Gone are the days when entrepreneurs used to learn business on the job. This was the most prevalent way of getting business education, though informal. There are numerous successful entrepreneurs who succeeded in business field without any formal business education.
One can learn business on the job as has been demonstrated by a large number of businessmen. That route takes longer and is fraught with uncertainties.
With the complexities of modern business, business education has now been formalized. In order to do business, it is necessary that one should be conversant with so many business practices. Any business is now interdependent on other national and international factors. Formal business learning is now necessary in order to understand business environment as a whole.
Without a business degree from a renowned business school, it is difficult to undertake a business career.
Basis of business education are business and economic practices and theories. These comprise of courses in fields like business accounting and bookkeeping, business strategy, business intelligence, business law, business writing, business consulting, financial management, organizational behavior, business marketing, business planning, international business, micro and macro economics etc.
Business education leads to important degrees like bachelors and masters (MBA). These two are the most important business degrees and are in high demand amongst companies and business establishments.
A university level business qualification leading to an MBA degree is the crown of a business course. MBA programs have been in high demand because of their clout in the market. While business concepts get clear at bachelor’s level, master’s education is a more specialized form of business education.
Generally an MBA program is spread over a two year period after bachelors. Most renowned MBA universities are in North America, UK and Australia. There are certain institutions like Indian Institutes of Management (IITs) in India which are equally reputed.
Some universities also have executive MBA programs which can be completed in one to two years. Executive MBAs are specific to working executives and managers who have been practicing in business field or at jobs for a number of years.
Executive MBA candidates have mostly bachelor level degrees and experience of a number of years. Essential qualifications for an executive MBA program are a combination of education and business experience. Executive MBA programs are generally employer supported and have a shorter duration than regular MBAs.
It is estimated that MBA salaries are generally higher by about 35 per cent than regular graduates. They hold prestigious jobs. They position their businesses strategically and help in the growth of companies and economies.
MBA degrees can be obtained at a university campus, through distance learning MBA, MBA online and part time MBA. With the spread of Internet, it has become easier to pursue an MBA degree. It is no longer necessary now to be a full time student at a campus, although this is most desirable.
Almost 43 per cent of MBA universities also have online MBA degree programs. About two thirds of MBA degrees get awarded through distance MBA programs and part time MBA education.
Though expensive, one can study an MBA course on part time basis or through distance learning MBA while on the job. An MBA course enables a person not only to have a successful MBA career, but also helps one to establish own business consulting or any other independent business.