Getting an MBA degree can be expensive. It requires much of your time, money, and effort, so many people view getting an MBA degree as in investment. Nevertheless, an MBA degree is worth your effort and expenses because having an MBA degree degree is beneficial in the long run, as it can give a much-needed boost to the career path you’ve planned for yourself.
In an MBA program, your skills are honed to make you a valuable commodity in the corporate world. Because of this, you will have chances of getting better career opportunities in the future. If you are equipped with an MBA degree, you can have varied choices of career paths to pursue. Some of the industries you can look into if you have an MBA degree are healthcare, telecommunications, consulting, finance, and marketing industries. With an MBA degree, you can also have prominent positions and you can work as a manager, finance director, consultant, vice president for sales, and marketing head.
Starting salary of an MBA degree holder
People choose to pursue an MBA degree for many different reasons. One of the reasons is the good initial salary and compensation packages offered to applicants with an MBA degree. There are various factors that determine the the starting salary of an MBA graduate. One of the most important factors is the specialization of the MBA degree holder. Factors such as your academic standing, previous salaries, cost of living, and your work experience before taking your MBA degree are valuable as well.
If you are an MBA graduate, you can get an annual income of $90,000. If you want to work in a government and industries like services, manufacturing, products, and high technology, you can expect at least $ 70,000 a year. And if you work in industries such as finance, healthcare, energy utility, and consulting you can earn as much as $100,000 per year. Usually, the initial salary increases as you obtain more experience and mastery on your job.
Additional compensation packages
On top of the high salaries that you will receive, you can get other compensations depending on the the company that you are working for. Usually, companies offer bonuses such as end-of-the-year bonus. Other compensation benefits include car allowances, comprehensive medical insurance, and reimbursement of tuition.
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The saying that you reap what you sow rings true when the expenses for MBA school is taken into consideration. Admittedly, getting an MBA degree puts a strain on one’s budget. Composing an impressive personal statement MBA can help you get into MBA school and get the financial assistance to fund your studies as well. Here are some tips that can help you get the much-needed monetary aid to finance your stay in an MBA program.
Company sponsorships or scholarships
Corporations often value employees with MBA degrees as they provide skills and services that are vital in the production processes of a company. Fortunately, there are employers who are willing to aid in the academic prospering of employees and thus offer sponsorships or scholarships. Getting financial aid information from the Human Resources department can greatly help you in finding ways to support your MBA education. Most companies however, have conditions that have to be fulfilled when they loan out to or sponsor a person getting an MBA degree. Some companies require employees to maintain a certain average, much like a scholarship, while still being employed with them either on a full-time or part-time basis. Other companies who give sponsorships or loans may require an individual to work for them for a number of years.
MBA Scholarships
Business schools also understand the financial strain on students that getting an MBA degree can give them, and are also concerned for individuals who have the potential but not the finances to further their studies. Ask about the available scholarships in the MBA school you are applying to. Most scholarships have a lot of requirements and a personal statement MBA is one of those. MBA scholarships can also be offered by social organizations.
Federal Loans
Federal loans can also help finance an individual going through an MBA program. As these types of loans are granted to students, the interest rates are relatively lower while payment can be done on a deferred basis. Although a helpful option, institutions that give out federal loans are very selective. You may inquire about the requirements for application and guidelines for eligibility for federal loans from the financial aid section of the business school you are applying to.
Inquire with the US Department of Education for a list of resources for students looking for financial assiatance.A library of information related to student financial aid is also maintained by the said government branch.
Private Loans
Since getting federal loans is hard, private loans are the next option for students looking for financial aid. Private banks, organizations, and foundations offer different loan options that often have higher interest rates that are not payable on a deferred basis. Look for loans that allow you to get the best deals that are legitimate as well.
Financial aid for different cultural communities
Applicants for MBA schools who are of ethnic descent such as African, Asian, Native American, or Hispanic may look for grants and scholarships that are offered by their community or cultural organization. The following are a few of these organizations offering their help for people interested in obtaining an MBA degree:
1. The Thurgood Marshall College Fund – provides scholarships to African-Americans
2. The National Black MBA Association – offers scholarship programs to qualified African-Americans after thorough screening and judging
3. National Society of Hispanic MBAs – gives out MBA scholarships to people with Hispanic or Latin descent
4. The Consortium – awards full-tuition fellowship programs to promote the study of business and management for people from different cultural communities
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Leading the pack of young professionals are people who have garnered MBA degrees for themeselves. With an MBA degree, one can be ensured of broader career horizons, better pay, or a quick ascent to the top of the company. So whip up a personal statement MBA and get access to excellent MBA programs by applying to these top MBA schools in the US.
Harvard Business School
One of the leading MBA degree-granting institutions, the Harvard Business School has provided excellent MBA programs since its early days from 1908. The Harvard Business School lets students experience the programs by offering it in immersion settings aside from the classroom lectures. George Bush, the 43rd president of the United States, is only one of the distinguished products of the Harvard Business School.
Stanford Graduate School of Business
Stanford offers MBA programs with a variety of courses that can be easily tailored to fit the needs of each student while providing excellent education. The Stanford Graduate School of Business has produced various business luminaries, and among them is GlaxoSmithKline CEO Dr. Jean Pierre Garnier.
Wharton School of the University of Pennsylvania
The world’s first business school opened its doors in 1881. The business school of the University of Pennsylvania, Wharton School, has the largest faculty body that have been essential in the molding of great business-oriented individuals such as Dunald Trump.
Haas School of Business
UCLA-Berkeley also has its MBA-giving arm called the Walter A. Haas School of Business. The MBA programs in this institution are offered in full-time and evening or weekend scehdules, while the Berkeley-Columbia Executive MBA can also be a viable option for people who want the best from two notable academic institutions.
MIT Sloan School of Management
The MIT is also home to the Sloan School of Management and has been touted as the top MBA school by US News and Business Week. The MIT Sloan School of Management serves up the widest array of electives for students getting their MBA degrees.
Columbia Business School
MBA degrees can also be garnered from one of the six Ivy League business schools. The Columbia Business School hones its student body by tackling business issues that are prevalent in the business world.
Ross School of Business
MBA programs are offered in full-time and evening classes, while executive and global MBA programs are also available course offerings for students. These programs are offered by what was previously known as the University of Michigan Business School, the Ross School of Business.
Kellogg School of Management
The Kellogg School of Management of Northwestern University provides excellent executive MBA programs, having been ranked number 1 in this category by Business Week and number 3 in full time MBA programs.
University of Chicago
Excellent MBA programs that cover the fields of economics, finance, accounting, and marketing can be found in The University of Chicago Graduate School of Business.
Darden Graduate School of Business Administration
Real business situations and real people are the tools with which the University of Virginia’s Darden Graduate School of Business Administration teach their MBA programs. This method provides excellent training for students who wish to become professionals in this field.
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An MBA degree can be your ticket to a world full of possibilities. One can enjoy a better position and the benefits that go with it when an MBA degree is a bullet in one’s resume. With skills in proper management of people and finances that an MBA program has equipped an individual with, you can surely move up the career ladder while enhancing the performance of any company or business organization that hires you.
An MBA degree can give your salary a boost.
An MBA degree can help you garner returns that are greater than what has been initially invested, in terms of remuneration. Companies view applicants or current employees possessing MBA degrees as people who are worth more due to their above-average competence and aptitude in handling business transactions and other situations. These skills make a person with an MBA degree a valuable asset to any company, and thus would make one eligible not only for a higher position but a higher level of compensation as well.
The expenses one may incur in MBA school should have to be taken into consideration. Although you may be able to get back most or even more of what you have shelled out to attend an MBA program when you get promoted or given a pay hike, this will take some time and patience.
Though this may be the case, more and more people are still deciding to get an MBA degree as CNNMoney.com reports that one can earn as much as 45% more. With an MBA degree, you can shift careers and try out the different challenges a new industry can give you. An MBA guarantees you a broader horizon, with careers in different fields such as sales and marketing, finance, technology and communications, consulting, and other industries within your reach.
An MBA degree amps your market value.
Aside from increasing your chances for promotion, an MBA degree also gives you other advantages, albeit in other companies and industries. An MBA degree makes you an attractive commodity that other companies and industries can’t wait to snatch you from your current employer. If you’re making waves in your present industry because of the exceptional business skills and knowledge that an MBA degree has equipped you with, there are other companies who are willing to pay more just to get you on their side.
How to get accepted in an MBA program
Tackle the hurdles in an MBA program first before reaping the rewards in your career. Acceptance into a prestigious and reputable MBA school can be guaranteed by submitting an exceptional personal statement MBA. The personal statement MBA should not only speak volumes about your interest in earning an MBA, but should also offer a glimpse of the real you. Writing a personal statement MBA that sets you apart from other applicants can also set you on the right path towards a better career, with better pay.
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MBA programs promise greater horizons for those who would dare to take them. An MBA degree is a sure way to fast-track a career via promotion or application to supervisory levels as most companies put a high premium on people possessing these academic distinctions. Employers see MBA degree holders as welcome additions to their roster of employees, as they are more adept in handling situations and planning out effective business strategies. But what skills exactly will an MBA degree gift one with?
Management skills
Experience can always put someone in a position above others, but having the sufficient capabilities and know-how can further boost your chances at bagging supervisory and even managerial positions. Getting into an MBA program will give one the chance to hone leadership skills essential for people management, and the competency to handle such a responsibility. An MBA degree develops that capability of a person to inspire change and improvement in his or her employees with well-thought out strategies.
Financial skills
How to handle finances may be a basic skill that everyone should have and learn on their own, but handling the finances of a company is a skill that all MBA programs teach. One will learn how to make financial predictions based on sales strategies and make comparisons based on the return reports. Proper budget allocations, preparing financial statements, and analysis of cash flows are also taught in MBA programs. People studying in MBA programs will also learn how to analyze things in a different way, due to the financial training that they will receive.
Interpersonal and oral communication skills
One way a person of position can assert his or her authority over others is by voicing it out in a manner that speaks of professionalism and superior learning garnered from studying through an MBA program. This does not necessarily mean belittling those who are not in the same position but rather by displaying exemplary communication and interpersonal skills. People who are interested in obtaining an MBA degree can learn how to effectively communicate and deal with people in his or her own workplace and with clients as well. Listening to the opinions and feedback from others enable an MBA degree-holder to think of more ways to further improve a company’s processes and services. An MBA program can have you dealing with other professionals from different backgrounds which will help you acquire new insights and approaches that will be of great help in your own development as a professional.
Skills related to information technology
There are many computer software and technologies that are being used as business-solutions programs by most companies. Though utilizing most of the basic functions of these programs can be learned at work, an MBA can give you further lessons on how to use these more effectively. An individual studying for an MBA degree will be exposed to these enterprise-planning software and financial programs that are key tools in the workplace.
The above-mentioned are just the rough categorizations of the skills an MBA program can be able to teach people interested in advancing their careers the academic way. To move forward in your career, one can opt to tread the academic path of an MBA program by passing a personal statement MBA. A good personal statement MBA will not only ensure your successful entry to an academic institution, but to a path of progress in your career as well.
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Speed and agility aren’t the only secrets to move ahead in the proverbial rat race for success. Though doing your job well and efficiently may help you accomplish the tasks set for you, it may not be enough to help you achieve your own goals. One should always be on the lookout for different ways and means to stand out, be noticed, and get taken to greater heights. Having academic distinctions can set one apart from the herd, and an MBA degree can certainly boost you forward.
An MBA degree gives you more credibility and knowledge
An MBA degree is not just a bullet to add to the list of credentials that pad your resume. It is the notch in your belt that most companies, especially those in the business and management industries, look for in candidates for positions that will be the movers and shakers in the business organization. Current employees who have garnered MBA degrees while doing well in their careers are seen as more diligent, more credible, and more likely to be able to think without much supervision. For people who are employed in other industries that are not business or commerce-related, getting into an MBA program and actually earning the MBA degree can widen their knowledge and their horizons as well.
An MBA degree develops your skills and gives you some more
Getting into an MBA program is usually perceived as a selfish or self-enriching act that awards the much sought after MBA degree after studying theories, but it is much more than just improving one’s knowledge. An MBA degree helps improve the skills that are vital in various branches of a business organization, from strategic planning down to human relations. One gets to hone an expertise when studying for an MBA, and uses it with skills in the workplace to improve not only one’s performance, but also that of the whole organization’s.
An MBA degree makes you an authority
Having an MBA degree makes one the go-to person. This academic distinction listed among one’s qualifications gives the impression that one is learned and equipped with more sense and strategy when it comes to handling business and management issues. This helps one to be a cut above the rest, making your superiors consider you for promotion when they notice your efforts and apparent know-how.
An MBA degree is something that can make you hold your head up high, and this self-confidence, as long as it is kept in check, can make you more careful yet confident in the decisions that you will make. Good decisions are not just borne out of luck, but after careful consideration of all factors from all angles, a trait that can be developed by studying for an MBA degree.
The personal statement MBA is your meal-ticket to a reputable academic institution. Writing a personal statement MBA that will capture the interest and secure a slot for you in the MBA program is the real first step to attaining that promotion.
After earning that MBA degree, you will have gained expertise in various aspects of a business organizatonal structure such as in corporate planning, finance, personnel management, production processes, and communications technologies.
Enrolling in an MBA school will surely give you advanced knowledge in these key areas, making promotion only a few steps away.
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Clarity? Check. Conciseness? Check. Content accuracy? Check. This is how the quality control checklist for your personal statement MBA essay should sound and feel like. Anyone who has experienced applying for an MBA would tell you that writing a personal statement MBA essay is not easy. Coming up with quality content for a personal statement MBA essay entails an evaluation of your academic life thus far, a task that can be brain-draining and difficult for some.
A personal statement MBA essay, also known as an admission essay or statement of purpose, is one of the most vital requirements for getting into a graduate MBA school. It’s an application essay that includes the information by which Admissions Board members of business schools determine an applicant’s eligibility for acceptance to the MBA school. As compared to tests like GMAT where there are fixed answers to all the questions, a personal statement MBA essay is a kind of test wherein the right answers can be highly subjective. Just figuring out what to put and what not to put in your personal statement MBA essay already takes a lot of time and discernment. However, with the help of a quality checklist, you can ensure that the information in your personal statement MBA essay is clear, concise, and accurate.
First off, you need a hook, an interesting factoid about yourself, at the start of your personal statement MBA essay that shows your passion for the chosen major or specialization. Once you’ve accomplished this, you can craft a smooth segue into how you have the academic background, extracurricular skills, and skills needed to pursue a degree in that field. You can elaborate on this in your personal statement MBA essay by stating the course titles of the specific classes you’ve taken that are related to the field you’re applying for. You can also include names of well-known professors you’ve had, as well as published work (if any) and other academic accomplishments that relate to your desired field.
A personal statement MBA essay should also explain why you’ve chosen to pursue an MBA degree in that specific business school. You can do this by mentioning the specific features of your desired MBA program that sound appealing to you. Some even write personal statement MBA essays which include names of professors in that MBA school that they look up to and whose work they admire. It would help you write your personal statement MBA essay easily if you ask for writing and philosophical advice from friends and former professors. You can also ask them to proofread and copy-edit your personal statement MBA essay to make sure you didn’t overlook any errors in content. After you’ve done all this, read your application essay over and over until you can confidently cross out the elements of clarity, conciseness, and content accuracy on your checklist.
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Globalization helps close the gap in cultural understanding and diversity in tradition. While certain aspects of culture like religion, social customs and norms remain untouched at a professional level, capitalism has been an able catalyst for socio-economic change in various nations. Multinational businesses and corporations contribute in overcoming global differences by having people from different ethnic backgrounds work together towards a common goal.
Keeping these things in mind, I look forward to becoming a contributor to, and catalyst of, these changes in the global market. With a degree in Industrial Relations and International Business as part of my professional arsenal, I believe that a higher education will help further hone my skills as an individual and as a professional in the field of Public Relations.
My family owns a multinational manufacturing company that caters to clients all over the world. Even while growing up, I’ve always known that I wanted to be an integral part in the operation of our company. However, I aim to try my hand at the family business only after I have gained the vital education and knowledge that are necessary for me to excel in the field.
It is often said that we can only truly grow if we tackle life’s obstacles head on, and that an individual flourishes the most when she/he emerges triumphantly from adversities and trials. I believe that I have gone through a significant number of trials, and now I am prepared to take everything I learned from those experiences and apply them to even more obstacles that I am now ready to face.
Being an immigrant, one of the obstacles I had to overcome was the language barrier. I struggled to learn the intricacies of the English language as I spent years listening to people talk and use slang and other colloquial terms. I have to admit that this linguistic handicap affected the way I chose the roles that I played in my previous jobs. I always went for the less public roles, and restricted myself to the technical aspects of business because that’s what I was good at.
Eventually, I gained enough confidence to treat the English language as my own. I no longer needed to seek solace in numbers, as accounting and finance are two of the fields I am highly skilled at. I believe that my pursuit of a higher education will help me to put my communication skills to the test, and further push me out of the shell I have built for myself.
I am aware that Public Relations work requires the ability to effectively communicate with people. But I also believe to be an effective businessperson, one also has to be able to listen to clients and be perceptive of their needs. Having played the role of spectator and negotiator, I believe that I have the combination of skills required to do well in the field of Public Relations.
Thank you for your consideration.
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