What are the different types of MBA programs?

MBA students in classroomIt’s one thing to decide the time is right to get an MBA. It’s another thing entirely when you see how many different types of MBA programs there are to choose from.

A Master of Business Administration is a valuable degree with a variety of ways it can be earned. How do you decide between different MBA types? There are several ways to analyze the different programs.

For starters, you’ll find different MBA types based on location:

  • campus-based MBA
  • online MBA
  • hybrid MBA

Then there are various MBA types based on the program’s timeline:

  • full-time
  • part-time
  • accelerated

Note what types of MBA programs sound good to you. Your first impression may help guide you in the right direction; however, there are many other factors to evaluate first.

Before you consider different MBA programs

Why do people want an MBA degree? Why do they choose to apply for different types of MBA degrees? One 2018 survey revealed most people want an MBA to:

  • gain new knowledge and skills
  • change careers
  • advance their current careers
  • connect with a strong network of professionals

You may want to be promoted in your current organization or prepare for a new opportunity at a different company. An MBA degree is a powerful way to demonstrate you have the experience and knowledge to excel in a new position.

An MBA is worth it for people with undergraduate degrees who want to be positioned to work in leadership roles or start a new business. Different MBA types provide a solid foundation of business and leadership knowledge and hands-on opportunities for experiential learning with experienced professors and other students seeking different MBA degrees.

What are the different types of MBA programs?

Common types of MBA programs you may have heard about are the following:

  • full-time MBA – a full course load, similar to undergraduate degrees
  • part-time MBA – typically evening classes so students can maintain a consistent day job
  • online MBA – allows students to make their own schedule while studying from home
  • executive MBA (aka EMBA) – for experienced professionals who want to earn a credential reflecting their business credibility and advance their career
  • global MBA – for high-capacity, experienced professionals studying with diverse students and faculty to gain a worldwide perspective for their work in business and leadership

One of the biggest differences among these MBA types is the amount of time they take and how busy MBA students are during each of the semesters.

How long does it take to get a degree in different MBA programs?

In general, it takes from one to four academic years to earn an MBA, depending on the different types of MBA programs. Full-time MBA programs may only take one year. A part-time program could be more than three or four years of courses. An executive MBA or online MBA program will likely take about two years, requiring your focus on top of your normal work and life schedule. An accelerated evening MBA program, however, is an innovative, strong choice for working professionals who are driven to complete the degree in two years. Online, some MBA programs allow you to choose how heavy or light your course load is each semester, but that will also determine how long it takes you to complete the degree—the fewer courses you take each semester, the more semesters you’ll have to take courses.

3 essential types of MBA program concentrations

In addition to time and location, another way to analyze the variety of MBA types is by examining the concentrations of different MBA degrees. Some MBA concentrations you might find include:

  • Accounting
  • Business management
  • E-business/E-commerce
  • Economics
  • Entrepreneurship
  • Finance
  • Global management
  • Human resources management
  • Information systems
  • Leadership
  • Marketing
  • Operations Management
  • Strategic/Risk Management
  • Technology Management

When it comes to choosing a concentration for different MBA degrees, three of these stand out because they represent a large number of jobs in a wide variety of industries:

  1. Entrepreneurship
  2. Finance
  3. Leadership

An entrepreneurship concentration MBA includes studies on ideation, concept development, situation analysis, identifying core competencies, prototyping, and market introduction. MBA entrepreneurship students learn to collaborate and iterate on market opportunities and potential solutions, and turn a business idea into reality by assessing risks before new developing products or services.

Finance concentration MBA types focus on the financial aspects of business like accounting, investing theory and practice, portfolio management, and international finance.

A leadership concentration covers the foundations of leading an organization, acting as a strategic leader, integrating leadership theory and practice responsibly, and gaining cultural competence to be an effective leader in international settings.

How much money can you make with different MBA types?

MBA studentEarning an Master of Business Administration degree increases your chances of getting a higher salary at your current company and help position you for opportunities with other companies.

In a survey of people who hold different MBA degrees, the data suggests that those who work in management earn around $146,000 annually by the middle of their career (about 15 years or more after graduation).

It’s not enough just to have an MBA; the concentration types of MBA degrees matter, too. MBA-holders who focused on finance, economics, accounting, entrepreneurship, leadership, marketing, and management can potentially double their income—another reason to consider a concentration in entrepreneurship, finance, or leadership.

MBA graduates who majored in strategy enjoy early career earnings of $96,200 annually, while the same for human resources majors was only $48,400. Mid-career, those annual salaries average $149,000 and $79,200 respectively.

Benefits of the MBA program at Augsburg University

In Augsburg University’s MBA program, students gain knowledge in applying course materials by studying in a cohort with fellow MBA students and exceptional faculty. This type of MBA program keeps a driven pace toward graduation, while also allowing for students to balance their own work and life demands.

Get the Augsburg MBA experience at the location that works best for you: Minneapolis or Rochester, Minnesota.

At Augsburg’s Minneapolis campus, small class sizes and classes that meet one evening per week at night are designed for working professionals like you, which means a complete degree is possible within 26 months.

At the Rochester location, the Augsburg MBA can also be completed in less than 26 months. Classes meet one evening per week. Apply your degree to your work sooner and make professional progress in your company and industry.

What else can you expect from Augsburg’s MBA program?

  • Enhance your résumé, make meaningful connections, and apply your MBA knowledge using experiential learning in a Management Consulting Project with real companies in Minnesota
  • Enroll in up to two study-abroad courses, lasting 10 days each.
  • Learn from staff and faculty who understand what it’s like to be a MBA student and still work full-time.
  • Grow from a supportive environment with your cohort, which includes other working professionals from a variety of career paths and industries.

To set yourself apart from other MBA students and distinguish your professional value even more, consider a dual degree: an MBA/MAL dual degree or an MSW/MBA dual degree.

Which type of MBA program is best for you?

The best types of MBA degrees are from highly rated schools and experienced faculty and staff who’ve helped many students earn their degree and enhance their career.

All students—including you—have to decide what’s most important for themselves:

  • working full-time while attending MBA classes
  • to pause work and other life responsibilities to go to school full-time
  • whether to attend evening and weekend classes or online courses
  • how quickly you want to have your MBA degree

Have questions about MBA types and which is best for your career? Explore Augsburg University’s MBA program or contact mbainfo@augsburg.edu to talk with MBA professionals today.

Is an MBA worth it?

Is an MBA worth it? The benefits of an MBA are worth the time and cost for people who want to work in business management, leadership roles, or start their own company someday.

The MBA is one of the most common graduate degrees around. But when you survey the options, you wonder: is an MBA worth it?

Pursuing a graduate degree is an investment in your future that will pay dividends for your career. If you work in a large organization or want to start your own company, you should consider a Master of Business Administration degree.

What does an MBA give you that other degrees can’t provide? Since good business practice requires you to evaluate opportunity costs, take some time to consider the costs and benefits of an MBA.

Things to consider when evaluating an MBA

When you look at different graduate school options, notice what they offer—and what they don’t mention. Is an MBA worth it from the specific school you’re looking at? First, find out if the MBA offers you:

  • Financial management
  • Principles of entrepreneurship and innovation
  • Leadership and organization development
  • Assessment tools used by professional business people for personal improvement
  • Face-to-face courses taught by professors with academic and professional experience
  • Experiential learning using business simulations and a field project with a local business
  • International business experience with trips to Europe and Latin America

What are the benefits of an MBA?

A Master of Business Administration degree accelerates your career path, opens up new opportunities for you within your organization, and makes you more marketable as your own personal brand. An MBA degree communicates to current and future managers that you are serious about your career.

Why get an MBA? What is an MBA degree good for, practically speaking? At the most fundamental level, an MBA prepares and equips students to:

  • identify their strengths
  • build their business skills
  • understand the finances of organizations
  • apply their knowledge through real work and experience

An MBA positions you to be more successful in job interviews. The degree helps hone your skills and enhance your personal knowledge in business. An MBA empowers you to think differently, make decisions using data, and opens your mind to new possibilities. If you really want to be set apart, and be an out-of-the-box thinker who can innovate and provide value to companies and start-ups, an MBA may be perfect for you.

What happens to your career path when you get an MBA?

Is an MBA worth it for changing careers or staying in the same one? If you want to climb the ladder to a new position in your company or position yourself for a job opportunity at another organization, an MBA is a significant way to prove you’ve got the knowledge and practice to succeed in that new position.

Education is an investment. You put in time, effort, and money now with the anticipation that it will reap career and financial rewards later on.

Will an MBA mean an increase in your salary?

Is an MBA worth it to make more money? The short answer is yes; the data supports the argument that people with an MBA will more likely earn more money over their career.

Choosing to get an MBA may unlock a more aggressive growth path for your career earnings. In 10 years, you may earn significantly more salary than your career path without an MBA.

Compare the salaries of people who hold the same job—some hold only a Bachelor of Science/Bachelor of Arts, while some have a Master of Business Administration. For example, a marketing director with an MBA earns $132,000 annually, but a marketing director without an MBA only earns $101,000. Likewise, senior HR managers and IT directors earn 12% more with an MBA than without.

If you don’t want to advance in a career of management, leadership, and high-level positions, the MBA is less important than work experience, developing practical skills, and other factors that influence your salary.

Does it matter where you get an MBA?

Why get an MBA from a highly rated institution with a recognized MBA program? Without a respected school’s name next to your degree, the potential benefits of an MBA decrease in the short-term and the long-term for your career and salary.

So is an MBA worth it?

An MBA is worth it for people who have an undergraduate degree and know they want to work in business management, leadership roles, or start their own company someday. The MBA provides a knowledge base as well as practical experience learning alongside other ambitious students and exceptional faculty.

In an established program like the MBA at Augsburg University, get hands-on experience in a business simulation, an international trip, and work with a variety of professionals in your cohort.

Augsburg University’s MBA is an affordable and respected program designed for working professionals. With the third largest MBA program in Minneapolis-St. Paul, Augsburg offers academic excellence with convenient class schedules and affordable tuition.

Why earn an MBA at Augsburg University? What do MBA students love about the Augsburg MBA program?

  • The three concentrations of the program: finance, entrepreneurship, and leadership
  • A consistent, convenient schedule: one night a week for 26 months
  • Small class sizes in a supportive cohort with working professionals from diverse careers

Networking for success in an MBA program

One significant difference between MBA programs at various schools is the community of professors and students who learn together.

The network of fellow MBA students in your cohort may not just be supportive during the two-year length of an MBA program, but may also benefit your long-term job opportunities and professional development.

One Augsburg MBA alumnus, Tony Wagner ‘10, explained having class with the same people week after week offered more than new friendships—he found 15 colleagues he could go to for advice or answers:

“Engaging the material through discussion allows our cohort to go beyond the textbook. The professors draw us in with their insight, and then we add our own experiences.”

Augsburg MBA alumni have created companies with social impact; been inducted as fellow in a policy institute in Washington, D.C.; started a publishing company; and risen to district management and above in major corporations. Why get an MBA at Augsburg like these noteworthy alumni? You have your own accomplishments to achieve and mark to make in the world.

Lara Dreier ‘15 MBA praised Augsburg University’s professors:

“Everyone on the faculty was both a practitioner and a scholar, which was extremely important to me. I wanted curriculum that was both conceptual and applied, and got both in every class. They offered the support needed to be successful.”

Professor Jeanne Boeh teaches economics and is chair of business administration in Augsburg’s MBA. She previously taught at Loyola University, the University of Illinois in Chicago, and the University of St. Thomas. She earned an M.A. and a Ph.D., is a member of the Minneapolis Star Tribune Board of Economics, and is regularly quoted in the business section as an expert in economics.

George Dierberger is interim director of Augsburg’s MBA program. He previously worked for multinational corporation 3M, where he orchestrated strategic plans, lead significant sales initiatives, and launched product lines for 25 years. He holds an MBA, an M.A., and an Ed.D., and has taught businesses courses at Augsburg, Bethel University, and the University of Wisconsin-River Falls.

Explore the Augsburg MBA program with exceptional faculty and proven quality. Augsburg University’s MBA program is accredited by the North Central Association Higher Learning Commission and is a member of and candidate for Accreditation Council for Business Schools and Programs accreditation.

Still wondering, “Is an MBA worth it?” Contact business professionals at Augsburg University or request specific MBA program information.