In recent times the internet has been filled with courses called MBAs. It is possible that some of them have caught your attention and that you have been able to see how some Business Schools in Spain and other countries in the world offer them, either online or in person. But perhaps you are not very clear about what an MBA is. Let us clear up your doubts.
What is an MBA?
The Masters of Business Administration (MBA) are postgraduate programs specialized in business management and administration and economic and administrative issues. MBAs can be studied in almost any country in the world, and are part of the educational offer of the Business Schools.
There are many types of MBAs but they all share a common set of subjects. These are those related to accounting, organization, business strategies, statistical methods, economics, finance and marketing.
MBAs must consist of a minimum of 30 credits (each credit involves 10 teaching hours, theoretical or practical), but usually have 50 to 100 credits, representing a duration of 500 to 1000 hours. They can be taught full-time or part-time. There are also Executive MBAs, which are programs that require previous management experience. Recently, online MBAs have proliferated, among others.
Objectives of the MBA
The objective of an MBA is to provide students with the necessary tools that will allow them to carry out good business management. It is about learning from practical examples and specific teaching methodologies, with which the student will get to know and prepare for the functions of this type of position. In this way they will be able to see the best way to assume their responsibilities.
There are a number of fundamental skills that an MBA must help develop, such as leadership and management skills, team motivation, verbal and written communication, specific technical knowledge and a global vision of management that will vary depending on the type of MBA you choose.
Who is an MBA for?
An MBA is aimed at university graduates and working professionals. A university degree (bachelor’s degree or equivalent) is required to access this training. Some centers may require other requirements such as letters of recommendation or copies of transcripts.
The Executive MBA is a program that requires previous management experience, aimed at people who already hold positions of responsibility but wish to improve their management skills.
MBA Admission Process
Most business schools have a strict admission process that can take months or even years if you also want to apply for a scholarship or have to pass the GMAT (Graduate Management Admission Test).
In order to study one of the best MBAs in the world, it is not only necessary for the student to have a good basic education and predisposition, but also to prepare correctly for all the selection processes that they will have to face.
Characteristics of the admission process:
Before starting the selection process, the future student must be informed of the requirements and deadlines for submitting the documentation. It is also necessary to take advice on whether letters of recommendation, certificates, etc. are required.
Some of the most important business schools in the world require that students pass the GMAT as one of the admission criteria for their masters programs. The Graduate Management Admission Test (GMAT) is an exam that is taken in English and measures the analytical, verbal, and mathematical ability of candidates. The GMAT is an international test and can be taken in any country in the world. Many international business schools include it among their entrance requirements. Others admit this exam as a supplement to their own selection tests.
Having a good command of English is essential for an MBA, which is why some centers require the Test of English as a Foreign Language (TOEFL). This test is used to evaluate a non-native’s knowledge of English. The test can be taken in language schools and on the Internet.
If you want to study in Spain, it is important to know that some Spanish centers require the ADEN (Business Schools Admission Test). This is a test in Spanish, oriented to Spanish-speaking students, which consists of 4 sections: verbal and numerical reasoning, personality, competencies and professional style, and language level.
Finally, an interview must be conducted. In this interview, the information in the application is contrasted with the details of the applicant’s professional career, while at the same time it is analyzed whether the applicant fulfills the appropriate profile for that particular MBA. Some of the questions that can be asked are: What are your short and long term goals? What other schools have you applied to, etc.
Career opportunities in an MBA
The professional future of graduates is increasingly important for business schools. Centers are paying more and more attention to their job placement results, so many centers are adding expert employment counseling staff to evaluate candidates at the time of admission and set expectations for future students.
Despite the economic situation and the difficulties in finding employment in all sectors, specialists in human resources continue to see MBAs as the best guarantee of access to the job market, since some of the most prestigious schools presume to place 92% of their students in less than three months.