How long does it take for an MBA degree and how much does an MBA program cost (totally)?

The MBA degree is designed primarily for students who are considering a career change or hoping to advance in their careers, therefore, implying that an MBA is a “terminal degree.” Not only is the MBA degree commonly considered one's “last stop” in education, but also many MBA students actually pursue an MBAs after having completed an advanced degree e.g. master's or doctor's degrees in another discipline.

Conducted by independent institutions, the following ranking reports are the most popular and widely read by consumers: “America’s Best Graduate Schools” conducted by US News & World Report, the “Best B-School Ranking” by Business Week, and the “Global MBA Rankings” by the Financial Times.

US News & World Report updates “America’s Best Graduate Schools” annually. This ranking is more academically oriented since 50% of the assessments are based on evaluations submitted by the school deans and directors and the students’ admissions data (GMAT, GPA, acceptance rate). Finally, its coverage is limited to U.S. programs only and also includes rankings by program specialties.

Business Week conducts its “Best B-School Ranking” every two years. Adopting a different approach in terms of school ranking, Business Week bases its statistics on evaluations collected from MBA alumni and recruiters, rather than academy directors or admissions statistics. The “Best B-School Ranking” includes both US and non-US schools.

Financial Time's “Global MBA Rankings” has started to draw more international attention in recent years. Its rankings are updated annually, and the methodology behind their statistics is based heavily on the post-MBA career progress of students. As a result, the list changes significantly year by year. It ranks the top 100 MBA programs globally.

Finally, other sources, such as the Wall Street Journal, Forbes, The Economist, etc., all produce their own rankings, as well. However, it is important to keep in mind that rankings are only a tool to help you make an educated decision about the MBA program best suited for you. While they can be helpful, they can also be misleading! No ranking can cover all the aspects of an MBA program, especially the smaller, unique programs.

Here is some information from mba.com regarding different MBA programs:

A full-time MBA program is usually four semesters spread over two academic years with a three- or four-month break for a summer internship. The first year includes core courses required of all MBAs. The second year allows for functional specialization (a specific concentration of study and elective courses). Students do not work full-time during the program; school is considered their first priority. (One-year full-time programs are shortened by reducing the time in core classes, or limiting opportunities to specialize.)

Part-time MBA programs are designed for working professionals. Most part-time MBAs work full-time during the day and attend classes in the evening. (*Note: Part-time programs will NOT issue a student visa to foreign applicants. Students must hold legal residency in their designated countries.)

Executive MBA (EMBA) programs are geared toward enhancing the careers of working executives, many of whom are company sponsored. These programs are for professionals who are already specialists in a field or industry and need to hone their general management skills to continue up the corporate ladder. Because they are fully employed, EMBA students do not hold internships between their first and second years of school. University scholarships are generally not available for EMBA students. There is limited or no opportunity to specialize.

A full-time MBA program partnered with another full-time graduate program is known as a joint degree or dual degree. Business programs are typically combined with law, healthcare, administration, engineering, technology, international studies, or public policy. Students must apply separately for each program (and obtain both admissions). Both programs are usually at the same school, but some cooperative relationships between schools do exist. Joint degree programs are most attractive to career switchers or individuals early in their careers. However, they require an extensive absence from the job market, usually three or more years.

Almost all MBA programs place a heavy emphasis on “diversity.” The value of the MBA program lies heavily in the class portfolio (hence, making it competitive for admissions). Truly, if you take a look at certain MBA class portfolios, some might share a higher percentage of students from certain backgrounds. However, this figure does not necessarily indicate the school’s preferences. Applicants of different genders, former academic training, fields of professional engagement, nationalities, races, as well as, religions are all welcomed.

Do not worry about whether you have former training in business, you will learn later in your MBA program. Prospective students from “hot” industries like finance or hi-tech do not necessarily enjoy advantages since they may face fierce competition from students with a similar background.

Most MBA programs do have their unspoken agreements as to the percentage of international students in their programs. However, this should not jeopardize you from admissions. In most cases, international students, especially Asian applicants, fail in the process not because the schools limit their seats, but because students do not know how to present themselves as worthy candidates in their applications.

You should take a deep look at the nature of an MBA program first. Schools usually put their class portfolios on their web, providing the age and background information of their students. Most MBA programs do not put age ceilings regarding their applications. However, rather young or old students (judging by the class profile of a specific MBA program) usually imply inadequate or excessive career experience for MBA programs, and hence MBAs would be less valuable to such applicants.

Why am I sure an MBA is right for me?

What do I have in common with MBAs and business professionals?

What post-MBA careers fit my personal strengths, interests, abilities, and work-related values?

What kinds of business schools, companies, and corporate cultures seem to suit me?

Business school admissions professionals must determine whether you have the ability to succeed both academically and professionally. There's a lot you can do to show them what a good candidate you are, but that is always easiest if you are clear in your knowledge of your own abilities and goals and how they fit in with the schools to which you apply.

Be honest: Admissions professionals are good at identifying when someone is just saying what they think the admissions committee wants to hear.

Be realistic: Make sure that your career goals are based on an accurate assessment of your experience and skills. Also, make sure that your credentials match the typical admissions requirements.

Tell not only what you hope to gain, but also what you want to contribute: Classmates are an important part of the MBA education. Show that you'll be a valuable member of the learning community.

Be knowledgeable about the school and program to which you are applying: You'll want to be able to show that you are familiar with the given school and why you are a good fit.

Pay attention to the school culture: Part of being a good fit for a school has to do with the culture of the school—whether you will feel comfortable and be able to thrive in the learning community.

Go back to school at the right time: You will want to develop the right pre-MBA experience to aid your intended career switch or to help you further your current career with an MBA.