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A Master’s of Business Administration degree (MBA) is a comprehensive degree program that specializes in marketing, accounting, operations management, human resources, and corporate strategy. Unlike specifically targeted Master’s degrees in certain fields, such as an exclusive Master’s in marketing, MBA students are provided general instruction in a versatile and wide array of business skills, still geared toward a specific concentration.

What is an MBA exactly?

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MBA degrees are most commonly targeted at managers and other key personnel with their hands in many facets of a business. Rather than specialists in certain fields of industry, MBA holders are equipped to handle several areas of expertise. So, instead of an HR rep with a Master’s in Human Resources who only deals with HR, an MBA would handle some affairs for HR, but also facilitate other departments.

MBA concentrations

Despite focusing on general training in most key areas of a company, MBA programs still offer concentrated areas to appeal to a student’s particular skills and interests. Most commonly, these concentrations include accounting, economics, entrepreneurship, finance, real estate, strategy, and international business. Most MBA diplomas require students to dedicate around a third of their course load to their intended concentration.

Generally, students from many different academic backgrounds pursue MBA diplomas because of the vast array of possible concentrations offered by the programmes.

Time frames for studying your MBA

Most commonly, MBA programs take around two years, or 18 months of study, to complete. These general diploma tracks fall into one of four major categories: full-time MBAs, accelerated MBAs, part-time MBAs, and executive MBAs. Full-time MBAs are the most common, and generally require work experience and classes during the normal workweek.

Accelerated MBAs, as their name might suggest, are more demanding but faster programs than full-time MBAs. Accelerated programs offer fewer and shorter breaks than a normal academic timeframe, and enable students to complete their degree more quickly. While accelerated MBAs generally require less than two years of study, the coursework and dedication required from students is significantly higher than those in more relaxed programs.

Part-time MBAs generally meet for class during evenings in the workweek, offering students the chance to work a job or tend to some alternative responsibility during regular hours. Due to the less demanding schedule, however, part-time MBAs can take up to three years or more to complete. Usually, professionals already in a job will pursue a part-time MBA in order to flesh out their CV or widen their range of professional opportunities.

Finally, executive MBAs, or EMBAs, are programs custom tailored for executives and businesspeople that already have full-time jobs, but still want to continue their studies. Generally, students in EMBA programs have more professional work experience than other MBA students.

The decision of which program to take varies greatly from student to student, and is dependent on a number of different scheduling and academic factors. For advice on which diploma path is right for you, it’s always best to consult with a counsellor or advisor from your university.

Is an MBA worth the cost?

Based on 2010 estimates of course fees in the US and UK, an MBA is one of the most expensive postgraduate degrees available, costing as much as $50,000 in tuition fees alone. Of course, tuition rates fluctuate from university to university, however, there is little question about the high cost of obtaining an MBA compared to other degree programmes. For most students, the question then becomes, is achieving an MBA worth the high cost?

A look at the long-term benefits offered to MBA graduates provides a clear answer. According to a National Association of Colleges & Employers’ Job Outlook survey in 2007, employers that recruit MBA graduates hired 22 per cent more of them in 2007 than in 2006. This trend of greater corporate reliance on MBA graduates is only increasing. For students already in the job market an MBA can mean a significant increase in salary, some experts estimate the increase as high as 25 per cent. While the start-up tuition fees of obtaining an MBA are high, the end payoff is a more substantial annual salary and the potential for faster corporate advancement.