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MBA Programs: Types, Benefits, Fees, And Costs?

MBA Programs Costs

When you’re starting on your MBA journey it’s a little embarrassing to ask your friends and colleagues extremely basic questions in public right? So we’ve created this article to tackle some very basic questions about international MBA programs. What’s an MBA? How many years does it take to complete it? What subjects will you cover? How much does it cost and a few more questions?

What is an MBA program?

While many might tell you it stands for mediocre but arrogant don’t believe them. It stands for Master of Business Administration. It’s an advanced business qualification that’s well respected across the world. It’ll help you understand the nuts and bolts of managing and growing a business. Many MBA students use the degree to supercharge and accelerate their careers.

Benefits of an MBA Program?

It can help you build a strong foundation in each of the basic business concepts such as finance, marketing, operations, Human Resources, strategy, and more importantly, understand the interplay between them. Unfortunately, the glue that binds all these disciplines together, that’s office politics is not covered in any MBA.

An MBA degree has a practical flavor to it. With all the group assignments, individual projects, and internships, you’ll have many opportunities to practice what you learn in class. You will pick up hard skills related to management and business. You learn how to analyze a business. How to understand financial statements. How to run the supply chain which is the backbone of any business. You will get to polish a range of soft skills like communication, teamwork, motivation, and negotiation.

An international MBA can open up the world of global opportunities for career growth. A large number of MBA grads manage a career change across industry roles and geography. It might assist you in starting your own business if you are among the daring.

What are the different types of MBA courses?

You can pursue a full-time MBA by quitting your employment and focusing only on your studies. You have the Executive MBA, which is designed for professionals with a lot of experience who want to improve their business abilities while working. Part-time or evening MBA programs allow you to keep your employment while still earning a degree. MBA programs are offered via correspondence or distant learning.

Because there is no genuine touch with your peers, this alternative has a lesser level of trustworthiness than the mainstream ones. The newest addition to the MBA family, online MBA courses, is garnering a lot of traction. Each model has advantages and disadvantages, but a full-time MBA will give you the most bang for your buck.

How much time does it take to complete an MBA?

The average duration of full-time MBA programs can range from one to two years or even more this depends on the country you’re in and the format of the program as well. Most full-time MBA programs in the United States, such as Harvard, Stanford, and Wharton, are two years long. Most MBA programs in Europe are one year long. Because students are working and studying at the same time, part-time programs can last up to three years or even longer.

How much does an MBA cost?

Low-ranking MBA programs are quite affordable and very cheap as well but the fees can shoot up for the elite MBA programs. It could range from fifty thousand dollars to over a hundred thousand and it’s not just the course fee that you need to consider.

There are also other fees, such as the visa fee, the cost of books, the cost of a laptop, the cost of a ticket if you are an international student, and the cost of a study trip. The opportunity cost, which is effectively the salary and income you’d miss for the duration of the school, is the most important one that most MBA candidates underestimate.

MBA programs can be quite costly. Education loans are very prevalent among students, and if you play your cards properly and use the right application method, you can earn a significant amount of financial aid, including a free ride.

>>Is an MBA degree worth it or not?