The first step on the path to a CEO or Administrator career is an MBA degree. Wondering where to start? You’re in the right place. We’ve collected all the must-have information that will help you make an informed and educated decision about your MBA program.

Start with the basics: Learn exactly what an MBA is, who it’s best suited for and what type of careers you can pursue with this resume-boosting degree. You’ll also find a free directory of schools offering MBAs—from on-site programs to evening degrees aimed at working professionals—that match your goals and lifestyle.

What is an MBA?

An MBA (Masters in Business Administration) is the most desired graduate degree in the United States. It is a career-boosting, skill-developing and potentially income-enhancing credential. While most people are familiar with the abbreviation “MBA,” many don’t understand what it is or how it applies to today’s business world.

Let’s break it down

• A master’s degree is the next rung of academic achievement after you have completed your bachelor’s degree. It is sometimes also called a graduate degree. A master’s typically requires one to two years of study to complete.
• The business administration part of the MBA focuses on developing business management skills, performance management and the decision-making chops necessary to maintain a steady flow of business operations and profitable returns.

Who Needs an MBA?

Take a look at the questions below to help determine if you’re a candidate for an MBA program.

• Would you like to climb the corporate ladder?

Many students go back to school to earn an MBA when they have been working in their current field and need a degree in order to compete for a promotion. If you have been working for a few years and have a clear plan, an MBA can help you to achieve your professional goals.

The Bureau of Labor Statistics reports that workers who had a master’s degree earned a wage that was nearly 90 percent higher than that earned by workers with a bachelor’s degree. Many of these sales agents had earned an MBA, which may be required for high-level jobs.

• Do you enjoy learning about and discussing various aspects of daily business operations?

If you have a business mindset—a passion for process, analytics and problem-solving—an MBA may be a good fit for you. While the credential can help you compete for some prestigious jobs, you must have a sincere interest in business processes if you plan to build a career in the business world. No amount of education can replace true enthusiasm.

MBA programs come in all flavors. They vary in length, prerequisites for professional experience, and the schedule and delivery format. Consider your lifestyle, work history and work-related goals before applying to any program.

MBA Curriculum

MBA programs prepare students to become leaders in the business community. Classes will equip you with the education and skills necessary to efficiently analyze, problem solve and ensure the successful operation of business and corporations.

Core courses will build a foundation of business knowledge and include:

• Management and leadership skills
• Economics
• Marketing strategy, analysis, and development
• Management
• Operations Management
• Intermediate Finance and Accounting

Online vs. On-Campus MBAs

Not sure which learning format is right for you? Compare the pros and cons of online and traditional MBA programs.

Cons:
Networking- You do not often meet fellow students in person.

Limited social interaction- most communication is through email, chat, and video streaming.

Cons:
Schedule adjustments – If you’re an East Coast resident enrolled in a West Coast school, you’ll have to adapt.

Independence – No in-person help from the instructor is available.

Cons:
Scheduling- There is a specific day and time you must physically be in class.

More expensive- Budget for parking pass, gas and other commuter expenses.

Popular MBA Career Fields

The Graduate Admissions Council reported in a recent survey that the demand for MBAs was highest in the energy, utilities and tech sectors. New hires in these industries typically take on roles in finance, general management and marketing.

A study of alumni who graduated from AACSB-accredited business schools ranked in Forbes Top 50 reported that an MBA increased recent graduate salaries by more than 50 percent. Many employers in the following industries require an MBA for even entry level positions:

Health Care

• Hospital Administrator
• Health Informatics Manager
• Medical and Health Service Manager

Non-profit Management

• Fundraising Manager
• Social and Community Service Manager
• Non-profit Director

Influential Business Leaders with Traditional or Online MBAs

An MBA can contribute to your success whether your goal is the board room, NBA leadership or politics. Graduating with an MBA is one of the many accolades the following business leaders have achieved along their successful career paths:

• Shaquille O’Neal is a professional NBA star who earned his degree from the University of Phoenix in 2005. Perhaps his MBA has led to successful investments and contributes to his net worth of 250 million dollars.
• Michael Chasen is the founder of Blackboard LLC. He earned his MBA from Georgetown University in 1995. He was ranked fifteenth of America’s youngest and most powerful CEO’s of 2011.
• Mitt Romney is a former presidential candidate and successful businessman. He received his MBA from Harvard Business School in 1975.
• Meg Whitman is the former CEO of Hewlett Packard and current CEO of NewTV. She received her MBA from Harvard Business School in 1979.
• Indra Nooyi is the departing CEO of PepsiCo. She received her MBA from the Indian Institute of Management in Calcutta. She earns an estimated 20 million dollars a year.