A Master of Business Administration (MBA) degree equips you with strategic, business and leadership skills – and it could be your golden ticket to a higher-paying job. If you’re thinking about stepping into a senior leadership position or even starting your own business, then completing a MBA degree could be a great place to start.

Why is an MBA important in today’s business world?

Well, businesses need good leaders. Great leaders. And there are many leadership skills you’ll gain during your MBA studies, including how to:

• manage a team. As a senior leader or business owner, it’s important to be across key management skills, including communication, delegation and organisation.

• facilitate change. It’s often said that change is the only constant – and that’s exactly what you should be prepared for in business! You might need to hire the right people quickly to support rapid growth. During tough economic times, you’ll need to reduce spending. If a competitor appears, you might have to change your marketing approach, product, prices or location. You never know what’s around the corner!

• problem-solve. An MBA will teach you how to approach – and solve – complex business problems.

• adapt and stay resilient when challenges arise. You’ll need to maintain a growth mindset to ride the waves of working in business. During your MBA, you won’t just gain practical know-how, but also learn how to adapt and stay strong in the face of adversity.

Speaking of practical know-how; an MBA degree will equip you with knowledge in key areas such as marketing, ethics, accounting and finance, human resources and strategy – everything you need to tackle the challenges of the business world.

And of course, you can tailor your MBA degree to suit you. Study full-time to complete your degree sooner or part-time so you can fit your studies around your job. MBA specialisations include organisational transformation or leadership, or you could take a generalist approach and learn a bit of everything!

A little bit of history

Harvard University introduced the first MBA program in 1908, allowing students to learn about accounting, business strategy, economics and finance. While similar programs were established in the United States shortly after, it took some time before the MBA spread to other parts of the world. It wasn’t introduced in Australia until 1963!

By the early 2000s, Australian MBA programs had gained international recognition and today, students come to Australia to receive a high-quality education and build strong industry connections.

The MBA itself has evolved to meet the changing needs of businesses over the years. Just think about how much technology has changed since the first MBA program was introduced in 1908. That year, a long-distance radio message was sent from the Eiffel Tower for the very first time! Now, you can connect with people all over the world via video conferencing technology. It makes you wonder – what changes will we see in the business world over the next 20, 50 or even 100 years?  

Key characteristics of MBA programs

Generalist vs specialised

If you’re looking for a broad business education or want to develop versatile leadership skills, then a generalist MBA program might suit you best. You’ll gain a broad understanding of business operations while developing your leadership skills. After completing a generalist MBA, you’ll have plenty of career options across different industries and the skills to take on leadership roles.

If you have a clear career path in mind and want to gain in-depth expertise in a specific area, then you might opt for a specialised MBA program. You’ll focus on a key business area such as marketing, financial management or technology and often undertake internships in your chosen field.

Full-time vs part-time

Are you able to focus on your studies full-time and want a fast, immersive educational experience? If so, then studying your MBA full-time might be for you. Not only will you complete your degree faster, but you might also receive more networking opportunities. Keep in mind, however, you’ll need to dedicate a significant amount of time to your studies – but it will be worth it!

Looking for a little more flexibility? A part-time MBA allows you to take the time to absorb and apply what you learn. The best part is you can fit study into your life. So, if you’re working, travelling regularly, caring for a parent or raising a family, this might be the right choice for you.

What are the different types of MBA programs?

• Full-time MBA. Study full-time for an immersive study experience and complete your degree as soon as possible.
• Part-time MBA. Fit your studies around your life by studying part-time, allowing you to study at your own pace.
• Executive MBA. Designed for middle and senior level managers, an executive MBA program will equip you with strong leadership, business and management skills.
• Specialised MBAs (e.g., finance, marketing, healthcare). Take a deep dive into one business area so you can become a specialist in your chosen field.
• Online MBAs. The ultimate in flexibility, an online MBA program lets you study from your favourite location – as long as it has internet access! You’ll also need strong time management skills and the ability to keep yourself motivated.

What are the benefits of an MBA?

• Looking for a higher salary, promotion or an exciting leadership role? Studying an MBA could open doors to career advancement. Plus, you’ll have the knowledge and skills to excel in your new role or take on more responsibilities with confidence.
• Kick your personal growth into high-gear by learning about problem-solving, decision making, communicating and leading a team effectively.
• Learn important business knowledge in finance, marketing, resources management, operations and strategy so you can navigate challenging financial times and contribute to business growth.
• Networking opportunities! Make the most of your MBA by connecting with industry professionals whenever you can.
• Keen to expand your knowledge and gain a more global perspective? When you study an MBA, you can explore study abroad options and get exposure to international businesses.

Entry requirements

MBA admission requirements often include:

• An undergraduate degree. Already completed a bachelor’s degree? Perfect! You’re well on your way to gaining entry to an MBA program.
• The Graduate Management Admissions Test (GMAT) or Graduate Record Examinations (GRE). You might be required to undertake these standardised tests that assess skills such as writing, data literacy and problem-solving.
• Work experience. Most programs typically require you to have at least two years of professional experience.

Different programs and countries will have different entry requirements, so be sure to check carefully!

MBA cost and funding

• In Australia, tuition fees for an MBA degree can vary widely. You’ll need to consider which institution will suit you best and whether you’d prefer full-time or part-time study. You could also look at options for cutting your expenses (such as studying regionally rather than in capital cities where rent is often more expensive).
• Don’t forget to look into financial aid options, such as scholarships and the Higher Education Loan Program (HELP). If you have access to HELP, you won’t need to start repayments until your income meets a certain threshold.
• Keep in mind that once you’ve completed your studies, you could be a great candidate for senior leadership positions or even own a business, yourself! While it may cost some time and money in the short-term, this qualification could greatly increase your earning potential in the future.

MBA curriculum and learning

• Core MBA courses provide a comprehensive foundation in key areas such as finance, marketing, accounting and business strategy.
• Excited to dive into different areas of business? Electives cover a wide range of topics, such as brand management, social impact, authentic leadership, sustainability, international business, human resource management, information technology and strategic innovation. Before choosing an MBA degree, check out the electives on offer to ensure your areas of interest are covered.
• Aside from regular lectures and workshops, you can expect to undertake a range of learning methods designed to enhance your leadership and teamwork skills. You might dissect and discuss business cases, collaborate on group assignments (such as creating business plans), undertake hands-on learning through internships or deliver presentations.

What can you do with an MBA?

MBA graduates can step into exciting leadership roles and other influential positions in businesses. You could become an operations manager and earn more than $110,000 a year, a marketing manager and earn upwards of $100,000 a year or a chief financial officer – potentially earning over $200,000 a year!

Once you’ve studied an MBA, you could also work as a project manager or management consultant thanks to your knowledge of business growth and strategic management.

If you aspire to run your own business, then an MBA will give you the key skills and knowledge to make your entrepreneurial dreams come true. Depending on the success of your business, your income might vary greatly – hence the importance of studying hard so you can have the right knowledge to keep your business growth on track!

MBA: a summary

An MBA will equip you with strategic, business and leadership skills, setting you up for success in senior leadership roles and higher-paying jobs. It will prepare you to manage teams, facilitate change and stay resilient when challenges arise. You’ll also gain important knowledge in crucial business areas, such as marketing, finance, ethics, human resource management and strategy.

You can tailor your MBA to suit your career goals by choosing your course – and electives – carefully. If you can’t commit to full-time study, then explore part-time options and don’t forget to search for online MBAs if that will suit you better.

Ready to tackle the business world? Your MBA will help you do it – and do it well.

Frequently asked questions

Do I need work experience to pursue an MBA?

Generally, it’s a good idea to get some work experience before applying for an MBA. Not only do most institutions require you to have at least two years of work experience, but it will help you get the most out of your degree. You’ll be able to contribute meaningfully to discussions and you’ll have an idea of your strengths and weaknesses and what you might need to focus on during your studies.

How long does it typically take to complete an MBA?

In Australia, it will take you one to two years of full-time study to complete your MBA. If you choose to study part-time, this will extend the amount of time you’ll need to spend on your degree.

Is an MBA worth the cost and time investment?

It’s important to consider your career aspirations and what matters to you. If you’re interested in learning how to support sustainable business growth, leading teams or advancing your career, then an MBA could be a worthwhile investment for you.

What is the difference between an MBA and a master’s degree in business?

A master’s degree in business can be a great option for recent graduates as it doesn’t require you to have completed work experience. It tends to focus on specialised knowledge in a specific area of business.

If you already have a few years of work experience under your belt, an MBA might be more suitable for you. It can help prepare you for leadership positions and provide a stepping stone for career advancement.

Can I do an MBA online?

Great question! Online programs offer you the flexibility to learn when you want, where you want. While you may not have the same immersive experience as studying on campus, you can still find opportunities to connect with your peers, tutors and industry professionals through online events and discussion groups.

Studying your MBA with Charles Sturt University

When you study an MBA with Charles Sturt, you’ll step into a world of career possibilities. Our MBA is grounded in the real world with practical assessments and projects that align with modern businesses.

Looking for a flexible study option? Our MBA is fully online and you can choose to study full-time or part-time.