A master of business administration (MBA) is more than a credential—it is a structured opportunity to sharpen strategic thinking, broaden leadership perspective, and build business acumen that can translate across industries. If you have wondered what master of business administration study is really like, this guide will show you how to leverage concentrations, experiential projects, and networking resources so you can tailor the program to your professional goals.
Before you decide whether an MBA is right for you, it may be helpful to understand what a master of business administration is and what this type of program entails. From there, you can also explore options for financial aid and practical tips for applying to an MBA program that suits your interests.
What Is a Master’s in Business Administration?
A master of business administration (MBA) is a graduate degree that focuses on developing advanced business and management skills. Specifically, an MBA is a popular graduate-level degree that focuses on topics surrounding business acumen, management, and leadership. This type of degree program typically consists of anywhere from 36 to 60 credit hours, meaning full-time students often complete it in 12 to 24 months, while part-time timelines may vary. However, the amount of time to degree completion could vary depending on whether students are enrolled part-time or full-time.
MBAs are commonly pursued by those who already have an undergraduate degree and are looking to advance their education to prepare for higher-level roles in leadership and management. Because this is a generalist degree, students across many industries may gain valuable knowledge that could be readily applied to their work in different fields.
Who Should Consider Pursuing an MBA?
Of course, an MBA is not always the right choice for everybody. MBAs are ideal for students who already have their bachelor’s degree, although your undergraduate degree does not necessarily have to be in business or even a related field.
According to Statista, the majority of students (79 percent) enrolling in an MBA program report that they are looking to enrich life and develop their potential, whereas 61 percent reported gaining business knowledge as a primary reason for enrollment. Meanwhile, 56 percent reported enrolling in an MBA program as a precursor to a career change.
Exploring Different Types of MBA Programs
If you are interested in pursuing your MBA, there are a few considerations you will want to keep in mind as you decide on the program that is right for you. Keep in mind that no two MBA programs are exactly alike, and what is right for one student may not be right for you.
Full-Time vs. Part-Time MBAs
First, consider whether you will enroll part-time or full-time in your MBA program. Being a full-time student can be a lot of work, but it could also allow you to complete your program in the shortest amount of time possible. On the other hand, part-time enrollment allows you to extend your credit hours over a longer period of time in exchange for a less hectic schedule.
If you are already working a full-time job or have other life obligations that keep you busy, part-time enrollment may be the more practical option. Keep in mind that you may be able to change enrollment status between semesters, depending on your program’s policies and the terms of your financial aid package.
Online vs. On-Campus MBAs
These days, many schools also offer both online and on-campus MBA programs. Some may even offer a “hybrid” curriculum that combines occasional in-person classes with online coursework.
A completely online degree program offers numerous benefits, ranging from convenience and flexibility to accessibility. On the other hand, in-person classes may be better suited for some types of learners. Ultimately, choosing the right format will require you to assess your own learning style, preferences, and scheduling needs.
The MBA Curriculum
What could you expect to learn in an MBA program? While no two programs will offer the exact same curriculum, there are some basic courses you could expect to take in an MBA program. Meanwhile, if your school offers concentrations or specializations as part of an MBA program, this could also affect the types of coursework you complete and the topics you study.
Core Courses in Business Administration
Core courses in an MBA program typically cover the following topics:
- Finance
- Project Management
- Leadership
- Analytics
- Quantitative and Qualitative Analysis
- Business Strategy and Planning
- Marketing
- Organizational Dynamics
Elective and Specialization Options
Many colleges and universities are now offering MBA programs with specializations and concentrations to choose from. These are ideal for students who may want to get into management or leadership roles within a specific industry. This allows for a more specialized curriculum with skills and knowledge that could be readily applied to a graduate’s chosen field.
Different institutions may offer unique MBA concentrations, commonly including areas such as:
- Corporate Innovation
- Finance
- Entrepreneurship
- Healthcare Management
- Human Resource Management
- Leadership
- Marketing
- Project Management
- Supply Chain Management
- Small Business and Entrepreneurship
Application Process for MBA Programs
Feeling ready to embark on your MBA journey? Before you can enroll and start choosing your classes, you will need to apply and get accepted into your MBA program of choice.
Essential Prerequisites and Qualifications
Each school sets its own requirements for admission to an MBA program. In general, applicants need to have an undergraduate degree. While that degree does not have to be in a business-related field, students without a business-related undergraduate degree may be required to take certain prerequisite courses in business and economics.
Some MBA programs also require that applicants have a minimum of a few years of experience either working in their respective fields or conducting relevant research.
Tips for a Successful MBA Application
Before you complete an application to an MBA program, take time to thoroughly review all of the program’s qualifications and admission requirements. If you meet all of the requirements, fill out your application as accurately as possible and be sure to submit everything the school requires to make a decision. This may include transcripts from previous degree programs, proof of work experience, recommendation letters, copies of resumes, and/or personal statements. Some programs may also require standardized test scores like those from the GMAT or GRE, so confirm whether these are necessary for your application. If the school charges an application fee, ensure you submit it along with your materials.
Financing Your MBA
Speaking of payment, one common concern prospective MBA students have is being able to cover the costs of a graduate degree. Fortunately, there are plenty of options and resources available to help lessen the financial burden.
Overview of Tuition Costs and Fees
First, be sure that you have an idea of how much your MBA degree will cost when all is said and done. Tuition costs and other fees can vary wildly from one school to the next, but the easiest way to estimate your cost is to multiply the school’s cost per credit hour times the number of credit hours required in your MBA program. From there, do not forget to factor in any additional fees, such as registration fees and the like. Keep in mind that credit hour costs and fees may fluctuate from year to year.
According to the Education Data Initiative, the average cost of an MBA was $60,410 during the 2019-2020 academic year.
Scholarships, Grants, and Financing Options
Wondering how you are going to pay your way through an MBA program? There are several options available to you that could help. First, be sure to explore all scholarship and grant opportunities available, not just through your school, but through Federal aid and third-party organizations as well. The best way to check your eligibility for Federal grants, scholarships, and even loans is to fill out the Free Application for Federal Student Aid (FAFSA) by the deadline for each academic year.
In addition, some MBA students use tuition assistance or reimbursement programs offered by their employers. Some organizations may pay part or even all of graduate tuition when coursework relates to current job responsibilities or when the employee agrees to stay with the company for a specified period.
Non-federal scholarships and grants offered by many professional associations, foundations, and community organizations do not require repayment. Federal and private loans are also an option to help you pay for graduate study, though you will want to do your research and find the loan with the lowest possible interest rate. Some institutions also offer payment plans, which allow you to spread out tuition costs over the course of each semester rather than paying one lump sum at the beginning of the year. Check with your institution’s financial aid office for more information on getting help with paying for your program.
Professional Paths After an MBA Program
MBA coursework can deepen strategic, analytical, and leadership competencies that are valued in a range of organizational settings. With a clearer picture of the roles and industries where those competencies apply, you can decide whether this degree aligns with your professional goals.
Understanding the Impact of an MBA on Your Career Trajectory
Whether you are feeling like you have hit a dead end in your current job or are thinking about making a career pivot, having an MBA could help you build the skills and knowledge you need to upskill in your current career or even break into an entirely new industry. Meanwhile, having an advanced degree on your resume may distinguish you from other applicants and open additional professional possibilities.
Discover Post University’s Online MBA
Whether your interests lie in finance, marketing, human resources, or similar areas, an MBA can provide coursework and experiences relevant to those fields. The key, of course, is selecting the right MBA program to suit your interests and career goals.
At Post University, we offer an MBA program with 11 different concentrations from which to choose, so you can select the MBA program that best aligns with your unique needs. We even offer an MBA with an entrepreneurship concentration for those who aspire to launch their own companies and forge their own paths.
Our MBA program is offered in both on-campus and online formats, providing scheduling flexibility for working professionals. Learn more about Post University’s MBA program options by reaching out to our team or get started with your online application for admission (with no GMAT required) today!
Thank you for reading! The purpose of this blog is to provide general information to the reader, and as such, this information may not directly relate to programs offered by Post University.
Please note jobs and/or career outcomes highlighted in this blog do not reflect jobs or career outcomes expected from enrolling in or graduating from any Post program.