MBA Application At All
A few years ago, MBA was the to-do field of study for every student who wished to incorporate excellent business skills in their to-do-lists and aspired for a good amount of salary.
Although MBA has been known as an expensive affair, it lays a highly lucrative career path for those pursuing it from a top-notch B-school.
Nevertheless, alternatives to the MBA program have now modishly blended in the industry, enabling graduates to kickstart their prolific careers.
While an MBA program would take up to 2 years, alternatives like MiM or specialized programs like MSc in Finance, MSc in International Business, MSc in Business Analytics, etc. are most fast-paced courses wherein the duration ranges from 10 months to a maximum of 2 years.
A prominent age gap subsists amid the MBA & MiM graduates as well.
This is evident from the fact that the average age of MBA applicants is around 28 years, ranging between 25-32 years whereas the MiM and other specialized masters programs are intended for recent graduates or professionals.
However, in recent times, most of the people find themselves faced with a common difficulty that pertains to whether or not they should be actually going for a thing like ‘MBA?’ Are you one of those people, too?
Let’s discuss them, one by one.
It often happens that you’re too excited about getting a head start with the MBA course, but the ‘cost factor’ makes you want to reconsider your choice. £15,000 to £70,000 is the amount of tuition fees that you’d be expected to pay, excluding the cost of other knowledgeable textbooks, your accommodation facilities, and the basic amenities that you would be requiring.
Mandatory Work Experience
Did You Know? Traditionally, MBA programs required candidates to have at least 2-3 years of professional work experience.
Studying MBA after gaining a good amount of work experience is beneficial for you in the long run, as you would already be knowing certain analytical skills; can understand the case and practical concepts in a much clearer way than anyone who has an ordinary mental approach to such topics.
If you’re competing against several other candidates, your work experience could add wonders to your admission procedure.
Also, having work experience means that you could help yourself through the ever-mounting worries of heavy expenses that are spent while studying MBA.
Here’s a detailed report on “ How 5 new early career degrees are providing better and faster alternatives to be better and faster alternatives to MBA programs.”
According to the GMAC, application rises of up to 58% were reported by MiM programs that are based in Europe- the hub of MiM programs. Other alternatives consist of MSc in the fields of Marketing, Finance, International Business, Entrepreneurship, MS in Data Analytics, and Masters in Engineering Management.
1. MSc in Finance
A Masters in Finance could roughly last from 1-2 years, depending on the area in which you prefer to study. The aim of it is to give an edge to highly skilled financial undergraduates; to develop a knack for working financially in the workplace, and to make oneself adapt thoroughly in the financial sector
Salary: The average salary for an undergraduate is more than 93000 USD. Within 3 months proceeding graduation, the employment rate could be around 98%, out of which a variety of 2 to 5 job offers are showcased in front of 63% of undergraduates.
Job Areas: One can go in the Financial Service Sector that includes insurance firms, pension funds, commercial banks, auditing, or mutual funds.
- Oxford (Saïd)
- MIT Sloan
- HEC Paris
- London Business School
- UC Berkeley
2. MSc in Entrepreneurship
If you are keen to come up with a start-up or assist any of your family members with the family business, then this is the right choice for you! Even if you’re an entrepreneur already, and wish to expand your business further, you could go for this course, and further renew your innovative side by dealing with interesting policies.
Salary: The average salary for an undergraduate is more than 92000 USD. Within 4 months proceeding graduation, the employment rate could be around 97%, out of which more than 2 job offers are showcased in front of 65% of undergraduates.
Job Areas: One can go to the Financial sector or the Audit sector. One could also try his, or her hand at various consulting agencies.
- Babson College
- ESADE Business School
- ESCP Business School
- Trinity College Dublin
3. MSc in International Business
This course helps one to try to get a hold on Global Economy, International Marketing, International Finance, International Human Resource Management, and the basic working of International Trade, which confines itself to exports and imports.
Salary: It could vary, according to the industry. $58,000 could be regarded as the average annual salary. However, if you perform exceptionally well, you could expect an increment of up to $124,900.
Job Areas: A lot of options, including the posts of a Management Analyst, International Accountant, International Economist, International Banker, Human Resource Adviser (International Management), Global Marketing Manager, Global analytics leader etc. could be considered for anyone who has done specialization in this course.
- HEC Paris
- University of Sydney
- Grenoble Business School
- Warwick Business School
4. Masters in Management
Salary: Consider the average MiM Graduate who wants to enter into Consulting. You then start off with an entry-level role and be an entry-level analyst, getting an average of $60-70K base salary at the age of 24-25. After 3 years, you can expect to work as an associate analyst and by the time you’re 30, you can be a senior analyst, earning around $90-130K per year, with a 10% bonus in a good year.
Job Areas: Top MiM Graduates also have good jobs in big companies such as Morgan Stanley, BNP Paribas, A.T Kearney, among others, which would provide them with a platform to learn, grow and impact the organization. The sky’s the limit for MiM Graduates – one can even grow to become the CEO of a company without the need to do an MBA or a PhD. This shows that the MiM degree is valuable and self-sufficient.
With experience, one can become the Development Manager, Advertising Manager, Sales Managers, Managing Director, and higher positions.
- University of St.Gallen
- HEC Paris
- London Business School
- ESSEC Business School
- ESCP Business School
5. Masters in Business Analytics
Master in Business Analytics is the solution to the increasing demand for complex data analysis to solve business-related problems. The program focuses on how to use relevant data to solve complex business problems and maintain that particular data. In this particular program, the students will be trained in Business Intelligence and familiarized with Data Analysis tools so that they can perform predictive modeling. It’s all about analyzing the past performance of the company and making a strategy on how it will perform in the future and make business decisions accordingly. For instance – Take a chain of shopping malls. They can use Business Analytics to use data to understand where to open their next branch for higher profits.
Salary: According to the US Bureau of Labor Statistics, in the next 10 years, about 96,500 new Management Analyst jobs will be created i.e. on an average of 12% of growth in the industry. The average starting salary is about US $81,330.
Job Areas: Graduates of business analytics programs may work as Data Scientists, Business Analysts, Marketing Data Analysts, Business Intelligence Analysts and many other related jobs in various industries such as retail, investment banking, entertainment, and marketing.
- MIT (Sloan)
- Texas (Mc Combs)
- USC (Marshall)
- Minnesota (Carlson)
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