A Masters in Business Administration (MBA) is a graduate degree that can be specialized in many different concentrations. MBA holders are leaders in the business world and highly sought after by corporate hiring managers in every field.
Earning an MBA can take as little as one year or as long as six, depending on the program. Many MBA programs can be completed online while maintaining employment.
Here are 60 facts that you might not have known about MBA degrees that may make you consider earning one yourself!
MBA Degree Facts
1. The MBA is the most popular online graduate degree.
2. The MBA is an internationally recognized degree and is considered essential to obtain top-level management positions.
3. 97% or Executive MBA degree students have over 13 years of work experience.
4. 89% of part-time MBA students have over six years of work experience.
5. 89.6% of full-time MBA students have more than four years of work experience.
6. 79% of MBA graduates go on to work for established companies.
7. 10% of MBA graduates strike out on their own as self-employed entrepreneurs.
8. The average base salary for MBA graduates is $115,000, but this can vary greatly depending on specialization and location.
9. An MBA graduate is expected to not only have sharp business skills, but also problem-solving abilities, interpersonal skills, and intrapersonal skills.
10. An MBA degree is a broad degree involving the fundamentals of general management, but there are many specializations.
11. MBA programs are the only degree programs that teach both hard and soft skills. Hard skills are those learned through study. Soft skills require emotional intelligence, which is difficult to teach.
12. The original MBA format was two years of study with an internship during the summer in-between years. Today schools offer MBA degree programs in a variety of formats and lengths.
13. One of the most valuable aspects of attending an MBA program is the opportunity to network and make valuable business connections.
14. Earning an MBA is typically considered a career advancement move.
15. Entrepreneurs typically earn more than the corporate ladder climbers three years after completing an MBA.
16. Getting an MBA is a long-term investment that usually pays off. MBA degree holders are in demand and starting salaries are typically high.
17. 80% of MBA graduates land a job within three months.
18. Products and services, finance and accounting, and technology are the most common industries that employ MBA degree holders.
19. Most MBA program graduates fill positions in finance and accounting, marketing and sales, and general management.
20. Consumer marketing, corporate finance, and commercial banking are three industries in which applicants are expected or required to hold an MBA to land a senior position.
21. Finance, economic, strategy, entrepreneurship, and marketing management are the most lucrative fields for MBA graduates.
22. Most MBA programs require GMAT and GRE scores, although there are exceptions.
23. As of 2017, there were 760 business schools that belong to the Association to Advance Collegiate Schools of Business International and offer MBA degree programs.
24. MBA graduates are more likely to succeed as entrepreneurs than those without an MBA.
25. Stanford MBA students have an average of $35,830 in scholarships, which is higher than any other school.
26. The admissions committee looks at MBA candidates’ social media profiles before making a decision.
27. For most, an MBA degree program is their final schooling.
28. MBA graduates may elect to pursue a Doctor of Business Administration, or DBA if they choose.
29. Most MBA programs require applicants to have significant work experience and like to see evidence of career progression.
30. Full-time MBA programs are immersive, giving students very little free time.
31. Some employers will pay for or subsidize the cost of an MBA program.
32. An accelerated one-year MBA program is available at some schools, but these programs move extremely fast and require students to burden an extremely heavy academic workload.
33. One reason to delay getting an MBA is the inability to articulate your professional goals.
34. Companies who are recruiting MBA degree holders usually start visiting B-school campuses at the beginning of MBA programs to scope out the field.
35. Students who know they want to pursue an MBA are advised to take the GMAT or GRE as soon as possible in order to perform best on these standardized tests.
36. MBA graduates of higher-ranked business schools earn more than graduates with MBAs from lower or unranked schools.
37. MBA degree holders in the consulting sector earn on average more than double the salary of MBA graduates who work at nonprofits.
38. A recommendation from a professor typically does not improve your chances of admission into an MBA degree program.
39. Some B-schools run background checks on candidates to verify that all information contained on the application is accurate.
40. In June 2014 a new feature of the GMAT exam was introduced that allows testers to view their unofficial score before leaving. They can decide whether or not to report the score or reject it and retake the exam later.
41. Many MBA programs offer deferred enrollment which allows candidates to apply during the final year of an undergrad program but gain work experience before attending.
42. In 1908, Harvard Business School was the first business school to offer an MBA degree program.
43. There are 355 accredited online MBA degrees available.
44. The least expensive online MBA program is offered by New Charter University at a cost of $4,464.
45. The most expensive online MBA degree program is offered by Duke University Online at a cost of $135,555.
46. In 1924 the case method was established as the primary method of MBA instruction at Harvard Business School.
47. In 1945 Harvard Business School opened its first Executive MBA program; however, the first-ever Executive MBA program was offered in 1943 at the Booth School of Business at the University of Chicago.
48. The first MBA class at Harvard Business School had 15 faculty members, 33 regular students, and 47 special students.
49. Harvard Business School did not admit women into the MBA program until 1959.
50. The first MBA program offered outside the United States was in Canada in 1950 by the Richard Ivey School of Business at the University of Western Ontario.
51. The first European MBA program was offered in France in 1957 by INSEAD in Fountainebleau France. INSEAD was also the first business school to offer a one-year MBA degree program.
52. In 1946, the Thunderbird School of Global Management offered the first MBA specializing in International Management.
Celebrities with MBAs
53. Athlete Lisa Leslie (WNBA) earned a degree in communications at the University of Southern California before getting an MBA at the University of Phoenix.
54. TV star Dr. Oz earned his MBA at the Wharton School of Business. At the same time, he attended medical school at UPenn School of Medicine.
55. President George W. Bush is the only U.S. president in history to hold an MBA. Dubs earned his MBA at Harvard Business School in 1975.
56. Food Network star Ina Garten, the Barefoot Contessa, earned her MBA at George Washington University.
57. The legend, Shaquille O’Neal earned his BA at Louisiana State University and his MBA at the University of Phoenix. He then went on to earn an Ed.D. from Barry University.
58. Phil Knight, the founder of Nike, earned an MBA degree from Stanford University.
59. Facebook COO Sheryl Sandberg is an MBA alumna of Harvard Business School.
60. Walmart president and CEO Doug McMillon earned his MBA at the University of Tulsa.
Sources:
https://www.mituniversity.edu.in/interesting-facts-about-an-mba-degree/
https://www.hbs.edu/about/history/Pages/default.aspx
https://fremont.edu/essential-facts-mba-degree/
https://onlinemba.wsu.edu/blog/star-power-four-celebrities-you-didnt-know-have-a-mba/
https://www.usnews.com/education/best-graduate-schools/top-business-schools/articles/what-an-mba-degree-is-and-what-you-need-to-know
https://www.princetonreview.com/business-school-advice/mba-facts-and-statistics
https://www.getsmarter.com/blog/career-advice/9-essential-facts-about-what-you-gain-through-an-mba/
https://www.accessmba.com/articles/view/10-essential-facts-about-the-mba-degree
https://www.aringo.com/did-you-know-mba-facts/
https://www.geteducated.com/career-center/detail/online-mba-facts/
https://yourstory.com/mystory/a2083ea232-facts-you-don-t-know-a