It’s an achievement recognized the world over, a degree with a reputation for launching graduates straight into success. People from all educational and career backgrounds are pursuing a Master of Business Administration (MBA) for a whole range of reasons: some want a boost on the career ladder; others want to learn business skills to start their own companies. Whatever the reason, there’s no question about an MBA’s value.
“An MBA is seen as one of the most prestigious and sought-after degrees in the world because of its versatility and application of business and management principles that can be applied to a variety of real-world business situations,” says Teresa Pires, assistant director of recruitment and admissions at Queen’s School of Business.
An MBA is designed to develop tomorrow’s exceptional leaders, valuable team members and highly effective managers by instilling in students a wide variety of essential skills. Among other benefits, MBAs offer students the opportunity to sharpen their managerial skills as well as the flexibility to pursue a full slate of different careers.
The hands-on approach in which an MBA is taught makes for an especially valuable learning experience, through work placements and other collaborations with companies. “Unlike many other disciplines, an MBA is very applied. It’s very difficult to learn about this if it’s not in an environment where practitioners and experts and academics are together,” says Murtaza Haider, associate dean of the MBA program at Ryerson University’s Ted Rogers School of Management. “When you become part of this learning exercise and community, you see the other side before you join the other side.”
Successful MBA students can increase their salary potential and get ahead in whatever career they choose to pursue, says Pires. “MBA graduates are typically eligible for jobs that would not otherwise be an option to those that hold only a high school diploma or undergraduate degree. An MBA degree is almost a necessity in today’s business world,” she says, noting that some companies will not even consider applicants who lack an MBA. “In most cases, an MBA degree is required for executive and senior management positions. People who hold an MBA degree will find that there are many different types of employment opportunities that are available to them domestically and internationally.”
One of the most crucial skills that MBA students learn over the course of their studies is how to manage people, says Haider. He calls an MBA “empowering.”
“An undergraduate degree has told students nothing about how to manage people. An MBA fills that void,” says Haider. “MBA students learn about how to manage conflict between individuals and organizations. They also learn how to be ethical and responsible, not just to people and employees, but also to the environment.”
Vern Jones, associate dean of graduate programs at the University of Calgary’s Haskayne School of Business, says an MBA is about strategic and critical thinking. “Our program is geared toward different markets, and in many cases toward people who have degrees other than business and want to acquire the skills and the knowledge to enter the business world,” says Jones. “Often they are working in a business or they want a more managerial approach or a more senior approach, so they learn how to think strategically and learn the qualities of leadership that take you further up into an organization.”
Since good teamwork is often very important in the business world, the Queen’s MBA program has a team-based approach that Pires says mirrors a real-life work environment. Students gain valuable insight into today’s progressive workplace while learning from peers, she says. “You will leave the program with a thorough understanding of the best practices for successful team-building and teamwork, well-prepared to be a valuable member of a high-performance team.”
Entrepreneurship is another skill that students pick up during their MBA education. Jones says that it has become a pillar of the Haskayne MBA: “It resonates really well with Calgary because there are so many small businesses, so many people who are very entrepreneurial. We’re trying to enhance the capacity.”
Types of programs
MBA programs come in all shapes and sizes, but they often start out with the basics and then lead into studying a specialized area of business. For example, the Queen’s MBA program comprises two modules: the Foundations Level, which provides an overview of business fundamentals, and Mastery, which enables you to choose an area of specialization. Upon completion of your MBA, you may then choose to advance to the Expert level by pursuing a second Master’s degree in this specialization.
Also worth noting is the distinction between MBAs and Executive MBAs. Haskayne offers both programs, and each is geared toward different demographics. “The academic requirements for the program are very similar but the actual execution of the program changes quite a bit,” says Jones. Executive MBAs are targeted to senior executives with years of work experience, who often continue to work throughout their studies.
How to get in
MBA programs differ in their application requirements. Some programs expect a few years of real-world experience before allowing entry into the program, and some permit students to study right after their undergrad.
Queen’s, like many other MBA schools, accepts individuals from diverse backgrounds, ages and levels of work experience. They ask for a minimum of two years of post-graduate work experience so students can “draw from some form of professional knowledge that can be transferable in a classroom but also within their teams in order to help them achieve success,” says Pires. “We feel that work experience plays a large role in our teaching methodology as students gain valuable knowledge from their peers through the global experiences that they bring with them when they come to our program.”
So, where are the jobs?
MBA graduates can end up working in a vast number of fields, including finance, management consulting, energy and minerals, consumer products, technology, the public sector (education and health care) and marketing, among many others.
GMAC statistics show that, on average, the return on investment in an MBA degree can be seen in four years or less. At Queen’s, a full 94 percent of MBA alumni are employed at six months after graduation, and averaging salaries of $80,000 to $100,000.
“The continuing healthy demand for MBA graduates and the significant pay increases they achieve confirm that MBA degrees remain the gold standard of graduate management education—and that the MBA is still extremely relevant for today’s business leaders,” says Pires.
While the importance and relevance of an MBA seems to change periodically through the years, Jones says he has recently seen a surge in Calgary employers seeking MBA graduates. “We’re finding here that the MBA has a lot of traction in Calgary where it didn’t used to so much. We’re finding that there’s been a bit of shift in the marketplace from the below-ground skills to above-ground skills. The kinds of skills that traditionally have been taught in an MBA program have become quite a bit more important,” he says.
“People come here partly because they like our program and partly because the job market in Calgary is very strong. We even have an employment office that helps students find job opportunities,” says Jones.
Seasoned MBA graduates have a variety of doors opened up for them post-graduation, says Jones, including opportunities in sectors like telecommunications, finance and transportation. He also says there are a number of reasons students opt for an MBA.
“Often those people who seek an MBA are seeking it as a way to more effectively lead their organizations. People want the education to be able to function at an executive level; they want to impact the leadership, the strategic thinking inside the company. An MBA opens those doors for them.”
Whatever MBA program you choose to pursue, one thing is for certain: the skills you will acquire over the course of your MBA will prepare you for just about anything.
“An MBA is seen as one of the most prestigious and sought-after degrees in the world because of its versatility and application of business and management principles that can be applied to a variety of real-world business situations,” says Teresa Pires, assistant director of recruitment and admissions at Queen’s School of Business.
An MBA is designed to develop tomorrow’s exceptional leaders, valuable team members and highly effective managers by instilling in students a wide variety of essential skills. Among other benefits, MBAs offer students the opportunity to sharpen their managerial skills as well as the flexibility to pursue a full slate of different careers.
The hands-on approach in which an MBA is taught makes for an especially valuable learning experience, through work placements and other collaborations with companies. “Unlike many other disciplines, an MBA is very applied. It’s very difficult to learn about this if it’s not in an environment where practitioners and experts and academics are together,” says Murtaza Haider, associate dean of the MBA program at Ryerson University’s Ted Rogers School of Management. “When you become part of this learning exercise and community, you see the other side before you join the other side.”
Successful MBA students can increase their salary potential and get ahead in whatever career they choose to pursue, says Pires. “MBA graduates are typically eligible for jobs that would not otherwise be an option to those that hold only a high school diploma or undergraduate degree. An MBA degree is almost a necessity in today’s business world,” she says, noting that some companies will not even consider applicants who lack an MBA. “In most cases, an MBA degree is required for executive and senior management positions. People who hold an MBA degree will find that there are many different types of employment opportunities that are available to them domestically and internationally.”
One of the most crucial skills that MBA students learn over the course of their studies is how to manage people, says Haider. He calls an MBA “empowering.”
“An undergraduate degree has told students nothing about how to manage people. An MBA fills that void,” says Haider. “MBA students learn about how to manage conflict between individuals and organizations. They also learn how to be ethical and responsible, not just to people and employees, but also to the environment.”
Vern Jones, associate dean of graduate programs at the University of Calgary’s Haskayne School of Business, says an MBA is about strategic and critical thinking. “Our program is geared toward different markets, and in many cases toward people who have degrees other than business and want to acquire the skills and the knowledge to enter the business world,” says Jones. “Often they are working in a business or they want a more managerial approach or a more senior approach, so they learn how to think strategically and learn the qualities of leadership that take you further up into an organization.”
Since good teamwork is often very important in the business world, the Queen’s MBA program has a team-based approach that Pires says mirrors a real-life work environment. Students gain valuable insight into today’s progressive workplace while learning from peers, she says. “You will leave the program with a thorough understanding of the best practices for successful team-building and teamwork, well-prepared to be a valuable member of a high-performance team.”
Entrepreneurship is another skill that students pick up during their MBA education. Jones says that it has become a pillar of the Haskayne MBA: “It resonates really well with Calgary because there are so many small businesses, so many people who are very entrepreneurial. We’re trying to enhance the capacity.”
Types of programs
MBA programs come in all shapes and sizes, but they often start out with the basics and then lead into studying a specialized area of business. For example, the Queen’s MBA program comprises two modules: the Foundations Level, which provides an overview of business fundamentals, and Mastery, which enables you to choose an area of specialization. Upon completion of your MBA, you may then choose to advance to the Expert level by pursuing a second Master’s degree in this specialization.
Also worth noting is the distinction between MBAs and Executive MBAs. Haskayne offers both programs, and each is geared toward different demographics. “The academic requirements for the program are very similar but the actual execution of the program changes quite a bit,” says Jones. Executive MBAs are targeted to senior executives with years of work experience, who often continue to work throughout their studies.
How to get in
MBA programs differ in their application requirements. Some programs expect a few years of real-world experience before allowing entry into the program, and some permit students to study right after their undergrad.
Queen’s, like many other MBA schools, accepts individuals from diverse backgrounds, ages and levels of work experience. They ask for a minimum of two years of post-graduate work experience so students can “draw from some form of professional knowledge that can be transferable in a classroom but also within their teams in order to help them achieve success,” says Pires. “We feel that work experience plays a large role in our teaching methodology as students gain valuable knowledge from their peers through the global experiences that they bring with them when they come to our program.”
So, where are the jobs?
MBA graduates can end up working in a vast number of fields, including finance, management consulting, energy and minerals, consumer products, technology, the public sector (education and health care) and marketing, among many others.
GMAC statistics show that, on average, the return on investment in an MBA degree can be seen in four years or less. At Queen’s, a full 94 percent of MBA alumni are employed at six months after graduation, and averaging salaries of $80,000 to $100,000.
“The continuing healthy demand for MBA graduates and the significant pay increases they achieve confirm that MBA degrees remain the gold standard of graduate management education—and that the MBA is still extremely relevant for today’s business leaders,” says Pires.
While the importance and relevance of an MBA seems to change periodically through the years, Jones says he has recently seen a surge in Calgary employers seeking MBA graduates. “We’re finding here that the MBA has a lot of traction in Calgary where it didn’t used to so much. We’re finding that there’s been a bit of shift in the marketplace from the below-ground skills to above-ground skills. The kinds of skills that traditionally have been taught in an MBA program have become quite a bit more important,” he says.
“People come here partly because they like our program and partly because the job market in Calgary is very strong. We even have an employment office that helps students find job opportunities,” says Jones.
Seasoned MBA graduates have a variety of doors opened up for them post-graduation, says Jones, including opportunities in sectors like telecommunications, finance and transportation. He also says there are a number of reasons students opt for an MBA.
“Often those people who seek an MBA are seeking it as a way to more effectively lead their organizations. People want the education to be able to function at an executive level; they want to impact the leadership, the strategic thinking inside the company. An MBA opens those doors for them.”
Whatever MBA program you choose to pursue, one thing is for certain: the skills you will acquire over the course of your MBA will prepare you for just about anything.
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