Hi I’m Sameer Kamat. When you’re starting
out on your MBA journey it’s a little embarrassing to ask your friends and
colleagues extremely basic questions in public right? So we’ve created this video
to tackle some very basic questions about international MBA programs.
What’s an MBA? How many years does it take to complete it? What subjects will
you cover? How much does it cost and a few more questions. If some of this
sounds too trivial visit our website mbacrystalball.com where we have
covered many basic and advanced MBA topics Whats an MBA? While many might
tell you it stands for mediocre but arrogant don’t believe them. It
actually stands for Master of Business Administration. It’s an advanced business
qualification that’s well respected across the world. It’ll help you
understand the nuts and bolts of managing and growing a business.
Many MBA students use the degree to supercharge and accelerate their careers Benefits of an MBA. It can help you build
a strong foundation in each of the basic business concepts such as finance,
marketing, operations, Human Resources, strategy and more importantly understand
the interplay between them. Unfortunately the glue that binds all
these disciplines together, that’s office politics is not covered in
any MBA. An MBA degree has a practical flavor to it. With all the group
assignments, individual projects, internships, you’ll have many
opportunities to practice what you learn in the class. You will pick up hard
skills related to management and business. You learn how to analyze a
business. How to understand financial statements. How to run the supply chain
which is the backbone of any business. You will get to polish a range of soft
skills like communication, teamwork, motivation, negotiation. An international
MBA can open up the world of global opportunities for career growth. A large
number of MBA grads manage a career change across industry role and
geography. If you are among the adventurous ones it can help you start
your own business. What are the different types of MBA courses. You have the
full-time MBA where you leave your job and focus completely on the degree. You
have the Executive MBA designed for professionals with a significant amount
of experience, who want to polish some business skills and get a degree while
working. Part-time or evening MBA programs where you have the benefit of
retaining your job and also getting a degree. Correspondence or distance MBA
programs. In terms of credibility this is a notch lower than the mainstream
options since there is no real contact with your classmates. Online MBA courses, that’s the newest addition to the MBA family that’s gaining a lot of ground.
Each format has its pros and cons but the full-time MBA can give you the
biggest bang for your buck. How much time does it take to complete an
MBA? The average duration of full-time MBA programs can range from one to two
years or even more this depends on the country you’re in and the format of the
program as well. The top-ranking full-time MBA programs in the U.S. like
Harvard, Stanford, Wharton, offer two-year MBAs Most MBA programs in Europe are
one-year in duration. The duration of part-time programs can extend up to
three years or even more since students are working and studying at the same
time. How much does an MBA cost? Low ranking MBA programs are quite
affordable and in fact very cheap as well but the fees can really shoot up
for the elite MBA programs. It could range from fifty thousand dollars to
over hundred thousand and it’s not just the course fee that you need to consider.
There are other expenses as well like the visa fee, the cost of books, laptop,
flight costs if you are an international student, the study trip expenses. The
biggest one that most MBA students overlook is the opportunity cost which
is essentially the salary and income you’d lose for the duration of the
program. MBA courses can be very expensive it’s quite common for students
to go for education loans if you play your cards well with the right
application strategy you can get a substantial amount of financial aid
including a free ride. On the MBA crystal ball blog you’ll find many stories of
how students have got partial and full scholarships from really good MBA
universities if you’re serious about getting into an International Business
School read my book “Beyond the MBA Hype”. It has plenty more to think about. Thanks
for watching