A few years ago, to create your own business, you had to get higher education in this area. Today, a large percentage of business start-ups are educated in other industries. However, if you do not have a competent partner who knows exactly all the stages of business development, or you feel lack skills or qualifications, then you can get an MBA (Master of Business Administration) education. This is a prestigious qualifying degree awarded to graduates of specialized business schools. In this review, we will consider 3 types of MBA.
In simple terms, MBA programs provide business owners with theoretical and practical knowledge with which to ensure the growth of enterprises through improving the efficiency of business processes.
It is also important to consider that the need for training always depends on the scope of your business. There are areas in which, in any case, in addition to business education, you will need one more additional education. These include, for example, construction, medicine, biotechnology, as well as business in the field of gambling entertainment – casinos, betting, betting business, and much more.
Today there are 3 types of MBA – they are very different from each other and designed for completely different audiences. The choice of a program should be taken very carefully because the wrong choice will lead to the fact that you will not get the desired result and will not be able to apply knowledge in practice.
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Please go through the Types of MBA Programs
1. MBA with specialization
The first and most popular type of program is an MBA with a specialization in a particular area. This option will suit you if you already have higher education and you are a young manager without top-level managerial experience.
The task of such programs is to give students a good theoretical base without working out practice based on their enterprises. Well-thought-out theoretical frameworks will help entrepreneurs learn how to make smart business decisions. The cost of a two-year MBA program is about $60,000.
Important: for senior managers, such programs are not suitable.
2. Executive MBA
The second type of MBA program is the Executive MBA. It is suitable for those who are already business owners or senior executives and want to get into a top management position. To go to study for this program, you need to have real experience in implementing changes in business activities.
EMBA programs are the most prestigious type of program. Students work out all the studied material in parallel at their enterprises – therefore, knowledge is not abstract, it is quite applicable in practice.
The Executive MBA is a well-thought-out degree program, not a set of different courses. This program is not suitable for junior managers. The cost of a two-year EMBA program costs a minimum of $100,000.
This type of program is suitable for junior and middle managers but is not suitable for business owners and senior managers. It is the fastest and cheapest program for those who have limited finances or those who are busy with their main job and do not have much time for studying.
MINI-MBA programs study approximately the same theoretical knowledge as type 1 MBA programs. The average cost of studying in the MINI-MBA program is 2 to 6 thousand dollars, depending on the specialization.