What is an MBA?
A Master of Business Administration (MBA) is a postgraduate course, which educates students in Business and Management. It provides them with advanced skills, so they can earn promotions, become leaders and forward their career as quickly as possible. With an MBA, an individual can expect to have a competitive edge over fellow colleagues and candidates. Anyone who aims to become a manager, a managing director or CEO would be well advised to research MBA courses. It conveys knowledge and expertise often with more depth and speed than can be learned on the job.
Fortunately, these days, it’s easier than it used to be to balance studying a Master’s Degree with other responsibilities, such as work and family by completing an MBA online. Studying via the internet allows for flexible learning hours. If you’re already in a high-powered job or have children, you can take as long or as little time as you like.
What Career Outcomes Can a Master’s of Business Administration Lead to?
Once a student has completed a Master of Business Administration online, they can expect to move into a management position. Such positions include:
- Managing Director
- General Manager
- Strategic Manager
- Chief Operating Officer (COO)
- Chief Executive Officer (CEO)
For someone already in a management position, a Master’s Degree can help fast track the transition to COO or CEO.
One attractive aspect of becoming a Managing Director, Manager, COO or CEO is that a student can decide which area to work in – be it health, information technology, accounting or something else. In this way, business management courses enable people to pursue their passions. Plus, as a decision maker, a manager or CEO has the power to make a difference to their industry and to other people’s lives. There’s no doubt that business management courses can lead to challenging, exciting opportunities.
Job Outlook for Chief Executives and Managing Directors
- Below average job openings are expected for this profession over the three years leading to November 2019.
- The median weekly full-time earnings (before tax) is $2,083. This equates to around $108,000 annually.
- On average, a full-time Chief Executive and Managing Director works 48.1 hours per week.
- Around 60% of people in this occupation have completed either a Bachelor Degree or Postgraduate Qualification.
- The median age is 50 years, and 34% of people are aged between 45 and 54.
- 71.6% of CEO’s and Managing Directors are male.
- The six most important skills for this profession are complex problem solving, judgement and decision making, active listening, critical thinking, reading comprehension and speaking.
- In this role, common tasks you may perform include, providing overall direction to companies, formulating policies and procedures, coordinating the finances of an organisation, negotiating or approving contracts, approving promotional campaigns, delegating responsibilities and much more.
What Does an MBA involve?
A Master of Business Administration usually requires two years of full-time study. However, course structure varies from one university to another. It’s also typically required that a Bachelor Degree has been obtained for entry into a Master of Business Administration, or that you have relevant experience in the industry. MBA’s can also have an area of specialisation, which is great for those wanting to enter management positions in particular industries. These can include: Accounting specialisation which combines business management with finance and management accounting
- Accounting specialisation which combines business management with finance and management accounting
- Health Services Management or Healthcare Leadership, which involves managing in a health setting and responding to demands both internal and external, such as restructuring, cuts to funding and/or changing government policies
Alternatively, a student can decide to stick to general, all-round study, instead of specialising in a particular area. This is a good idea for those unsure of where their career might take them.
A Master’s of Business Administration usually covers an in-depth look at:
- Leading and Managing
- Developing people and teams
- Managing financial resources
- Managing for operational improvement
- Managing and implementing strategy
- Economics for managing decisions
- Business research methods
- Key business decision making
- Corporate strategy and responsibility
These form a solid foundation for any management or CEO career, while the electives give students a chance to pursue an area of interest, such as international business, mindfulness and transformational leadership, and human resource management.
What Skills are Needed for Management?
To pursue a career in management, you need advanced skills in problem-solving, including those concerning complex problems. You also need to be excellent at making decisions, even under pressure. In addition, a good manager is an active listener and a critical thinker. And also needs to display outstanding ability as a speaker and excellent comprehension when reading.
A manager’s responsibilities vary from job to job. Just some of the tasks he/she might perform include directing a company, coming up with policies, formulating policies, coordinating finances, checking and approving advertising campaigns and delegating responsibilities.
What are some of the Daily Activities in this Career Path?
Without a doubt, a manager or CEO can expect to attend a lot of meetings. After all, that’s where strategic thinking takes place and where major decisions are made. Furthermore, much time is spent reading and checking reports, then either signing off on them or requesting changes. Many jobs in national and international companies involve plenty of conference calling and travel. Good CEOs also make an effort to build relationships with particular employees and clients. There isn’t time to see everyone, but reaching out to a few important individuals on a regular basis can make all the difference to a business’s success.
Whether a student becomes a manager or a CEO, he/she can expect to work long hours and in high-pressure situations. The average CEO must be available between 55 and 80 hours a week and must have steady access to email, too – even on weekends.
The Master of Business Administration and other business management courses are definitely designed for anyone looking for an exciting, challenging career. Browse a range of MBA’s today and start making your way to your dream career!