One of the perks of being MBA grads is the inevitable high-paying job. Regardless of what company you choose to work in, you will always be offered with wallet-fattening paychecks. But are you worth every penny? Of course! Getting an MBA degree, after all, is not only difficult but also expensive. You need to spend lots of money on tuition, books, and other expenses. In fact, some MBA grads even resort to getting part-time jobs just to support their graduate education. So, are you worthy of a high paying job? Definitely.
Starting salary for MBA grads
Similar to most jobs, companies offer varying amounts of money to MBA grades. Just because you have the same MBA degree or alma mater, it doesn’t mean that you can expect equal amounts of salary. Your specialization, for example, is a factor used in calculating your starting salary. MBA grads like you, generally, can get an annual salary of $90,000. But if you decide to work for the government, you will probably get at least $70,000 for your efforts. If you wish to earn more than $100,000, then you should probably consider working in high-paying industries like finance, energy utility, consulting, and health care.
Factors in determining your starting salary:
* pre-graduation work experience
* previous salary
* academic standing
* cost of living
Additional compensation for MBA grads
Aside from getting a high salary, MBA grads like you can also expect other forms of compensation from your job. These compensation packages, however, are still dependent on which company you currently work for. Some companies may add bonuses to your base salary while some may give end-of-the-year bonuses. Other examples of compensation usually given to MBA grads like you include tuition fee reimbursements, medical insurance, and car allowances.
Job opportunities for MBA grads
Job hunting is not that hard because most companies require the services for MBA grads like you. And as you work your way up the corporate ladder, you will also receive higher salaries and better compensation packages.
The industries offering the highest salaries for MBA grads include finance industries, telecommunications, and healthcare. Consulting and marketing industries also offer impressive salary rates for MBA grads like you. Examples of high-ranking job positions for MBA graduates are finance director, managers, vice president of sales, consultants, marketing head, and assistant managers.
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An MBA degree offers a bright career future for many people. It promises different career opportunities and higher salaries. The training that MBA programs provide is a very important tool for the development of your skills and achievement of your career goals. If you want to capitalize on your future, an MBA education is a worthy investment. But as they say, great things in life don’t come cheap. Getting into an MBA program may cost you money. This doesn’t mean, though, that you should be discouraged when preparing for your exams and writing your personal statement for MBA school. It’s good to know that there are many scholarship programs that would make it possible for you to attend an MBA school. The following are some of the financial assistance programs you can apply to.
MBA scholarships Many business schools offer financial assistance. You just have to inquire about the qualifications and the requirements of your school of choice.
Scholarships for minorities There are many organizations that offer financial aid to Asians, Africans, Native Americans, Hispanics, and other minorities. The following are examples of scholarships offered to members of such cultural groups: 1. The Consortium – This group gives financial aid for those who are interested in the study of business in different cultural groups. 2. The National Black MBA Association – This association gives financial assistance to African-Americans. 3. The Thurgood Marshall College Fund – Like the National Black MBA Association, this association offers scholarships to black Americans. 4. National Society of Hispanic MBAs – This society offers financial aid for those with Hispanic lineage.
Federal loans You can also borrow money to pay your tuition. Federal loans from the government can provide you with this option. Federal loans have low interest rates. You just have to check with your chosen school first if you are eligible for this type of financial aid.
Private loans Unlike federal loans, private loans have higher interest rates. You can avail these loans through banks, organizations, and foundations.
Company scholarships If you are currently an employee, you can ask the HR department if your company offers any form of financial assistance for MBA schools. Many companies provide financial assistance for MBA school in exchange for certain conditions such as a bond. The company may give partial or full financial assistance. This type of assistance may come in the form of reimbursements.
Other sources of financial assistance programs for MBA schools You can also inquire about other financial aid programs through the US Department of Education. There is also a library of information for professionals looking for financial assistance.
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It is no longer a surprise why many people would consider getting a degree from an MBA school. Having an MBA degree simply offers many benefits. MBA programs provide trainings that can further improve one’s skills. Financial skills, information technology skills, interpersonal skills, and communication skills are just some of the skills continuously honed in MBA schools. Developing these skills will give you brighter career opportunities and may also be beneficial in getting a job promotion.
Gaining admission to an MBA school requires you to pass standardized exams and for you to write an excellent personal statement for MBA school. But before you get ready for these things, you first have to decide which MBA school to get an MBA degree from. Below are the ten prominent MBA schools in the US:
*Stanford Graduate School of Business
The Stanford School of business allows graduate students to have broad selections of courses, customizing the experiences of students. The CEO of GlaxoSmithKline, Dr. Jean Pierre Garnier, is among the successful alumni of this school.
*University of Chicago
The Graduate School of Business at the University of Chicago is famed for its excellent courses and programs in business, marketing, economics, and finance.
*Harvard Business School
Harvard is noted for its immersion programs. Since 1908, the Harvard Business School has established the foundation for a world-class MBA program. In fact, one of its famous alumni is United State of America’s 43rd president, George Bush.
*Columbia Business School
Columbia Business School’s core and elective classes include discussions of world business issues. As an Ivy League institution, Columbia Business School has built a solid reputation when it comes to academic excellence.
*Kellogg School of Management
The Kellogg School of Management holds an elite title as a top 1 school for executive MBA according to Business Week. For full-time MBA programs, it holds the third spot.
*Darden Graduate School of Business Administration
This is one of the academic divisions of the University of Virginia. This business school enables students to have a taste of real-life business situations by employing case-based methods in teaching.
*Ross School of Business
The Ross School of Business is the business school of the University of Michigan. This business school has global MBA programs, executive MBA programs, full-time MBA programs, and evening MBA programs, giving students plenty of choices based on their preferences and schedules.
*Haas School of Business
This is the business school of the University of California, Berkeley. Like the Ross School of Business, Haas school offers different MBA programs, including executive MBA, evening MBA, full-time MBA, and global MBA.
*Wharton School of the University of Pennsylvania
This is the world’s first business school. Donald Trump, one of the most famous businessmen locally and internationally, is an alumni of this business school.
*MIT Sloan School of Management
According to US News and Business Week, the Sloan School of Management is ranked as among the best providers of MBA programs in the U.S. In fact, it offers a wide range of electives and excellent programs.
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There are many reasons for taking an MBA degree. First, taking an MBA degree promises a brighter future career. MBA programs provide trainings that would enhance your skills that are necessary not only in areas that involve business, but also in other career departments as well. These useful skills include staff management, financial date analysis, and financial problem solving strategies. This degree will also help you further develop your interpersonal and communication skills. These skills are some of the most important factors most employers consider when making one a candidate for promotion.
Another benefit of getting an MBA degree is that it provides you with lots of options and opportunities. The skills you’ll hone through MBA programs can be applied in other fields as well. If you are just starting your career or you want to change it, an MBA degree opens up many opportunities for you. The skills that you will learn in an MBA program will also be relevant in other industries such as health, finance, consultancy, and services.
Spending money on an MBA degree is worth it because having an MBA degree gives you the chance to earn as much as 45% more, based on a CNNMoney.com report. Below are more reasons an MBA degree can give you higher earnings:
*An MBA degree is a key to more career options
An MBA degree can give you many career options. With an MBA degree, you’re confident to try other industries. Many companies prefer an MBA holder because of the orientation and training provided through MBA programs. If you are an MBA degree holder, it is easier for you to get high-paying jobs.
*An MBA degree is a key to succeeding in your chosen career
Having an MBA degree may mean you are equipped with the necessary skills and knowledge. Some necessary skills that you will develop if you attend an MBA program is your analytical and problem solving skills. Your skills in dealing with different personalities will also be enhanced. These skills are actually very important considerations when rating your performance. Aside from skills, an MBA degree will also give you confidence that will surely affect your overall performance. As a result, the desired company or company you’re currently working for will consider you as an asset. This will give you better chances of getting promoted than others.
Applying for an MBA program
Your chances of being admitted to an MBA school may also depend on your personal statement for MBA, aside from grades and other requirements. Writing a noteworthy and compelling personal statement for MBA school will boost your chances and help you earn the much-coveted spot. Your personal statement for MBA school will give you a chance to show the admissions committee that you have what it takes to be in a prestigious MBA school.
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Mastery of leadership and management skills is necessary in any kind of job. Possessing the right skills makes it easier for you to enhance your work performance and build a better career. In pursuing a career which is either related or not related to business, many people want an MBA degree. This is because an MBA degree can provide you with the necessary skills that would probably aid when climbing the career ladder. You have better chances of getting promoted if you possess an MBA degree. The following are some of the skills you candevelop through MBA programs:
*Financial skills
Another important set of skills that MBA programs enhance is your financial skills. MBA programs will help equip you with enough knowledge about financial matters. You would most likely develop analytical skills which are helpful in sales forecast and in making budget plans and strategies. MBA programs will also teach you how to encode, analyze, and interpret financial data.
*IT skills
Skills in information technology is one of the useful skills you will learn through an MBA program. You will be honed in using different software applications and financial programs. Having knowledge on various financial programs will be an edge in pursuing a career in business.
*Interpersonal skills
MBA programs provide training that will enhance your communication skills. Taking one of the MBA programs would also help you deal with people of different backgrounds. MBA programs that offer field work as part of the curriculum will train you on how to deal with problems related to the clashing of ideas and opinions, which you will surely experience in the real business world.
*Management skills
An MBA degree can prepare you for a managerial position by developing your management skills. With an MBA degree, you are trained to lead and manage teams and projects. MBA programs have trainings on negotiating, leading teams, facilitating programs, adapting to changes, and implementing new systems. MBA programs also provide training for the development of different corporate strategies.
The skills mentioned above are just some of the skills you will develop and master if you decide to take an MBA degree. These skills are not just useful in careers related to business. These skills are also necessary in other fields. If you want a rigid training to develop these skills, an MBA degree is one of the best ways to possess these skills.
To be admitted to an MBA school, you have to come up with a personal statement for MBA. A remarkable personal statement for MBA will help you gain admission into your desired MBA program that would aid in personal development and career advancement.
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Are you thinking that MBA personal statements are such a big pain in the neck? Well, they don’t have to be! But if you still can’t help but think that they are, then I have here a few “pain relievers” that can hopefully help you out.
Why do MBA schools require a personal statement?
The problem of many aspiring MBA students is that they’re basically not seeing the point of personal statements. Just what are personal statements for in MBA programs? Here’s stuff about MBA personal statements that you might want to know:
* First and foremost, it’s not just a story, it’s an essay. Stories don’t require much analytical thinking; just a vibrant imagination will do. On the other hand, essays have to be really specific, direct to the point, and packed with “juicy” information.
* It’s supposed to prove your worth. That is, along with your other requirements for application such as your GMAT and college records. Actually, some people say that schools count more on the personal statement than on the exams and grades, because it’s “personal” – it’s supposed to reveal the “you” to the school.
* It’s going to be your bridge when your application comes across troubled waters. If it so happens that you fail to make the grade in the other requirements, your personal statement will be your potential savior.
The secret to writing a personal statement for an MBA program
So, now you ask, how do I write the personal statement? It’s just really simple! I’m not giving you steps to follow though; I’ll just mention some tips.
* Make the impression that you’re really going to die for an MBA. Try to tell in your personal statement for an MBA program that you really need the degree in your chosen career. Mention how the MBA will become an indispensable tool in these disciplines.
* Make the impression that you’re fit for the MBA program. How? Three things: (1) prove that you know business, (2) prove that you’re a good leader, and (3) prove that you have the ability to create connections, which are essential for businesses.
* Make the impression that you have what it takes. Write down what you have achieved, however meager, because the only key here is just clever wordplay. You have to basically convince them that you have something to contribute to the school and that they won’t go wrong when they choose you.
* Make the impression that you can be professional, even if you lack the experience to prove it. Highlight whatever experiences you have that had significant and positive outcomes.
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Achieving a master’s degree in business administration is one of the most fulfilling educational experiences of many people’s lives. There are a number of different MBA types, depending on specialization. If you are thinking of attending an MBA program, you may want to gather information on some of the top MBA programs and how to apply for them.
List of the top 10 MBA programs in the United States
There are numerous MBA programs offered in business school all around the country. By knowing these top MBA programs you can do some research and find out what makes a good MBA. This will help you make a better decision with regards to your post-graduate education and your future in general. The following is list of the top 10 MBA programs in the United States as of 2007.
1 University of Chicago
2 University of Pennsylvania – Wharton
3 Northwestern University – Kellogg
4 Harvard University
5 University of Michigan – Ross
6 Stanford University
7 MIT – Sloan
8 UC Berkeley – Haas
9 Duke University – Fuqua
10 Columbia University
Basic guidelines for MBA program application
Not all application processes are the same. While a majority of the application process and requirements are similar, each school may have one or two unique requirements. This guide will cover the basics of the application process for MBA programs.
* Step one
The first step for your application to an MBA program is to get informatino on the application deadlines and requirements. Be sure that the information you have collected is complete. Go over the schedules and make sure that you have a list of all your requirements.
* Step two
The second step is to start working on your requirements. You should start by sending out requests for your transcripts and recommendations. These will often take time before you can retrieve them, so get a head start by asking for them early. Next you should get your official Graduate Management Admissions Test (GMAT) scores and your English Language Proficiency tests (if it is necessary). If you have collected all of these things, or while you are waiting for them, you should begin on filling out all of the application forms. This will prepare you for your personal statement for MBA, which should seek to introduce yourself to the admissions committee.
* Step three:
Finally, compile your application package and send it in to the school. You should check for interview deadlines and attend your interview if required. After this, all that is left to do is wait and see if you have been accepted.
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Climbing the career ladder needs both time and patience. Perseverance, vigor, and industry experience are important elements in reaching your career goals. Although these elements have a great impact on the enhancement of your career, they are not the only tools that can help you make it to the top. An MBA degree is another important key to explore more opportunities.
Knocking on the managerial door with your MBA degree gives you a better chance to be welcomed with open arms. Here’s why:
*An MBA degree can help you acquire theoretical and practical knowledge
MBA programs not only concentrate on the theoretical aspects of business as they also emphasize on the practical application of these theories. In taking an MBA program, you will also learn more about management, organizational behavior, and human relations, which are important not just in careers involving business. MBA programs can also provide training that will certainly develop your communication skills. With an MBA degree, you’ll master skills and knowledge in finance, corporate planning, production process, information and communication technology, and as well as development of human resource.
*An MBA degree is synonymous to credibility and knowledge
If you plan on entering the business world, it is better that you are equipped with a vast knowledge in the field of business. This vast knowledge may be obtained from an MBA program. Your bosses, of course, know the important of having an MBA degree so they won’t probably let an employee equipped with the right knowledge to go unnoticed. An MBA degree is not only advantageous in the field of business as it is also beneficial if you are going to pursue a career in other fields. An MBA degree entails credibility that is acknowledged even in other fields.
*An MBA degree is a tool for self-enhancement
An MBA degree is one of the credentials that’ll make your resume interesting. Another advantage of having the prestigious MBA degree is that it adds to your self-satisfaction and self-confidence. Having confidence and self-satisfaction will affect your performance at work, and better performance can increase your chances of being promoted.
Having an MBA degree is one of the keys in getting promoted. But how can you increase your chances of getting accepted in an MBA program? One way is to write an excellent personal statement for MBA. Although a personal statement for MBA is not the sole factor, it is one of the important keys in getting accepted to an MBA program. One of the first steps in climbing the career ladder is writing a winning personal statement for MBA.
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Why do many people want an MBA? Basically, it is because these days, knowledge is power – if you got the educational degrees under your belt, you also have what it takes to succeed. For some people who want to get an MBA, success is not measured by the money they make or the money that they can potentially make, but rather, it is measured by the knowledge that they get should they decide to pursue a graduate degree such as an MBA.
For more realistic people, having an MBA opens more doors and better opportunities for them in their career. Having an MBA makes them someone who is entitled to a better position, a better chance of advancement, a better paycheck, and a better chance of amassing contacts needed to promote one’s business. But here is where the questions begin.
An MBA degree usually requires the aspirant to have at least two years of experience in the field, along with other documents. But let’s suppose that you’ve actually been in the job for five years already. You’ve started way below the corporate ladder and, through hard work, has eventually become part of management for a multinational company. And let’s suppose that because of this position, you are compensated quite competitively. Perhaps, you may want to ask yourself, “Should I still pursue an MBA degree?
When It’s No Longer Needed
I’m sure all of us here experienced what it’s like to be a student. If you’re opting for an MBA, most probably, you’re a college graduate. You know the hectic schedules, all the research to be carried on, and the reports to be submitted that being a student entails. Now, suppose you are an executive in a company that caters to dozens other companies, do you think you’ll still have time to really focus on your company’s operations while you’re on your MBA? Your focus surely will be divided between the hassles and bustle of both work and school.
At this point, here’s my advice: If you’re going to put things into compromise and you really don’t need it anyway, just don’t push it.
When It May Be Needed
An MBA degree may just be a feather on your cap, but in a world where titles are everything along with money, this may seem like a big deal. After all, you’ll be getting connections and your subordinates will respect you more if they learned that, “their boss isn’t just the second-rate executive who hasn’t even studied the ethics and leadership tricks in the business. In today’s competitive and ever-changing business environment, getting an MBA may be the solution. So why not look into the different MBA schools around and find out if they have programs that are relevant to your line of work.
The Bottom Line
If you can still juggle the demands of your present work and the rigors of academic life, getting an MBA may be more rewarding in the long run.
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Obtaining an MBA can have great benefits for anyone. From career opportunities to social networks, graduating from an MBA program has a range of advantages for anyone who is able to do so. What some people do not realize about getting an MBA, though, is that your MBA can give you numerous opportunities to help others. The skills, personal qualities and knowledge gained through these programs equip graduates with powerful tools for helping others around them. Here is a short list of some of the many ways you can help others with your MBA education and training.
Business is business
Becoming a Master in Business Administration gives you everything you need to make a business of your own. While making your own business can surely be beneficial to you, you can also use your business to branch out and help others. Creating employment opportunities for the community around you is a good way of helping others in their professional life. It also is a way of boosting economic growth in your community.
Take it everywhere you go
Another way that you can use your MBA degree is to take to other places where it can help other people. For instance, you may want to take the training and experience you have gained to other, less fortunate countries where you can set up businesses or organizations to help those areas. This is also a way of promoting international ties and an international business environment.
Leading by example
Perhaps the easiest way of sharing your MBA experience is through leading by example. By setting a good example and being a role model to those around you, you can influence them to become role models as well. Many of the MBA programs offered around the country include leadership classes and activities, as well as ethics and communication programs, which teach students how to lead by example.
Bringing your past with you
Another easy way of sharing your MBA degree with others is to become an active member in your school’s alumni. Staying active in your alumni is a good way of helping the school, its students and its associates continue their dedication to education and development.
Continuing the tradition
One of the best ways to help others with your MBA degree is to continue the tradition of educating and learning. You can become a teacher at a business school or university. This is a way of directly helping others by teaching, instructing, training and molding them into individuals who will make the most out of their MBA degrees by helping others as well. This is one of the most rewarding ways of sharing your degree with others.
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