A Master of Business Administration (MBA) is a postgraduate degree focused on business administration. It is a graduate-level business and management degree with a focus on leadership and managerial skills. The core courses in an MBA program cover various areas of business administration such as accounting, applied statistics, human resources, business communication, business ethics, business law, strategic management, business strategy, finance, managerial economics, management, entrepreneurship, marketing, supply-chain management, and operations management in a manner most relevant to management analysis and strategy. MBA programs may also include elective courses and concentrations for further study in a particular area, for example, accounting, finance, marketing, and human resources, but an MBA is intended to be a generalized program.
MBA degrees are designed to help graduates gain a better understanding of general business management functions. MBA students may enter their programs from a variety of backgrounds, and there are different types of programs to suit a range of needs. Typically, MBA students enter their programs after gaining a few years of work experience (in nearly any field) and have long-term goals of working in any area of business, and particularly in leadership roles. MBA degrees are not the only type of advanced business degrees. Some students instead pursue a Master of Science (MS) business degree.
MBA programs in the United States typically require completing:
- A bachelors degree
- A minimum of two years of work experience
- A satisfactory GMAT or GRE score
- A satisfactory TOEFL or IELTS score (for international students)
- Letters of recommendation
- A personal statement or essay
MBA graduates can work in a variety of fields, including finance, consulting, marketing, and entrepreneurship. MBA degrees can have a general focus or a specific focus in fields such as accounting, finance, or marketing, and relationship management. Many schools now offer specialty programs, like sports management, the entertainment business, or healthcare management. Executive MBA programs are available for experienced professionals who cannot commit to a full-time schedule.
