Top MBA Programs
They offer the chance to specialize: Some schools offer full-time MBAs that can essentially be looked upon as general MBAs. All students take the same courses, regardless of the area in which they plan to work after graduation. Top-rated schools, on the other hand, allow students to take courses that reflect their specific area of interest and career aspirations.
There is a good choice of electives: Most top business programs will offer students a wide variety of choices when it comes to electives. Someone who is pursuing a specialization in marketing, for example, can take courses that deal specifically with market research. In this way, they can become experts in a certain area of marketing, making them highly valuable to employers.
They have high standards: The top MBA programs are very selective about who they let in. Applicants must meet numerous requirements, and the admissions process is quite rigorous. GMAT scores, interviews, references, work experience, essays, and application forms are all required by most top schools. The goal of the institution is to find out as much as possible about the student's academic, work, and personal accomplishments so that they can be sure they are only admitting the most qualified applicants.
They encourage diversity: Although this is not a requirement, most top MBA programs make an effort to admit individuals from diverse academic, career, and cultural backgrounds. In this way, students have the valuable opportunity to look at issues from other points of view and learn from others.
They are rigorous: The best MBA programs are described by students as exhausting. A top MBA program will challenge students with difficult coursework and regular deadlines. It may be possible to complete an easier program at another location, but most students find that the learning that takes place within the program and the opportunities that present themselves after graduation make the more demanding program well worth the extra time and effort.
Concerns In Applying
Although many people who decide to study for their MBA want to attend a top school, not everybody does. There are many common reasons why people may decide that a top MBA school is less attractive than another institution.It is too expensive: It is true that the tuition for top MBA schools is often substantially higher than other schools. And, it may be tempting to simply write off an Ivy League school as being too costly. However, it is often helpful to look at attending a top school as an investment rather than an expense. Consider how much that investment will be worth down the road. Attending a school that is not well regarded will be cheaper, but the return on your investment (your salary and position after graduation) may not be that great. On the other hand, attending a top institution requires a larger initial investment, but the returns in the form of opportunities and salaries after graduation will also be much greater. Many graduates from top MBA programs are offered starting salaries that exceed $90,000 per year.
The application process is too difficult: Again, it is true that the top MBA programs often require students to go through an extensive application process. Some schools have fewer requirements, and some do not even require GMAT scores from prospective students. However, it is important to consider exactly what that implies. Fewer requirements usually mean that a greater number of less-qualified students are accepted. To get an MBA that really means something to employers, consider attending a top school. Just the fact that you were accepted to the program tells others that you are highly intelligent, qualified, and well-rounded.
There are too many extra requirements: Often, when this statement is made, it can either refer to the internships or dissertations that most top MBA schools require. While it does involve extra time and effort, they are actually highly valuable networking opportunities. During your internship, for example, you may get to work at the company of your dreams, and many companies ultimately choose to hire their internship students. Dissertations often allow students to work with real companies to obtain their data. So, a report on how a company could improve their profits might just result in them hiring you to be their financial advisor. In short, the extra effort you must put into completing these projects usually pales in comparison to the rewards you may get in return.
Top MBA Schools
When ranking lists are produced, various factors such as salary statistics of graduating students and the average GMAT score of students who are accepted into the program may be considered. Like top MBA programs, the institutions that are considered top MBA schools usually have several characteristics in common.They are held in high regard by employers: Anyone who has graduated from a school like Wharton or Columbia understands that employers think highly of MBA graduates from top schools. Top MBA schools are favorite destinations for employers and recruiters from a variety of industries when they are looking to hire new employees.
They are often prestigious schools overall: This is not true in every case, but many top MBA schools are also considered leaders in other fields as well. For example, Yale and Harvard are names that most people living in the United States are familiar with. They are regarded as very prestigious universities by both prospective MBA students and those who plan to study other subjects.
They aim to support their students: Top MBA schools do not simply take a student's tuition and grant them a degree. The best MBA schools provide significant support to students that often allows them to secure great jobs after graduation. For example, internships are an important part of the MBA program because they allow students to gain real world business experience and interact with potential employers. While some schools do nothing to help students find exciting internships, top MBA schools will often post available internships, and some will even help students make contact with companies.
Top MBA schools also organize recruitment events at which students can explore their job prospects and, often, get hired for a great position. In addition, many top schools are increasingly offering workshops and seminars on important skills that are required to secure a great job. Interview preparation, effective communication, and how to dress properly in a corporate environment are just some of the topics that may be addressed.
They are expensive: It is not something that a student who will have to take out a substantial loan to pay for college wants to hear, but most top MBA schools are very expensive to attend, which is in part because most are also private universities. However, the financial sacrifice often proves to be worthwhile for many graduates from top MBA schools.
Choosing An MBA Program
Most people who decide to get their MBA do not want to study just anywhere; they want to get this important degree from a recognized, reputable MBA school. If you want to study for your master's at a top school, there are several points you should keep in mind.Research
It may seem obvious, but to study at a top school, you first have to find out which MBA programs and schools are regarded most highly. If you plan to pursue a full-time MBA, this should be relatively easy. Many recognized publications, Business Week probably being the premier example, rank MBA schools on a regular basis. This particular publication has also begun to rank part-time programs, so it should be easy to find out what the most recognized programs in this category are as well. Always remember that it is important to research top schools using a reputable source. Do not rely on people's personal Web sites or the opinion of others, because their views of what the top schools are might not necessarily be entirely accurate.If you're planning to obtain an MBA through distance learning, finding what is considered to be the top institution may be somewhat more problematic. This is because most business publications currently do not include the distance-learning category in their program rankings, although this may change in the future. To locate the top school in this category, you should look at things like accreditation (both national and regional), average GMAT scores of accepted applicants, and employment information for graduates if it is available.
Preparation
After you have found a top school you are interested in, it is necessary to go through the application process, which for some schools can be as rigorous as the program itself. A large amount of preparation is required to ensure you have every chance of getting into the top MBA program. Perhaps most importantly, you must give yourself enough time to complete every component of the application to the best of your ability. This includes devoting lots of study time to preparing for the GMAT, crafting your resume to reflect your accomplishments and responsibilities in your current and former jobs, writing an essay that will make admissions committees take a second look, and preparing for the all-important MBA interview. Doing proper research to find out which schools are the best and giving yourself enough time to devote to the application process, are the best ways to increase your chances of getting into the top MBA program.Finance MBA
If you happen to be attending a school that allows you to pursue a specialization, choosing the one that is right for you can be a tough decision. An MBA in finance is a very popular choice among MBA students because it is associated with good career opportunities and high salaries. Here is a brief overview of the finance MBA, the types of courses you may have to take, and the careers that you can pursue after graduation.As the name implies, a finance MBA will allow you to learn about the financial side of the business world and about general practices for managing finances. By taking specialized courses, you can learn about investment, banking, and exactly how a company should manage its cash flow. These skills can be applied in many different business settings.
Who should pursue it?
A finance MBA is a good choice for those who are interested in the money side of business. Those who enjoy learning about investing, managing cash flow, and maximizing a company's profits would likely find an MBA in finance both enjoyable and rewarding.Finance MBA courses
The exact curriculum for finance MBA students varies from school to school, but those specializing in finance will probably be required to take courses focusing on financial accounting practices, different types of investment strategies and practices, and issues related to international financial markets.Corporate Finance MBA
An MBA in corporate finance may seem like an odd choice for a specialization, particularly because most schools offer finance MBAs. However, for those who know that they want to work with a corporation after they graduate, an MBA in corporate finance may just give them that extra edge.A corporate finance MBA allows students to learn about the financial side of the business world and, more specifically, how finances should be managed by corporations. Compared to a finance MBA, it is a bit more specialized in that the corporate finance MBA student will focus mainly on financial issues as they apply to corporations, as opposed to the more general areas explored in a finance MBA.
Who should pursue it?
Those with a passion for learning about how corporations can best manage their finances to ensure success and maximize profits are good candidates for an MBA in corporate finance. Furthermore, those considering this specialization should be certain that they want to work with a company and do not, for example, wish to work as an investment banker.Corporate finance MBA courses
Like any MBA specialization, the courses required will vary, depending on the institution the individual chooses to attend. In general, corporate finance MBA courses may be quite similar to those required for a finance MBA. However, most will focus specifically on financial issues as they apply to companies. Examples of courses that may be required include: those dealing with issues surrounding mergers and acquisitions, financial planning for corporations, risk management, and how corporations can best manage investments.Where can I work?
Companies might hire a corporate finance MBA graduate for a variety of positions within a corporation. Graduates could work as an investment advisor for a corporation, a cash manager, credit advisor, or even as a corporate CFO. Like finance graduates, corporate finance MBA graduates could also work as consultants and advise corporations on how to manage investments, or even whether merging with another company makes good financial sense.Marketing MBA
In a sense, marketing can be thought of as the more artsy side of business. Although marketing is, ultimately, all about profits, those involved with it directly certainly get the chance to be much more creative than those who work as, for example, cash flow managers. Most literature about marketing will tell you that it is an extremely competitive area of business. With talent and persistence, however, it can also be a very lucrative one.A marketing MBA will give those looking to get into marketing a broad range of knowledge about how to develop campaigns for their target audience and also about the financial side of marketing. For those who already have a marketing career, an MBA is an important tool that will give them the opportunity to advance.
Who should pursue it?
Those with a genuine talent and passion for understanding consumers and developing campaigns that will target and address their wants and needs are best suited for an MBA in marketing.Marketing MBA courses
Some of the more common courses for those who have decided to pursue a marketing MBA are: international marketing, market research techniques, how to market specific types of products, how to determine effective prices for products, and how to cultivate good relationships with consumers.Where can I work?
There are a number of exciting positions for marketing MBA graduates. For example, they might be hired by a company to manage a new brand or product. In this case, they would be responsible for all aspects of the product, from developing effective campaigns and advertisements to market the product, to communicating with stores and convincing them to display the product, to ensuring the product reaches stores and consumers in a timely manner. MBA marketing graduates might also be asked to develop totally new products. Relying on their knowledge of how to conduct market research, they would be required to determine what types of products consumers might wish to purchase, and then develop a proposal for their development. In some cases, marketing graduates might also work for advertising agencies or marketing firms. This might involve developing ads, conducting market research, or carrying out other marketing related tasks for various companies. Another choice for a marketing MBA grad would be to work on a freelance basis for companies or other individuals. The types of opportunities that a marketing MBA grad can pursue make it a popular, and very competitive, area of specialization.Project Management MBA
Unlike financial managers who deal largely with quantitative facts and figures, project managers may have the most challenging job of all in that they must deal with the most variable aspect of any corporation- its people. Unlike other types of MBA jobs, the project management MBA graduate must have exemplary interpersonal skills in order to succeed.In essence, project management involves being assigned a task. Then, the manager must direct the resources and personnel assigned to that task in such a way that the project is completed on time and within the designated budget. While it may sound simple, project management is an area that requires a broad range of skills.
Who should pursue it?
Perhaps the most important point is that those considering an MBA in project management should have good people skills. You will be interacting consistently with employees and others who have a stake in the project you have been assigned, so if you like being behind a computer or examining a company's financial statements more than actually communicating with others, this is probably not the specialization for you. The project management MBA is a good choice for highly motivated and energetic students who can successfully complete a task on time, , can respond effectively when things do not go as planned, and can handle multiple tasks simultaneously.Project management MBA courses
While pursuing a project management specialization, MBA students will take courses focusing on leadership skills, effective communication, management strategies, human resource management, and effective project execution.Where can I work?
The beauty of this specialization is that you are not restricted to working in a single sector. Virtually every type of business or industry has projects and tasks that they need to complete, which means the opportunities for project management MBA graduates are practically endless. You might be asked to help implement a new software program for a bank, or you could oversee a research project in the oil and gas industry, among countless other possibilities. Project managers can also work as consultants, which means they will offer their services to various corporations for a fee. Many who pursue a career in project management also get the opportunity to take on a permanent role as a manager within a corporation.