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What is an MBA, why do you need one, and who can benefit from it?

What is an MBA – No educational program has sparked as much public debate as the MBA (Master of Business Administration) program, which has traditionally been a business school’s major (flagship) curriculum.

MBA graduates are often optimistic about the influence it will have on their business or career. The majority of the “critics,” such as business coaches and journalists, did not get an MBA and openly oppose it. Each of the portal’s designers has completed MBA studies at several Russian business schools, and based on their experiences, they appraise the MBA’s role and impact on career and business.

Let’s begin with an explanation. MBA is a management training program for middle and upper-level executives as well as entrepreneurs who want to:

bolster your position inside the organization or on the job market

Ascend the corporate ladder

reengineering the company’s business procedures

Systematize knowledge in management, finance, marketing, project management, and other related fields.

hone your professional and interpersonal abilities

MBA is a program that prepares people to operate effectively in business, government, and local government. The MBA program is built on a set of concepts and incorporates all of the skills required for success in the workplace. In the world of business education, humanity has not come up with anything better.

A qualifying MBA degree is issued based on the training results, and the business school issues a diploma of professional retraining of the established (state) sample and its own MBA diploma. To pursue an MBA, you must have a higher education diploma and at least two years of work experience. (AMBA-accredited business schools and institutes require a three-year minimum tenure.)

MBA graduates have a fundamental understanding of general and strategic management, marketing, finance, company development, accounting, human resource management, and project management, among other topics. Everything that is the foundation of the modern MBA and EMBA standard is included in the “core competences” of top managers ( see COMPLETE LIST OF MBA GRADUATE COMPETENCES ).

MBA skills are vital for Russian executives because:

There is fierce rivalry among firms for well-educated and competent employees.

About half of existing managers’ management abilities do not satisfy modern requirements: there are no skills and tools for introducing innovations, managing change, there are insufficient competences for business cost management, project management, and communication skills, among other things.

Managers from previous generations are retiring, and there is a scarcity of skilled and experienced managers to take their place. The number of senior executives with an MBA degree is still in the minority.

Employers’ attitudes toward MBA graduates

It would be foolish to believe that all employers are familiar with the MBA program and business school knowledge. Unless the executives attended business colleges themselves. It’s a good thing that there are so many of them. According to polls, 77 percent of Russian employers believe an MBA degree enhances an employee’s worth.

Who is pursuing an MBA?

Obtaining a business degree is linked to company success. It is, however, only useful for those who have real work experience after completing a higher education program. Typically, this entails at least two years of practical experience (not necessary in a managerial capacity) or three years of study at prominent international business schools.

MBA programs in Russian business schools are not confined to firm executives, contrary to popular belief.

MBA students range in age from 27 to 33 years old. Although there are students younger and older, the most common cohort of MBA students is between the ages of 29 and 44.

How much may your annual income rise when you complete your MBA?

Managers who progressed up the career ladder in two years after graduating from an MBA raised their pay by an average of 1.5 times, according to our portal’s statistics, and this effect was felt equally by middle and top managers. There was a difference among those who stayed in their old positions: top managers were able to improve their pay by 1.5 times, while intermediate managers were able to increase their salary by 30%.

According to recruiters, an MBA candidate’s income is often 25-30% greater than an ordinary applicant’s wage. Concerning the increase in income following an MBA.

System of business school education

Practical business skills are taught in the business school. The classes are built around an interactive exchange of knowledge and experience between students and the teacher, who serves as a discussion moderator.

The so-called case-study approach, developed for the first time at Harvard Business School, serves as the foundation for training (“Harvard cases”). The listeners’ adoption of an informed decision on the subject under consideration concludes the case’s discussion. In addition to case studies, students often complete project assignments for each field, 2-3 multidisciplinary projects, and a certification (diploma) project based on their company’s profile.

Students in the programs apply their personal experience and knowledge to their studies, presenting scenarios from their employers’ practices for discussion. Group discussion and problem-solving are incredibly productive, and they frequently result in the birth of new ideas and businesses.

Case studies aren’t the sole way for students to learn. Each primary subject concludes with a project (presentation) based on the student’s own company, in which the student applies what they’ve learned and the skills they’ve obtained. Business simulations, business seminars, and master courses are used to augment the training.

Foreign internships are required as part of the MBA program not only to acquire cross-cultural management abilities but also to gain language experience. The MBA student gains a lot from studying within the walls of a foreign business institute (typically with the development of a modest project), visiting international companies, and communicating with students from other foreign business schools. Internships are frequently included in MBA programs and are not paid separately (with the exception of air travel and hotel). Two internships are available in certain Executive MBA programs.

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Hello, my name is Albert Vyns, I am a professional writer on several blog and website, I enjoy to learn new things.

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