What’s an MBA/ EMBA? Learn About Types, Costs & Requirements

You might have landed a good position with your bachelor’s degree, but as time passes, you might realise your opportunities for advancement are restricted due to lack of certification or additional degree. If you are planning for continued studies, this article has put together everything you need to know.

What does MBA mean?

You may already be familiar with the term “MBA”, but do you honestly know its full form?

As one of the most well-recognised accreditations within the business world, the Master of Business Administration (MBA) has long been considered as a golden ticket to a better job and higher wages.

With the aim to help companies “ to seek scientific approaches to management”, Harvard University Graduate School of Administration the former Harvard Business School offered the very first MBA programme in 1908.

With an increasing demand for more comprehensive education, the typical MBA curriculum mainly consists of 6 core syllabi, namely (1) Finance, (2) Marketing, (3) Accounting, (4) Economic, (5) Business Ethics and (6) Leadership and Teamwork.

Source: mba.com, Australian Institute of Business, BSchools.org

Why get an MBA?

1. A step forward in your career

There are countless benefits of completing a Master of Business Administration (MBA) degree, and the most significant one is to open doors towards infinite career opportunities.

The world’s largest companies including Google, Amazon, Microsoft and McKinsey all hire MBA graduates. According to the Graduate Management Admission Council, 96% of global Fortune 100 companies planned to recruit more MBA alumni in their near-term hiring plans.

2. Build a vast professional network

Networking is one of the best resources for career development and professional success, especially when you are striving to be the winner in the business world.

Apart from your classmates, studying an MBA programme allows you to connect with business leaders on and off the campus. Through establishing relationships with your MBA peers, not only can you gain more in-depth knowledge about your chosen sector, but you can also broaden your horizons, opening your eyes to modern ways of doing business.

3. Develop strong management skills

With reference to the World Economic Forum, people management has been listed as the top 10 skills needed to keep a company successful.

Although the curriculum of each MBA degree can be different, they usually put a heavy focus on the newest management tools and techniques, helping students to scale up their business, teams and collaboration skill sets.

Upon completion of your Master of Business Administration programme, you should be equipped with advanced management skills which are conducive to helping you to fulfil critical business requirements with the same flair, as well as handling all kinds of pressure at the workplace.

4. Chance to start your own business

No matter If you are currently running a company, preparing to launch one or still considering going out on your own, earning an MBA degree is definitely the right direction to get started as an entrepreneur.

During your study years, you will learn all essential knowledge and skills such as being agile, quick-thinking, problems identification and solving, which might be a bit hard to pick up if you are green to entrepreneurship.

Of course, an MBA degree is not a must, but having one can enhance your success rate of starting a business by nearly 20%.

5. Higher salary package

Needless to say, employees with higher education degrees usually have the potential to earn more.

In 2021, the average MBA graduates are getting US$29,000 more than those who receive a business bachelor’s degree, as reported by the US News.

In other words, if you are looking for a competitive jump in salary, obtaining a master’s degree is, by all means, a proven strategy.

Source: mba.com, mastersportal

Types of MBA: MBA vs EMBA

Full Time MBA

Full-time MBA programme suits students who are not holding a full-time job while enrolled, for example, fresh graduates who have just finished their bachelor’s degree.

Normally speaking, the typical completion time of a full-time MBA is 1 to 2 years, during which students might have to attend physical classes on a daily basis.

Part Time MBA

For someone who is currently working in a full-time role and willing to spread their studies over a longer period of time, a part-time MBA might be a more ideal option.

Since part-time MBA lectures tend to be scheduled over weekends, the timetable is less intensive compared to full-time courses. Some part-time degrees even offer online and distance learning courses, students are therefore allowed to strive for a balance between work and study.

Executive MBA

In general, executive MBA is perceived as the next level to regular MBA.

Given that the target audience of executive MBA is mostly working corporate executives and senior managers, these programs are always part-time and take up to 2 to 4 years.

Specifically designed for students with full-time jobs, executive MBAs usually adopt a mix of evening, online and weekend classes.

Online MBA

In the past few years, online learning model has become mainstream due to the pandemic.

Whether you are studying full-time MBA, part-time MBA or executive MBA, there are institutions launching online courses across the globe.

The curriculums and syllabuses of both online and offline MBAs are basically the same, students still have to submit assignments and attend examinations if necessary.

Source: mba.com, investopedia

MBA courses and curriculum

With the goal to foster in-depth understanding towards advanced business practices, MBA courses usually include both core courses and electives.

Simply put, core courses are mandatory, whereas electives are courses that students can feel free to choose whichever interest them the most.

Below are the common core and elective courses of MBAs:

Source: USNews, Saïd Business School

Top 3 MBA in Hong Kong

1. The Hong Kong University of Science and Technology

2. The University of Hong Kong - HKU Business School

3. The Chinese University of Hong Kong - CUHK Business School

Things to consider before applying an MBA

1. MBA Cost

While an MBA degree is definitely worth the investment, it can be costly.

Therefore, when choosing the institution, you should check carefully if you can handle the tuition fee. The price of tuition varies greatly depending on the school, the program, and the study mode.

If you are looking for extra support, some programs also offer grant aid, fellowships, or tuition waivers which help students to ease their financial burden.

2. Study Duration

One of the main factors in determining which type of MBA suits you the best is the study duration.

For instance, full-time students are expected to complete their degree faster than part-time, which can be appealing to those who wish to obtain accreditation as soon as possible. However, studying full-time might be challenging since it is difficult to keep up with work, family and other commitments at the same time.

3. Requirements

To be eligible, MBAs applicants must fulfil several general admissions requirements.

Some require the applicants to have an undergraduate degree, and some require applicants to pass tests such as GMAT or GRE. Thus, before submitting an application form, remember to check the entry requirements accordingly.

4. Career Development

Taking the enormous cost of an MBA into account, you certainly don’t want to study a program that does not align with your career goal.

Business administration is indeed quite a broad term, meaning different schools specialise in certain areas and the study outcome can be very distinctive. To avoid wasting time on a curriculum that is neither attractive nor useful to you, it is highly recommended to go through the course brochures carefully before submitting the application.

Source: Investopedia

Admissions Requirements EMBA Executive MBA Full Time MBA GMAT/GRE Learning Mode MBA Online MBA Part Time MBA Program Commencement The Chinese University of Hong Kong - CUHK Business School The Hong Kong University of Science and Technology The University of Hong Kong - HKU Business School Tuition Fee