The Master in Business Administration qualification, whilst being immensely hard work often over an extended period of time, nevertheless holds many rewards for those dedicated enough to put the effort in.
MBA graduates continue to achieve high salaries, beating averages from a decade ago, inflation considered, according to the latest research from the Association of MBAs (AMBA).
The AMBA Careers Survey 2013 also revealed that twice as many MBAs are working in the public sector and more women MBAs are entering the legal profession than in previous years.
MBA graduates from business schools with AMBA accreditation are receiving the highest average salary in the UK since 2004 and 11 per cent more graduates reported earning above £70,000 compared to those surveyed in AMBA’s previous Careers Survey in 2010.
The Careers Survey showed that the average salary of MBA graduates from AMBA accredited business schools working in the UK now stands at in excess of £82,000, the highest since 2004.
The median salary, including variable cash, such as bonuses, stands at £90,000. This is a 7 per cent increase on the same salary in 2010.
The most recent Careers Survey shows that the number of MBA graduates working in the public sector doubled, with almost one in 10 MBA graduates now working in this sector since AMBA’s last Careers Survey in 2010.
The Careers Survey shows a growth in female MBA graduates in the legal profession.
There is a strong representation of MBA graduates in all sectors.
The survey found that 15 per cent of the graduates surveyed worked in consulting, 11 per cent in finance, 10 per cent in industry, 9 per cent in healthcare, 9 per cent in public service, 5 per cent in energy and 5 per cent in the consumer goods sector.
Compared with 2010 there was a 67 per cent increase in women who reported working in the legal field.
Studying for an accredited MBA gives you an exceptional platform for networking at the highest level.
You will be part of a diverse and experienced group of professionals, studying with people who have been carefully selected, whilst benefiting from top quality
connections with the alumni of some of the world’s best business schools.
As one graduate explained: “After what you go through together, the partnerships you forge during your MBA are for life - you can find a business partner,
a mentor, a friend, and endless career opportunities.”
What is an MBA
An MBA, or Master in Business Administration degree, is an internationally recognised passport to a successful management career.
Designed to broaden your horizons and build on your strengths, it takes into account all the major aspects of business: marketing; finance; accounting; quantitative methods; IT; organisational behaviour & human resource management; operational & strategic management; research methods & consultancy; environment; change management; business policy & strategy; leadership & entrepreneurship; contemporary & pervasive issues; internationalisation.
Work experience and diversity play an important role in an accredited MBA, and a typical group will consist of mature students with five to 10 years of relevant industry experience, from several different markets and sectors with varying cultural and geographical backgrounds.
If you are interested in an MBA, but don’t yet have enough work experience, then you might want to think about a Masters in Business and Management (MBM).
Thanks to the internet, globalisation and a change in lifestyles, many schools now offer more flexible ways to study, either through distance learning or part-time programmes.
And with so many to search for, there is a huge variation in quality, which is why the Association of MBAs is there, to help you make an informed decision.
Is an MBA right for me? Can I manage the workload?
These are some of the questions asked.
Workload is a really important consideration and you need to be able to set aside at least 20 hours a week for a distance learning programme.
Full and part-time courses will, of course, take up more of your time.
Can I make the personal commitment?
Having the full understanding and support of your family is one of the essential factors when choosing to study for an MBA.
Is it the right time for me to start an MBA?
This depends on the amount of experience you’ve built up in your career.
Most institutions will expect at least three to five years of industry experience and if you don’t have this then it’s worth considering a Masters in Business and Management (MBM).
To make sure you’re fully informed, it’s a good idea to get hold of a copy of the Association of MBAs Official Guide to Choosing an MBA.
■■ The AMBAs website is www.mbaworld.com.
Discover University of Birmingham Business School’s MBA
Two forthcoming events will highlight University of Birmingham, Birmingham Business School’s considerable achievement in having its MBA programme ranked within the FT Global MBA Rankings with a placement of 92, an increase of three places since last year’s results.
They will also provide an ideal opportunity for prospective MBA students to discover why this highly coveted qualification can enhance their careers.
There is a drop-in session on Wednesday, March 2, from 5.30pm to 7pm, at University of Birmingham, Birmingham Business School, when information will be available about the MBA.
Visitors can talk with academics about the programme and find out what to expect from studying an MBA at Birmingham.
The Executive MBA Open Day is on Saturday, April 2, from 12noon to 3pm, again at University of Birmingham, Birmingham Business School.
On arrival visitors will have the chance to meet some of the school’s academics who will be able to provide one-to-one advice and information on the part-time MBA programmes available and what you can expect from studying an MBA at Birmingham.
Birmingham Business School delivers world-class research and teaching that provides the insight, ambition and skills to shape advanced and sustainable business strategies.
The school puts people at the heart of business and business at the heart of society.
That is why Birmingham Business School is consistently found in global ranking tables and accredited by leading bodies, AMBA, EQUIS and AACSB.
The triple-crown accreditation confirms its position within an elite group of global business schools.
Dr Paul Lewis, programme director of Full-time MBA, said: “Our strong position in this year’s FT Global Rankings is fantastic news for our MBA programme.
“We continue to focus on ensuring Birmingham Business School students and alumni have an enriched and fulfilling experience.
“Our current programme of investment in faculty, new facilities and programmes across the school aims to further strengthen our position within key rankings in the future.”
Professor Simon Collinson, Dean of Birmingham Business School, said: “Our improved position is a fantastic achievement for the school, particularly considering the fierce and continued competitive nature of the sector with the growth of rival institutions in the UK and across Europe, Asia and Australia.”
■■ Email email@example.com to find out more and register your attendance at the upcoming MBA events.
Engineering your way to the top with an MBA at Aston Business School
Alex began his career at Alstom more than a decade ago as a commissioning engineer.
He rose to the position of sales manager and then operations manager, but found the commercial and business side of selling and delivering advanced industrial services exciting.
Alex said: “Following a really successful project, the station director of a client was talking to me about the MBA he had done at Aston — it sounded very interesting and appealing.
“He actively encouraged me to do one for myself. And I’m glad that I did!
“It has had a number of benefits, not just for myself, but also directly for Alstom Power.
“For example, it has enabled me to impact the profitability of our service operations.
“At the same time, the improvements to my skills when presenting and communicating to a wide range of audiences — from the shop floor to very senior managers — have been very noticeable.”
Alex added: “It was challenging to find a balance between carrying out my day job, going to lectures, studying at the weekends and my family.
“However, Aston was great, and very flexible. When towards the end of my second year my daughter was born I was able to rearrange my exams.
“Likewise, for my MBA dissertation, Aston was just as flexible.
“One of the most valuable things I learned was how to analyse and understand a wide range of complex and often incomplete sources of information, and then synthesise them into a coherent and compelling argument and short presentation that gets straight to the point.
“The MBA definitely gave me the knowledge and skills to progress my career, helping me to be promoted to general manager.”