One step that professionals are taking to help protect their own employment status is to return to school in order to obtain an advanced degree, and one very popular advance degree that is being sought is a Master's of Business Administration, more commonly referred to as an MBA.
In order to earn an MBA, individuals must complete courses that focus specifically on the theory and application of business and management principles. In the business world, those who have earned an MBA are believed to have the knowledge necessary to address numerous "real world" business scenarios.
The Value of an MBA
For many, earning an MBA is a necessary step in order to advance in today's business world. In fact, those who have earned an MBA are on average less likely to be unemployed and more likely to earn a higher salary.
A report from the U.S. Bureau of Labor Statistics showed that among adults 25 years or older, the 2008 unemployment rate varied significantly by education attainment. Among high school graduates with no college education, the unemployment rate was 5.7 percent. However, the rate dropped to 2.4 percent among those with a master's degree, which includes those with MBAs.
MBA graduates also can expect on average higher starting salaries than graduates with lower degrees. A 2009 report from the Graduate Management Admission Council revealed that the median expected starting annual salary for MBA graduates in 2009 is $88,000 versus only $65,000 among graduates with master's degrees in disciplines other than business and $45,000 among graduates with bachelor's degrees.
Available MBA Programs
There are four primary types of MBA programs from which students can choose based on their own professional needs:
Two-Year MBA Programs - Generally requiring two academic years to complete, these MBA programs of study are ideal for students looking to obtain skills that will assist them in their current industry. The first year typically consists of general study, while students often are allowed to customize the second year's course work to a particular field.
One-Year MBA Programs - These MBA programs are advantageous to those who wish to earn their MBA degrees as quickly as possible. Because these programs are accelerated in nature in order to be completed in 11 to 16 months, it can be extremely difficult for students to work full-time while enrolled in the program.
Part-Time MBA Programs - These MBA programs are ideal for working professionals who need to work full-time while enrolled in the program. Typically, classes are schedule outside of normal business hours. However, because of the part-time nature of these programs, they can take three to five years to complete.
Executive MBA Programs - Designed for upper level managers, these MBA programs are ideal for professionals who are already specialists in their industry but require additional skills to advance in their career. The programs generally offer a broad curriculum, covering numerous business disciplines.