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How an MBA Program Works

This article is sponsored by Philips Lighting.

With the increased popularity of MBA programs in recent years, you might be wondering whether or not an MBA is right for you. Is an MBA likely to increase your career prospects and your earning potential? The answer is usually yes, although it does also depend on your industry.

Before you decide whether to apply, here are some of the key things you need to know about an MBA program.

What is an MBA program?

Also known as a Master’s of Business Administration Program, an MBA is a two-year graduate program designed to help professionals develop business management skills. Covering subjects such as finance, accounting, management and marketing, an MBA program gives you an opportunity to deepen your knowledge and skills for future professional growth.

What are the different types of MBA programs?

MBA programs typically have a lot of things in common. Focusing on the same subjects, they’re structured to provide a business management education while helping students develop their analytical and problem-solving skills. That said, not all programs are the same and picking a program often comes down to a student’s individual needs and goals. For example, for young professionals who already have a full-time job in addition to studying for their MBA, a part-time program might be a better fit. For those who want to focus on a specific industry, specialized MBA programs are also available in subjects such as marketing, healthcare or human resources. Many programs also help students find relevant internships or rotational programs, giving them the added on-the-job training they need to advance to the top of their industries.

How much does an MBA program cost?

The cost of an MBA program varies depending on the school and the type of program. For example, online MBA programs are typically less expensive than traditional programs, ranging between $10,000-$90,000. Traditional MBA programs often cost upwards of $100,000 with most ranging between $120,000-170,000. So what’s the upside of a traditional MBA? Recognition. Traditional MBA programs are more highly regarded by employers and can make it easier to get to the next step in your career.

How can an MBA program help you succeed in your career?

Due to the high level of skill and knowledge MBA graduates develop during their programs, they are often among the most sought after candidates in any field. These skills allow them to take leadership roles in almost any organization, successfully leading teams and creating processes that help organizations run smoothly. These position also come along with another bonus — a much higher salary. In fact, MBA graduates typically earn $45,000 more per year than their colleagues without MBAs.

A great way to develop new skills and expand your career options, an MBA program can help you make big leaps in your career. By knowing what to expect and what factors to consider, you’ll be able to decide if an MBA program is right for you.

Next, get more career tips for internships and entry-level jobs such as How to Set Career Goals (and Meet Them) and find answers to common interview questions such as What’s Your Dream Job?