Do you know what the acronym MBA stands for? We can help. Read on as we explore the meaning of MBA and more about this interesting term.
Did you know that the MBA is the world’s most popular graduate management degree? Thousands of ambitious professionals apply to different types of MBA programs each year. But do you know what the abbreviation MBA stands for or what it means? Don’t worry; we’re here to help!
In this post, we’re exploring the term MBA to uncover what the acronym stands for, its meaning, how to use it in a sentence, and more. Are you ready?
Let’s get started.
What Does MBA Stand For?
Internationally recognized as a degree designed to help students develop the skills required for careers in business and management, the MBA is a diverse and in-depth program for professionals in all areas of business and commerce. That said, what does the acronym MBA stand for?
Simply put, MBA is the abbreviation for Master of Business Administration — an advanced degree in business, or a person who has this degree, according to the Cambridge Dictionary.
Where Did the MBA Degree Originate?
In 1908 the MBA was first introduced by Harvard Business School (then known as the Harvard University Graduate School of Administration). The Master of Business Administration (MBA) is the original graduate degree and is now offered by many business schools around the globe.
While you are in your MBA program, you will not only grow your professional network, but you will also grow your business knowledge. Plus, you will boost your career and salary prospects.
While having an “MBA” on your resume may help you stand out to prospective employers, it goes so much further than the three letters on paper.
What Are the Different Types of MBA Programs?
While the traditional full-time MBA program is a pretty popular option, the degree comes in all shapes and sizes, including executive MBA programs and part-time MBA programs.
You can also find two-year programs and even one-year programs — but keep in mind that the different types of MBA programs offered may vary from school to school.
That said, before getting started with an MBA program, though, you first must take the Graduate Management Admission Test — aka, the GMAT.
What Can You Do With an MBA Degree?
In essence, the sky is the limit for an MBA degree; if you set your mind to it, you are sure to achieve your goals with an MBA. Obtaining an MBA prepares you for different jobs in a myriad of different industries.
We have compiled a small list below of the standout (typical) jobs for the average MBA graduate:
- Finance Manager
- Operations Manager
- Marketing Manager
- Financial Manager
- HR Manager
- Management Consultant
- Investment Banker
- IT Manager
- Economics Manager
Over time, MBA graduates have done more and more with their respective degrees. While many still join the big multinational companies, more and more graduates dedicate themselves to launching their own ventures and entrepreneurship.
That being said, many companies hire specifically MBA graduates, with many recruiting on-campus.
MBA graduates can be found in many industries ranging from startups and nonprofits to big multinational chains, healthcare, and many others.
To date, some of the companies that hire the most MBA graduates are; Bain, McKinsey, and BCG (known to some as the Big Three management consulting firms) to accounting firms like EY, Accenture, and Deloitte, as well as the big tech giants of Microsoft, Amazon, and Google.
Note to Reader: Did you know that quite the lineup of Fortune 500 companies’ CEOs, including Walmart, Microsoft, Apple, and JP Morgan, all have one thing in common – an MBA degree.
What Can You Earn With an MBA Degree?
While every salary varies from area to area, state to state, country to country, one thing is for certain, getting an MBA degree will boost your salary prospects.
Naturally, the industry you find yourself in, as well as the school you graduated from and the role you are applying for, will play a distinct part in your average salary.
With the average salary in the United States for an MBA student being $107k after graduation, many graduates from top schools in the US earn $120k to $160k annually.
MBA students from many top-ranked business schools from coast to coast in the United States earn many performance bonuses as well as lucrative sign-on bonuses at times.
Across the board, for all MBA graduates, one item always remains true, salary increase. Three years after graduation, most students’ salaries increase well over 100 percent, with some of the top performers in their industry reporting salary increases over 118 percent.
So, what does MBA stand for, you ask?
MBA is an abbreviation that stands for Master of Business Administration. In other words, it’s a master’s degree in business.
If your business strategy is to have a career in management or finance, then this is the degree for you. An MBA is a graduate-level business and management degree with a huge focus on leadership and managerial skills.
By earning this popular degree, you’ll develop the skills and knowledge you need to accelerate your career, transition to new industries, or even launch your own eCommerce business.