A Master of Business Administration (MBA) is one of the most sought-after business management degrees. It can be a steppingstone for many individuals, whether they hope to run a large corporation, become a startup owner, or thrive in a Fortune 500 company’s leadership.
This type of graduate-level program provides students with the ability to specialize their education or obtain additional insights into key areas that apply to their chosen career path.
Considered a generalist degree, an MBA covers business principles such as finance and economics, as well as more real-world applications, including business functions. Students learn through numerous course options but also through the practical experience of those they meet during their coursework. As this is a flexible degree program, students who wish to advance, transition, or expand their knowledge base can find opportunities in this program.
Traditionally, many business schools with MBA programs have required students to include their Graduate Management Admissions Test (GMAT) scores for admission. Working professionals often do not have the necessary time to prepare for this exam. In addition to the time commitment for studying, applicants also have test preparation and fees to consider.
Thankfully, in recent years, MBA programs throughout the U.S. have been re-thinking this testing requirement, according to The Wall Street Journal. However, most in-person MBA programs still require students to take the GMAT examination.
On the other hand, an online MBA with no GMAT program enables working professionals to return to college several years after completing their first degree without taking the GMAT examination. Admission requirements for online MBA with no GMAT programs may include recommendations from managers, undergraduate transcripts, and a written essay. This information can help the admissions board determine a candidate’s potential for success.
The growth of online MBA with no GMAT programs has created opportunities for working professionals to skip the rigorous graduate examination process. Instead, applicants can leverage their academic or professional experience in place of a standardized test.
Individuals enrolled in an online MBA with no GMAT program can gain the following benefits:
- Save on admission costs. While individuals pay application fees for online MBA with no GMAT programs, the no GMAT requirement means not paying for exam preparation and test fees.
- Take courses virtually and complete their degrees with less strain on their work and family dynamics.
- Immediately apply what they learn in the classroom to their current work.
- Select courses from a flexible curriculum to align their studies with their career aims.
- Choose to participate in hybrid programs to mix online learning with in-person instruction as their schedule permits.
- Build professional relationships with classmates and expand their network, which may be useful when applying for a job upon graduation.
A master’s degree in business management is somewhat like an MBA, but with a bit less specialization. These degree programs tend to take less time to complete and often involve more general classes. Here, graduates also learn leadership skills and work as general business managers or consultants.
By comparison, an MBA program provides a more specific set of courses across the board. It often takes a bit longer to complete, but also provides more in-depth coverage of what it takes to run a business. This may include areas such as finance, organizational behavior, analytics, supply chain management, and entrepreneurship. Students with an MBA degree are more likely to work in upper management positions as executives, administrators, and analysts.
An online MBA program generally focuses on core areas of business administration and management. In addition to foundational courses, many programs offer the opportunity for students to specialize their degree by choosing a concentration or gain advanced knowledge in a specific subject area via elective courses.
Core courses
A Master of Business Administration program is very flexible. However, there will be a set of foundational or core courses most students will need to complete to earn an MBA from an accredited institution. Some of those core courses may include:
- Financial accounting
- Organizational behavior
- Financial markets
- Marketing
- Human resources
- Analytics
- Consumer behavior
Advanced skills
Earning your Master of Business Administration can help you specialize your expertise while also developing key skills that have broader applications. Some of the most sought-after skills for MBA graduates may include:
Finance
Expand and develop key skills in the area of finance with your MBA, such as:
- Portfolio management
- Corporate investment management
- Small business finance
- Corporate finance
- Securities analysis
- Fundraising
- Hedge fund management
Marketing
Your MBA can help you build key marketing skills, including:
- Communications
- Consumer behavior
- Digital marketing
- Strategy in e-commerce
- Retailing
- Sales management and strategy
- Entrepreneurial marketing
Business analytics
Demand is growing for business analytics. An MBA may offer advanced skill development in areas such as:
- Spreadsheet modeling
- Business statistics
- Financial analytics
- Marketing analytics
- Accounting analytics
- Data mining
- Applied regression
- Machine learning
Accounting
Many MBA candidates focus on accounting skill advancement, developing advanced skills such as:
- Cost accounting
- Tax planning
- Auditing
- Accounting acquisitions and mergers
- Fundamentals of managerial accounting
- Nonprofit accounting
- Government accounting
- Financial statement analysis
Human resources
Advanced skills in human resources available through some MBA degree programs may include:
- Decision models
- Ethics and responsibility
- Bargaining, negotiating, and dispute settlement
- Labor and employee relations
- Personnel staffing and evaluation
- Strategic management of human assets
- Teamwork and leadership
Typical concentrations and electives
Some MBA programs allow students to specialize in a variety of specific areas. These electives and concentrations may be applicable to those pursuing a specific career path. Individuals will find varied electives like this available to them, though they differ from university to university.
Some common MBA concentrations may include:
- Innovative management
- Entrepreneurship
- Energy and clean tech
- Media management
- Health care management
- IT management
- Agribusiness management
- Environmental management
In addition, many students may wish to take electives to round out their MBA degree. Courses may include:
- Accounting and control
- Organizational behavioral studies
- Strategy
- Economics
- Political science
- Family enterprise
- Decision sciences
- Data forecasting and management
It’s critical to choose the courses best suited for your desired career path. Taking the right courses, especially advanced skills and elective courses, can help increase your starting salary. It may also open doors for new job opportunities in a desired field.
There is no one-size-fits-all model for a graduate education. Degree programs come in various forms, each with its own benefits. Here are some of the most common questions you should ask when researching your MBA:
Is an online MBA program the same as campus-based programs at most universities?
The coursework in an MBA program is generally the same under both methods of learning. Some programs offer fully online learning; others use a hybrid format.
How is coursework delivered on an online platform?
MBA coursework can be completed in various ways. Lectures may be prerecorded or delivered through videoconferencing software. Most coursework itself is completed using an online portal to submit assignments and gather insights.
Are there hybrid online and campus-based program options?
Yes. Some institutions will offer programs that blend elements of on-campus learning with online delivery. Examples of this might be a predominantly online course but with:
- Residencies
- Internships
- Labs
- Seminars
- Networking events
If I graduate from an online program, will my diploma have “online” before the degree?
No. Your diploma will have just the full program name featured just like that of any on-campus graduate.
It generally takes about two years to finish an MBA program. Some full-time students may take longer to complete additional specializations or concentrations.
Online MBA programs tend to offer flexibility suitable for students who choose to study part time. This option will likely extend your time to completion, but it can allow you to study while fulfilling your familial, social, and professional obligations.
There are two types of accreditation — regional and specialized.
Regional accreditation
Regional accreditation is the most prestigious type of accreditation that an online or traditional college or university can receive. Regional accreditation confirms that the provider has met and maintained adherence to a minimum set of academic standards.
Most regionally accredited schools will only accept credits from other regionally accredited institutions of higher learning.
Specialized accreditation
Schools often apply to gain specialized accreditation for specific areas of study, departments, or degree programs. The leading authority for business schools is the Association to Advance Collegiate Schools of Business (AACSB) International. Enrolling in an accredited program makes you more marketable to employers and can affect your career growth over the long term.
Why accreditation matters
Accreditation is key if you want to:
- Transfer your credits, as most schools will only accept transfer credits from accredited institutions
- Apply for financial aid, as federal aid is only granted to students who are studying at recognized accredited institutions
Key accreditations include the following:
- AACSB (Association to Advance Collegiate Schools of Business)
- ACBSP (Accreditation Council for Business Schools and Programs)
- IACBE (International Assembly for Collegiate Business Education)
Accredited online MBA programs usually hold more than one accreditation. For example, AACSB-accredited online MBA programs with no GMAT can also hold accreditation from the IACBE.
Verify both the regional and national accreditations a school offers. Also look for individual accreditation of the courses you plan to take. Specialized accreditations can help your degree stand out when applying for jobs.
Tuition for an MBA program can be a costly but, at times, necessary investment to advance in your career. Students looking to maximize their investment return should look at accredited online MBA programs.
For example, the AACSB accreditation is a prestigious indicator of a school's high academic standards. For employers, this means that graduates of AACSB-accredited online MBA programs with no GMAT are prepared with the skills and knowledge to succeed in business and leadership roles. Graduating from an AACSB-accredited online MBA with no GMAT program may also translate into better job opportunities and higher salaries for graduates.
You have goals. We have a path.
A Master of Business Administration can open new doors for you and equip you with skills that are applicable in nearly every industry. As the world’s learning company, we proudly partner with universities to offer a suite of online MBA degrees. Whatever your career goals, we have a path for you.
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Sources
- The American Institute of CPAs
- The U.S. Bureau of Labor Statistics
- The Smart Student Guide to Financial Aid
- Burning Glass Technologies
- The Wall Street Journal
- What is an MBA?
- What is an online MBA with no GMAT?
- Online MBA with no GMAT benefits
- What is the difference between an MBA and business management degree?
- What does an MBA program focus on?
- Online vs. on-campus
- How long will earning my MBA degree take?
- The fine print on MBA accreditation
- AACSB-accredited online MBA programs with no GMAT
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