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Deciding to do an MBA: your questions answered
Choosing to do an MBA is a big step, requiring self-discipline, time and financial commitments, and probably a break from your career.
Generally, graduates applying to masters in business administration (MBA) programmes are those who want to advance their careers, make a career change (from finance to consulting, for example) or move into entrepreneurship.
What are the advantages of doing an MBA?
In a nutshell, your job prospects are likely to be improved, you can expect an increased salary upon your return to work (depending on the sector, it could be 100 per cent improved - or more!) and you'll create a useful network of contacts (fellow students, lecturers and even speakers invited to campus) who could help you throughout your career. Most business schools also have very strong alumni networks.
Employers usually look favourably on the MBA qualification because they can be assured that those who have studied for one will have the right knowledge and skills to be able to work in their organisation. This is because the MBA focuses entirely on business-related issues such as finance, marketing, operations, technology, accounting, business strategy, organisational behaviour, economics and entrepreneurship.
What are the requirements for applying to an MBA programme?
Generally, a first degree will be required, and at least three years' work experience. Many business schools will also require you to sit the Graduate Management Admissions Test (GMAT) (link) when you apply.
When is the right time to do an MBA?
Most entrants to MBA courses are already managers of some description. MBAs are designed to allow people to progress further in their chosen careers, or make a career switch - not to start at the bottom. It's unusual to start an MBA course immediately after graduating, unless there are very special circumstances (such as you've been running or helping to run the family business since you were ten), and most accredited courses will require you to have at least three years' work experience before applying.
Part of the appeal of doing an MBA course is coming into contact with fellow students who can share their business experiences, which would be impossible if everyone was fresh out of university - you're expected to learn from them and gain from their experience as well as that of the lecturers.
What are the components of a ‘typical' MBA progamme?
There's usually a core set of subjects offered by the school, such as accounting, marketing and finance, and several electives to choose from. At the London Business School, for example, electives include entrepreneurial, strategy, technology management, international business private equity and change management. Courses often finish with a project or dissertation. Many two-year courses include a summer internship.