Many great leaders and CEO in world-renowned companies have an MBA. MBA, also known as the Master of Business Administration, is very useful not only in the business world. It is beneficial too if you want to pursue a managerial career in the public sector, government, private industry and many others. MBA holders are often being paid very well too! Have you ever wondered why? What is so fancy about it?
What is MBA all about?
The Master of Business Administration (MBA) is an internationally-recognized degree designed to develop the skills required for careers in business and management. Most of the MBA programs have a core discipline such as accounting, economics, marketing, and operations, as well as elective courses that allow students to follow their own personal or professional interests.
What are the entry requirements and qualifications?
Different from other master degrees, MBA requires the candidate to have a first degree, work experience, and a competitive Graduate Management Admission Test (GMAT) score. It is not really a master that you can buy with money. To ensure the quality of graduates, business schools all around the world take proper measures in enrolling. Read further to find out more!
- Working experience
Most of the reputable universities offering MBA requires the candidate to have a minimum of 2-3 years of related working experience. If your working experience is below average, then the business school might look at other aspects to see if you stand out. However, being qualified from all the aspects is crucially important to get enrolled.
- First degree
Getting an internationally recognised degree makes you look attractive to business school. Some business school might even examine your academic performance of degree to predict your academic performance. Not all, but some business schools are particular in the type of degree which they will require a four-year degree. Anyhow, do check your desired institute to know the entry requirements!
The GMAT is a multiple-choice, computer-based and computer-adaptive standardised exam that is often required for admission to MBA globally. The GMAT is developed and administered by the test maker, Graduate Management Admission Council (GMAC) to provide business schools with common measures of applicants’ preparedness for graduate-level academic work. The minimum score for MBA varied depends on the institute but the higher, the better! It will make you more appealing!
Lastly, if you are a non-native English speaker, you may be asked to take a language test, such as the TOEFL or IELTS. Generally, for IELTS, you must score at least 6.0 overall, with no lower than 5.5 in any one component. You can also check out Universities and Colleges Admissions Service (UCAS), which is a government agency that helps students with the process of applying to study in universities across the UK. Remember to check out UCAS for more related information!
What are the specialisations in MBA?
MBA also provides multiple majors for students to choose from depending on their interest and passion. Students can even choose a secondary major to compliment the first major! Here are the 4 common major in MBA:
A major in consulting can prepare MBA students for a career in a management consultancy, or as an internal consultant in a firm. Those students wishing to work in consulting roles in a specific industry, in information technology or healthcare, for instance, can choose to pursue a secondary major in that area.
Finance major can help students enter careers in fields such as financial services, banking and risk management; or prepare students for corporate finance positions in other firms. This major is typically considered one of the most financially lucrative options.
A major in marketing can help a student build a career in marketing, either as a marketing manager at a company or at a specialized marketing firm. Marketing professionals are more in demand than ever these days, thanks to the increased competition created by the Internet and globalization.
Entrepreneurship students will learn how to start a company or implement new initiatives in an existing company. This major can also be helpful for MBAs looking to get into related fields, such as venture capital.
What are the job opportunities?
Good news! More and more industries are looking for graduates with an MBA. Graduates with MBA degrees are in demand, and that demand keeps growing. In a recent survey, GMAC reported that 75% of employers surveyed intended to hire MBAs, with 85% citing that the number would be the same or even increase from the year before. So, what can you do with a qualification in MBA? Check out the list below:
- Chief Technology Officer
- Computer and Information Systems Manager
- Financial Manager
- Health Services Manager
- High-End Management Consultant
- Information Technology (IT) Director
- Investment Banker
- Investment Fund Manager
What is the salary prospect for graduates of MBA in UK
Graduates with an MBA are greatly valued in the corporate world. Depending on your experience, the higher your position is, the higher your salary is. Expect a starting salary of at least RM10,000 per month in a manager role here in Malaysia.
Universities in UK that offer MBA
MBA is a popular course all around the world. You can find plenty of institutes offering MBA across the UK. Here to name a few:
University of Liverpool
University of Liverpool is currently placed 36th in the Complete University Guide UK 2019. The university is consistently ranked within the top 200 universities worldwide (THE 2018/19, QS 2018/19, ARWU 2018). The university’s international community has more than 8,000 students travelling from over 130 countries to study there every year. International students are also encouraged to take up the numerous overseas study opportunities available in other countries like China, Australia, Canada, USA and Europe. Sounds like a great place to study at! University of Liverpool offers not only the usual MBA we all know but also Football Industries MBA!
The main campus of Coventry University is based in the city of Coventry and the London campus is just an hour away by train. Coventry was voted the third happiest university city in the UK by Sodexo in 2017. Coventry offers students the benefits of both a great city experience and a campus with a thriving community, perfecting the experience of studying abroad. Coventry University offers a variety of MBA courses, which include Global Business, Human Resource Management and many more. Check out its official site for the full list of MBA related courses.
Bangor University is also in the top 10 universities in the UK for student satisfaction. Located in Bangor, the University is well-known for its low cost of living compared to other places in the UK. The University was also given a ‘Gold’ rating in the Teaching Excellence Framework with its prestigious teaching method. This is definitely the quality you can trust. MBA at Bangor University is more inclined to the business field where every MBA is specialised in a major like banking, finance or marketing.
University of Leeds
The University of Leeds is ranked in the top ten universities in the UK according to the Guardian University Guide 2019, and among the world top 100 according to the QS World University Rankings 2019. The university has been awarded a gold rating in the Teaching Excellence Framework (TEF), with a total of 26 National Teaching Fellowships awarded to the staff. If you do not meet the entry requirements for its degree direct entry, it even offers a foundation year for you! University of Leeds offers a common MBA with the study duration with only a year!
University of Aberdeen
The University of Aberdeen, founded in 1495, is the fifth oldest university in the UK. Ranked in the top 1% of the world's universities, graduates from the Engineering and Technology departments earn the highest salaries in the UK, while 96.6% of graduates from all departments manage to secure a job within six months of leaving. University of Aberdeen offers an online MBA for students all around the world. Regardless of your location, you can study MBA online from the University of Aberdeen!
University of Glasgow
A prestigious institution, the University of Glasgow has been educating students since 1451. Ranked in the top 100 universities in the world, Glasgow is the fourth-oldest higher education provider in the UK and was given the title of Scottish University of the Year by the Good University Guide in 2018. University of Glasgow provides only Business Administration MBA but its quality of education is guaranteed!
Sheffield Hallam University
Sheffield Hallam University is ranked among the top five modern universities in the UK for research. The university partners with more than 1,000 different companies, to provide students with the best possible chance of getting a placement or work experience at some of the most prestigious companies in the world, including Sony, the BBC and Rolls Royce. What is more amazing is that every course at Sheffield Hallam has a career advisor for students, meaning that they all get proper guidance and individualised attention to jump into employment after graduation. It offers Business Administration MBA and Industrial Management MBA which both have 16-24 months of study duration.