Sep 16, 2009

MBA Salary Information

Many MBA students decide to pursue graduate degrees in order to boost their job prospects. In addition to opening up new opportunities, however, earning an MBA degree will also lead to substantially higher salaries. With an MBA degree, your earning potential will far surpass that of workers with no college education–and even those with bachelor degrees.
On average, you can expect to earn 50 percent more than you were earning before you received your MBA. That's no small incentive for furthering your education. Your investment of time and tuition will pay off in dollars, recognition and job satisfaction.
First Year MBA SalariesAccording to The National Association of Colleges and Employers, in 2006, average MBA salaries were $90,000. First-year MBA graduates' salaries average between $50,000 and $75,000–with more than 40% earning $75,000 and up.>
The Graduate Management Admission Council (GMAC) compiled salaries of first-year MBA graduates in different career fields. The average 2006 base salaries plus additional compensations were as follows:
· Health Care – $111,477
· Finance – $103,122
· Consulting – $101,736
· Energy/Utilities – $100,263
· High Tech – $98,621
· Manufacturing – $98,417
· Products/Services – $94,558
· Non-Profit/Government – $73,125
As a potential employee, you will have to weigh the benefits of accepting a position with a higher base salary against a position with a lower salary that offers bonuses and other perks. These perks can include annual bonuses, car allowance, tuition reimbursement, relocation costs and more.
MBA Salary FactorsOf course, average salary information is just a guideline to help you know what to expect. Starting salaries could be much higher or much lower, depending on many different factors that affect salaries. These factors include:
· Your school's reputation
· Post-MBA role
· Geographic location
· Industry you are employed in
· Cost of living
· Pre-MBA experience
· Undergraduate major
Years of ExperienceExperience is a great teacher, and the more time you spend working in a company, the more vital you become to the organization. Because most companies recognize this, starting salaries for MBA program graduates are generally lower than those of their co-workers with more time on the job.
The majority of MBA graduates can expect to earn on average $50,427 in their first year. As your length of time on the job increases, so will your income. Here is a sample of average salaries you can expect as your time on the job increases:
· Under 1 year – $50,427
· 1 to 4 years – $56,090
· 5 to 9 years – $74,053
· 10 to19 years – $94,038
· Over 20 years – $103,600
Geographical LocationThe geographic location of your employer plays a large role in the salary you can expect. You'll need to decide if you're willing to relocate to earn a higher income. Different states and cities throughout the U.S. have different average incomes based on their economy, the vitality of their businesses and the cost of living in that location. Here are some average salaries of MBA graduates based on state:
· California – $96,599
· New York – $95,083
· Massachusetts – $89,267
· Illinois – $83,998
· Pennsylvania – $78,536
· Texas – $78,532
· Florida – $67,130
Average MBA Salaries Based on City· New York City – $102,869
· Boston – $95,605
· Los Angeles – $94,243
· Chicago – $89,495
· Atlanta – $82,410
· Houston – $80,711
· Dallas – $80,595
An MBA Salary Offers a Great Return on Your InvestmentWhile there are many factors that go into determining your earning potential as an MBA graduate, one thing is certain: your investment in your education will be rewarded. Find MBA schools that interest you, and take the first step towards higher income and increased job opportunities

MBA Glossary-A short list of frequently used acronyms and terms relevant to MBAs.

AACSB – Stands for the Association to Advance Collegiate Schools of Business International. The AACSB is a US-based non-profit organization that evaluates and accredits universities and schools, including business schools within and outside the United States.AMBA – Also known as the Association of MBAs, a UK-based organization that offers accredits and approves high-quality MBA programs. The AMBA generally focuses on programs in the United Kingdom, but also evaluates international programs.
“B–School” – Often-used term to refer to business schools.
EMBA – Stands for Executive MBA, business programs that are designed for students with more business experience than students typically enrolled in traditional MBA programs.
EQUIS – The European Quality Improvement System (or Equis) is an agency that accredits European business schools. It is run by the European Foundation for Management Development in Brussels, Belgium.
ETS – Educational Testing Service, a US-based non-profit organization widely known for producing standardized exams such as the GMAT and TOEFL, which are common requirements for applicants to business schools in the United States and abroad.FAFSA – Free Application for Federal Student Aid is a form submitted by students of US universities who are seeking financial aid from the US government. The FAFSA form centers around ascertaining a student's Expected Family Contribution (EFC), a figure that determines which need-based government grants and subsidized loans a student can apply for.FIBAA – Foundation for International Business Administration Accreditation, a private German organization that rates and accredits MBA programs in the three German-speaking countries of Europe – Germany, Austria, and Switzerland.GMAT – Acronym for the Graduate Management Admissions Test. Many business schools around the world require applicants to submit the results of the GMAT examinations as a criterion for admission to MBA programs. The test – composed of essay and multiple-choice questions – is administered by the Educational Testing Service (ETS).GPA – Stands for Grade Point Average, the most common quantitative measure of overall undergraduate academic achievement.
IELTS – International English Language Testing System, a common, English-language proficiency exam. Many English-speaking universities and business schools in Canada, the United Kingdom, Australia, New Zealand, and South Africa request that non-native English speakers submit satisfactory IELTS results when applying.TOEFL – Stands for the Test of English as a Foreign Language. The TOEFL is a standardized examination of English-language proficiency that non-native English-speaking applicants must often take before acceptance to English-speaking universities. The test is administered by the Educational Testing Service

MBA Application Game Plan

Researching Programs:
By the time deadlines approach, many applicants have their heads down, racing ahead to complete essays and resumes and fill out data forms. It's much better to get an early start, and take a step back and educate yourself before you dive in. Don't leave it to the Business Week rankings to decide for you in the last moments before the deadline.
Since 2001, Stacy Blackman Consulting has helped hundreds of clients gain admission to every top business school in the world. The company's approach, based on developing and implementing a winning marketing strategy, makes the application process less stressful and more successful.
Unfortunately, a lot of applicants forget this simple fact: you are the customer! Business schools print brochures and travel from city to city to convince you to consider their programs. They brag about the vast accomplishments of their faculty and the high-profile careers of their alumni. But what aren't they telling you?
Do your own research. Visit the schools, sit in on a class, tour the campus. Go to the info sessions and ask real questions. Call the admissions department and ask for the names of students and recent alums, and get in touch with these folks. This research will help you decide where you truly want to apply. Your efforts will not be wasted - your knowledge of and passion for the schools will shine through in your essays and later in your interview.
The GMAT:Moving on to the tactical part of your application, an important first step is the GMAT. Know your style – can you work, study for the exam and write essays at the same time? If not, it is important to plan ahead. Remember, the GMAT is computer adaptive, which means that you have to answer the most difficult questions correctly to achieve a high score. Can you realistically study on your own and manage the time to cover all of the content on the exam, or are you getting help from prep classes. If, in fact, you are taking courses, keep in mind that they may take several weeks, and a retake may be part of your process, drawing everything out to a total of three to four months. This could mean that Round 1 is unrealistic for those that have not yet begun preparing for the exam.
Speaking of "rounds", stop gaming for which round is "best." Figure out what works best with your calendar. Start early, but you can always decide at the last second not to submit. The quality of an application, including a top GMAT score, is far more important than being the first to submit.
Recommendations:
Once your GMAT is complete, you will have a better idea of which schools are realistic for you. You will also finally have the time to devote to the other parts of your applications. You should initiate the recommendation process as early as two months before the deadline and closely manage the process throughout. Begin by taking your recommender out for lunch, sharing your resume, the recommendations deadlines and a "cheat sheet" that you have prepared to help them write your letter. Your cheat sheet may take a couple of days to prepare – it should be thorough – outlining your goals and reminding your recommender of all of your accomplishments and projects that you want them to write about. You will need to create different cheat sheets for each of your recommenders to reflect different perspectives on you.
Make these guides very specific and detailed. Don't say to your recommender, "Please write about my leadership skills here." Give him all of the fodder he will need. Remind him that you were appointed as one of the youngest project leads at the company. Cite the review that ranked you in the 95th percentile in leadership capability. Do you want your recommender to discuss your negotiation skills? Remind him of the time your plan led to an extra million dollars for the company in the MacDougal negotiation. Need to emphasize your financial acumen? Ask the recommender to write about your contributions to the '06 budgeting committee.
Time Management:
Now, when it comes to your own personal work for the application process, make sure you plan your calendar well in advance. You need to think of your "time budget" in terms of HOURS, DAYS and WEEKS.
HOURS: In general, you should plan to spend 40-60 hours in front of a computer outlining, writing, proofreading and editing essays. If English is not your first language, you may need to tack on some additional hours. Add to this some time candidates will spend researching schools and essay ideas and the writing process in total stacks up to the equivalent of a couple of full work weeks!
DAYS: You need to set aside an adequate amount of work days, in part based on your own personal work style and stamina. Most people's sharpness diminishes after a couple of hours of writing essays. We recommend to our clients that they spend 2-3 hours at a time writing. That's enough time to get "into a groove," but not so much time typing that their fingernails start to fall off. It is the rare individual who can cram their whole essay process into 4 or 5 marathon sessions. Conversely, thinking you'll do good work in bits and pieces—20 minutes at Starbucks, 45 minutes on the Boston shuttle—is probably a mistaken notion as well.
WEEKS: Spreading out your writing process allows for an appropriate time of reflection, prioritization and possibly even brainstorming with others. In our experience, an eight week process seems to provide enough time for reflection while also keeping your work rate at a comfortable, yet quick clip.
Candidates who rush into their writing process are most at risk for having their essay work hours spiral out of control. A significant risk is the "dead-end essay." Some folks dive into the first leadership or ethical dilemma concept they think of without judging it against alternate ideas or sketching out a brief outline. These MBA aspirants plow hour after hour into their essays, trying to incrementally improve them from week to week. But the best essays will "write themselves" if you've done a bit of prep, organizing the main themes and illustrative "micro-examples" into an outline. A five hundred word essay draft could be completed in 2-3 hours of nicely paced writing.
Good luck, and happy applications!

Getting the GMAT Edge

The GMAT is an often misunderstood element of the application process. The quest for a perfect GMAT score can be a waste of time for someone who is laboring to increase his/her score from 750 to 790. The appropriate way to think of the GMAT is that solid scores address the question of whether you have the intellectual capabilities to handle an academically rigorous environment. Passing this test with solid scores in the 700 plus range is necessary but not sufficient to gain admission to your dream school. While great GMAT scores will not guarantee admission, a low GMAT can often derail an admission.
Chioma founded EXPARTUS based on her vision of personal branding as a key component of a successful admissions process and her passion to enable others to realize their life's dreams. Previously, Chioma served as an Assistant Director of Admissions and a Member of the Admissions Board at Harvard Business School, where she reviewed applications, interviewed U.S. and international candidates, and developed a marketing strategy focused on minority candidates and the MBA program.
Therefore, it’s worth taking a GMAT prep course to boost your score. The first step is to take a sample exam and see how you perform. If your score is 650 and above, you can probably brush up with self study of the Official GMAT Guide book and then take the test. If you know that you are not a great test taker, have been away from school for a while, or have a score in the low 600s or below in a sample exam, I recommend taking a full prep program.
Recognize that not all GMAT test programs are the same. Do your due diligence. For some people, they can benefit by focusing on strategies to tackle the exam, something Kaplan and Princeton Review are good for. On the other hand, if you need more of a content-driven preparation, you may want to consider the Manhattan GMAT nine-week program.
If you are interested in further beefing up your academic background beyond the GMAT, consider taking a couple of business and quantitative courses such as Accounting, Finance, Statistics and Economics. Recent academic performance can offset concerns if your GMAT is below average or you have a less than stellar college transcript.
The summer proves a great time to commit to that GMAT prep course, tutoring or self study to strengthen your GMAT. The goal is to gain admission into your dream school so invest the time to prepare for the GMAT and make it a non-issue in your application

Basic forms of Ownership

Sole proprietorship: A sole proprietorship is a business owned by one person. The owner may operate on his or her own or may employ others. The owner of the business has total and unlimited personal liability of the debts incurred by the business.
Partnership: A partnership is a form of business in which two or more people operate for the common goal of making profit. Each partner has total and unlimited personal liability of the debts incurred by the partnership. There are three typical classifications of partnerships: general partnerships, limited partnerships, and limited liability partnerships.
Corporation: A business corporation is a for-profit, limited liability entity that has a separate legal personality from its members. A corporation is owned by multiple shareholders and is overseen by a board of directors, which hires the business's managerial staff.
Cooperative: Often referred to as a "co-op business" or "co-op", a cooperative is a for-profit, limited liability entity that differs from a corporation in that it has members, as opposed to shareholders, who share decision-making authority. Cooperatives are typically classified as either consumer cooperatives or worker cooperatives. Cooperatives are fundamental to the ideology of economic democracy.

What is Business-Definition

A business (also called a firm or an enterprise) is a legally recognized organization designed to provide goods and/or services to consumers. Businesses are predominant in capitalist economies, most being privately owned and formed to earn profit that will increase the wealth of its owners and grow the business itself. The owners and operators of a business have as one of their main objectives the receipt or generation of a financial return in exchange for work and acceptance of risk. Notable exceptions include cooperative businesses and state-owned enterprises. Socialist systems involve either government agencies, public, or worker ownership of most sizable businesses.
The etymology of "business" relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work. The term "business" has at least three usages, depending on the scope — the singular usage (above) to mean a particular company or corporation, the generalized usage to refer to a particular market sector, such as "the music business" and compound forms such as agribusiness, or the broadest meaning to include all activity by the community of suppliers of goods and services. However, the exact definition of business, like much else in the philosophy of business, is a matter of debate.
Business Studies, the study of the management of individuals to maintain collective productivity in order to accomplish particular creative and productive goals (usually to generate profit), is taught as an academic subject in many schools.

Basic Types of MBA Programs

  • Two year MBA programs normally take place over two academic years (i.e. approximately 18 months of term time), in the Northern Hemisphere beginning in late August/September of year one and continuing until May of year two, with a three to four month summer break in between years one and two. Students enter with a reasonable amount of prior real-world work experience and take classes during weekdays like other university students.

  • Accelerated MBA programs are a variation of the two year programs. They involve a higher course load with more intense class and examination schedules. They usually have less "down time" during the program and between semesters. For example, there is no three to four month summer break, and between semesters there might be seven to ten days off rather than three to five weeks vacation.

  • Part-time MBA programs normally hold classes on weekday evenings, after normal working hours. Part-time programs normally last three years or more. The students in these programs typically consist of working professionals, who take a light course load for a longer period of time until the graduation requirements are met.

  • Executive MBA (EMBA) programs developed to meet the educational needs of managers and executives, allowing students to earn an MBA or another business-related graduate degree in two years or less while working full time. Participants come from every type and size of organization – profit, nonprofit, government — representing a variety of industries. EMBA students typically have a higher level of work experience, often 10 years or more, compared to other MBA students. In response to the increasing number of EMBA programs offered, The Executive MBA Council was formed in 1981 to advance executive education.

  • Distance learning MBA programs hold classes off-campus. These programs can be offered in a number of different formats: correspondence courses by postal mail or email, non-interactive broadcast video, pre-recorded video, live teleconference or videoconference, offline or online computer courses. Many respectable schools offer these programs; however, so do many diploma mills. Potential students should check the school's accreditation before undertaking distance learning coursework.
    Dual MBA programs combine MBA degree with others (such as an MS or a J.D., etc) to let students cut costs (dual programs usually cost less than pursuing 2 degrees separately), save time on education and to tailor the business education courses to their needs. Some business schools offer programs in which students can earn both a bachelor's degree in business administration and an MBA in four or five years.

What is MBA- Definition of MBA

A master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out scientific approaches to management. The MBA degree has since achieved worldwide recognition.
Accreditation bodies exist specifically for MBA programs to ensure consistency and quality of graduate business education, and business schools in many countries offer MBA programs tailored to full-time, part-time, executive, and distance learning students, with specialized concentrations.

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