Master of Business Administration overview
The MBA is ideal for ambitious professionals seeking to grow their career prospects. They provide well-balanced knowledge in a variety of subject areas like applied statistics, entrepreneurship, finance, marketing, business law and more. It’s unlike most other postgraduate degrees in that instead of building upon prior academic achievement, it builds primarily upon work experience. From young professionals with two or three years in the field to corporate managers with over a decade, a great range of people can enjoy the benefits.
This degree can be studied across many Australian universities both online and off and will typically take two years to complete if undergone full time. Each subject area is honed specifically for its use in business, but students will typically begin by building upon existing fundamental knowledge rather than prior undergraduate study.
Coursework masters
An MBA is centred around coursework, as it is targeted toward professionals who want to grow their skill set rather than expand any given field through research. Those who wish to conduct the latter are advised to consider the Doctor of Business Administration
Research masters
Graduates from an MBA who wish to expand their professional field’s body of knowledge are well equipped to enter a Doctor of Business Administration program upon completion of the MBA given they have the prerequisite three to five years work experience. There is no equivalent master level research position in business administration, however.
Employment options
MBA holders can expect excellent employment prospects from marketing, HR and particularly consulting firms. As an example the prestigious McKinsey & Company are well-known for favouring MBA holders during their recruitment and subsequent hiring process.
Scholarships and funding
There are numerous scholarships available for MBA students, but these may not necessarily cover full tuition. The Australian Institute of Management offers scholarships as an example, but they only cover 25% of course fees. Others like the Melbourne Business School utilise such initiatives as the Clemenger BBDO scholarship, which provide students with up to $50,000 AU of funding so long as they study marketing alongside their MBA.
Prerequisites and selection process
Prospective students are urged to have at least two or three years of management or business experience before undertaking this degree, as it heavily builds upon practical knowledge rather than prior coursework in other degrees. Having studied relevant material can be advantageous however, potentially cutting down completion time so long as credit for this material was obtained from an accredited institution.