBA, also known as a Joint MBA, combines the Master of Business Administration with another postgraduate degree. This type of MBA programme typically takes three to four years to complete and can include an internship.
- Specialised MBA: Students pursue a specialised MBA to gain an in-depth education in a specific field of business. If you work within a specific field or are looking for a career change into a field such as international business, finance or marketing, pursuing a specialised MBA programme provides you with skills and knowledge tailored to that field. This type of MBA degree usually lasts two years.
Top MBA specialisations in 2024
With many specialisations to choose from, it can be difficult to pick the right one for your MBA degree. It is important to consider factors such as salary, in-demand skills, career growth and programme content when choosing the MBA degree specialisation best suited to you.
If you are pursuing an MBA to break into a specific field such as finance, then this decision is made a lot easier. However, if you are unsure which field of business you want to build a career in, then research is key.
You should take time to evaluate the career path you are heading for and set yourself goals to reach your potential. This way you can combine your research and career goals to work out which MBA degree specialisation is best for you. Factors such as salary expectations and your current and desired skill set are also key to the decision.
Here are the top five MBA specialisations to choose in 2024:
MBA admission requirements
As mentioned, entry requirements vary for different types of MBA programmes and different providers, so it is important to check the entry requirements directly from the university’s MBA programme page. However, as a general guide, here are the typical entry requirements for a Master of Business Administration programme:
- Completed Application Form
Prospective students must fill in an application form with all the correct data and updated information. Some universities will also require a scanned copy of the applicant’s passport. - Language Proficiency
The language of delivery for most MBA programmes is English, therefore, if English is not your first language, you will need to produce a valid English language certificate. Most universities will accept pass scores as stated on the MBA programme’s entry requirements from an international standardised test of English language proficiency for non-native speakers.
This may include the Test of English as a Foreign Language (TOEFL), International English Language Testing System (IELTS), Pearson Test of English, Cambridge English Advanced and Proficiency, Cambridge Exam First (FCE), Test of English for International Communication (TOEIC), PASSWORD5.5 and Duolingo. - CV/Resume
Applicants must submit their CV/resume and should meet the university’s MBA programme entry requirements which may state that the applicant must have one year of professional experience at least one year after their first qualifying university degree.’ - Motivation Letter
Some universities require Master of Business Administration applicants to write a motivation letter, explaining why they want to pursue an MBA degree and how it will benefit them both personally and professionally. This is usually required to be a minimum of 500 words.
Study MBA: career prospects
From introducing students to the fundamentals of business practices to analysing the latest trends and insights affecting the business landscape today, an MBA degree opens the door to various career opportunities that MBA graduates can explore.
Offering a comprehensive understanding of the business world, an MBA provides students with advanced skills, knowledge and a broader perspective on a range of industries. A Master of Business Administration programme therefore provides wide scope for career advancement, whether that be through promotions to higher level positions or opportunities in other industries with greater responsibilities and salaries.
An MBA degree can lead to a lucrative career as you make your way up the corporate ladder. According to Glassdoor, the average salary for an MBA graduate in Germany is €77,454 per year.
Here are the top five careers that you can pursue after graduating with an MBA degree according to Indeed:
- Finance Manager
- Information Technology Manager
- Project Manager
- Human Resources Manager
- Shipping and Logistics Manager
Study an MBA degree today!
If you are interested in studying an MBA in Germany at a reputable university, check out the University of Europe for Applied Sciences (UE).
Delivered in multiple campus locations, UE offers a one-year accredited MBA programme for business professionals looking to advance their careers into leading management positions. With modules including Innovation Management and Quantitative Methodologies, UE provides students with the skills and knowledge to lead businesses with innovative, globalised and sustainable models.
Check out UE’s Master of Business Administration programme today and expand your career prospects in the start-up capital of Berlin or the business hub of Dubai.
FAQs
First, you must decide how you would like to learn (in-person, online or blended), then work out which programme is best suited to you. The best way to do this is to read blog posts from universities and students, visit university programme pages and speak to advisors or graduates who may be able to help you with your decision.