How Long Does It Take to Get an MBA?
Whether you want to take your career to the next level by going for a higher position at your current job, pursuing a managerial position at a different job, starting your own business, or anything in between, an MBA is the degree for you. But how long does it take to get an MBA? In this article, you can find the answer to that question and much more. Read on to learn more about the MBA in general, different programs you can choose from, and the MBA length depending on how long is each MBA program.
What Is an MBA?
MBA stands for Master of Business Administration, and it is a postgraduate degree that mainly focuses on business management. As one of the most popular professional degree programs in the world, the MBA degree is held in high regard by top employers. By equipping you with knowledge of essential business practices and various sets of skills, a master's degree in business administration prepares you for leadership roles in the business world and a variety of other industries.
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What Can You Do With an MBA?
A master's degree in business administration exposes you to various areas of business, like finance, marketing, accounting, and human resources. However, an MBA is not limited to the business world. With an MBA degree under your belt, you can pursue a career in healthcare, technology, consulting, and other industries. Below we present some of the most lucrative career paths you can choose from after earning your MBA degree.
Chief financial officer
An MBA is a crucial stepping stone towards becoming a chief financial officer (CFO). A CFO is a top-level executive that deals with planning and managing the finances of a company. It is usually the highest financial position, with an average salary of $149,672 per year. Job responsibilities typically include investment planning, risk management, developing the company’s budget, supervising finance staff, overseeing and reviewing financial reports, implementing strategies to improve financial performance, communicating with the company’s banking and insurance partners, and more. If this job interests you, the CFO job position is highly in demand, with a projected job outlook of 17% from 2020 to 2030, much faster than the average employment growth rate.
Sales manager
Getting a job as a sales manager is another profitable option for you. A sales manager is a leader and a supervisor to the sales agents of a business or organization. Their duties include hiring and training sales team members, monitoring the team's performance, developing sales strategies, setting sales targets and goals, staying current on products, identifying new business opportunities, and so on. With an average salary of $132,290 annually, the U.S. Bureau of Labor Statistics predicts a 7% employment growth for sales managers from 2020 to 2030.
Human resources manager
If you are a people person, you can become a human resources manager. An HR manager oversees administrative functions and is considered the link between a company and its staff members. Pursuing an MBA to get this job provides you with high employment opportunities and salaries. The projected ten-year employment growth for HR managers is 7%; meanwhile, the median salary is $81,185 per year. As a human resources manager, your responsibilities may include: recruiting, interviewing, hiring, and training new team members, managing the daily department workflow, directing disciplinary procedures according to company policy, handling bonuses and raises, conducting salary surveys, providing team member performance feedback, maintaining department records, and more.
Marketing manager
A marketing manager's role is crucial in promoting a business. With an average salary of $104,295 per year, it is an ideal career for MBA graduates. As there are 31,100 new positions available each year, marketing managers are highly demanded. BLS predicts a 10% employment growth rate from 2020 to 2030. As a marketing manager, your duties can vary depending on the business or company's size or goals. But overall, you may be dealing with: promoting products and services, creating marketing campaigns, managing budgets for marketing campaigns, analyzing customers and finding ways to attract them, managing social media, analyzing customer feedback from social media, and more.
Medical and health services manager
A medical and healthcare services manager is in charge of managing and coordinating health services in healthcare facilities. It includes managing finances, training staff members, communicating with patients, creating schedules, keeping records, and more. Since healthcare is one of the fastest-growing industries today, getting a job as a medical and health services manager with a 32% employment growth projected from 2020 to 2030 ensures a prosperous career ahead of you. The average annual salary is $74,191, and professional medical and healthcare services managers earn up to $133,000 per year.
Types of MBA programs
If you find yourself googling sentences like "MBA — how many years?" or "How many years for an MBA degree?" you can find your answer below. As we go through different types of MBA programs, we will also provide information about the time it takes to graduate from each of them, so you can decide which program is right for you.
Full-time MBA
The full-time master of business administration degree provides a thorough understanding of how business functions. It typically lasts for two years, but one-year programs are also becoming popular. The core courses usually include areas such as finance, marketing, business strategy, human resources, and accounting. Between the first and the second year of the program, students typically have the summer off to participate in internships. While in the second year, you will be given a chance to concentrate or specialize in a particular interest area. Known as a program that requires time and dedication, many students quit their jobs to be able to pursue a full-time MBA program.
Part-time MBA
On the other hand, if you work and cannot leave your job or if you cannot pursue a full-time MBA program for any other reason, you can choose a part-time one. Part-time MBA programs offer flexibility and the chance to balance work and studies. By being a part-time student, you can take courses in the evenings or on weekends, without having to "sacrifice" your day. A part-time program usually lasts from two to six or seven years (depending on the student's commitment to the studies). They can sometimes be completed online, in person, or even as a combination of the two.
Accelerated MBA
If you are looking for a quicker way to earn an MBA degree, consider studying in an accelerated program. Accelerated MBA programs teach the same core courses as a full-time MBA program but take away the opportunity for a summer internship. Most accelerated MBA programs take approximately one year to complete, 11-16 months maximum.
Executive MBA
Unlike other MBA programs, the executive master of business administration program, also known as the EMBA, is intended for people with leadership experience. Students enrolling in this program are usually working professionals that have several years of work experience. The program is also part-time with various scheduling options and usually lasts between 16 and 24 months. You can pursue an executive MBA program online, in person, or as a combination of the two.
Global MBA
If you are interested in pursuing a career in international business, a global MBA program would be the perfect choice for you. They are similar to the traditional MBA program but focus on international business management and strategies. In addition, they attract students from more diverse backgrounds and nationalities. A global MBA program often requires students to study abroad. Their length may vary, but it usually takes two years to complete the program in general.
Dual MBA
Meanwhile, for people interested in more than one field of study, a dual MBA program offers the chance to pursue two degrees at once. While earning your MBA, you can work towards another degree as well. This way, you add two credentials to your name, gain more skills, and increase your employment opportunities. It typically takes three or more years to complete a dual MBA program.
Online MBA
Online MBA programs offer flexibility to students who cannot be physically present to attend the program. They are equivalent degrees to the traditional in-person MBA, providing access to the same materials and professors. The classes are delivered through real-time lectures and pre-recorded ones. It can take three to four years to complete an online MBA program.
Which Program Should You Choose?
As we established, MBA programs are offered in different formats and delivery options to accommodate student needs. When choosing between these options, it is crucial that you decide on a program that best fits your needs and career goals. Below you can find a list of factors you need to consider when choosing an MBA program to pursue.
Accreditation
Ranking
Program length and location
Cost
Curriculum and specializations
Alumni network
Internship opportunities
Admission
Student body diversity
Conclusion
Now you know more about the MBA degree in general, the different career paths to choose from, and the various programs you can pursue. If getting an MBA degree is your goal, we hope you take into consideration all the aspects we listed for you and choose the best program to earn your MBA degree!