Masters of Business Administration (MBA)

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1 So You Think You Want A : Masters of Business Administration (MBA) October 22, 2014

2 Presentation Agenda MBA Overview Why Choose a MBA? MBA Benefits By The Numbers MBA Admissions Criteria MBA Curriculum Core Classes State of Alabama Graduate Business School Rankings Online MBA s US Today Top Online MBA Rankings Paying For Your MBA Scholarships Salary Analysis for MBA Holders Questions

3 MBA Overview Are You Ready For A Change? An MBA isn t a piece of paper that hangs on a wall or an acronym on a business card. It s knowledge. Knowledge that helps you think through and solve the tough problems. Knowledge that gives you the confidence to take the lead at work and in life. With an MBA you learn to evaluate opportunity in every challenge, think critically and view problems in an entirely new way.

4 Why Choose An MBA? Businesses and CEOs demand results and a high Return on Investment (ROI). Employees have to be trained in achieving those results. A MBA delivers relevance in today s ever-changing, complex business environment. The prestige that comes from being a MBA alumnus is a stepping stone to career advancement.

5 Why Choose An MBA? Businesses operate in a global environment. Even local family businesses are reevaluating their markets and examining international opportunities to stay competitive. International companies are moving into Alabama, and home-grown startups are finding a niche in global markets. All MBA graduates should be prepared to do business in the global arena. Most MBA course will incorporate an international component, providing students with fresh insights into the global marketplace.

6 Earn a MBA: Successful careers don t happen by chance. They require careful planning and constant attention.

7 MBA Admissions Criteria Many programs base their admission decisions on a combination of undergraduate grade point average, academic transcripts, entrance exam scores, a résumé containing significant work experience, essays, letters of recommendation, and personal interviews. The Graduate Management Admission Test (GMAT) is the most prominently used entrance exam for admissions into MBA programs. The Graduate Record Examination (GRE) is also accepted by many schools to fulfill the entrance exam requirement. Some MBA degrees do not require students to have an undergraduate degree and will accept experience in lieu of an undergraduate degree. Depending on the program, type and length of work experience can be a critical admissions component for many MBA programs. Many top-tier programs require five or more years of work experience for admission.

8 MBA Curriculum Core Classes Typically occurring during the first year of MBA study, core classes are meant to lay a foundation for the rest of your business school education. After completing the MBA core curriculum, you will have a good understanding of business concepts. Though the curriculum can vary from school to school, you will usually be required to complete core courses regardless of your specialization. The MBA core curriculum offered at most business schools includes combinations and variations of the following courses: Accounting Business Strategy Economics Finance

9 MBA Curriculum

10 State of Alabama Graduate Business Schools Rankings

11 Online MBA s Are all online MBAs created equal? There are nearly 150 accredited online MBA degree programs available on the market currently. Make sure you carefully evaluate each school and program. Visit the school, talk to the professors, talk to recent graduates and current students. Learn about their education delivery format. Use the Internet to research the schools' character. Reputation matters, but you'll pay for it. Bottom line, it's imperative that you earn your MBA from a school that is accredited. The top distance learning programs will be accredited regionally and accredited by the Association to Advance Collegiate Schools of Business (AACSB).

12 Online MBA s The most common online MBA programs aren't very different from traditional school offerings: What types of online programs are there? Online MBA / Distance MBA / WebFlex MBA: The majority of MBA degrees online are 100 percent online with no on-campus requirements. Distance courses are generally accessible 24 hours a day. Hybrid MBA: Combining online and classroom formats, these programs aim to offer the best of both worlds. Low residency programs usually require a concentrated period of contact time on campus (i.e. one week per quarter or semester). Hybrid programs tend to meet more frequently; common configurations are one weekend per month or alternate Saturdays. Executive MBA Degree Online: Executive programs usually require at least five years of work experience. Accelerated MBA Degree Online: Many accelerated programs can be completed in just 10 months. Accelerated programs often give credit for prior college credits and work experience.

13 Online MBA s What will my online MBA cost? Is there financial aid available? Out of 93 accredited online MBA degrees in a survey by GetEducated.com, the average cost of a regionally-accredited MBA is $37,011 while programs accredited by a specialized accrediting agency such as the Association to Advance Collegiate Schools of Business (AACSB) averaged under $36,000. The federal government enables students enrolled in online degree programs to become eligible for federal financial aid programs. As long as you are enrolled in a degree-granting program, such as an MBA, you can apply for the same financial aid programs as traditional classroom students. Accreditation will play a key in your financial aid allowance however. Private loans, scholarships and grants are also available to help you finance your online education.

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15 Paying For Your MBA Is there financial aid available? The federal government enables students enrolled in online degree programs to become eligible for federal financial aid programs. As long as you are enrolled in a degree-granting program, such as an MBA, you can apply for the same financial aid programs as traditional classroom students. Accreditation will play a key in your financial aid allowance however. Private loans, scholarships and grants are also available to help you finance your online education. Some company s offer tuition reimbursement to offset the cost of advance degree s.

16 Scholarships Numerous private scholarship opportunities for minority business students also exist, particularly for those in postgraduate programs. Unless otherwise mentioned, the organizations listed below offer multiple awards of different amounts that can range up to full tuition: The National Black MBA Association awards scholarships and fellowships to all minority students at the undergraduate, graduate and doctoral levels. The Consortium for Graduate Study in Management grants more than 300 MBA fellowships to minority students annually. In alliance with 14 colleges and universities, the CGSM offers merit-based scholarships. The Robert A. Toigo Foundation works with 17 colleges and universities to support minority MBA students who plan to enter the finance industry. They offer scholarships (up to $10,000), mentor programs, internships and job placement assistance.

17 MBA Salary Analysis

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