Types Of Master of Business Administration (MBA)
All the information about different types of MBA
Different Types of MBA
The Master of Business Administration (MBA) degree originated in the United States in the early 20th century when the country industrialized and companies sought scientific approach to management. The core courses in an MBA program cover various areas of business such as accounting, applied statistics, Business communication, Business ethics, Business Law, finance, managerial economics, Sales/Purchase Management , entrepreneurship, marketing, etc in a manner most relevant to management analysis and strategy making in particular business scenarios.
The first school to start MBA program was Wharton school of business in University of Pennsylvania in 1881, a school of Joseph Wharton, an American entrepreneur and philanthropist. By the way, believe it or not but the first MBA to be offered in an Asian school of Business was at Institute of Business Administration, Karachi (Pakistan). The first B-School in India was XLRI Jamshedpur.
During its journey MBA has evolved and had become flexible enough to offer facilities like Online MBA, Part time MBA, Distance MBA etc. Different colleges offers different types of MBA, some offers selected types of MBA while others are open to apply for any MBA.
Let’s dig deep in types of MBA offered.
- Part time MBA
There are many colleges that offer contemporary learning such as part time programs, and these programs are often offered completely online. This is a great opportunity to earn a master’s degree in business, because courses are designed for working adults. There are part-time MBA programs that are held on campuses, and the classes are offered at convenient times such as on the weekends and the evenings. The number of students enrolled in part-time MBA programs is growing. According to a 2011 AASCSB survey, 44% of MBA students attend full-time compared to 56% of part-time MBA students.
- Full Time MBA
The full-time MBA (Masters of Business Administration) degree is a general management degree that seeks to give students a detailed understanding of how business functions and how business leaders rise to meet an ever-changing set of circumstances and challenges. Around 79% of MBA students around the world are pursuing full time MBA program. The core (required elements) of an MBA program will almost always include courses in finance, marketing, strategy, human resources and operations management – no matter where in the world a student opts to study. In different parts of world, the duration of full time MBA program offered is different, like in US it is 2 years while in European countries all B-Schools provides 1 year MBA program, as of India all B-Schools provide 2 year full time MBA.
- Online MBA
Both respected and internationally recognized, online MBA programs focus on developing the knowledge and skills necessary for careers in business. MBA students study big-picture thinking, core aspects of business management, and strategic decision making. An online MBA offers the same rigorous curriculum as its on-campus counterpart; instructors simply tailor coursework to online platforms. Technology permits location-independent study, opening a variety of attractive educational options for prospective students.
- Distance MBA
Distance MBA is acquiring management education through distance learning. The difference between a regular/full-time MBA and Distance MBA is 'the element of distance'. In Distance MBA, students have the flexibility to study from anywhere-any time. They are not restricted by any means and can also work while studying. It has gained much popularity among the working professional, As while doing distance MBA you will not have to be jobless for one or two years. Regular MBA has more value than distance course, if you want to do a professional course, better go for a regular MBA with good university. There are some people who do BBA, B.com., and they can do distance MBA for their job. But for Engineers, regular MBA will be a better choice.
- Executive MBA
Executive MBA is a MBA program that specifically targets corporate executives and managers. The program enables them to study and work towards earning this business degree while continuing to hold their existing full-time jobs. EMBA students typically possess considerable work experience before entering the program. An Executive MBA (EMBA) program is made up of a mix of classroom teaching on evenings and weekends, online classes and tutorials, and occasional full-day sessions. Equivalent to a full-time MBA program in scope and requirements, an EMBA program lasts up to 24 months. Intensive modular classes to reinforce expertise and fill knowledge gaps are primary motivators for executives to embark on this program. They engage in core coursework in finance and accounting, operations management, strategic management, marketing, human resources, and other disciplines, and take specialized electives.