Are you a job-seeker who is looking for more responsibility and pay, seeking more leverage in obtaining a work/life balance, or contemplating a move into senior management -- and are considering returning to school to get your MBA? Or perhaps a job-seeker exploring changing careers by going back to school for your MBA? Or perhaps a consultant looking to add a credential to your dossier. Or perhaps a college junior or senior contemplating going straight through and obtaining your MBA right after your undergraduate degree?
Regardless of your reasons, if you are contemplating attending graduate school to obtain your MBA, you should read this article before you make your final decision. This article will take you through all the important issues you need to contemplate before making your decision of whether -- and when -- to obtain your MBA.
What is an MBA? It’s a Master of Business Administration degree, granted after one to two years of graduate-level university study that provides training in the theory and practice of business management. The MBA is basically a document that certifies that you have a general competency in all the major functional management roles you’ll find in the modern corporation. An MBA is a career accelerator across a number of industries and MBA graduates can usually command higher salaries.
Ideal Time to Get MBA
When is the best time to enroll in an MBA program? The obvious answer is to enroll at a point in your career when the MBA is necessary to take your career to the next level, but the choice is never that simple.
For the college undergrad, the biggest question you need to ask yourself is why -- why are you interested in going straight through and getting your MBA right after your bachelor’s degree? Most top-ranked programs in the country such as the 12 Month MBA conducted at Oxford College of Business (OCB) will not even admit you if you don’t have at least 3 years work of experience.
For the job-seeker, the question about getting your MBA involves are how much and when. Will you keep working while earning your MBA in a part-time program or do you have the financial resources to quit your job and return to school full-time? Do you need the MBA as part of a career change -- and if so, how are you going to do it? The best option to go ahead would be to start on your MBA while working full-time. However only a very few MBA’s in the world are designed to cater to this requirement. The 12 Month MBA offered by the Australian Institute of Business (AIB) is one such MBA. It is a full-time MBA run on a part-time mode where classes are only held on weekends.
The 12 Month MBA is offered as one subject per month. This means that students need to focus on just one subject at a time, in addition to their usual personal and professional obligations. Focusing on one subject per month with approximately 35-40 hours of lecturing for each module is equivalent to the same number of hours put in a full-time MBA program for each module. The fact that the examination is just a month away from the start of each subject has contributed to high completion rates, as the students are continuously motivated.
Finally, there is the question of the economy. Some people think it’s a good hedge to get an MBA during an economic slowdown -- a safe haven -- rather than face the tough job market; however, when the economy is bad, even having an MBA is no guarantee of obtaining a lucrative job offer. Enrollment is also influenced by the economy, and as the economy turns toward a downturn, both recent grads and displaced workers head back to earn their MBAs. However as the economy heads into a pre-boom the requirement for an MBA becomes even more important. Why? As more and more Foreign Direct Investment (FDI) flow into the country local managers have to work more closely with foreign investors and need to be well equipped to be able to make strategic decisions which works ! Having an MBA at this point will definitely give a manager an edge over an employee without the qualification. The best advice? Therefore it could be stated that while the economy plays an important role in the opting for an MBA. An MBA is a very important tool for survival to a senior manager during a recession or a boom.
MBA Costs -- and Returns.
An MBA is worth about Rs.500,000 – Rs 900,000, but the salary increase you could see may be much less -- or much more. When asked by the country’s best MBA provider as to what they felt the trend was like, the MBA Course Director of Oxford College said: What is most gratifying, in my opinion is in terms of payback; our studies have shown that the average student gets a full return on his investment in about 20 months. That’s not a bad return. But it is a decision that a student has to make. It’s not just a financial decision. He or she has to be ready to face the challenge of joining quite an intense program which will give them very high returns at the end of it.”
What an MBA Can Do for Your Career
If you’re looking for the MBA to help you get into the executive suite, it may be just the ticket you need. According to a study by Accountemps, a global temporary staffing service for accounting and finance professionals, 80 percent of executives responding to the survey said that an MBA in business is still important to reach senior management ranks within most companies.
And there is growing evidence in Sri Lanka as well that having an MBA not only gives you more leverage in dictating new job titles and salary, but also gives you leverage in achieving a better balance between work and life outside work.
Always select the Best MBA in the country
Studying for an MBA will be one of the most important business decisions you ever make, so choosing the right program is crucial. If you are searching for a big push that fast tracks your career, snagging an MBA from one of the top business schools in the country may be the ticket. The 12Month MBA offered by the Oxford College of Business is regarded as the best MBA program in the country; there are many reasons for this.
Students are able to obtain an MBA which is internationally and locally fully accredited. The fact that the program is UGC Approved in Sri Lanka, AQF (Australian Qualification Framework) certified, CRICOS registered enables students to obtain one of the world’s best MBA’s right here in Sri Lanka in just 12 months!
The lecture panel at OCB is another major contributor. The existence of distinguished academic backgrounds and relationships to the corporate world, bringing years of experience to the classroom. The faculty selected to the program is noted CEO’s, directors of Multinationals and industry experts. They pride themselves on practical business expertise, having held positions of leadership in companies throughout the world. All members of the faculty are selected from AIB and they either hold a doctorate degree or an MBA equivalent in their field of specialty.
Students will be learning alongside some of the top corporate leaders in the country, giving the School a truly corporate culture that will benefit students in their day to day business.
Students benefit from the School’s unrivalled networking opportunities, the AIB MBA Alumni is regarded as one of the largest, strongest and most active MBA alumni associations in the country today.
What’s more, students are based at the campus on Thurstan Road Colombo 7 in the heart of Colombo, the country’s most leading commercial and financial centre.
Completing your MBA at Oxford College of Business enables use one of the most powerful Post Graduate qualifications in the country today, in addition to all graduates joining an elite and prestigious group of graduates who are responsible for shaping today’s Sri Lankan economy.
For more information contact the Malindu Ranasinghe - 0714151547 or visit www.12monthmba.com.au
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