The Master of Business Administration, or M.B.A., is a post-graduate degree that provides an education in foundational business principles, including but not limited to accounting, marketing, sales, and human resources management. The M.B.A. emerged as a distinct field of study in the late 19th century in response to a wider utilization of “scientific” business management, an approach that sought to improve economic efficiency by applying theories of science to industrial manufacturing. By and large, the M.B.A. is an American invention. Dartmouth College is the first institution of higher learning in the world to have offered it, followed by Harvard which opened its doors to graduate-level business students in 1908. Today, the M.B.A. is available at universities worldwide and is considered to be one of the most prestigious degrees one can have. It is a professional degree designed to prepare students for leadership roles in the field of business.

Your decision to pursue an M.B.A. should be based on a careful assessment of your long-term professional goals, as well as the cost and time commitment involved. Although an M.B.A. is not a prerequisite for success in the business world, necessarily, obtaining an M.B.A. can put you on the fast-track to career advancement. That said, it is worth bearing in my mind that many companies do require applicants to possess an M.B.A. for many executive-level and senior management positions. It will be far easier for you to qualify for these and other leadership roles if you have an advanced degree in business administration.

Having an M.B.A. can expand your employment options and, in turn, make it possible for you to earn more money. Business school graduates consistently demonstrate a higher earning potential than those who lack the M.B.A. degree. In a survey conducted in 2011 by the Graduate Management Admission Council, the organization that administers the GMAT (see below), the median starting salary of business school graduates was $94,542.

As a post-graduate degree, the M.B.A. can be pursued immediately following your undergraduate education or after you have gained some real-world business experience. (The average age of the students in Harvard Business School’s Class of 2015 is 27.) The vast majority of M.B.A. programs in the United States require applicants to take the GMAT, which is short for Graduate Management Admission Test. The GMAT assesses analytical reasoning, writing, quantitative, verbal, and English-comprehension skills, and is a key factor in the admission decision-making process followed by most schools that offer the M.B.A. degree.

The cost of obtaining an M.B.A. differs significantly from institution to institution, although it is common for M.B.A. student at private schools to incur debt in the $100,000 to $200,000 range. On top of tuition, there are the “peripheral” costs of books, food, housing, and a laptop to consider. Leaving the world of work to pursue an M.B.A. full-time is a major cost to consider as well, since you will have to forego at least two years of income. Fortunately, there are ways to get an M.B.A. without spending a fortune, such as enrolling in a part-time M.B.A. program, having your tuition subsidized in whole or in part your employer, or qualifying for a scholarship. Scholarships for M.B.A. students are provided in regard to gender, ethnicity, field of specialization, undergraduate alma mater, and other criteria. The only way to know if you qualify for a scholarship to defray the cost of attending business school is to diligently research your options and apply for the scholarships that interest you.

Hopefully, this information will help you decide whether a master’s degree in business administration is right for you.

Taylor Thomas is an experienced writer who has written for a number of notable publications. As a lifestyle expert, Mr. Thomas is able to offer advice and insight on a multitude of topics, including those pertaining to business news.

Taylor Thomas is an experienced writer who has written for a number of notable publications. As a lifestyle expert, Mr. Thomas is able to offer advice and insight on a multitude of topics, including those pertaining to business news. http://www.babm.com

Author Bio: Taylor Thomas is an experienced writer who has written for a number of notable publications. As a lifestyle expert, Mr. Thomas is able to offer advice and insight on a multitude of topics, including those pertaining to business news.

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