Once students progress further into their education journeys, there may be a lot of new terms and educational pathways that appear. It’s perfectly natural to feel confusion when hearing about different qualifications and degrees. One such example is an MBA, which is not something that’s commonly discussed or undertaken by many students. What is an MBA, exactly?
To put it briefly, an MBA (Master of Business Administration) is a valuable postgraduate qualification. This qualification provides an overview of business practices that are essential for administrating businesses; it is also highly valued by top employers who view an MBA as a mark of distinction.
While this may have given you a brief overview of what an MBA is, you should keep reading if you want a greater understanding of how it works.
Table of Contents
What is an MBA?
In short, an MBA is a Master of Business Administration: a type of master’s degree. An MBA teaches you key business practices, with accredited courses and schools exposing you to many areas of business to prepare you for senior management roles. These areas of business include accounting, finance, marketing and human resources.
An MBA also draws upon different disciplines other than business, covering economics, sociology and psychology. It is interdisciplinary, unlike other postgraduate degrees which are highly specialised in a certain topic.
There are also several different courses available to choose from regarding MBAs. An example is general MBA courses, which take a year to complete and allow you to upgrade your business and practical skills.
For more information about this and who an MBA is for, check out the following section. To read more about choosing the right MBA for you and different MBAs, check out this article from Prospects.
Who is an MBA for?
An MBA is for the people who are passionate about business and would like to learn more from experienced teachers. If you are interested in business and want better opportunities regarding it, it’s highly recommended that you look into getting an MBA.
One benefit of completing an MBA is that it’s a mark of distinction for employers. Not only are your career opportunities broadened, but you can also receive a better salary, gain a better professional reputation and expand your network of business contacts.
To read more about MBAs, check out this article from The Complete University Guide.
Can you do an MBA without a degree?
In short, no! However, it’s more complicated than that. The entry requirements for many MBAs require a bachelor’s degree, as well as professional experience, which will generally need to be at least 3 years.
That’s not all though, since there’s also a test to your academic ability as well. You’ll have to sit the Graduate Management Admission Test (GMAT), which tests your analytical writing, verbal skills, problem solving and graph analysis. The GMAT is an integral part of deciding whether you can handle an MBA.
For more on the entry requirements for an MBA, check out this article from Prospects. To read more about the GMAT, check out this article from Prospects.
How many credits is an MBA?
In the UK, the number of credits for an MBA is normally 180 credits, however some universities may do more. For example, UCL’s MBA degree is made up of 210 credits.
Some schools decide to split the MBA into different stages awarding different numbers of credits. To learn more about this, check out this page by UCL.
Typically, each module within the MBA will award different numbers of credits. Master’s degree modules often vary from around 10 to 60 credits each.
Some examples of modules within an MBA include sustainable creative management, entrepreneurship in context, supply chain management, and leadership.
If you would like to see an example of the course structure of an MBA, check out the Open University’s MBA structure here.
How much does an MBA cost in the UK?
In the UK, a full-time MBA’s cost varies greatly from university to university, so it is always important to do your research before choosing a university to study with. For example, at some universities, it may be as low as about £8,000 or maybe even less, whereas at other universities, it could be as much as over £70,000 or possibly even more depending on the university.
For an example of a price, the total cost for an Open University MBA in 2023 to 2024 is up to £20,160, including materials. To read more about their prices, check out their fees page here.
If you feel a bit daunted by the price, worry not! There are plenty of other ways of funding an MBA, such as scholarships and bursaries. If your academics are very strong (which will show through your grades and CV), you could even qualify for scholarships and fee deductions.
To check out more ways of funding an MBA, check out this article from Prospects.