You must have heard quite a number of people talking about wanting to get an MBA degree, and you would probably be wondering what that is all about.
In this article, you will get to know what an MBA is and who is eligible to apply.
If you are looking towards getting an MBA degree, you will also learn how to apply for one as well as the types of MBA programs and courses available at business schools.
In addition to that, you will get to see an updated 2023 list of some of the top MBA schools worldwide and in Nigeria as well, including their tuition and ranking.
If you are interested in getting to know some or all of these, then I’m sure you would like to sit back and read this article till the end.
What is an MBA?
MBA means Master of Business Administration. It is a postgraduate degree which focuses on business administration, leadership skills, investment, entrepreneurship, and everything related.
An MBA is a terminal degree. This implies that one who gets this degree is at the peak of their educational acquirements. However, people who intend to go further can decide to go for a doctorate degree in business or management.
Is it necessary to get an MBA?
An MBA degree would probably be a waste of time and money if you are not into business, management, or leadership. If you are not affiliated with any of the above industries, then an MBA would be of no use to you.
Who is eligible to apply for an MBA?
Anyone who possesses a bachelor’s degree with substantial work experience is eligible to apply for an MBA.
How do I apply for an MBA?
To apply for an MBA, you have to go through a list of business schools and pick one that suits your interests the most.
Go further to visit the school’s website and read through the requirements for an application for an MBA. Most schools usually require the same things, which may include: a bachelor’s degree, work experience, and resume, transcript, recommendation letters, personal statement, and a standardized test score- either a GRE (Graduate Record Exams) or a GMAT (Graduate Management Admissions Test).
In some other cases, you might have to provide TOEFL (Test of English as a Foreign Language) or IELTS (International English Language Testing System) as proof of your knowledge of the English language.
Submit the required documents and proceed to pay an application fee(if required).
Check this out: How To Register For IELTS In The USA (Simplified)
What are the types of MBA programs?
Different business schools have made different types of MBA programs available for the flexibility of their students. Some of them are outlined below:
- 2 year full time MBA
- One year full time MBA
- Part time MBA
- Specialized MBA
- Online MBA
- International MBA
- Executive MBA
What courses can I study for an MBA?
Just as there are different types of MBA, there are also different courses available for an MBA degree and these courses/programs vary from school to school.
Some of the most popular MBA programs you can specialize in include:
- MBA in Accounting
- MBA in Entrepreneurship
- MBA in Finance
- MBA in General Management
- MBA in Business Management
- MBA in Healthcare Management
- MBA in Human Resources Management
- MBA in Engineering Management
- MBA in Technology Management
- MBA in Operations Management
- MBA in Business Analytics
- MBA in Consulting
- MBA in Marketing
- MBA in Digital Marketing
- MBA in Banking
- MBA in Agribusiness
- MBA in Analytics Intelligence
The list goes on and on.
What are the top 20 MBA schools worldwide?
If you are looking to get an MBA degree from one of the most prestigious business schools in the world, then this is for you.
Below is an updated list of some of the best schools to get an MBA degree in 2023, ranked from 1 to 20 worldwide.
- Stanford Graduate School of Business. Stanford (CA), United States.
- Wharton School of the University of Pennsylvania, Philadelphia (PA), United States.
- MIT Sloan School of Management, Cambridge (MA), United States.
- Harvard Business School, Boston (MA), United States.
- HEC Paris, Jouy en Josas, France.
- INSEAD, Abu Dhabi(UAE), Singapore, France, San Francisco.
- London Business School, London, UK.
- Columbia Business School, New York (NY), United States.
- IESE Business School, Barcelona, Spain.
- University of California, Berkeley, United States.
- Imperial College Business School. UK
- Yale University, New Haven (CT), United States.
- University of Chicago Booth School. Chicago (IL), United States.
- Northwestern University, Kellogg, United States.
- IE Business School, Madrid, Spain.
- Saïd Business School of the University of Oxford. Oxford, England.
- Esade Business School, Barcelona, Spain.
- UCLA Anderson School of Management. Los Angeles (CA), United States.
- Fuqua School of Business of Duke University, Durham (NC), United States.
- Cambridge Judge Business School of the University of Cambridge, Cambridge, UK.
What are the top 10 MBA schools in Nigeria?
With the high rise of businesses and young entrepreneurs in the country, it is no surprise that a lot of Nigerians have become quite interested in business schools.
If you are a business owner, young entrepreneur, executive in a top organization, or into investment, real estate, management, and the like and you are looking forward to getting an MBA degree without having to travel out of the country, below is an updated list of some of the best schools for MBA programs in Nigeria and their tuition fees.
These schools have been accredited by the NUC (National University Commission) and have a wide range of courses and programs for you to choose from.
Most of them even make provisions for online classes for students who cannot be physically present in school.
The Lagos Business school founded in 1991 is the graduate business school of the Pan-Atlantic University. It is the best business school in the country and in the continent as well. LBS has made it to the Financial Times of London (FTS) ranking among the top 50 global MBA schools and is the first business school in Africa to grace the list.
Tuition fees for LBS cost about 3.2 million naira per session totaling up to 7.2 million naira per year. Some of its notable alumni include Peter Obi, Seyi Makinde, Femi Adesina, Babajide Sanwo-Olu, and a host of other reputable individuals in the country. The school is located in Lekki, Lagos, Nigeria.
The African Business School was founded in 2000. It is one of the best in Nigeria and in Africa. ABS is affiliated with Magner Carter College in the United Kingdom, as well as Babcock University, a graduate Management school in Cameroon, and other reputable universities and business schools worldwide.
The African Business School has MBA programs ranging from Marketing, Business Management, Risk Management, Administration, Banking, Finance, and Accounting. The school doesn’t advertise its fees but is located in the Federal Capital Territory, Abuja.
The University of Lagos founded in 1962 is one of the best universities in Nigeria. Its MBA program is one well sought after as well. The school has provisions for three types of MBA programs- the full-time program, the part-time program, and the executive program.
The full-time program lasts for 15 months and costs about 250,000 naira. The part-time program lasts for 24 months and costs about 450,000 naira. While the executive program lasts for 24 months as well and costs about 1.8 million naira.
The West African business school is one of the leading business schools not only in the country but in the whole of Africa as well. It started off in Nigeria as a private regional training institute in 2002. Currently, they have other campuses in Ghana and Gambia. The school also provides a remote online learning option for students.
The International School of Management is another top business school in Nigeria. The school offers a range of academic and professional development programs across different areas and specializations in business and management with provisions for both online and physical classes.
Their tuition fees range from 100,000 naira to about 300,000 naira depending on the course and mode of learning.
The Metropolitan School of Business Management is a satellite campus of the Metropolitan School of Business Management in the UK established in 2012. The school is located in Lagos. They have a very wide range of courses and tuition fees vary from course to course. Depending on the duration of the program, fees range from about 2 million to 10 million naira.
The Executive Business School is a privately established business school in Lagos founded in 2006. It has partnered with top British universities and offers a variety of undergraduate and postgraduate courses. The school is a member of the Association of Chartered Certified Accountants (ACCA) in the UK.
The GPE business school established in 2007, is one of the best business schools in the South Eastern part of Nigeria. It is a tuition-free program and is run by a non-profit organization. The school gives free training to individuals who show high enthusiasm and interest in education. They are located in Enugu state.
This is the graduate business school of the American University of Nigeria founded in 2004. The school has graduate and undergraduate programs. Its graduate programs include MSC Business Administration, Masters of Business Administration, and PhD Business Administration. The school is located in Yola, Adamawa State and its tuition fee is about 2.7 million naira.
The Delta School of Business and Technology founded in 2002 is located in Warri, Delta state. The school has an outstanding academic performance in business and technology.
Some other reputable emerging business schools in the country include:
- The Fate Foundation Business School.
- Bowel Business School.
- Rome Business School.
- Unicaribbean Business School.
- Obafemi Awolowo University MBA (OAU).
- Regenesys Business School.
- UNIZIK Business School.
These MBA schools in Nigeria have maintained a track record of excellence and consistency over the years. You can choose anyone of your choice based on your location and budget.