MBAs for Working Adults

by Jami J. Rodgers
jami.rodgers@MBA-Business-Schools.com
MBA-Business-Schools.com Columnist

An MBA Degree: A Popular Tool for Growth

Earning an MBA degree can provide you with the business acumen you need to successfully manage an organization’s business functions and people. According to the Graduate Management Admissions Council (GMAC), over 100,000 MBA degrees are awarded in the United States each year. GMAC also reports that 15,000 more students took the Graduate Management Admission Test (GMAT) from 2004 to 2005. As further evidence of the increasing popularity of the MBA, GMAC estimates there are more than 1,500 schools worldwide that offer MBA degrees. These figures suggest that pursuing an MBA is a popular choice for individuals seeking to strengthen their career opportunities.

Bolster Your Economic Outlook with an MBA

Obtaining an MBA may be popular in part due to its ability to increase your earning potential. According to a GMAC survey, the average salary for MBA graduates is $106,000 in 2005. Investment banks and consulting firms are traditionally the best paying groups for recent MBA graduates. Some even offer average signing bonuses of $40,000 according to GMAC. Don’t fret if you don’t see yourself in these popular sectors. The U.S. Bureau of Labor and Statistics projects a heavy demand for federal government and not-for-profit organizations in the coming years. While the salaries in these sectors may not be as high as their private sector counterparts, added demand for MBA grads can drive salaries up across the board.

Sources

Graduate Management Admissions Council
U.S. Bureau of Labor and Statistics
Jones, Del. (2007, January 18). New MBAs finding education pays off big time. USA Today.

About the Author

Jami J. Rodgers—who is currently pursuing MBA school admission—works in acquisition management for the federal sector in Washington, D.C Jami holds a B.S. in Spanish with a business option and an international studies minor from The Pennsylvania State University.

Posted on April 17, 2007 at 11:01 AM

by Jami J. Rodgers
jami.rodgers@MBA-Business-Schools.com
MBA-Business-Schools.com Columnist

Eenie Meenie Miny NO! How Not to Pick Your MBA Program

Consider yourself lucky. You have applied to several MBA degree programs, and have been granted acceptance by more than one program. Congratulations! All of your worrying about not even getting in was all in vain. Now you have an important decision to make. Which MBA program works best for you? Don’t rely entirely on various publications’ rankings and others’ perceptions of the programs. Only you can make this important decision. Consider some of the points below before saying yes to a particular MBA degree program.

Making the Right MBA Decision

If your program is on-campus, did the campus visit and interactions with school seem to provide a setting where you can meet your own personal and professional goals? Perhaps one MBA program is available on a part-time basis, versus a traditional full-time on-campus MBA program. Does one program fit better with your other obligations? Talk to other professionals, and even faculty that you know you’ll be working with. Do their interests and professional backgrounds match your goals?

Time, Money, and Your MBA

Don’t overlook the financial implications. At first glance though, prioritize your needs without considering costs of the various MBA programs. Rank your programs according to your needs. If you have not visited schools on your short list, book a ticket! This cost is insignificant to the cost of your MBA program in the long run. Once you’ve determined which schools meet your needs, factor in the costs. You’ll need to do a cost-benefit analysis. Is the additional cost of one program worth what that program provides to meet your own personal needs? If you aren’t ready to make this decision, you may want to defer enrollment until you can fully consider all aspects of this important decision. Remember, only you can decide what is right for your education, and which MBA degree program works best for you.

Source

Graduate Management Admissions Council

About the Author

Jami J. Rodgers—who is currently pursuing MBA school admission—works in acquisition management for the federal sector in Washington, D.C Jami holds a B.S. in Spanish with a business option and an international studies minor from Pennsylvania State University.

Posted on March 27, 2007 at 10:55 AM

by Karen Lawson
karen.lawson@mba-business-schools.com
MBA-Business-Schools Columnist

If you want to advance your career, an MBA degree can help you achieve your goals. The MBA, or Master of Business Administration, degree can be widely applied to diverse professional fields such as business, finance, corporate management, healthcare administration, and administrative positions in scientific and educational institutions.

Majority of Graduates Pleased with MBA Degree

A 2003 survey of MBA alumni conducted by the Graduate Management Admissions Council reveals that more than 67% of survey respondents rated their satisfaction with their MBA degree as excellent or outstanding. These results attest to the versatility of an MBA degree and the value of the education you’ll receive in a graduate business program.

MBA Programs Designed to Accommodate Working Adults

Now that you’re working full time, you may wonder if you can pursue an MBA degree on top of your work responsibilities and family time. The good news is that many MBA programs, including traditional on-campus and online degree options, offer course scheduling that can accommodate your schedule.

If you’re interested in getting your MBA, you probably want to know whether the degree is worth the investment. The survey respondents mentioned above credited completing an MBA degree with the following:

• Prepared them for top jobs in business
• Increased career options
• Increased earnings

Survey respondents indicated that their MBA degree enhanced their leadership skills and strategic thinking abilities. Specialized study programs in areas such as finance, human resources, and strategic leadership can help you tailor your coursework to your professional goals.

An MBA degree can help you start a great career in business and management-it’s worth the investment.

Source

Graduate Management Admissions Council

About the Author

Karen Lawson is a freelance writer who enjoys writing about topics in higher education and the humanities. She holds an MA degree in English from the University of Nevada, Reno.

Posted on March 7, 2007 at 2:26 PM

By Karen Lawson
karen.lawson@mba-business-schools.com
MBA-Business-Schools Columnist

The MBA degree, or Master of Business Administration, is highly coveted among business professionals and corporate recruiters. Determining whether, when, and where to get your MBA degree is important to your success. MBA candidates typically have significant business experience in addition to a four-year undergraduate degree. Here are some tips to help you decide if an MBA is right for you, and how to match your experience and career goals to an MBA program.

The ABC’s of Graduate School: Finding an MBA Program That Works for You Admissions to top MBA programs can be highly competitive, and you’ll want to do your research before applying. The Graduate Admissions Council suggests the following tips for selecting an MBA program that will best assist you in advancing your business career.

• Accurately assess your skills and experience. Avoid embellishing your credentials, or writing what you think the admissions committee wants to hear. Your knowledge of your abilities and goals will help you (and MBA admissions committees) determine if a particular program suits you.
• Is Your Timing Right? Many MBA programs require significant business career experience. If you want to advance your career with your current employer, are there opportunities for MBA graduates? Are you financially and personally prepared for the commitment required of graduate study?
• Know the Culture of Your Prospective Schools. Academic institutions, like corporations, have specific cultures. If possible, arrange to visit the campus or contact current students and faculty to learn about the culture of MBA programs you’re considering.
• Consider What You Can Contribute. A major aspect of success in your business career and successful MBA study is teamwork. What will you contribute to your MBA program? Students consistently rate the contributions of their colleagues as significant to the quality of their MBA programs.

Knowing your goals and researching MBA programs can help you select a program that works for you and your business career.

Source

Graduate Management Admissions Council

About the Author

Karen Lawson is a freelance writer whose interests include topics in education and the humanities. She holds an MA degree in English from the University of Nevada, Reno.

Posted on February 28, 2007 at 2:23 PM

by Karen Lawson
karen.lawson@mba-business-schools.com
MBA-Business-Schools Columnist

Online degree programs are growing in popularity—especially among working adults established in their professions but hitting that glass ceiling. It’s now possible to earn an MBA online from a range of accredited programs. It’s a good idea to compare several MBA degree programs before choosing the one that suits your work schedule and long range career goals. You can choose from programs offered by traditional colleges and universities, or from institutions that specialize in online degrees for business professionals.

Varied Learning Resources Enhance Online Degree Programs

When you think of college students, you may envision bleary-eyed students spending their nights among piles of books in a dreary college library. As an online student, you may study until late into the night, but now you can study from the comfort of your home. Libraries still are a resource for students, but these days you can access the resources you need online. Online degree programs provide online access to library databases, and your instructors may include links to helpful websites.

Working adults considering online degree programs often wonder whether they will miss out on important contacts by learning online. If you’re concerned about losing the benefits of collaborative research and study, don’t worry. Online courses allow for discussion, and some courses may “e-meet” at specified times for discussion. Other courses use a bulletin board format where you can post questions, and your colleagues and instructor will post responses. Your MBA courses should also provide one-on-one access to instructors.

How Does an Online Degree Compare to Traditional MBA Programs?

The key to selecting an online degree program is accreditation. College and university degree programs must be properly accredited. The U.S. Department of Education website provides information about accrediting agencies.

Of course, an online MBA may seem more humble than a pricey Ivy League degree, but accredited online MBA programs can lead to valuable educational and career opportunities.

Source:

“Online MBA students’ perceptions of online learning: Benefits, challenges, and suggestions,” by Kyong-Jee Kim, Shijuan Liu, and Curtis J. Bonk. Internet & Higher Education 8.4 (Dec 2005).

About the Author

Karen Lawson is a freelance writer whose interests include topics in higher education and the humanities. She holds an MA degree in English from the University of Nevada, Reno.

Posted on February 14, 2007 at 2:09 PM

by Jami J. Rodgers
jami.rodgers@MBA-Business-Schools.com
MBA-Business-Schools.com Columnist

The Financial Benefits of an MBA Degree

An MBA degree can significantly enhance your earning potential. According to The Graduate Management Admission Council (GMAC), average salaries for MBA students prior to beginning an MBA degree program were $50,000 in 2002. After completing their MBA degrees, graduates were expected to earn $75,000, exclusive of signing bonuses and other compensation. In an average completion time of two years for MBA programs, the average MBA student increased his average annual income by approximately 30 percent.

The Earning Gap: MBA Degrees Keep You on the Upper Edge

According to statistical analysis conducted between 1995 and 2003, the annual salary growth potential for MBA and other professional degree holders averages more than two percent above inflation rates. In contrast, the annual salary growth potential for those with undergraduate degrees alone averaged one percent or less above inflation. As you can see, this one percent advantage over non-MBA degree holders can add up to a significant amount over the course of your career. The increased earning potential clearly offsets any costs of initially obtaining your MBA degree.

An MBA Degree: Is it worth it?

In conducting your own return on investment analysis, be sure to consider the opportunity costs at stake. If you choose a full-time MBA program over a part-time one, factor in any lost wages that you will forgo in pursuit of your MBA degree. In general, pursuing an MBA degree can increase your earnings over time. The Association to Advance Collegiate Schools of Business (AACB) reports that at the peak of most MBA degree holders’ careers, average salaries are around $120,000 per annum in 2003 dollars. Once you have considered the potential value of your MBA degree and its possible pay off over the long term, you should be able to rest assured that you have made a wise investment in your future.

Sources

Graduate Management Admissions Council
The Association to Advance Collegiate Schools of Business
Cline, Thomas W., and Davies, Antony. 2005. ROI on the MBA. BizEd January/February. (PDF)

About the Author

Jami J. Rodgers—who is currently pursuing MBA school admission— works in acquisition management for the federal sector in Washington, D.C Jami holds a B.S. in Spanish with a business option and an international studies minor from The Pennsylvania State University.

Posted on February 7, 2007 at 2:03 PM

by Jami J. Rodgers
jami.rodgers@MBA-Business-Schools.com
MBA-Business-Schools.com Columnist

La Crème de la Crème: Choosing the Best MBA School

You finally decided to pursue an MBA degree. You sat for the GMAT and started to contact potential references. Now you begin the arduous task of narrowing down which MBA degree program is right for you. You may choose to rely on one of the many rankings available in business journals, publications, or online surveys. There are many highly regarded MBA programs but it is imperative to look beyond published MBA rankings. A numerical score can’t tell you everything about a campus, its programs, and the success graduates have applying the skills acquired in their MBA program to real world situations. What may rank as the best MBA school on a particular top-50 compilation may not always be the best fit for you.

Points to Consider When Selecting the Best MBA School

It is important that you fully consider all aspects of an MBA degree program before you begin what may be a huge but worthwhile commitment on your part. Consider the method of course instruction and your educational needs. Is MBA degree coursework taught primarily online? If the classes are traditional and held on campus what is the average class size? Be sure to also consider the flexibility of customizing your degree. Does the MBA degree program offer electives or areas of concentration that reflect your interests? Consider the reputation of the MBA program. Do students advance with their current employers or are they offered other career opportunities upon graduation? Lastly be sure to understand the average time it takes for completion of the MBA degree program. Is there an accelerated schedule or part-time MBA program that fits with your other time commitments?

You ultimately need to choose an MBA degree program that meets your needs in a variety of areas. Consider your educational needs, your time commitments, the affordability of the MBA program, and its general reputation. Be sure not to rush the decision or rely on MBA program rankings alone and do your research. It could really pay off in the long run.

Sources

Graduate Management Admission Council
BusinessWeek Online

About the Author

Jami J. Rodgers—who is currently pursuing MBA school admission—works in acquisition management for the federal sector in Washington, D.C Jami holds a B.S. in Spanish with a business option and an international studies minor from The Pennsylvania State University.

Posted on January 19, 2007 at 2:28 PM

by Jami J. Rodgers
jami.rodgers@MBA-Business-Schools.com
MBA-Business-Schools.com Columnist

Are you considering going back to school to get your MBA degree, but daunted by the prospect of adding yet another commitment to your grueling day? Consider the advantages of an MBA distance education.

Many students favor distance learning for its convenience and flexibility. You will eliminate the need to commute to a traditional campus setting, and coursework can often be completed according to your own schedule.

According to the U.S. Department of Education’s most recent study, 34 percent of post-secondary institutions offer distance education courses for graduate students and 81 percent extend distance learning options to undergraduates. In addition, 39 percent offered online programs specifically targeted to returning students.

This data supports the fact that distance learning is here to stay. While there is a wide array of programs online, be wary of too-good-to-be-true offers and “diploma mills” when choosing which MBA distance program works best for you.

MBA Distance Learning: A Solid Foundation for Advancement

As the popularity of distance education programs grow, so to will the choices you will have when it comes to picking an MBA program. Be sure to consider the following when choosing an MBA distance learning program:

• Curriculum Availability. Does the MBA distance learning program offer all the coursework online? Is some real-time attendance required for evaluations, examinations, or presentations?
• Teaching Methodology. How is the material delivered? Is the MBA class instruction take place entirely online, via interactive video, or primarily through offline written correspondence?
• Specialty Degrees. Does the program offer joint-degree programs or executive MBA programs as part of its distance learning curriculum?
• Career Services. Do your homework to see if the MBA distance learning program supports job placement activities, internship-to-hire programs, or career fairs.
• Alumni Networking. Does the MBA program network alumni for job placement and promotional opportunities?

Only you can decide which distance learning program best suits your needs. Examine all of your options and weigh them carefully before making a decision.

Sources

Graduate Management Admission Council
U.S. Department of Education, Institute of Education Sciences, National Center for Education Statistics

About the Author

Jami J. Rodgers—who is currently pursuing MBA school admission—works in acquisition management for the federal sector in Washington, D.C. Jami holds a B.S. in Spanish with a business option and an international studies minor from The Pennsylvania State University.

Posted on January 12, 2007 at 2:21 PM

by Jami J. Rodgers
jami.rodgers@MBA-Business-Schools.com
MBA-Business-Schools.com Columnist

Why Get an MBA Overseas?

You might wonder why, with the many MBA programs here in the United States, you should even consider an international MBA. Reputations and rankings aside, most well established MBA programs offer the same framework and baseline business expertise. An international MBA, however, is unique in that it offers intensive exposure to a foreign culture and foreign language skills. This, coupled with a strong business foundation, can pave the way for an exciting new career in the international arena. Enrolling in an international MBA program is an excellent stepping-stone to landing a job abroad. Many multinational corporations consider native language fluency an important prerequisite for establishing a career abroad.

International MBA programs are increasingly popular. According to The Princeton Review, international MBA students comprise a maximum of 30 to 40% of the total MBA students, even in the most diverse U.S.-based MBA programs. Compare that to overseas programs, especially in Europe, where foreign students make up more than 80 percent of the enrolled student population.

Going Global: MBA Degree Rankings, Ratings, and Reputation

As globalization blurs international borders in the business world, business education prospects expand. While MBA degrees were traditionally Western in design and necessity, today you will find MBA degree programs all across the globe. With partnerships between public institutions and corporations flourishing, international MBA programs are becoming highly competitive. Your company may already have a partnership with an educational institution that you could take advantage of.

Consider the many choices in MBA programs and how they might meet your educational needs. For more information, check with accrediting institutions, such as the Association to Advance Collegiate Business Schools. A reputable institution provides credible MBA degrees if it has AACBS or similar accreditation. While rankings, ratings, and reputation are important, look beyond these to choose an international MBA program that is right for you.

Sources

The Princeton Review
The Association to Advance Collegiate Schools of Business
Graduate Management Admission Council

About the Author

Jami J. Rodgers—who is currently pursuing MBA school admission—works in acquisition management for the federal sector in Washington, D.C Jami holds a B.S. in Spanish with a business option and an international studies minor from The Pennsylvania State University.

Posted on January 5, 2007 at 2:12 PM

by Karen Lawson
karen.lawson@mba-business-schools.com
MBA-business-schools Columnist

The term nontraditional students refers to adults over 25 who are enrolling in college for various reasons in record numbers. The US Census Bureau reports that in 2004, 30.6 % of adults between the ages of 35 and 39 held a bachelor’s degree or above, as compared to 11% of students aged 20 to 25. These numbers appear to support the trend of adults enrolling in degree programs after the age of 25.

Online Programs Facilitate Adult Learning

There are many reasons for starting or returning to college after starting your career. You’ve heard about downsizing and corporate scandal. On a smaller scale, people sometimes encounter hardships that require them to change careers. Perhaps you’ve held the same job or worked within the same vocation for years, and want to advance or change your career. This type of situation is perfect for earning your degree through an online business program. You can earn an MBA online, or choose a business program that combines classroom and online attendance.

MBA Degree Useful in Many Careers

If you think an MBA is only useful for business executives, think again. The variety of courses and seminars offered in an online business program provides training that can be used in many aspects of business, management, and marketing. As effective business practices impacts the “bottom line” of fields such as healthcare and service oriented companies, an MBA degree is increasingly desirable to a wide range of employers.

If you’ve had a career in business and are undecided about a graduate degree program, your MBA can lead to many new opportunities. It’s possible to choose an area of concentration within some online MBA programs such as human resources, finance and accounting, and sales and marketing. An accredited online MBA program can be a major step toward a new and more satisfying business career.

About the Author

Karen Lawson is a freelance writer who earned an MA degree in English at a very nontraditional age. She enjoys writing about topics in post secondary education.

Posted on December 23, 2006 at 12:21 PM

by Jami J. Rodgers
jami.rodgers@MBA-Business-Schools.com
MBA-Business-Schools.com Columnist

It has becoming increasingly evident that there is no tried-and-true path for the MBA degree candidate seeking admission to an MBA program. Nor is there a definite career progression for the MBA degree holder upon graduation. More and more, MBA degree candidates hail from a variety of backgrounds, careers, and industries. Still, they share a common desire to develop the business acumen of an MBA degree graduate and apply it to their own line of business.

Is an MBA Degree Right for You?

Many graduates find the MBA degree gives them a competitive advantage. If you’re considering pursuing this degree, ask yourself if an MBA will provide you with the necessary skills to benefit your organization. The Graduate Management Admission Council (GMAC) reports that 31% of MBA alumni worked for their post-MBA employer while attending classes and 11% held internships or projects with their post-MBA employer. Some are self-starters, so 5% of MBA alumni were self-employed after graduation.

Post MBA, the Career Path Trends Upward

More often than not, an MBA degree makes business sense in the long run. GMAC reports that 38% of MBA graduates receive at least one promotion at their job within five years of completing their degree. Average salary increases have been reported between 10% and 27% for MBA graduates within four years of landing a post-MBA job.

Be sure to keep an open mind when considering the value of pursuing an MBA program. What may seem like a hefty start-up cost and time commitment may yield a sizeable return on your investment in the long term.

Source

Graduate Management Admission Council

About the Author

Jami J. Rodgers is currently pursuing MBA school admission. She works in acquisition management for the federal sector in Washington, D.C. Jami holds a bachelor’s degree from Pennsylvania State University.

Posted on December 12, 2006 at 12:28 PM

by Jami J. Rodgers
jami.rodgers@MBA-Business-Schools.com
MBA-Business-Schools.com Columnist

Part-Time MBA Programs: The Solution for the Full-Time Professional

You don’t need to sacrifice your hard-earned reputation or throw your on-the-job experience out the window if you decide to pursue an MBA degree. With a part-time MBA program, you set the pace for your progress while keeping your current position. Many part-time MBA programs feature:

• Flexible Completion. Most programs can be completed in as little as two years, or as many as five years.
• Convenient Scheduling. Choose from evening and weekend classes to accommodate your busy day-to-day schedule. Most MBA programs will allow you to maintain a manageable work-life balance with convenient scheduling options.
• Individualized Degrees. Most part-time MBA programs include a core set of competencies that provide basic business and analytical skills as the foundation for your degree. You can then tailor your business studies as they relate to anything from environmental policy, to hotel/restaurant management, to international business.

Executive MBA Programs: Your Key to a Competitive Advantage

As a member of today’s executive-level management, you may have ascended the corporate ladder and gained invaluable experience by working your way to the top. If this case, you may want to distinguish yourself from your colleagues and pursue an executive MBA degree. Programs are designed so you don’t need to forfeit holding the reigns of your organization. You can gain a competitive advantage and business insight an MBA alone provides. Features of most executive MBA programs include:

• Flexible Admission Requirements. Typically, if you have five or more years under your belt in an executive position, most executive MBA programs waive the GMAT requirement for admission.
• Accelerated Completion. Most executive MBA programs realize you will be balancing corporate responsibilities with your coursework. You’ll most likely attend classes in a cohort, usually over 18 to 24 months, to complete your MBA degree.
• Structured Coursework. Given the nature of these MBA programs, you will most likely complete courses in a set progression. This provides you with a general business framework, and eliminates the need for you to specify a specialized focus.

Regardless of which format you choose, most institutions confer the same MBA degree standing. Compare your various options and pick an MBA program that works best for you.

Source

Graduate Management Admission Council

About the Author

Jami J. Rodgers—who is currently pursuing MBA school admission— works in acquisition management for the federal sector in Washington, D.C. Jami holds a B.S. in Spanish with a business option and an international studies minor from The Pennsylvania State University.

Posted on November 17, 2006 at 4:26 PM

by Jami J. Rodgers
jami.rodgers@MBA-Business-Schools.com
MBA-Business-Schools.com Columnist

Part-Time MBA Programs: You Aren’t Going It Alone

Today’s working professionals want increased career opportunities and earning potential without giving up their full-time positions. As a result, part-time MBA programs that speak to these desires are growing in popularity. The Graduate Management Admissions Council, which administers the GMAT exam, reports that 11 percent of part-time MBA programs experienced significantly higher application volume in 2005—an increase of 21 percent or more. This trend suggests that part-time MBA programs are delivering results, providing working adults with the skills needed to successfully obtain an MBA degree while keeping their full-time positions.

Flexibility: The Key to Your MBA

Today’s MBA programs offer flexible scheduling to meet the growing needs of the working adult. They equip part-time MBA students with the same knowledge, skills and abilities as their full-time student counterparts, using the same faculty and resources with one marked difference—the format. Most part-time MBA programs have evening and weekend classes. They can be completed over the course of three to five years, versus a standard two-year, full-time MBA degree program. While a majority of MBA degree programs now incorporate an online coursework component, some programs are fully virtual and conducted entirely online. This provides even more flexibility for the part-time student, who gains sound business acumen and hones business and leadership skills while keeping that all-important on-the-job experience.

Sources

• Application Trends Survey 2005: Executive Summary, The Graduate Management Admissions Council
• The Association to Advance Collegiate Schools of Business

About the Author

Jami J. Rodgers—who is currently pursuing MBA school admission— works in acquisition management for the federal sector in Washington, D.C Jami holds a B.S. in Spanish with a business option and an international studies minor from The Pennsylvania State University.

Posted on October 17, 2006 at 9:57 AM