What Is an MBA Degree?

You have big plans for a passion-driven career path — one that provides plenty of leadership opportunities to make your mark and bring positive change to your team and company. However, you might feel that you are lacking the formal business training or skills to do so. Perhaps you’re wondering, then, What’s an MBA, exactly?

A versatile, career-driven degree program, the Master of Business Administration (MBA) delves deep into the many practices, tools, and techniques that shape modern leadership.

MBA programs can look significantly different depending on their format, their faculty, and their curriculum, but all share a similar goal: to prepare future leaders to navigate the challenges and embrace the opportunities found within a dynamic business environment.

Looking to decide if an MBA is right for you? Keep reading to learn what an MBA degree is, what it involves, and when this program is valuable.

What’s an MBA’s Value, Why Earn an MBA?

There is no one ‘right’ reason to pursue a Master of Business Administration. This is a highly individual decision, based on a combination of personal and professional factors.

In general, though, this choice is career-driven, with ambitious students often using the MBA to help them develop management skills and enhance their professional reputation. Commonly cited reasons for pursuing an MBA include the following:

Career Advancement

There are many ways to climb the modern career ladder, but the MBA remains one of the most reliable strategies for gaining an edge in a competitive workplace. This degree is an outright requirement for some positions, while other employers simply cite a preference for job candidates trained at the graduate level. Either way, the MBA makes it possible to move from entry-level positions into middle management and executive positions.

Higher Earning Potential

While earnings can vary dramatically between sectors, geographic location, and experience levels, a wealth of research indicates that MBA graduates receive a substantial boost in immediate wages and benefits, not to mention higher lifetime earnings.This elevated earning potential is confirmed by insights from the Graduate Management Admission Council (GMAC), which highlights a median starting salary of $125,000 (as of 2023) for those with their MBA. This compares favorably to those with other degrees, including other types of graduate-level degrees.

Types of MBA Programs

MBA programs are highly diverse, making it less straightforward to answer the seemingly simple question, “What is an MBA degree?” These programs may involve unique concentrations or specializations, along with differing formats (online versus hybrid versus in-person, for example) and even different timelines to program completion. Common types of MBA programs include:

Full-time MBA – The full-time MBA calls for a major commitment of time and effort. Though it is sometimes possible for students to balance full-time graduate studies with workplace demands, many prefer to focus on one pursuit at a time.
Part-time MBA – Offering an accessible and slower-paced approach to earning a graduate degree, the part-time MBA can be an ideal option for working students with demanding jobs.
Online MBA – Bringing enhanced accessibility to students from various geographic locations, online MBA programs cover similar concepts to their in-person counterparts but rely on immersive digital platforms to help graduate students develop critical skills. This can be an excellent solution for those who hope to complete their degree quickly without scaling back at work.

What Do You Study in an MBA Program?

MBA programs cover a range of business-oriented concepts. This breadth of study represents one of the program’s biggest advantages.

Core Business Skills

As a broad-based program, the MBA touches on many concepts relevant to aspiring management professionals. Core competencies include the key components of management, exploring data-driven strategies, risk management, business ethics, and more.

When arranged in a module-based format, these courses build upon one another, ultimately fostering a deeper and more meaningful understanding of critical concepts. Modules provide an integrated approach, blending unique and relevant perspectives from the MBA’s various content areas to reveal their interconnectedness; after all, areas such as accounting, economics, and analytics are inextricably linked in real-world business environments.

Soft Skills

The MBA program offers not only a deep dive into management concepts but also numerous opportunities to develop soft skills. These determine how business leaders relate to employees, clients, or executives — and how they tackle difficult situations or make the most of new opportunities. MBA programs emphasize soft skills such as:

Communication
Collaboration
Emotional intelligence
Cultural awareness
Conflict resolution
Teaming
Critical thinking
Problem-solving

Experiential Learning

Applied learning is a priority in MBA programs, which utilizes case studies, simulations, and group projects to make coursework more engaging. These experiences make it easier to develop many of the soft skills highlighted above, including, most notably, critical thinking and problem-solving. Experiential learning also fosters confidence, demonstrating that students are capable of taking on (and thriving in) leadership roles

Who Should Consider Getting Their MBA?

Many ambitious professionals can benefit greatly from pursuing an MBA. Although they find success in a variety of sectors and take on a vast array of professional roles, what they share in common is a general desire to advance in their careers and take on management opportunities.

Human resources (HR) – Today’s HR leaders help develop recruitment, onboarding, and performance management strategies that align with business visions and objectives. MBA programs can foster a greater understanding of strategic management while also helping HR professionals prepare to take on higher-level roles, such as HR manager.
Finance – Offering a broad-based business perspective, the MBA helps aspiring finance professionals develop advanced analytical and communication skills, which are invaluable in a promising but competitive field. In addition, this program is a must for understanding global markets — knowledge that can set future financial managers or financial planners up for success.
Information technology (IT) – A top offering for aspiring IT project managers or directors of IT, the MBA helps future tech leaders understand how to integrate technical concepts with management competencies. This program encourages innovation, which is a prized quality in the fast-paced IT field.
Health Sector – The vast field of healthcare offers ample opportunities for practicing doctors and aspiring management professionals, who must learn how to implement core business principles in the unique context of the fast-paced healthcare environment. This program can help students navigate compliance concerns while still facilitating improvements in healthcare delivery and revenue cycle management.
Marketing – For those in marketing, an MBA can provide a foundation in data analysis, consumer behavior, and strategic brand management, preparing them for roles like brand manager, product manager, or chief marketing officer (CMO).
Consulting – Many MBA students hope to blend high-level career paths with increased autonomy and work-life balance — priorities that can be pursued through diverse consulting roles. Among numerous compelling options, MBA graduates are often drawn to management and financial consulting.
Entrepreneurship – Aspiring entrepreneurs can learn how to transform their most innovative ideas into sustainable ventures by drawing on technical and analytical skills developed through relevant MBA coursework. Meanwhile, practical experiences prepare future entrepreneurs for the challenges of strategic decision-making in a competitive business environment.
Nonprofit, government, and social impact – While many MBA graduates find themselves working in corporate environments, there is also a strong need for strategic management in government or the nonprofit realm, where leaders can apply core business principles to drive maximum social impact.

Is Getting an MBA Challenging?

Earning an MBA is a big accomplishment, and it’s no surprise employers respect the expertise and commitment it takes to succeed in this rigorous degree program. Demanding analytical yet holistic thinking, the MBA covers a lot of material — including highly technical areas such as financial risk management and process analysis. In addition to exploring a wide range of complex concepts from a theoretical perspective, students must apply these in challenging case studies and simulations, which call for high-level critical thinking.

Interdisciplinary modules may reinforce skill development, but they also require students to synthesize diverse concepts. These challenges are worth tackling, however, as they can provide powerful preparation for similar challenges that appear in today’s complex business landscape.

Ultimately, how challenging an MBA feels depends on your own situation and the program’s setup. For those juggling a full-time job or family responsibilities, it can be a lesson in time management. But many find that working while studying actually enhances the experience, as they can immediately apply what they’re learning to their jobs.

The structure and format of the program matter too. Taking a close look at the curriculum can help you choose a program that fits your lifestyle and goals, making the journey both achievable and worthwhile.

Is an MBA Right for You?

There is much to appreciate about the MBA: fascinating coursework, robust networking opportunities, and sheer credibility, to name a few. Still, you will want to feel confident in your ability to navigate rigorous coursework as you make the most of this valuable degree program.

As you make plans for your academic and professional future, be mindful of several key considerations:

Career Goals

Because the MBA calls for such a considerable commitment of time and effort, it is essential to understand whether this program aligns with established career goals. If you hope to advance into management roles, this degree could be an excellent fit.

When developing career goals, consider whether you might benefit from a broad-based, module-oriented program, which might make it easier to plan and enroll for courses while still equipping you with versatile, in-demand skills.

Work Experience

While it may be possible to enter an MBA program before acquiring practical workplace experience, many students prefer to draw on previous work experiences to help them understand how core concepts play out in the real world.

This crucial consideration may determine not only whether an MBA is right for you but also when to pursue a graduate degree. Your previous experience in the workforce may also reveal whether you’re better suited to specialized senior roles, as opposed to leadership or management positions. Be mindful, too, of the potential to acquire additional work experience through internships or other hands-on learning opportunities, as these could offer networking breakthroughs and prepare you to make the next big step in your career.

Time Commitment

MBA programs can be rigorous, with demanding coursework preparing graduate students for the inevitable challenges they will face as they take on more involved management roles. To make the most of this powerful learning opportunity, most students will need to dedicate long hours to exploring complex concepts and developing a wide range of in-demand skills.

The good news? Online MBA programs can ease some of these concerns by introducing greater flexibility into the MBA experience. The online format limits the need to commute and helps students carve out time for class activities and study sessions in between work obligations and other priorities.

Networking

The ideal MBA program will provide numerous opportunities to develop rich connections with faculty members and fellow students. Teaming experiences encourage students to build meaningful relationships, which can form the basis for a strong professional network of accomplished leaders that provides support in your current and future roles. What’s more, the Questrom School of Business at Boston University, for instance, comprises a global alumni network of more than 50,000 along with a group of current student ambassadors with whom prospective students can connect.

Achieve Your Potential with an MBA From Boston University

Are you ready to explore new career possibilities as you develop a well-rounded skill set? A Master of Business Administration could prepare you for a bright future. Now, it’s time to find a program that fits your goals and your lifestyle.

At Boston University Questrom School of Business, we offer many options for aspiring MBAs. This includes a traditional full-time MBA (complete with in-person coursework) as well as an accessible Online MBA program that provides an innovative integrated curriculum. The Part-Time MBA is another excellent program for working professionals. Reach out today to learn more about our MBA opportunities and how this flexible degree program can set you up for success — on your timeline.