What is an MBA? A complete guide

12 February 2024

In today’s competitive job market, higher education can be a key differentiator. One of the most sought-after advanced degrees is the Master of Business Administration, commonly known as an MBA. But what exactly is an MBA, what does the qualification involve and why is it so valuable?

In this guide, we’ll break down the meaning of the degree, the different types of MBA programmes available, what they entail, the reality of balancing study with your career, and how this qualification can support your career growth.

Looking for specific information about MBA degrees? Jump straight to it:

What is an MBA?

An MBA, which stands for Master of Business Administration, is a globally recognised postgraduate degree designed to equip professionals with advanced skills and knowledge in business, management, and leadership.

First established in the UK as a formal qualification in 1967, MBA qualifications have since become one of the most sought-after degrees for aspiring business leaders and entrepreneurs. The MBA provides a comprehensive education in core business areas, such as finance, marketing, operations, and strategy, alongside essential soft skills like communication, leadership, and strategic thinking.

Max Aubele, an Executive MBA participant at WBS, describes his experience of studying for an MBA:

"Studying for an Executive MBA has proven to be a truly transformative experience, challenging me to surpass my limits and unlock my full potential"

Is an MBA a Master’s Degree?

Yes, an MBA (Master of Business Administration) is a type of master’s degree, but it’s distinct from other Master's programmes.

Unlike a master’s course in business management, which will often deep dive into specific topics like big data or finance, an MBA covers a broad range of business skills, including management, economics, and finance. MBAs are more practical and focused on managerial decision-making, while other master's degrees can be more theoretical and specialised in a particular field.

What do you study on an MBA degree?

Whether you choose a Full-time, Part-time, Executive or Online MBA, your core modules will cover the fundamental topics required to understand how businesses operate and how to manage them effectively. 

Core focus areas you will study typically include:

  • Finance and accounting
  • Marketing and strategy
  • Operations management
  • Leadership and organisational behaviour
  • Economics

Alongside the core MBA modules, you’ll have the opportunity to choose from a selection of elective modules. Which ones you choose will depend on your individual career goals.

MBA programmes also include highly practical components, such as consulting projects, case study analyses, and group presentations. These enable you to apply theoretical knowledge to real-world business challenges.

At WBS, all our MBA programmes consist of eight core modules, four elective modules (including international elective opportunities) and a capstone project to consolidate everything you have learnt by applying it to a real business.

Darren Kurnia, Full-time MBA participant, explains how the MBA modules taught at WBS have impacted him:

"Each module has significantly contributed to my understanding of what it takes to be a responsible leader, striving to achieve the triple bottom line of people, planet and profit."

What can you specialise in with an MBA?

Some MBA programmes allow you to specialise in a particular area through your elective modules and final project. Options vary between business schools and can include entrepreneurship, healthcare, digital and AI, and sustainability. WBS, for example, offers different specialisms across its MBA programmes.

Types of MBA courses

MBA programmes are offered in various formats, including full-time, part-time, executive, accelerator and online options. Choosing the best route for you depends on several factors such as your professional experience, current life circumstances, and long-term career aspirations. 

Full-time MBA

This immersive on-campus experience is ideal if you can dedicate yourself to full-time study and are looking to make a significant career change. A Full-time MBA usually offers you the quickest route to earning your MBA and is an intensive, fast-paced programme.

Part-time MBA

Designed for working professionals, part-time MBA programmes allow you to earn an MBA while continuing to work full-time. Classes typically occur in the evenings, on weekends, or in flexible modular formats, combining online learning with in-person sessions. Part-time MBA programmes can include the Executive MBA, Global Online MBA and London Accelerator MBAs.

Executive MBA (EMBA)

Targeted at experienced, executive-level professionals, Executive MBA programmes bring experienced professionals together to upskill, network, and knowledge share. This part-time programme allows you to continue working full-time while studying, with flexible options that take  2 to 5 years to complete. Classes are often held on weekends, evenings, or in intensive modules.

Online MBA

With the rise of digital learning, many institutions now offer online MBA programmes, such as the Global Online MBA. These programmes provide flexibility and accessibility, allowing you to study from anywhere in the world and typically take 2 to 5 years to complete. Many online MBA programmes include a required residential component, so check this if you’re looking for a fully online programme.

Specialised MBA

While the MBA is a generalist degree, some schools offer you the option to specialise your MBA  in fields like digital and AI, sustainability, entrepreneurship, or healthcare by selecting certain electives and basing your dissertation within your chosen area.

Saranya Udayakumar is a current Global Online MBA participant at WBS juggling a demanding career, motherhood and personal growth:

"The WBS programme's online format allows me to learn and engage with a world-class faculty and diverse cohort, all on my own terms. I can access lectures and complete coursework during flexible hours, ensuring I never miss a beat in my professional or personal life."

Interested in learning more about the types of MBA courses available? Watch our video below to learn more about the MBA courses offered at WBS.

How long is an MBA?

The length of an MBA depends on whether you study full-time or part-time. A full-time MBA usually takes one to two years to complete, offering a focused and intensive learning experience.

Part-time MBAs are more flexible and can take between 18 months and five years. This option is ideal for those who want to balance studying with their job, allowing them to apply what they learn directly to their work.

How much does an MBA cost?

The cost of an MBA can vary significantly depending on the programme duration, location, and reputation of the institution.

To help finance an MBA, there are scholarships, grants, and student loans available. Many universities offer merit-based or need-based scholarships, while external organisations also provide financial support. These options make it easier for students to invest in their education and future career opportunities.

Learn more about what scholarships are and how you can apply for them in our guide.

What qualifications do you need to do an MBA?

Each business school will have different entry requirements for their MBA programmes, so check with your chosen provider before applying. In the UK, an MBA is aimed at candidates with professional experience – a minimum of three years is typical – and this is often higher for executive MBAs.

Contrary to popular belief, you do not necessarily need to hold an undergraduate degree to undertake an MBA if you can demonstrate the required professional experience and leadership skills.

In addition, some institutions will require you to take the GMAT – the Graduate Management Admission Test, or other university admissions tests, when applying for an MBA. These tests are designed to assess your ability in analytical writing, integrated reasoning, quantitative aptitude and verbal reasoning. Learn more about the GMAT exam and how it is used in MBA admissions.

As with many other types of qualification in the UK, international students will need to provide evidence of their English language proficiency.

The benefits of an MBA for you and your career

The benefits of an MBA are numerous, many of which can significantly help boost your career trajectory.

Leadership skills development

MBA programmes place a strong emphasis on developing leadership skills. Modules and activities are designed to enhance your ability to lead teams, make strategic decisions, and drive organisational change.

This emphasis on leadership not only prepares you to lead within your current role but also sets you up for senior management and executive positions. An MBA can help you navigate the career ladder, as many upper-level roles prefer candidates with this advanced qualification.

An expanded network

An MBA offers the opportunity to build or expand your professional network. MBA programmes attract students from diverse backgrounds and industries, providing a rich environment for collaboration and a range of networks.

A globally recognised qualification and perspective

An MBA is an internationally recognised qualification, making it easier to pursue international career opportunities. The programme’s international cohort allows you to study global organisations and engage with students from various parts of the world.

Increased earning potential

MBA graduates often see a substantial increase in earning potential and career advancement, as employers value the strategic thinking and problem-solving abilities that come with this qualification. An MBA can also open the door to more senior roles with greater responsibility and higher salaries.

Personalised career support

Beyond the classroom, most MBA programmes will offer you tailored career support and coaching from a team of experts with connections across industries.

Alannah Coupar, a current Accelerator MBA participant at WBS, has been growing her network through the WBS Professional Network events:

"Attending the professional network events has allowed me to connect with other students and alumni. I can already see the benefits of being part of such an inspiring community of Change Makers."

Is an MBA the right choice for me?

An MBA isn't the only way to advance your career. Before committing, consider if an alternative better suits your specific goals:

  • Specialised Master's (e.g., MSc Finance or MSc Business Analytics): Best if you want deep, technical expertise in one specific area early in your career, rather than broad leadership skills.
  • Professional qualifications (e.g., CFA, PMP): This suits individuals who want a highly respected, industry-specific credential, often at a lower financial cost than an MBA.
  • Executive Education: Executive Education is tailored to those looking to plug a specific skills gap (like digital leadership or agile management) quickly without committing to a multi-year degree.

Discover our range of MBA courses at Warwick Business School

An MBA can be a transformative step in your career, offering a wealth of knowledge, skills, and connections that open doors to advanced opportunities and new industries.

If you’re ready to take the next step, explore our MBA programmes, many of which have been voted 2nd in the UK and recognised among the top in the world.

If you’d like to speak to a member of our Recruitment Team about whether the MBA is right for you, book a 1-2-1 today.

FAQs

What does MBA stand for?

MBA stands for Master of Business Administration. An MBA is a postgraduate degree focused on business and management. An MBA develops knowledge across multiple areas of business rather than focusing on one specialist subject.

Who should consider an MBA?

An MBA can benefit professionals looking to progress their career, switch industries or start a business. It develops valuable skills in leadership, strategy and decision-making, while offering opportunities to build a professional network. With flexible study options and specialisations available, you can choose a programme that fits your career goals and lifestyle.

Do I need a background in business or finance to apply?

MBA degrees are designed for professionals from all backgrounds, including engineering, healthcare, the arts, and the military. In fact, cohorts thrive on this diversity. The core modules will teach you the foundational finance, economics, and marketing skills you need.

What is the difference between a full-time and part-time MBA?

A full-time MBA is typically completed over a shorter, more intensive period, while a part-time MBA allows you to study alongside your career. The right option depends on your career goals, time commitments and preferred way of learning. Some programmes also offer online or executive MBA options, providing further flexibility depending on your circumstances.

How much work experience do you need for an MBA?

Work experience requirements vary between MBA programmes. Many programmes are designed for professionals with several years of experience, while some may accept candidates with less experience. We recommend checking the specific entry requirements before applying.

Find out more about Warwick Business School's MBA programmes