Master of Business Administration


Most corporate enterprises require employees with the knowledge and awareness to operate effectively in a dynamic global environment. This is where a Master of Business Administration (MBA) comes in handy. 

The MBA is arguably the most popular and sought-after management degree in the world. This is especially for people who seek to advance their careers in management, business and administration.

Today’s article explores all things that constitute an MBA program, its benefits and its applications in the real world. So, without further ado, let’s delve in!

What is a Master of Business Administration?

Master of Business Administration (MBA) is a multidisciplinary postgraduate degree that delivers theoretical and practical investment and business management training. Most universities around the world offer MBAs.

The average MBA programme covers topics such as entrepreneurship, marketing strategy, finance management, and supply chain management—all whilst providing practical experience through case-based learning exercises. 

Students also learn leadership concepts like team building, negotiation skills, and conflict resolution techniques. Professionals often deliver lectures from various industries with valuable experience working in similar roles at different levels within organisations such as multinational corporations or start-ups.

It usually takes two years for full-time students to complete the MBA degree. Part-time MBA programmes need longer to complete. However, most institutions require students who apply for an MBA to have a bachelor’s degree or at least one year of work experience in an industry relevant to the course content.

In fact, the first stage of the MBA curriculum includes mandatory modules. However, the successive stages are usually elective, where students choose a desired specialisation, followed by an internship or a project at the end.

Generally, the MBA curriculum is designed to expose students to a wide range of management disciplines with rational thought in specific areas.

Why study Master of Business Administration? 

An MBA degree in Malaysia is usually seen as a step to drive promotion to an executive position. This is because it carries multiple advantages. For instance: 

  1. Leadership skills: MBA programs help develop leadership skills by exploring case reviews and simulations to create opportunities to put theory into practice. And thus, hone valuable leadership skills.
  2. Awareness of the global market: An MBA challenges participants with different work experiences and perspectives on the world economy. In fact, MBA students can expand their knowledge of industries abroad via case studies and research. 
  3. Network expansion: An MBA can provide access to intelligent professionals you otherwise would not have a chance to connect with. In addition, information or ideas with like-minded individuals can be exchanged through formal or informal networking.
  4. Communication skills: MBA programs equip students with practical communication skills to succeed in the marketplace. For example, verbal and written communication skills to successfully convey concepts to different people at disparate organisational levels to work together toward a common goal. 
  5. Increased job opportunities: MBA programs put you in charge of your destiny in a highly-competitive job market. This advanced degree can easily set applicants apart from their peers at a job interview. 
  6. Enhanced time management: The pursuit of an MBA typically involves juggling extracurricular elements alongside a challenging course load. This teaches students to manage their time effectively, an in-demand skill among employers. 

MBA requirements

Because MBA programs attract many students, most programs have high standards.. However, MBA courses these days also offer students more flexibility, curriculum choices and access to top-notch facilities. 

Generally, every MBA program maintains different requirements. But for the most part, MBA programs are typically full-time, part-time, online, or international, with varying degrees of acceptance requirements. For example,

  • Two or more years of full-time, professional-level work experience.
  • Two professional referees.
  • Two (or more) short application essays.
  • Official 3/4-year Bachelor’s degree transcript.
  • An interview with the admissions committee before acceptance or decision.
  • Demonstration of English Language Proficiency
  • A minimum 3.0-grade point average, or 60-semester credits.
MBA
Photo by Emily Ranquist

What jobs can you get with an MBA?

An MBA offers participants a higher degree of desirability with most employers. MBA candidates usually have a clear advantage during job searches and command higher pay. MBA holders can get executive jobs across different sectors as:

  • Sales Executives
  • Business Developers 
  • Human Resources Managers
  • Client Acquisition Executives
  • Corporate Sales Managers
  • Investment Managers
  • Management Consultants 
  • Product Managers
  • Program Managers
  • Business Analysts 
  • Operations Managers
  • Financial Controllers
  • Marketing Managers/Executives

Master of Business Administration Salary

For the most part, hands-on experience coupled with an MBA is a winning combination for job security and stability in any profession. This is why working professionals are running to earn an MBA. 

However, the main benefit of an MBA is a significant increase in earning potential. MBA programs dictate a significant short-term expense, but this is typically recovered via a higher salary return.

For context, here are some figures to consider:  

  • The average salary of an MBA holder in the US is $100,000 annually.
  • The average salary of an MBA holder in Malaysia is RM 46,812.
  • The average salary of an MBA in the UK is 120K annually.

By comparison, MBA holders usually make substantially more than undergraduate business majors and, sometimes, twice as high.

master of business administration
Photo by Ekrulila

Which is better MBA or Masters?

Both an MBA and master’s degree offer a comprehensive graduate-level business education. However, an MBA delivers an interdepartmental analysis of how businesses are run. On the other hand, masters will provide a more nuanced understanding of one specific business area.

Is an MBA more valuable than a business degree? 

Both an MBA and a business degree involve concentrated study in areas like accounting, business analysis, and human resources. 

However, because an MBA covers an advanced business scope, it is more valuable for individuals seeking to work up to senior-level positions while increasing their earning potential.

Where to study master of business administration in Malaysia?

Most MBA applicants have a strong desire to augment their business competencies. However, finding the right MBA program can be challenging. If you’re looking for an accredited MBA, the best option is to go through an established university. The reason is that accredited universities offer top-notch education and training at affordable prices.

An accreditation body is an organisation that sets the standards for higher education and ensures that schools meet those standards. They can be at a state or national level, depending on where one lives. 

In practice, accredited universities like UOW Malaysia KDU ensure that MBA programs meet the necessary international standards and curriculums and can be trusted as a reliable source of education. Fortunately, UOW Malaysia KDU’s Masters of Business Administration program is designed to meet the modern requirements of aspiring business students. 

How many years is a Master of Business Administration? 

The average full-time MBA program takes 1 to 2 years to finish. However, some online and part-time MBA programs could take longer depending on the modules taken, personal schedule and motivations.

How much does an MBA cost? 

Many MBA programs are offered as part of a larger business school, while others are stand-alone degrees. In addition, some schools offer online MBAs, allowing students to earn their degrees at their own pace and schedule.

Generally, the cost of an MBA course depends on the nature of the program, which you will find out from your chosen institute. But the general range for the whole United States is approximately $12,000 to $20,000 per year.

In Malaysia, the average MBA program costs range between RM35,000 and RM52,000 per year.

Is an MBA in business administration worth it? 

MBAs typically include both classroom learning and practical experience. The MBA curriculum is designed to prepare students for the challenges they will face as managers and professionals in the workplace.

MBA programs have evolved, with many institutions now offering specialisations or concentrations within their programs. This allows students to customise their education based on their interests and career goals by taking more specialised courses that address specific topics in depth.

So, the resounding answer is YES! An MBA is recommended for every working professional in a managerial or leadership position, whether an Engineer or a Doctor. 

And there is no right or wrong time to get an MBA. It’s always up to each individual. But remember that most MBA applicants are recommended to have at least five years of work experience in their discipline before committing to an MBA program. 

Conclusion

All things considered, MBA professions have become highly desirable in business circles due to the globalisation of trade, markets, and employment. In some multinational corporations, an MBA qualification is considered the minimum admission for work. 

Fortunately, business trends come and go, but advanced business degrees that prepare students for high-level positions in growth industries will always be in demand. 

You can get an MBA through a traditional route or online at UOW Malaysia KDU. UOW Malaysia KDU’s MBA programs are designed to meet the needs of the actual market, with attractive and integrated courses to equip students with international standard managerial competencies.

You should first decide whether you want to get an MBA because it is something only some people need. But on the positive side, most of the leaders of top ‘Fortune-500’ companies in the world obtained MBA degrees. And that should speak volumes!

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11 January 2023

CATEGORY

Business and Economy