Chances are that regardless of your profession, you have heard of the MBA degree. In fact, you or someone you know may be either pursuing or have obtained one. Most people could even guess at the degree’s full name, Master of Business Administration. But beyond these basic facts, how much do you know about the MBA degree? Have you ever considered:
- Where did it begin?
- How many people hold an MBA?
- What are the benefits of earning the degree?
- Does it benefit those outside the business world?
For answers to those question and more, read below.
TOP 10 MBA FACTS
The MBA degree has American roots.
Harvard Business School was the first to offer the degree in 1908, largely in response to the Industrial Revolution. Today, you can earn your MBA in countries across the globe, in the classroom or online.
It takes around two years to earn an MBA.
Students who pursue their MBA in a classroom setting, typically take two years to complete the degree. Online learners average closer to three years, more than likely because they are juggling existing careers at the same time. Still, it is possible to achieve an online MBA in a few as 18 months.
The MBA is the top master’s degree in America.
According to the U.S. Department of Education's latest data, approximately one-quarter (or 188,600) of all postgraduate degrees were business.
The first online MBA degree was offered in 1989.
To be exact, three schools debuted online MBA degree programs that year. Today, there are hundreds of options. Johnson & Wales University began offering its Master of Business Administration degree online in 2012.
Obtaining an MBA degree can be a worthwhile investment.
According to the United States Census Bureau, business bachelor degree holders earn an average of $2,563,000 over the course of their careers, while those with a master’s degree in business can expect $3,257,000 — a noteworthy increase of nearly $700,000.
Men make up the majority of MBA graduates.
Women accounted for about 36 percent of MBA graduates in 2013. The first females were allowed to enroll in a full-time MBA programs in 1963, and, again, Harvard was the first school to do so.
MBA holders are more likely to become a CEO than POTUS.
One in three CEOs of S&P 500 companies have an MBA, and half of the CEOs of the 10 most valuable companies hold the degree. Only two U.S. presidents, John F. Kennedy and George W. Bush, graduated with their master’s degree in business.
MBAs aren’t strictly business, however.
It’s probably not surprising that business titan and former New York City mayor Michael Bloomberg holds an MBA, but so does Sheryl Sandberg, current COO of Facebook, and Jeffrey Skoll, founding president of eBay. Joe Coulombe, founder of eponymous Trader Joe’s, earned the degree, and both Nike’s co-founder, Phil Knight, and current CEO, Mark Parker have MBAs. The degree is flexible across various industries.
You can specialize your degree.
Many business schools offer concentrations in addition to the general MBA. This allows your to hone your business skills while focusing your studies in an additional area like Finance, Human Resource Management, Nonprofit Management, or Hospitality.
Career advancement is a main motivator.
In its 2015 annual report of prospective students, the Graduate Management Admission Council (GMAC) found than the majority of respondents (65 percent) were seeking a graduate business degree to help them achieve their career goals.