By Elizabeth Exline
Interested in earning your MBA degree? Click here!
When it comes to education, there's no one-size-fits-all approach. But the degree track that possibly comes the closest is the Master of Business Administration (MBA). Covering such skills as management, decision-making and leadership, an MBA prepares for a variety of career paths, including roles in business operations management and administration.
The MBA’s versatility may also account for its popularity. While recent reports suggest a decline in overall applicants for MBA programs, it has historically outperformed most master’s programs. In 2018 – 2019, for example, more MBAs were conferred (197,089) than any other master’s degree, according to the National Center for Education Statistics. (Only the health professions and related programs came close with 131,569 master’s degrees conferred.)
Similar to an MBA’s utility, which is diverse and evolving, earning an MBA is a process with many opportunities for customization. Do you want to attend a full-time or a part-time program? Do you want to explore a competency-based Master of Business Administration degree for an expedited experience? Do you want to customize your MBA with a certificate in finance or marketing?
Here, we’ll explore what’s possible when it comes to getting an MBA and putting it to work for you after graduation.
A business career means different things to different people. Where one professional might hear "business career path" and think "C-suite executive," another might envision owning a small business or a role in finance or marketing.
Business, in other words, is enticingly flexible when it comes to opportunities. To begin your career, consider doing the following:
A Master of Business Administration, or MBA, is a graduate degree that delves into the subject of business management and administration. Courses tend to focus on critical thinking and effective management so that program graduates are prepared to lead organizations of any size into the future.
According to Indeed.com, "You can focus on a certain business-related field while earning an MBA, such as marketing, finance, operations or human resources."
Nowadays, students enjoy a wide range of options when it comes to MBA programs. In addition to in-person and online formats, there are full-time and part-time programs available, as well as the executive MBA (when leaders in the workplace go back to school to earn their graduate degree, often on their employer’s dime).
Then there is the competency-based Master of Business Administration degree (MBA-CB). Like a part-time program, which makes it easier for students to work while pursuing their degree, the MBA-CBE is ideal for professionals who want to expedite their degree program by leveraging their on-the-job experience. Competency-based education (CBE) directly ties credits to measurable skills. Once a student can demonstrate a skill, he or she can move on to learning something new.
CBE is well-suited to students who work well independently and have strong time-management skills. With determination and real-world experience, MBA-CBE students at University of Phoenix (UOPX) can complete their degree in less than 12 months (and for under $10,000!).
While the beauty of an MBA is its flexibility — it can be leveraged in many roles and across many industries — students may also find that concentrating in a particular field helps them better reach their professional goals.
At UOPX for example, MBA students can pursue one of four concentrations with a graduate certificate:
Whether you’re looking to run your own business or enhance your business career, an MBA can help. It not only imparts valuable skills for today’s job market, but it also positions graduates to pursue a number of career paths that are forecast to grow: The U.S. Bureau of Labor Statistics (BLS) projects employment in all management occupations will grow 8% from 2021 to 2031.
Deciding whether to pursue an MBA depends on your goals.
"An MBA can be helpful in distinguishing you in your field and demonstrates your commitment to learning," says Kevin Wilhelmsen, dean of the College of Business and Information Technology at University of Phoenix. "It can’t guarantee you the job of your dreams, but it can lay a strong foundation for you to pursue the career path you want."
Ultimately, if you’re looking to enhance your career in business with a leadership role, or if you’re planning to start your own company someday, an MBA can be a smart move.
Of course, having an MBA doesn’t necessarily translate to recruiters beating down your door. In fact, U.S. News & World Report points out that a job search, even with an MBA under your belt, can take 10-15 hours a week. And it may require the following, too:
University of Phoenix supports students and alumni throughout the job search process through the PhoenixLink™ Network, a directory of likeminded peers to network with through the career journey, and its commitment to Career Services for Life™.
An MBA doesn’t limit you to one industry or role. At University of Phoenix, however, it does prepare you for the following professions:
Median incomes are reported by the U.S. Bureau for Labor Statistics, and are not specific to University of Phoenix graduates. Further, these national averages may include earners at all stages of their career and may not accurately reflect entry level wages or variations by region. Your earning outcome may vary. University of Phoenix does not guarantee salary level.
Finding the right MBA program means evaluating both your situation and your goals. At University of Phoenix, the Master of Business Administration degree was developed to align with the market’s in-demand skills. As students complete each course, a MyPhoenix skills profile reveals which skills they can confidently apply in the workforce as well as which ones need a little extra attention.
Independent learners with professional experience and a penchant for a self-led format may also consider the competency-based MBA program.
The MBA program at University of Phoenix can be completed in approximately 16 months, with students taking just one course at a time.
The competency-based program can be finished even sooner, in just one year. Start dates for both programs are available throughout the year.
Once upon a time, aspiring MBA students couldn’t contemplate graduate school without taking either the Graduate Management Admission Test (GMAT) or the Graduate Record Examination (GRE). The happy ending to that story is that such standardized exams are no longer universally required.
According to U.S. News & World Report, of 259 ranked online MBA programs, only 125 required GMAT or GRE scores. And all but six of those would waive that requirement in lieu of sufficient work experience or a certain college GPA.
University of Phoenix does not require GMAT or GRE scores for acceptance. Chris Gloor, the vice president of enrollment at University of Phoenix, explains this policy: "We are a university designed for working adults. Requiring exam results simply adds one more barrier to helping them achieve their goals. We’re in the business of removing barriers, not adding them."
You’ll need more than a strong internet connection to successfully complete an MBA program. According to Wilhelmsen, here’s how to prepare for success:
At University of Phoenix, the MBA program tuition is both affordable and competitive. UOPX offers both a traditional online MBA program as well as a competency-based program. To learn more about the cost of attendance at University of Phoenix, visit phoenix.edu.
Even better, your tuition rate gets locked in when you start so that you pay the same amount for the last credit that you did for the first.
Curious how UOPX stacks up against other schools? We’re happy to show you.
The cost of time and money may be significant. But the return may be even more so.
See how earning an MBA unlocked the small-business dreams of two UOPX alumni.
Ready to get started on your MBA? Learn more about what’s involved today!
About University of Phoenix
As pioneers in online higher education since 1989, University of Phoenix is an accredited online university for working adults. We are proud to offer quality educational pathways through flexible, career-focused online degrees, certificates and professional development courses that fit into your life and options to save you time and money. Our students are supported every step of the way, including career services for life.
Let us help you take the most direct path to your future career goals. We’re ready when you are.
More than 100 online programs aligned to 300+ careers.
Explore professional development and earn credentials.
Learn ways you can save as you pursue your goals.