An MBA (Master of Business Administration) is a graduate degree obtained at a university or college that offers both theoretical and practical training to provide graduates general knowledge about general business management functions. The MBS degree may have a specific focus as: accounting, marketing or finance.
An MBA degree represents a level upward from an undergraduate business course and its achievement places the graduate far above other candidates owning just an undergraduate degree.MBA programs has become to be offered by most universities and colleges during the past two of years. For instance, only in the UK, 116 business schools are currently offering MBA courses and the number of students graduating this form of education has risen from 4,000 in 1990 to over 10,000 in 2000.
In order to be accepted in an MBA program, an applicant must take the Graduate Management Admission Test (GMAT) – for the US education system. The GMAT is a standardized test that aims at determining the aptitude of a candidate for an activity in business management studies. It is presently made up of an essay section containing two free-response essays of 10 minutes each; two multiple choice sections, one mathematical section and one verbal skills section.
Apart from the GMAT test, other admission criteria focus on significant work experience, academic transcripts, references and personal interviews. Extra-curricular and community service activities represent an interest for the admission boards.
The MBA degree courses offer students knowledge on economics, organizational behavior, marketing, international business, finance, government policy, accounting and information technology management.
The traditional MBA degree offers students a broad range of general courses in the first year of studies, followed by a specialization in the second year.
Specialization in particular areas as: technology management, accounting, strategy or specialized business, marketing and finance is being offered by many MBA degrees.
There are several ways of attending MBA courses.Nowadays MBA degrees can be accessed through online, distance learning or e-learning as the program offered by the Open University Business School. Due to the large variety of MBA degrees offered worldwide, the elite business schools are being accredited by independent bodies as the Association of MBAs. This association acts as a global network for the MBA community: MBA students, MBA graduates, schools, businesses and employers.
Consequently, the MBA degree represents a leading management qualification that creates highly competent professional managers.