MBA FAQs: all your questions answered
Could a Master of Business Administration (MBA) be your express ticket to a new career? Or do you want to get ahead of your competition and climb the ladder a little faster?
If you’re ambitious and business-minded, odds are an MBA has crossed your mind more than once. But life is busy and study takes time, so you might find yourself wondering: is an MBA worth it, really?
Well, we’ve answered this and several other MBA FAQs below, so you’ll know exactly what you’re getting yourself into – and why.
Many factors make the MBA worthwhile. This program can:
- increase your earning potential
- help you change careers and industries
- open the door to promotions
- expand your professional network
- kick-start your endeavours as an entrepreneur
- equip you with in-demand business-leadership skills to elevate your career.
If any of these outcomes line up with your career goals, there’s a good chance an MBA is worth it.
Yes, most people earn significantly more after graduating with an MBA. In fact, according to MBA News, the average MBA graduate’s salary doubles within three years of completing their course.
UQ MBA alumni earn an average salary of $170,000.
An MBA equips you with the theoretical frameworks, practical tools and applied experience to become a business leader, manager and/or entrepreneur. MBA graduates can see the holistic big picture while also executing the important details.
Topics your MBA degree will teach you range from innovative thinking and strategic HR management to business analysis and using IT to maximise business value.
Other key skills you will get from an MBA include:
- strategic analysis
- accounting analysis
- operations design
- business economics
- financial management
- marketing management
- team leadership.
Many MBA programs, including the UQ MBA, feature a capstone project during which you’ll get the chance to apply all your learnings in a real business environment.
The MBA is a versatile degree, so the professional world is your oyster. In fact, 77 per cent of UQ MBA alumni change careers after graduating, so you’re certainly not restricted to only progressing in your current industry.
Graduates can thrive in almost any industry, taking on leadership and management roles in sectors including:
- data analytics
- healthcare management
But this really is just a snapshot. An MBA can prepare you for business success in your preferred field or niche, whatever it might be. Many graduates go on to become entrepreneurs, forging their own path in their chosen industry.
Even for those who aren’t interested in entrepreneurship, the opportunities are limitless. The corporate jobs you can get with an MBA include:
- chief financial officer
- chief executive officer
- business analyst
- business management consultant
- brand marketing manager
- human resources manager
- sales manager
- finance manager
- general manager
- product manager
- program manager
- operations manager.
This varies from business school to business school, but most expect applicants to have completed a bachelor’s degree with strong grades. The academic prerequisite for the MBA at UQ is any bachelor’s degree (or equivalent) with a 4.5 GPA.
However, if you don’t have this, you may still be able to study the MBA by completing your Graduate Diploma in Business Administration with UQ first. This alternative pathway is available if you have a substantial amount (minimum seven years) of relevant work and managerial experience.
Yes, most providers (including UQ) don’t require your prior bachelor’s degree to be related to business. This means an MBA can help you add an analytical business lens to your existing profession or change careers entirely.
This varies from business school to business school. However, on average, most ranked schools expect students to have at least four to six years of work experience.
At UQ, we look for a minimum of four years’ work experience including at least two years of supervisory/managerial experience. However, our average MBA student has 12 years’ work experience including seven years’ management experience. The experience of our MBA cohort is one of the key factors that sets us apart and is why we’re ranked #1 in the world for student quality (The Economist 2021 rankings).
Yes, it does. As a university with one of the world’s highest-ranking MBA programs, we’re obviously a little bit biased. But the results and alumni success stories really do speak for themselves.
Firstly, attending a face-to-face MBA program provides networking opportunities and shared learning moments that simply can’t be replicated in an online course.
Secondly, it’s the teachers and peers that make or break an MBA. If you’re not learning from bright business minds and innovative thinkers, what’s the point? And if you’re not studying alongside students with diverse worldviews and big ideas, how can you truly challenge your own thinking?
UQ’s MBA program is ranked first in the world for student quality – a testament to how much your peers will push and elevate your mindset. Our MBA teachers are proven business leaders who will provide you with the insights and innovative approaches to take your career to the next level.
Ultimately, you should enrol in an MBA that will build your network, expand your thinking and enhance your potential – not a program that just puts the letters ‘MBA’ after your name. So, yes, it absolutely matters where you get your MBA from.
After you graduate, you’ll be part of a thriving alumni network with regular events and opportunities to establish new connections while building on existing ones. You’ll also have ongoing access to:
- alumni-to-alumni mentoring
- UQ’s ilab Accelerator program
- a 10% discount on UQ Business School Executive Education courses, plus access to a 10% lifelong learner scholarship for any future UQ postgrad program*
- alumni memberships (e.g. UQ Library, UQ Sport)
- many other benefits.
At UQ, we also provide MBA alumni with lifelong access to our MBA Careers and Professional Development Team. They can help you with specific job searches and generally developing your career in the right direction.
*If you’ve completed a prior degree with UQ, you may also be eligible for this 10% scholarship for the MBA itself.
An MBA takes two full-time years to complete at most business schools. However, some schools provide multiple study-load options to suit your lifestyle and ambitions.
For example, MBA students at UQ can:
- study an accelerated MBA over 12 months (great for those who have the time and drive to get it all done quickly)
- study a streamlined MBA while working over 24 months (great for those who want to fast-track their careers without putting them on pause first)
- study at their own pace for up to 10 years (great for those who need more flexibility).
Yes. Some schools, such as UQ Business School, offer an accelerated MBA program that can be completed in just 12 months.
We won’t sugar-coat it: the MBA is a challenging program. But it’s supposed to be.
Becoming a business leader of the future shouldn’t be easy. It takes time and effort, and you’ll find yourself pushing your intellectual limits at various points of the course.
While the MBA is intellectually demanding, it’s never unreasonable. If you have the prerequisite education and managerial experience, the MBA isn’t beyond you. Plus, our teachers and support staff are here for you every step of the way, helping you keep your study manageable.
This means you can exceed your expectations without exceeding your limitations, allowing you to truly reap the rewards of this challenging program.
If you’re ready for a significant step up in your current career or you’re looking to change careers altogether, yes, you should consider an MBA. The fact you’re already asking yourself “should I get my MBA?” indicates you have the curiosity and ambition to benefit from this program.
Consider the prerequisites and the potential benefits discussed above. If you meet the former and find the latter appealing, pursuing an MBA could be the best next step for your professional life.
As a recap, here are some of the most common reasons why people get an MBA:
- They want to earn a higher salary.
- They want to step into a management or C-suite role.
- They want to change careers.
- They want to become an entrepreneur.
- They want to expand their network.
If you’ve got something to ask that isn’t answered here, we’re happy to help further.
- Read additional FAQs from the UQ Business School.
- Visit our MBA page for specific information about the UQ MBA.
- Request a call back to speak with our MBA team.
- Download an MBA brochure.