The MBA in the Twenty-First Century

The MBA is by far the most popular distance learning degree, with 103 accredited business schools offering this master's degree online. Since there are so many options, the student is well-advised to shop and compare, as total program costs range from $5,000-$100,000, and MBA degree programs vary greatly in quality, graduation rates, and career support.

A master's degree in business significantly enhances an existing career, and many companies will pay for their employees to get an MBA. Around 90 percent of MBA candidates pursue their degrees while working full time. They expect to see significant salary increases once they graduate, and hope for promotion or greater job mobility. Many MBA candidates specialize to develop expertise in a career focus, such as global marketing, e-business technology or risk management.

A QUALITY EXPERIENCE IN A TOP MBA PROGRAMTo ensure a positive educational experience leading to degree completion and a career boost, a prospective MBA student should check the program, its faculty, and his or her own readiness for advanced study before investing in master's work.

1. CHECK THE PROGRAM'S ACCREDITATIONAccreditation is of two kinds: academic and professional. Academic accreditation is conferred by an accrediting agency or agencies that set standards requiring up-to-date courses taught by qualified faculty to a diverse, well-prepared student body. It's also a good idea to make sure the accrediting agency itself is legitimate by checking its credentials with U.S. Department of Education. Professional business associations can act as accrediting bodies as well.

2. ASK ABOUT THE FACULTYAt accredited schools of business, courses are taught by qualified faculty who make ongoing intellectual contributions to the business field. Graduate faculty also mentor and encourage networking. The value of a student's MBA education is greatly increased by successful, dynamic faculty who are willing to open professional doors.

3. HAVE THE PREREQUISITES FOR GRADUATE STUDYCampus-based master's degree programs require students to have a bachelor's degree "or the equivalent" to pursue graduate study. Online MBA degree programs have flexible admissions standards as well. Prospective master's candidates in business must have strong analytic and mathematical skills (including calculus and statistics), clear oral and written communication abilities, information technology know-how, and a global business perspective.

Before students begin master-level degrees in business, they also need core business fundamentals. An MBA builds on the basic accounting, micro- and macroeconomics, marketing, and management foundations any undergraduate business major has acquired. Graduate coursework assumes this knowledge base.

THE MBA PROGRAM OF STUDYThe MBA began as a two-year advanced degree program that provided working managers with the additional training they needed to analyze and make predictions based on their practical working experience. Many campus-based MBA programs suggest that a master's degree candidate have at least three years of business experience before pursuing graduate study.

Today, the original two-year MBA has many variations. On-campus executive MBA programs allow busy managers to pursue a master's degree on the weekends. Part-time MBA programs take longer; accelerated MBA programs now take as little as 10 months. Online, self-paced MBA degree programs progress at the student's own pace.

1. MBA REQUIREMENTS IN SEMESTER HOURSRegardless of the pace of the master's degree program, accrediting agencies have set the following standards for MBA coursework: 18 semester hours of core business courses and at least 30 semester hours of graduate-level coursework beyond the core.

2. MBA SPECIALIZATIONAt least 12 of the 30 hours in advanced coursework can be in an area of special business interest. Both on-campus and online graduate master's degree programs offer specializations. Some popular areas of concentration are: finance, international business, accounting, business technologies, or supply chain management. Other specializations reflect local business interests: Students in southern California can get an MBA in entertainment; students in Nevada can study gaming management.

3. MBA COURSEWORKNo two master's degree programs in business will require the identical courses, though the courses they offer will cover the same subject matter. Some topics studied in MBA programs include business ethics, global and international issues, legal and regulatory constraints, business technology, group and individual dynamics, diversity, financial theories, and market analysis. Harvard made the case study method popular, and students should expect to contribute to group learning through collaborative projects--even if they're pursuing a master's degree by distance learning.

4. ANOTHER DEGREE OPTIONProspective graduate business degree students who are practical, experience-oriented learners rather than theoretical big-picture business leaders should consider the master's degree in management as an alternative to the more theoretical, number-driven MBA.

THE MBA GRADUATEA master of business administration has both the practical and the theoretical knowledge to solve problems in familiar and unfamiliar business settings. Thus, the MBA can innovate, coping with unforeseen business challenges and adapting to global business changes. Today, an MBA degree holder demonstrates the high-level management skills needed in unpredictable business environments. As a result, the MBA can significantly enhance the degree-holder's reputation and career prospects.