Future salary and perks attached to an MBA degree entice go-getters to brave costly tuition and a few more years of studying. The MBA program is well-known for being a ticket to at least doubling salaries. So, the time spent juggling work and schooling is all worth it. Yes, the high starting salaries of MBA grads are just fair compensation for their invested time, money, and effort.
Factors that decide an MBA grad’s starting salary
Though MBA grads generally earn higher starting salaries, the amounts do vary. Specialization and industry affects the starting salary of an MBA grad, along with several other factors. On average, you can expect to earn an annual salary of $90,000. However, if you want to earn about $100,000 or more, you can choose to work for consulting, energy utility, finance, or healthcare. The government and other industries, such as manufacturing and high technology, offers a little less than the average, at about $70,000 annually.
What you still need to do
You still have to work hard even after you have earned your MBA degree. Other factors that could help further boost your earning potential are your working experiences and academic standing while still attending your MBA school. You cannot just graduate with an MBA degree. Having had previous working experience will adjust your initial salary to an amount higher than your previous salaries. If you have graduated with honors, your initial salary may be higher than those who have merely passed.
Additional perks of an MBA degree
Depending on the industry that you are in, your MBA degree can reward you with other perks. Some companies provide MBA graduates with special bonuses and medical insurance. They also offer special rewards, such as reimbursing the money you spent for your MBA education.
Jobs in store for MBA grads
MBA graduates have a wide selection of jobs. Companies who are seeking profit-oriented businessmen, or charismatic leaders are seeking MBA grads. MBA graduates can work in various fields, depending on their specializations and personal interests. Executive positions and consultancies are also being offered to MBA graduates. When you get your MBA degree, aim for positions such as assistant managership and then work your way up. Possible occupations waiting for you include marketing head or vice president for sales.
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Quality MBA education doesn’t come cheap. While a lot of people want to get an MBA degree for the benefits it offers like career advancement, most are hindered from pursuing one because of the financial costs. This is why there are financial aid programs that help put MBA students through business schools. If you’re going to apply for an MBA financial aid, you need to write an admission essay that details your qualifications and your financial needs. Read MBA essay samples on the Internet to help you come up with a winning essay. Listed below are some of the ways to get financial aid for business school:
Company MBA tuition reimbursement
Companies value employees with MBA degrees because of their extensive business knowledge. This is why some companies even offer tuition reimbursements for their employees who enroll in business schools. Depending on the company you work for, the reimbursement you’ll receive may cover half, or all, of your tuition expenses. One of the downsides, however, to availing of a company tuition reimbursement is that the company may require you to continue working for them for a set number of years.
Institution-based MBA Scholarships
Some business schools offer student scholarships depending on the program and business major you applied for. Business school scholarships can be either in-house (or institution-funded) or they may refer you to external funding organizations.
Federal Loans
Applying for a federal loan is one of the best options you have to get financial aid for your MBA education. Government-funded scholarships usually have lower interest rates and have easier payment options like deferred or installment payment. To qualify for a federal loan, you must first prove your financial aid eligibility through FAFSA or Free Application for Federal Student Aid. The US Department of Education maintains a library where you can find resources on government-funded financial aid programs.
Private Loans
Private loans are those granted by banks, organizations, and even private individuals, to help finance students’ business educations. This is a common fallback for those who don’t qualify for all the other scholarship types mentioned above. Private loans tend to have high interest rates, so make sure you carefully read the terms and agreements before you seal the deal.
Financial aid for cultural communities
There are a lot of organizations that offer scholarships and grants to qualified students who are of African, Native American, Asian, or Hispanic descent. These include the following:
1. The Thurgood Marshall College Fund – caters to African-American students
2. The National Black MBA Association – grants scholarships toAfrican-American students
3. National Society of Hispanic MBAs – provides financial aid to Hispanics
4. The Consortium – offers full-tuition fellowship programs to students who will promote business studies in different cultural communities
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One of the benefits of having an MBA degree is that it can serve as your passport to tons of opportunities for career improvement and advancement. An MBA degree can land you a promotion, get a raise, and possibly secure tenure from your company. Applying to business schools is a breeze as long as you have your documents ready, including an impeccably written MBA admission essay. To help you come up with a winning essay, read MBA essay samples on the Internet. To help you decide which school to apply to, below is a list of the top ten business schools in the US:
Harvard Business School
Harvard Business School or HBS was founded in 1908, and have been producing alumni with notable achievements and hold top business positions. The MBA programs in HBS arm their students with combined theoretical knowledge and practical application thereof through immersion programs.
Stanford Graduate School of Business
One of the features of Stanford’s MBA program that stands out from the rest is the wide selection of courses they offer, which allows students to have a specialization by tailoring their curriculum according to their field of interest. Stanford’s business school alumni roster includes GlaxoSmithKline’s CEO, Dr. Jean Pierre Garnier.
Wharton School of the University of Pennsylvania
Wharton has one of the largest business school faculties that is comprised of lecturers with diverse specialties and global business expertise. The Wharton School is also one of the very first business schools in the world, and has produced notable alumni like business mogul Donald Trump.
Kellogg School of Management
The Kellogg School of Management is one of the schools of Northwestern University, and is one of the business schools that constantly appear on the top five of MBA program rankings. Business Week ranks Kellogg as the top business school for their quality executive MBA program.
Ross School of Business
The Ross School of Business of the University of Michigan offers a wide range of MBA programs such as full-time MBA, global MBA, evening MBA, and executive MBA. Ross is also often placed high on business school rankings because of their diverse selections of advanced elective programs.
MIT Sloan School of Management
MIT is considered by a lot of people as one of the best business schools in the US. This is further evidenced by its high rankings on US News and Business Week, which place the MIT Sloan on the top five slots.
Haas School of Business
The Haas School of Business is the business arm of the University of California – Berkeley. Haas offers different types of MBA programs — full-time MBA, weekend or evening MBA, and the Berkeley-Columbia Executive MBA.
Columbia Business School
The Columbia Business School is one of the six Ivy League business schools in the US, and is known for its highly selective admissions process. Offering diverse courses taught by accomplished and recognized faculty members, the Columbia Business School prides itself on the extensive practical and theoretical knowledge it imparts to its students.
Darden Graduate School of Business Administration
One of the business schools that emphasize experiential learning is the University of Virginia’s Darden Graduate School of Business Administration. Through case-based teaching methods, Darden’s MBA program provides students with applicable real-world business knowledge that is necessary in the world of business, entrepreneurship, and finance.
University of Chicago
The University of Chicago – Graduate School of Business offers quality MBA programs that are recognized for their excellence in providing essential knowledge on the fields of accounting, quantitative marketing, accounting, economics, etc.
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Aside from skills enhancement and knowledge building, one of the main benefits that lure people into getting an MBA degree is the myriad opportunities it opens up for career advancement. Sometimes, an MBA degree can be the deciding factor for bosses whether to give you that promotion or not. And for those who feel that they are not being compensated enough for their work, an MBA degree can help them get accepted into higher positions with higher pay.
An MBA degree makes you an indispensable asset.
Say you’re working a nine-to-five job in a business company. You love the work you’re doing and you give a 101% to the tasks assigned to you. However, you sometimes feel like you’re not being compensated enough for the work that you do. By getting an MBA degree, you will be exposed to market trades and processes, including the job market. Knowing how a person with your background and attitude is worth will enable you to assert yourself in the workplace, and possibly get that much-deserved raise.
According to a report by CNNMoney.com, individuals can earn up to 45% more than what they’re currently earning once they have an MBA degree on their resumes. This is because it is common knowledge among companies and entrepreneurs that an MBA degree is a valuable commodity, and that an employee with an MBA degree is worth investing in.
Having an MBA degree-holder in their staff increases the credibility of their company and gives an overall professional image. Because of this, employers will be willing to pay you more just to keep you in their company. More importantly, an employee with an MBA degree can greatly contribute to the improvement of a company’s business processes by applying the knowledge gained in MBA schools.
An MBA degree opens up myriad opportunities.
Especially for those who are planning on making career shifts, an MBA degree will go a long way in helping them venture into another industry without starting at an entry-level position. For some companies, the fact that you have an MBA degree already translates into competency and having significant knowledge of how businesses work regardless of very little work experience in a similar industry.
The benefits of an MBA degree do not just apply in a cross-industry manner. Even in the industry you’re working in, competing companies will want to have you in their staff because of the knowledge and skills you possess that were further honed by your MBA education.
If you want to get all the benefits and perks mentioned above, the first thing you have to do is scour for the MBA program that best suits you. Once you have that out of the way, you can now process your application requirements, one of which is the MBA admission essay. The MBA admission essay is one of the most important documents that business schools require from applicants, and provides an opportunity for you to explain why you, among all the other applicants, deserve to get admitted into their institution. To help you come up with a winning admission essay, read several MBA essay samples.
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A lot of people go into grad school and work for an MBA degree because of the advantages it provides. An MBA degree can not only help you land a promotion as it can also enhance your career by honing your professional skills and making you more competent to do the job. The skills that an MBA program will teach and enhance include the following:
Management skills
A lot of grad schools that offer an MBA program include internships and simulation trainings as part of the students’ experiential learning. Through these, students are able to practice their management skills, establish and implement systems, and lead teams in a real world setting. Some of the management skills you’ll learn from an MBA program include drawing up corporate strategies, negotiating with clients, and introducing improvements in business processes – all of which are essential skills to possess to handle managerial positions.
Interpersonal and oral communication skills
Interpersonal and oral communication skills are employee must-haves regardless of the industry you work in. These skills are important in helping you voice out your ideas and concerns in the workplace, as well as enabling you to establish camaraderie and build healthy working relationships with your colleagues and superiors. An MBA program will teach you interpersonal and oral communication skills by allowing you to work in groups with people from various backgrounds and business orientations. More importantly, you’ll learn how to manage and maintain your staff through human and industrial relations trainings and activities.
Financial skills
Sales forecasts, earnings reports, and market analysis – these are just some of the things you’ll have to deal with in the field of business. By enrolling in an MBA program, you’ll learn how to craft and interpret various financial documents and reports, as well as the processes involved therein. An MBA program will also equip you with the necessary knowledge on budget processing and preparation, cash flow analysis, as well as strategic planning.
Information technology and business software skills
In this day and age of technological advancement, businesses are now also reliant on different kinds of business software to help them manage stocks and inventories. Enrolling under an MBA program will expose you to these software solutions that are currently being used by medium to large-scale companies and corporations. An example of these business software solutions is the ERP, or Enterprise Resource Planning software. As its name implies, this software allows users to easily track changes in stocks and help devise plans on effective resource management.
All the above-mentioned skills are valuable in the field of business and in other industries. Having harnessed these skills through an MBA program will definitely give you an edge over your colleagues, and can help you gain career advancement. If you’re planning on applying for an MBA program, make sure you write a compelling MBA admission essay with the help of MBA essay samples because this can increase your chances of getting accepted into the business school.
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Preparing for the MBA essay
The best way to prepare for the GMAT is to go through any of the GMAT reviewers available at local bookstores. But how do you prepare for the admission essay? If your writing voice is inaudible and your writing style bland, does it mean that the MBA essay becomes your waterloo and potential deal breaker? Not entirely!
There are many ways to improve your writing skill when it comes to admission essays. The first and most obvious way is to read up on excellent MBA essay samples available online. This should give you an idea of the many ways you can come up with an excellent application essay without going overboard.
Another great way to prepare for the admission essay is to read up on previous MBA essay questions. Application essay questions may range from the general (e.g. What is your definition of a mistake?) to the specific (e.g. What have you accomplished so far, and does it fall into your 10 year plan?). It’s easy to surmise that a general question requires a general answer, but the MBA essay checks not only your command of the English language and writing style; it also brings to the forefront your persona, psyche, clarity of thought and career visions. The MBA admission essay becomes, essentially, the last stop for the MBA admissions board to determine who you are and what you are capable of achieving short of having to go through a personal interview with them.
The MBA essay rounds out the entire admission process. There is no greater written report of your character in the application process than this, so it is of prime importance that you spend a substantial amount of time giving thought to the words and ideas that you’re writing down, lest they be a misrepresentation of who you really are.
Hard work, perseverance, and professionalism – these are among the important work attitudes that can land you a promotion. However, due to the increasingly competitive nature of the global job market, you may have to do more to show the bosses that you deserve a promotion. These days, putting in extra time and effort at work is sometimes not enough to get a step up the career ladder. One of the ways through which you can stand out from your colleagues is by investing in an MBA degree which will further hone your business skills.
An MBA degree lends more business knowledge and credibility
An MBA degree is considered an important asset especially in the field of business. Having an MBA degree on your resume can instantly lend you the professional credibility that employers look for in their employees. The knowledge you’ll gain from an MBA program will also equip you with the necessary skills to handle any project thrown your way. Regardless of the industry you work in, an MBA program will equip you with indispensable knowledge for career progress.
An MBA degree provides and enhances skills
Theoretical knowledge is not the only thing that an MBA degree will give you. It will provide you with experiential learning that’ll help you understand the complexities of business processes, industrial relations, and organizational behavior. The internships in business school will also push your potentials to the limit and hone the skills you already have, such as dealing diplomatically with people from different backgrounds and with varying perspectives.
These skills may seem unimportant to you now, but they will prove to be essential professional attributes especially if you’re aiming for a managerial or supervisory position.
An MBA degree helps establish your expertise
The programs required in getting an MBA degree allow students to select the classes they will take. Although an MBA degree will increase your knowledge on various fields of business, you will still be able to have a focus or specialization by choosing classes that are directly related to your field of interest. If your interest lies in managing businesses, an MBA degree will teach you strategies and procedures that are essential in carrying out the tasks involved in managerial positions.
An MBA degree entails training on various fields of business including the following:
1. Communications, and Computer and Information technology
2. Human resources development
3. Production processes
4. Finance
5. Corporate planning
An MBA degree can give you self-satisfaction, which will consequently help you build your confidence. This self-confidence is essential if you are to convince your bosses that you’re the right person for the job. If you’re not confident about your skills and what you’re capable of, this will be immediately evident to your bosses, and your chances of getting promoted will be slim to none.
Having an MBA degree will be all the more impressive if you’re able to acquire one while working professionally. Why? Being able to effectively juggle graduate studies and professional work will show your superiors that you have superb time management skills, and that you will go to great lengths to achieve your goals.
If you’re planning on applying for an MBA program to get that promotion, one of the hurdles you’ll have to get through is writing a well-crafted MBA admission essay. To help you out, check out the Internet for MBA essay samples. An MBA admission essay is one of the most important MBA school application requirements that can go a long way in helping you get accepted into the business school.
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When it comes to effective modern learning strategies, nothing could compare to the wonders of computer technology. I could attest very well to this. I was born and raised in a suburb that basically has more animals than people, so the idea of going to school, getting good grades and a diploma and all that seems like such a distant thing. But I heard about it from Hyacinth, my cousin who hails from New York, and she’s an MBA from one of the finest Universities in the city. She would tell me about the wonders of going to school, about meeting classmates and teachers, and yes, of encountering technologies. The only piece of technology I knew then as that huge machine we use to grind wheat and barley. Hyacinth gave me a scholarship and took me with her to New York, where I studied from grade school to high school. Then, I got a job as a sales clerk in a fastfood outlet and supported myself to college. After four years, I was able to finish my bachelor’s degree in education, majoring in computer technology. This began my passion for information technology.
Information technology for me is not only the key to advancement. It is advancement. We are currently in the information era–the period in time when knowledge is power. If you have knowledge, you get influence. With the knowledge that you have, you get respect. With that respect, you get opportunities. When you have opportunities, you get a job. When you get a job, you get money. And then, you have the option to use it to help others advance themselves. Now what better way to spread knowledge and empower the people than through information technology.
When I finished my bachelor’s degree, I headed off to an international school and got a job as a software developer and teacher. As a software developer, I was able to manage our school’s website and cause it to win the local Most Wanted Web Awards last 2004. As a teacher, I was able to coach my students all throughout learning not just the benefits of computers but also the benefits of mankind to computers. Basically, my principle is that you should not let gadgets control you; instead, you should control the gadget. That is what I call real power. I believe this is the principle that caused such a revolution in my classes–for the past three years that I taught, some 30 to 40 percent of the graduates every year sought a career in information technology. And, they would always come back to the school and commend me for having inspired them to be the driving force behind the industry of information technology.
Now, as I proceed to take an MBA in information technology management with the aid of the school in which I served for the past three years, my goal is to lead our school’s information technology team with zeal and expertise. I believe I can achieve all of this and acquire all the skills I need through the MBA. With all my experience and capabilities, I am assured that I have what it takes to be the right candidate for this program.
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Utopia. It means a perfect society, one that is devoid of all distraction, chaos, and disorder. Is it possible in today’s society, when war is on the roll once more between people of varying languages and cultures, when the basis for respect is if you have power, wealth, and popularity? Times like these, a utopian society may no longer come into existence, but at least, in our own humble ways, we can contribute to the realization of a community that lives up to its name–a group of people who are united in cause and faith.
This is my principle as a psychologist. I have been in the service of an educational institution for four years now as a guidance counselor. As one, I get to mingle with students, listen to their whims, their angst, and all the things that they would not tell their parents or even their peers. Come days when the students would not go to school, I double as a trainer for the teachers and the library staff. I don’t necessarily teach them the three R’s of learning, which I so believe is already their expertise. I teach them–no, I share with them–about LIFE, what it is for me, what it could be for them, how we could lead each other to grow in our lives every single day. And I’m glad to see results. Once, a high school girl came to me crying, saying she was raped by her boyfriend. I helped her recuperate. It wasn’t easy. She needs somebody to talk to all the time. After a few months, she’s moved on. Now, she is on her way to becoming a psychologist, just like me.
This as well as other key events in my life as a psychologist inspired me to pursue a masters in business administration degree in the field of organizational development. This should allow me to bring my innate organizational and leadership capacities to full use through studies, training, and research on bringing about positive development not just in an organization as a whole, but with every individual who is part of the organization. I would like to test myself and be involved in an educational institution with people who, like me, have a passion for people and for doing things for people the humble way.
With the skills and competencies that I will be garnering from my MBA in organizational development, my goal is to get into an administrative position in the academe, specifically in organizational development. This will help me bring about my dream of a utopian society–a society that is built on love. This will also help me be at par with the successful individuals in the industry and add to that my own touch of magic–that is, humility and love.
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