Also known as master’s in business administration, it is a graduate degree in business. The master’s in business administration seeks to train students in acquiring knowledge from a business context for the development of a company’s operational tasks.
The variation of the degree can last from 1 to 3 years and this will depend on the method of education and the institution. Another point that is addressed within the academic training is the training in administrative and economic issues. University master’s degrees have an official duration of two years.
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Origin of the Master’s Degree in Business Administration
The first advanced degree in business was awarded at Darmouth College through the Tuck School in the United States and the degree was called Master of Science in Commerce. Then the first master’s program in business administration was created at Harvard Business School in 1908.
In Latin America the first MBA program was held in Lima, Peru at the Graduate School of Business at Stanford University in 1963.
Objectives of the Master of Business Administration program
The career is oriented to enable the student to develop within a competitive environment with success and lightness. It is essential that the professional knows how to manage a company in whole or in part and adapt his work according to the conditions set by the market and the competition.
Another fundamental objective of the course is to strengthen the management knowledge of professionals who already have an undergraduate degree. In addition, the professional masters management techniques and learns to know the inner workings of a corporation.
Within the study plan of the master’s degree in business administration there are some courses necessary for the development of the career and these are:
- Marketing
- Company strategy
- Human Resources
- Human resources management
- Finance
- Accounting
All these subjects are taught through classroom classes or through a distance learning course. In order to pass these subjects, students are required to complete assignments, individual and group practices, as well as the analysis of cases of business success and failure.
Modalities of the Master’s Degree in Business Administration
There are several modalities of the master’s degree, ranging from part-time to full-time study. On the other hand, there are also MBAs offered as junior MBAs where students have no work experience, but already have an undergraduate degree. The main modalities of study are:
- Part-time: It is a master’s degree in which you can see classes a few days a week and the rest of the time you can spend at work.
- Full-time: Requires complete dedication to the study of the master’s degree.
- Weekend courses: Classes are held on Friday evenings and all day Saturday. These schedules allow you to keep the rest of your time in a full-time job.
Online Business Courses
Currently many renowned universities such as Harvard earn a quarter of their revenue through online course scheduling. This modality facilitates students to be able to study from anywhere in the world and makes use of audiovisual media activities.
Master’s programs in business administration are based on different business areas and these are:
- Health Administration
- Human Resources
- Finance
- Marketing
- Logistics
- Sustainable business
- Circular economy
- Entrepreneurship
- Hospitality
- Marketing online
Currently we have added the study of digital markets, cryptocurrencies and foreign exchange markets such as Forex.
Fees and Tuition
Master’s degrees in business administration have quite high tuition costs and prices can reach up to 30,000 euros per year. Even in some universities the figures can be exorbitant and cost close to €100,000 per year.
Recognition
All MBA graduates will be recognized according to the university where they received their degree. For this reason, it is important that institutions are recognized by prestigious associations such as the AMBA, which accredits MBA programs, the AACSB and EQUIS.
Some universities even achieve recognition from all three associations and this is known as the triple crown for a business school.
In Spain the main universities accredited by the MBA are: IESE, ESIC, Escuela de Alta Dirección y Administración EADA. In Latin America, few universities have these accreditations and in countries such as Colombia and Venezuela there are only 2 accredited universities. Most of the accredited universities are present in the United Kingdom.
Now that you know more about the master’s in business administration, you can begin to develop yourself in various economic areas such as insurance, health administration, finance and more.
