What is an MBA?

Aug. 22

An MBA is an increasingly popular graduate school program designed for college students ready to take their education to the next level. This in-demand advanced degree shows dedication, knowledge, and a deeper understanding of the business world that many employers seek out from eligible candidates for various roles. Earning an MBA takes effort and immense commitment so deciding if an MBA is right for you is the first real step to obtaining one.

Earning an MBA is more than just another degree to have on your resume. You’ll build a variety of fundamental skills that will make you stand out from other job applicants, sharpen your communication skills, and learn the ins and outs of risk management. Whether you want to learn more about entrepreneurship or business finances, getting an MBA may be the next step for your career path’s advancement.

What You Need to Know About an MBA

A Master of Business Administration, or MBA, is a graduate-level program for students and professionals who want to expand their education and professional experience to the next collegiate level. Whether you have a business-related undergraduate degree that you want to enhance with more proficiency or you wish to add high-level skills to any other type of degree, an MBA can differentiate you from your peers in an industry and help you stand out in the workforce.

With a variety of programs available, MBAs are catered to both working professionals and recent college graduates who want to immediately go into higher education. Certain MBA programs will require you to have professional experience while others are available for anyone with an undergraduate degree.

Who Gets an MBA?

Career Advancements and salary increases are the most common reasons that adults of all ages decide to obtain an MBA. The courses throughout an MBA program provide a deeper understanding of business administration and further develop skills that will help advance a variety of careers.

The benefits of receiving an MBA appeal to students who recently graduated and people with years of professional experience. According to the Association of MBAs, almost two-thirds of MBA graduates have found a “dream role” within half a year upon completion of their program. Employers can offer higher salaries and promotions for employees who pursue an MBA which is why many people decide to get one. You’ll work on your communication along with leadership and collaboration skills to better improve your overall experience throughout your career. With more knowledge and experience in business, an MBA graduate can navigate the business world more smoothly than before. Though pursuing an MBA isn’t necessary to succeed, it makes it much easier to reach your career goals on a shorter timeline.

Skills You’ll Learn While Pursuing an MBA

MBA courses offer more than just facts, analytics, and objective knowledge that you’re expected to comprehend and later apply within your career. You will develop skills that allow you to become a better worker, leader, and overall business person in your professional environment. These are some of the skills you’ll hone in on during your MBA program.

Interpersonal skills

No matter the business model, having interpersonal skills can enhance your success greatly because you will learn how to connect well with others. The ability to resolve conflict and communicate clearly in a professional setting are key skill sets that are expected by most companies.

Strategic Thinking

Strategy is the foundation for all types of business transactions which is why MBA programs focus heavily on it. With multiple courses on strategic thinking, students will be able to plan ahead, choose the best course that fits their needs, and solve a variety of complex problems that arise in the business world.

Entrepreneurial Skills

Throughout Crummer’s Early Advantage MBA program, students can choose concentrations in various fields including entrepreneurship. Gaining entrepreneurial skills will allow students to confidently start and run a business. They’ll also have the skills to assist others in their businesses to lead them to success.

Communication Skills

Clear and concise communication while conducting business will prevent mistakes from happening. Throughout an MBA program, you’ll be tested on your communication skills with peers, faculty, and business professionals. By the end of the program, you’ll be able to speak eloquently and deliver comprehensible information to a large number of people.

Leadership Skills

Developing strong leadership skills is key to a successful team for any business. While getting an MBA, students will participate in group work that will allow them to display their leadership skills and get constructive feedback from peers and faculty members. If a business does not have someone with effective leadership skills, the integrity of the business is at risk.

Risk Management Skills

Analyzing information and solving problems in the business world calls for valuable risk management skills. Students will study the details of successful and unsuccessful businesses to minimize the possibility of going under. These risk management skills are highly desirable for businesses from eligible candidates.

What Can You Do With an MBA?

The career opportunities with an MBA are endless. Almost all fields of expertise require someone with extensive business knowledge to successfully navigate customer-facing and business-facing duties.

Finance

Working for one of the “Big Four” accounting firms is a huge career goal for many college students who study business. Jobs at these companies include investment banking, venture capital, private equity, and more. The Big Four and other accounting firms look for MBA graduates to fill the highly desirable roles within their companies.

Technology

Breaking into tech has become increasingly popular for people with various career backgrounds. With an MBA, you can land a role in tech as a data analyst, project manager, and even a Chief Technology Officer. You don’t have to be a software developer or have an extensive professional background in tech to work for a tech company when you have an MBA.

Consulting

The most common job for MBA graduates who go into consulting is management consulting. With ample business experience in the professional and educational world, consulting firms look for MBA graduates who can help them run more smoothly.

Healthcare

Healthcare facilities operate as a business allowing MBA graduates to successfully work in the healthcare field. Jobs such as a hospital administrator, project manager, healthcare consultant, and policy researcher are among the most popular for people with an MBA.

Types of MBA Programs

Whether you’re transitioning from an undergraduate program immediately to obtain an MBA or have been a working professional with years of experience, there are MBA programs designed for you.

A full-time MBA program typically takes one to two years to complete and is geared toward full-time students who are taking the full course load. A part-time MBA program is a great option for working professionals who want to focus only on a few courses a semester so they can still work full time. The part-time MBA program will take students a little over two years to complete. An executive MBA program is an ideal option for executive-level working professionals who want to sharpen their skills in today’s business market. It can take one or two years to complete an executive MBA program. Though these are the most common options offered for future MBA students, each graduate school may have its own specially designed programs. Here are the available MBA programs at Crummer Rollins that put them in Forbes’ top business school in Florida.

Executive MBA

Crummer’s Executive MBA program is designed specifically for working professionals who want to receive a degree while still fulfilling their role in their current job. The curriculum allows students to gain knowledge on global business and leadership preparing them for the two week-long global immersion experience before they graduate. The EMBA program takes a total of 20 months to complete with classes held one weekend a month.

Professional MBA

Earning your MBA part-time will allow you to focus on a smaller amount of courses while still going about your day-to-day life. Our Professional MBA program is dedicated to students who want a slower approach to this prestigious degree with a 24-month timeline. With concentrations in entrepreneurship, finance, and marketing, students will be fully equipped to enter the professional world with more confidence in their skills.

Early Advantage MBA

The Early Advantage MBA program equips their students with the business skills and knowledge needed to succeed in the professional realm once they graduate. It’s a full-time program that can take 16 to 20 months to complete with courses that allow you to pick a concentration in a variety of fields of study. During the second year of this program, students have the option to take elective classes with the Professional MBA students to broaden their horizons even more.

Flex MBA

Launching Spring 2023, our Flex MBA program is specially curated for professionals who want to earn an MBA at Crummer but need more flexibility. Students in this exclusive program must attend 55% of course sessions in person and the other 45% can be taken online. This way, professionals can still excel in their careers while also receiving a higher education. The intimate class sizes and tailored course content will make getting an MBA much more accessible.

What You Need Before Applying for an MBA Program

Each college and its particular programs will have certain admissions criteria applicants must fulfill before starting their MBA journey.

To start the admissions process for Crummer Rollins’ various MBA programs, applicants will need transcripts, test scores, a statement of purpose, recommendations, a resume, and additional paperwork if their degree was completed outside the U.S.

Official Transcripts

Students must obtain official transcripts from all colleges and universities they have attended where they earned at least 15 credit hours. If a student is still enrolled, they can send an unofficial transcript until the official one is available.

Test Scores

The Graduate Management Admission Test (GMAT) and the Graduate Record Examination (GRE) are the tests often required to meet admissions criteria for graduate-level programs. Students only applying for the Early Advantage are required to submit their test scores which must be within the last five years to be considered valid. At Crummer Rollins, the Executive MBA, Flex MBA, and Professional MBA do not require students to submit their GMAT or GRE test scores.

Statement of Purpose

A statement of purpose is a clear, concise, and detailed declaration explaining why a student is pursuing this graduate-level degree. The statement should include relevant education and professional experience that allows a student to stand out in their application process. Individuality, professionalism, and strengths should be shown in a statement of purpose.

Recommendations

Each application requires one official letter of recommendation, but two are preferred. These letters of recommendation will be requested and submitted through an online application and are completely confidential. Submissions should be done by professional or academic supporters that can attest to a student’s ability to complete this graduate-level program.

Resume

A professional resume should highlight previous work and educational experience that is relevant to pursuing an MBA program. This resume will be directly uploaded online.

Additional Paperwork

Applicants who have completed their undergraduate degree outside of the U.S. must submit an official academic transcript evaluation by a NACES-approved organization and the TOEFL/IELTS, if the primary language of instruction was not English. Once accepted into a program, students will work directly with the Office of International Student and Scholar Services to complete the I-20 form that will be used for the F-1 student visa.

Application Fee

At Crummer Rollins, we believe application fees should not hold applicants back from pursuing an MBA program so there is no cost to apply. No matter the financial status, we encourage applicants to apply to their desired MBA program.

FAQs

How long does it take to get an MBA?

Typical MBA programs can take two years to complete but it depends solely on the program you are in. Full-time programs can take one to two years while part-time programs can take over two years to complete. There are MBA programs available for students who can only take on a part-time course load because of personal and professional grounds.

What courses are available for an MBA?

The core curriculum for an MBA program includes courses on strategy, business management, finances, marketing, accounting, and more. Certain MBA programs have concentrations that allow students to pursue a deeper understanding of topics such as entrepreneurship, finance, and economics.

How much does an MBA cost?

Each MBA program has a certain amount of credit hours that must be completed so the tuition fees can vary greatly. MBA programs can start at $20,000 and can range up to $100,000 based on a number of factors. A college’s ranking, program type, and mandatory credit hours will determine an MBA’s overall cost. Financial aid is available for eligible students to help with the cost of the programs.

How difficult is an MBA for average students?

Pursuing an MBA is more rigorous and requires more attention than undergraduate school. MBA programs are successfully completed by thousands of students a year so it is possible to complete your degree. Time management and studying are the keys to success when participating in an MBA program.

Can I receive an MBA without a degree?

To apply for an MBA program, students must have a degree. This graduate-level program is supplemental to an undergraduate degree which is why students need to complete their undergraduate degree before seeking out an MBA. The undergraduate degree does not need to be a business degree but it will help with the transition to graduate-level courses.

Is an MBA right for me?

An increased network, pay jump, and career advancement are the top reasons people will choose to get an MBA. If you’re wanting to advance in all these areas of your professional life, pursuing an MBA is the right decision for you. Here are the best benefits available for MBA graduates.

Career Advancement

Employers look for applicants who have put in time and effort toward their career goals. Receiving higher education allows you to stand out from other applicants and show that you’re serious about your career goals. If you’re already a working professional, pursuing an MBA communicates that you are willing to take the next step for more responsibility in your career.

Pay Increase

The average starting salary for MBA graduates is $115,000 and in just five years that salary can bump to $172,000. Salary jumps and increased earning power are significant reasons why students decide to get an MBA. Check out the MBA Starting Salaries Statistics of 2022 to see just how much you can earn with an MBA degree. [link blog]

Broad Network

Accomplished faculty members and a prestigious alumni association allow graduates to create lifelong connections with a broad network of people that will allow them to succeed in all areas of expertise. Alumni members with MBA degrees will have the opportunity to speak in classrooms, mentor students, and have access to lifelong classes to continue learning, and career services.

Consider Crummer Rollins For Your MBA Program

The value of an MBA goes beyond your professional life. The skills you learn will be used in all parts of your life to improve it personally and professionally. Receiving an MBA is a high honor that we believe will change the course of our students’ lives. If you’re ready to take the next step in your education and career, Crummer Rollins is fully equipped to lead you in the right direction.