Whether you have your eye on an executive management role or you’re a budding entrepreneur, a master’s in business administration will put you on the fast track to success.
With this degree, you’ll be ready to take your corporate career to the next level. You’ll gain the practical knowledge you need to take on new roles. You’re also likely to see a pretty big salary boost. No matter where you are in your career, you can start a master’s in business administration. Fresh out of college or a seasoned pro, this degree will teach you about business from a new perspective.
What Is a Master’s Degree in Business Administration?
A master’s in business administration is a graduate degree that sharpens your business skills. This degree teaches students about how to solve problems and manage groups of people. You’ll learn about all that goes into running a business — big or small. You’ll walk away with skills that you can apply to almost any field. MBA programs will teach you soft skills like communication and leadership. You’ll also learn hard skills in finance, marketing, and more. Throughout school, you’ll learn to put these skills to use. Hands-on projects are often assigned to tie together the different things you’re learning.
How Much Can You Earn with a Master’s Degree in Business Administration?
With your MBA, you’ll probably be working in a management role. Since these roles are so important, they earn pretty high salaries. The starting salary for people graduating with their MBA in 2021 is predicted to be almost $90,000. This is a much higher salary than people typically get with just a bachelor’s degree. People who have MBAs also get to enjoy annual bonuses that add to their income. However, your salary does depend on a few different things. Things like where you work and how you work can make it higher or lower.
What Is Required For a Master’s Degree in Business Administration?
The average master’s in business administration requires anywhere from 18 months to three years to finish. Fortunately, most programs are part time so you’re able to keep your job while you take classes. You’ll have to take about 36 credit hours of class before graduating. The classes focus on many topics related to running a business. To be successful in each class, you’ll need good study skills. You’ll also have to do group projects, so you’ll have to be able to work with other people. If you plan to work while you’re in school, good time management is a must.
What Are the Best Master’s Degrees in Business Administration?
OSR uses six data points: three school-wide and three program-specific. For school-wide, OSR uses Student Satisfaction, Admission Rates, and the number of programs the school offers online. For program-specific, OSR checks the Median Debt of graduates from that program, how many degrees are offered within that program’s umbrella department, and what percentage of students at that school graduated from that department.
The six statistics are displayed by each school. The sliding bar under each statistic represents how that school compares to other US institutions. “Not reported” means a school did not release that information to the US Department of Education. A more detailed description of the OSR process can be found on the methodology page
Best Online Master’s in Business Administration Degrees FAQs
What do I need to do to apply to an MBA program?
Before you start your master’s in business administration, you need a bachelor’s degree. Surprisingly, this degree can be in any subject. Most schools don’t require you to have a business degree before you apply. No matter what your degree was in, you’ll need a good GPA. After your first degree, many programs want to see that you have experience. This could be as little as two years or as many as 20 years of work in your field. For some schools, you’ll also need to take an entrance test. The two test options are the GRE and the GMAT. Certain places might require a specific test, while others let you pick. With any program, you can expect to send in a resume and reference letters. Your resume is the perfect place to show off all your accomplishments from school and work. Reference letters are another way to highlight your qualifications. They can come from professors or bosses. Just choose someone who knows you well. These letters are a good way for schools to see who you are as a person. Another way they do this is with personal statements. These usually have a prompt for you to answer and a specific word count. This is the ideal place to share why you want an MBA and why you want to go to that particular school.
How much does an online MBA cost?
The cost of an online master’s in business administration depends on a few different things. First, it will depend on whether the school is public or private. Most of the time, private MBA programs will charge more for tuition. Second, it depends on where the school is. Is the program you’re looking at in your home state? If so, you’ll probably qualify for tuition at a cheaper rate. However, some schools do offer in-state tuition for their online students, no matter where they live.
According to the National Center for Education Statistics, the average cost of an online MBA is just under $30,000. At first glance, this number might seem big. But online MBAs are usually a good bit cheaper than in-person options. People who get their MBA on an actual campus pay about 25% more in tuition.
If you’re worried about paying tuition, there are ways to make it a little less scary. You can apply for financial aid through the government. This gives you loans that usually have a better interest rate. Scholarships are also a great option. You can find these through your school or through countless other organizations. Some schools even have grant programs that help reduce cost, too.
With a master’s in business administration, the sky is the limit. These programs teach you all you need to know to succeed in any corporate setting. You’ll improve your skills with finance and learn how to lead the people around you. MBAs are a great choice if you’re wanting a job in management. They can also be super helpful for anyone who wants to start their own business. You can take classes part-time and finish your degree while you’re working. In a couple short years, you’ll graduate with new skills and the chance to earn more than ever before.