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The choice to pursue a graduate degree is significant, not only in terms of time and money invest, but also in terms of potential benefit. Accordingly, most people put a great deal of thought into choosing their degree program. In business, the first choice is usually whether to go with the comprehensive Masters of Business Administration or a more narrowly focused specialty degree, such as the Masters of Health Administration. Both options have merit. Job candidates with either one have advantages over those who do not. When a corporation is recruiting for a position, among candidates with similar experience, having an advanced degree is a clear advantage. Also, it can be difficult to be promoted beyond a certain point without this kind of education. A specialty degree does not offer some of the advantages of the MBA. The first would be that the Masters of Business Administration has a two part philosophy. The first half of the program, the student studies core subjects that are applicable to all areas of business management. During the remainder, the student goes further in depth as to how business administration is applied to a specialty area, for example hospital administration or international business. Because of that structure, focusing first on just the skills of managing a business, the MBA is the most versatile of any higher education degree. Because of the broad approach, it is also the single best degree for entrepreneurialism. No other degree does a better job of preparing someone to start their own business. As small business owners have to wear many hats and adapt to changing business situations, they require a familiarity with all aspects of business where someone in a more traditional corporate job would not. That is to say that an accounting manager at a bank might never need to know anything about marketing. Earnings are also benefited by the MBA. A professional with five to nine years of experience can make up to an additional eighteen thousand dollars per year just by virtue of having the degree. In some industries, like health administration, the benefit can be even more striking. Another advantage to the MBA is the classroom experience. Beyond just the gratification of successfully completing the program, the program offers excellent business networking opportunities. After all, almost everyone in the program will already be involved in business management, and some will continue to advance their careers into upper management. Contacts can be made in the classroom that lead to profitable business alliances in the future. In terms of diversity of application, the MBA clearly had the advantage. The material covered by the MBA can be applied in any business regardless of field. This allows the MBA graduate to continue to see value from the degree even if they move from one specialty area to another. That flexibility makes the Masters of Business Administration the most well respected business degree in the world. For more information on how the MBA can impact employment and earnings in various sectors, read my Business Administration Salary blog.
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Master of Business Administration, MBA, Business Administration Salary, BBA, Business Administration,
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