You may have heard someone say, “I just got my MBA!” which prompted you to wonder, “what does MBA stand for?” In short, it stands for a Master of Business Administration degree. Because it is a post-graduate degree, you must have a high school and (undergraduate) college degree before you can get the MBA.
But MBA stands for more than just the words Master of Business Administration. It stands for commitment to improving yourself. It stands for learning to understand the ins and outs of the business. It stands for a ticket to the inner circle of management in your organization. What Does MBA Stand For? Maintains Business Ability.
In your MBA courses, you will learn how to better communicate with your teammates. You will learn how to read the company’s financial statements and express your thoughts around the company’s strategy. In this case, MBA stands for Must Be Appreciated.
In the process of learning how to best read your organizations income statements and balance sheets, you will become a better investor. Better investing means your 401K will be bigger when you graduate—and that’s before the typical salary bump that comes with an MBA. According to a GMAC® survey, MBA graduates started at a salary of $11,000 more than other graduates. In this case, MBA stands for My Big Account.
And finally, MBAs help you stand out. An economic downturn is a great time to go to school and get that extra edge on your competitors. Jennifer deJong wrote in 2006 “MBAs are sought after for their ability to think critically, deal with ambiguity and solve complex problems.” (Why Do Companies Prefer MBAs?). What does MBA stand for? Hire me.
You can get your Master of Business Administration degree in as little as 18 months in a Two-year MBA program or an Accelerated MBA program. More typical, however, is a Part-time MBA program which usually offers weeknight classes during the evening hours—to allow students to work full-time. These typically take three to four years.
Most MBA programs require academic transcripts, a certain score on the Graduate Management Admission Test (GMAT), in addition to written letters of recommendation, an essay, and significant work experience.
While accreditation is helpful, one does not need to seek out an accredited MBA program—but beware, the degree from an unaccredited institution may not carry the respect as a degree from an accredited university. If accreditation matters to you make sure you ask before enrolling in the school.
The cost for enrolling in an MBA program varies based on school and geographical location. On the low end expect to pay $1,000 per class, for a final bill of $11,000 or so, this could be from a local smaller university. On the high end, expect to pay around $7,000 per class, for a final bill of $170,000 or so, this is about what it costs to graduate from Wharton School of Business. In many instances, your employer will offer a tuition reimbursement program which will make your MBA practically free!
What does MBA Stand For? Making a Better You. That’s why I suggest calling it an MBY.