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• Online MBA Master Business Administration

Online Master's Degree in Business Administration (MBA)

Master of business administration overview.

The U.S. expects 883,900 new management jobs in the next decade. It’s time to earn your MBA and be ready to meet the growing demand.

• Attain a degree you can be proud of — and that employers will respect — from Purdue’s online university for working adults.
• Customize your online MBA by choosing from  seven optional concentrations .
• Build relevant, practical skills you can use right away in your career.
• Gain the real-world tools you need to take on leadership positions in a competitive marketplace.
• Study a curriculum developed by a select panel of global business professionals featuring international business case studies as well as unique examples.

Review College Scorecard data for this program .

See Notes and Conditions below for important information.

Education Abroad

Take part in a virtual or in-person international experience to grow global, marketable skills. Earn the internationally recognized  Global Competence Certificate (GCC) or a discipline-specific certificate in intercultural communication.

• Learn About Education Abroad

Purdue Global Is Accredited by the Higher Learning Commission

The HLC ( HLCommission.org ) is an institutional accreditation agency recognized by the U.S. Department of Education.

Calculate Your Time and Cost

Estimate how much your prior learning credits can reduce your tuition and time to graduation.

Purdue Global Career Outcomes 2020–2021

94% of graduates in Purdue Global's Master of Business Administration program were employed or continued their education within 18 months of graduation.

Each year, our Center for Career Advancement sends a NACE First Destination survey to our graduating class to learn more about their career choices and potential income within 18 months of graduation. We’re proud of our recent Purdue Global alumni accomplishments.

“Career Outcomes Rate” is not the same as an “employment rate” — it includes graduates who are: (1) employed (whether full or part time); (2) participating in a program of voluntary service, (3) serving in the U.S. Armed Forces, or (4) enrolled in a program of continuing education. This rate may also include graduates employed in jobs unrelated to their degree or who were employed while attending Purdue Global. (9,106 graduates surveyed across associate's, bachelor's, master's, JD, EJD, and DNP programs from July 1, 2019, to December 31, 2020. 7,803 of 9,106 replied.)

What Courses Will I Take?

Courses in the MBA program put a focus on the knowledge, skills, and abilities necessary to make sound business and management decisions.

Sample Courses

• Business Analytics
• Economics for Global Decision Makers
• Managing the Value Chain
• Leadership Strategies for a Changing World
• Designing, Improving, and Implementing Processes

Program Requirements

Requirements with optional concentration.

1 semester credit hour = 1.5 quarter credit hours

Admissions Requirements

A bachelor’s degree is required to enroll in a graduate program. You will need to provide an official transcript that shows completion of your bachelor’s degree from an accredited institution, though an unofficial copy may be provided during the application process. Refer to the University Catalog or speak to an Advisor to learn more.

Upcoming Start Dates

We offer multiple start dates to give you flexibility in your education, life, and work schedules.

Optional MBA Degree Concentrations

Specialized knowledge and expertise can prepare you for leadership roles in today’s competitive business environments. Complete four or more additional courses in one of these MBA concentrations:

• Analyze strategies for investing in various markets and explore mergers and acquisitions and financial management issues for international businesses.
• Evaluate the different types of financial institutions.
• Examine theories of risk management and types of risk.
• Analyze financial statements using standard financial ratios.
• Evaluate business performance through analysis of financial statements.
• Learn the practical and research-based competencies needed to understand the impact of differences in cultural, political, economic, and legal systems. This concentration includes a study abroad option that will allow students to participate either virtually or in person as they work with organizations and scholars outside of the U.S. This real-world experience will help prepare students with the critical knowledge and skills needed to pursue globally oriented management roles.
• Explain the influence of cultural, political, legal, and economic differences on both international organizations and the wider global marketplace.
• Recognize the unique skills necessary for the successful international manager, including culturally-focused methodologies related to leadership, communication, motivation and teamwork.
• Evaluate critical decision points for the management of global corporate functions, including marketing, logistics, HRM, and finance.
• Analyze the strategic factors that influence an organization's choice of entry mode into a global market.
• Focus on navigating the changing health care field, including rigorous patient-privacy regulations, staffing challenges, and issues of cost control.
• Evaluate business strategies for quality management and continuous improvement of operations.
• Outline components of the American health care system regarding policies and procedures within major health-related issues.
• Illustrate effective practices for employing marketing tools to specific situations in the healthcare environment.
• Explore recruitment and hiring practices, employee training, corporate policies, change management, and executive leadership.
• Determine the manager’s role in establishing and maintaining sound employee relations in an organization.
• Construct an effective training program.
• Evaluate the relationship between strategic reward systems and an organization’s ability to achieve business objectives.
• Assess the implications of current models of talent management.
• Examine critical concepts relevant to the IT professional including systems analysis and design and the management of technology in a business environment.
• Analyze emerging technologies as solutions to real-world business problems and as strategic resources.
• Apply marketing research methods and techniques to analyze and implement strategic advertising and develop the skills to manage a sales force.
• Synthesize advertising concepts effectively by creating an integrated advertising campaign.
• Analyze measurement, instrument development, and sample design techniques for obtaining reliable market research results.
• Apply theories related to building and organizing an effective sales force.
• Analyze application of the four types of consumer behavior situational influences in marketing strategy.
• Strategize, plan, schedule, implement, and determine project deliverables and milestones, and address business needs and manage costs.
• Integrate process groups and knowledge areas in project development.
• Evaluate the integration of project management plans according to industry standards.
• Evaluate strategies to ensure effective resource allocation.
• Create a structured plan for the closing phase of the project life cycle.
• Concentration Outcomes:

Accelerate Your MBA Degree With ExcelTrack®

ExcelTrack® is a personalized, competency-based degree path that gives you more control over how you learn—allowing you to earn your online MBA faster, for less money. Build off your existing knowledge and experience and concentrate only on the skills you need to learn.

• Why Should You Earn an MBA?

Ways to Save on Time and Tuition

Purdue Global works with students to find ways to reduce costs and make education more accessible. Contact us to learn about opportunities to save on your educational costs.

Earn credit for prior coursework completed at eligible institutions.

Learn about federal financial aid programs available for many of our degree programs.

Employees of Purdue Global partner organizations may be eligible for special tuition reductions.

Graduate tuition savings for military include a 17–30% reduction per credit for current servicemembers and, 14% per credit for veterans for graduate programs.

Earn credit for your military training. We offer credit for ACE-evaluated training and CLEP and DANTES examinations.

View the total cost of attendance for your program.

This professionally focused program is designed to provide you with knowledge and skills to become a more effective leader and more valued employee in your current career. As a graduate of Purdue Global’s online MBA program, you can pursue employment opportunities in areas such as finance, marketing, operations, management of information systems, and human resources.

Average Salary

In Your State

General labor market and salary data are provided by Lightcast and may not represent the outcomes experienced by Purdue Global graduates in these programs. Purdue Global graduates in these programs may earn salaries substantially different or less than the amounts listed above. Salary and employment outcomes vary by geographic area, previous work experience, education, and opportunities for employment that are outside of Purdue Global's control.

Purdue Global does not guarantee employment placement, salary level, or career advancement.

Why Choose an MBA

Learn how an online MBA can help you grow your career while you’re still working.

You have many options when it comes to your education. Learn what you should consider when choosing an online MBA program.

Employers are increasingly requiring more education. An online master’s degree in business administration can help you gain the marketable skills they look for in candidates.

Is an online MBA worth it? Most people who earn an MBA say it grew their skills and network to create better career opportunities.

Knowledge of how different cultures operate is key in today’s global business economy. Education abroad can help you gain fluency in global business skills.

Earn a Law Degree 1 Year Sooner

Upon graduating, you can apply some of your courses toward an Executive Juris Doctor (EJD) degree at Purdue Global Law School . Save up to $14,250 in tuition and graduate a year sooner. You could earn both a master’s and EJD degree in as few as 4 years. See which courses transfer .

Unlike the JD, which prepares you to sit for the bar exam and practice law, the online EJD is designed to help you build legal expertise to use in your career.

Download the Program Brochure

Download our brochure to learn more about the online Master of Business Administration and the benefits of earning your degree at Purdue Global.

Prepare yourself for success with a master’s degree in business administration.

Get to Know Our Faculty

Purdue Global faculty members are real-world practitioners who bring knowledge gained through the powerful combination of higher learning and industry experience.

Faculty members who have advanced degrees

Faculty members who hold a doctorate

Faculty publications in 2022–2023

Professional development hours logged by faculty in 2022–2023

Statistics include all Purdue Global faculty members and are not school- or program-specific calculations. Source: Purdue Global Office of Reporting and Analysis, July 2023. 2022–2023 academic year.

Your Path to Success Begins Here

Connect with an Advisor to explore program requirements, curriculum, credit for prior learning process, and financial aid options.

*Average Completion Time: Completion time based on a full-time schedule. Programs will take longer for part-time students to complete.

Employment and Career Advancement: Purdue Global does not guarantee employment placement or career advancement. Actual outcomes vary by geographic area, previous work experience, and opportunities for employment. Prior experience may be required for leadership roles. Certain finance positions may require further certification and/or licensing by individual states. Programs were not designed to meet any specific state’s requirements for licensure or certification, and Purdue Global makes no representations or warranties as to whether the degree or any individual courses meet such requirements. Refer to Purdue Global's State Licensure and Certifications page for state-specific information on licensure and state authorizations.

Job Growth: Source: U.S. Department of Labor, Bureau of Labor Statistics, Occupational Outlook Handbook, Management Occupations, https://www.bls.gov/ooh/management/ . National long-term projections may not reflect local and/or short-term economic or job conditions, and do not guarantee actual job growth.

Most Innovative: https://www.usnews.com/best-colleges/rankings/national-universities/innovative . Rankings apply to Purdue University West Lafayette and not to Purdue Global.

Most Innovative Companies: https://www.fastcompany.com/most-innovative-companies/list . Ranking applies to Purdue University West Lafayette and not to Purdue Global.

Purdue Global Law School EJD Degree: Purdue Global alumni are eligible for a 20% tuition reduction on Purdue Global Law School programs. Tuition savings calculated as 36 credit hours x reduced per credit tuition rate of $412 = $14,832. Savings will vary based on the courses completed in the student’s master’s degree program. Credits apply toward open elective and/or specialty electives in the EJD program. Time savings based on a student who applies 36 credit hours from the MBA with a concentration in human resources toward the 3-year EJD program; remaining 36 credits can be completed in 2 years of study. MBA with a concentration in human resources can be completed in 2 years of study when adhering to the recommended course-load each term, taking courses in sequence, and without interruptions such as a leave of absence.

Testimonial: Testimonials obtained by Purdue Global. The views and opinions expressed are those of the individual; student experiences may vary.

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Considering Earning an MBA? 5 Tips to Help You Prepare

• 24 Sep 2019

If you’re considering earning your MBA , you may be furiously researching and visiting schools, studying for the GMAT, or starting your applications. What you might not have considered is how to get ready once you’ve made up your mind.

Whether you plan to attend an immersive, two-year residential program or go part-time to a school nearby, there are things to consider and five practical steps you can take to get ready for day one.

Access your free e-book today.

How to Prepare for an MBA

1. talk to students and alumni.

Learn from those who’ve gone before you. Current and former MBA students can provide perspective on what they wish they knew before embarking on their MBA. Talk to friends who’ve gone to business school, but also reach out to those who are currently enrolled or recent graduates of your program of choice.

While the school’s admissions team can arrange for campus visits and provide introductions, it may be even easier to find current students on LinkedIn or Instagram. Students and recent grads are proud of their achievement and likely have spread their good news online.

Related: Students Share Their Experience Transitioning from CORe to the MBA

2. Read Books

Much of what you gain from an MBA program is problem-solving and leadership skills, so you may want to build your expertise in those areas by reading up. HBS Online Management Essentials Professor Joe Fuller shared a couple books he suggests to students with Business Insider .

Fuller recommends Loonshots by Safi Bahcall and the George Marshall biography by David Roll.

“Loonshots brilliantly conveys multiple lessons about problem-solving, group dynamics, and the value of thought and reflection in an immensely entertaining way," Fuller told Business Insider. "A work of genius.”

Regarding the George Marshall biography, Fuller said, “I believe he was a brilliant manager and judge of talent. I find our students often learn more from reading books about historical figures and reflecting on their attributes as managers and decision-makers.”

Other books frequently recommended by top executives and business school faculty include The Lean Startup by Eric Ries, Moneyball by Michael Lewis, Good to Great by Jim Collins, Dale Carnegie’s How to Win Friends and Influence People , and The Innovator’s Dilemma by HBS Online Disruptive Strategy Professor Clayton Christensen.

If you’ve taken a break post-undergrad, or studied liberal arts and feel at a disadvantage, you might want to consider taking an online business school primer.

There are thousands of courses to choose from, but HBS Online offers a three-course preparation program called the Credential of Readiness, or CORe , that was specifically designed to help individuals get ready for an MBA. Led by HBS faculty, CORe is made up of Financial Accounting , Economics for Managers , and Business Analytics . Depending on how much time you have to dedicate to coursework each week, you can choose a 10-week offering or the same program spread out over 17 weeks.

By taking CORe, or another business school prep program, you’ll learn vital concepts to help you through your MBA curriculum.

One former CORe participant, Malachi Koop, originally took the program as an MBA alternative. The experience instead inspired him to pursue his graduate degree.

“HBS Online is what confirmed for me that I wanted to pursue an MBA," Koop says . "I was worried about being able to prove to an admissions committee that I had what it took from a quantitative perspective, but HBS Online gave me another data point on my resume to prove it wasn’t going to be an obstacle for me.”

Koop is now enrolled in Georgetown University’s Flex MBA program.

Related: Why You Should Study Business

4. Pick a Concentration

Many business schools are known for specific strengths, like entrepreneurship, marketing, or international business, which might guide you in your school choice. Most also offer areas of concentrations or specialization.

It’s important to figure out what specialty you want to pursue based on your career aspirations. The decision will inform your elective choices and prepare you to take advantage of on-campus recruiter visits. Recruiting starts in the fall on many campuses, so choosing your concentration early will help you get a jump on finding the right internships.

5. Mentally Prepare

Most business school candidates expect a rigorous academic program that will be intellectually challenging, but may not expect the social demands of business school. Many former MBA students believe that the social aspects are nearly as beneficial as what you learn in the classroom.

Working hard and playing hard could offer advantages post-school, but it can pose particular challenges to students with families. Knowing what to expect in advance will help you mentally prepare. To make sure you’re up for the academic and social demands of business school, be sure to get plenty of rest.

Taking the Next Step

An MBA program can help you develop the leadership and management skills needed to advance your career . But to achieve that goal and succeed in your program of choice , you first need to prepare.

Are you considering earning an MBA? Explore our three-course Credential of Readiness (CORe) program and download our free guide to preparing for business school.

About the Author

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Becoming a student at HBS means joining a global community that propels lifelong learning and career support alongside peers, faculty, and staff who will both challenge you and cheer you on as you find and accelerate your path.

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Here you'll learn as much from your classmates as you do from our world-class instructors—and they from you! Each class is an assembly of individuals who bring their diverse backgrounds and unique experiences to case discussions. The scale of HBS—from large-format classes to intimate sections and curated study groups—is intentionally designed to foster growth and learning.

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“The section—the incredibly diverse group of 94 classmates, hand-picked to create a representative microcosm of the entire +900 class —has been the most wonderful unexpected gift in my HBS journey. To them I am grateful for the many lessons they have taught me, but, most importantly, to them I am grateful for giving me the freedom to be my authentic self.”

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• What Is an MBA?
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Types of MBA Programs

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What Is a Master of Business Administration (MBA)?

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia.

Investopedia / Jessica Olah

A master of business administration (MBA) is a graduate degree that provides theoretical and practical training for business or investment management. An MBA is designed to help graduates gain a better understanding of business management functions.

An MBA degree can have a general focus or a specific focus in fields such as accounting, finance, marketing, and international business.

Key Takeaways

• An MBA is a graduate business degree focused on management, business, and entrepreneurship.
• MBA students can also focus on other aspects of business, like finance or risk management.
• Many schools now offer specialty programs in sports management, the entertainment business, or healthcare management.
• Executive MBA programs are available for experienced professionals who cannot commit to a full-time schedule.
• MBA programs may be full-time, part-time, online, or international, and each program usually has different requirements for acceptance.

How a Master of Business Administration (MBA) Works

An MBA is a level up from an undergraduate business degree and generally places the graduate well above those with only undergraduate degrees. Most major universities and colleges provide MBA programs, which usually last two years.

To get into an MBA program, an applicant needs to take the Graduate Management Admission Test (GMAT) and be accepted by the program based on its particular selection criteria. Some programs may require the GRE instead or accept it as an alternative standardized test.

Program Focus

MBA programs typically include core classes in accounting , management, finance, marketing , and business law. Management training is at the heart of any MBA curriculum, with a focus on leadership, planning, business strategy, organizational behavior, and the more human sides of running a large or small business .

Increasingly, MBA programs include training in international business and a focus on the responsibilities and corporate accountability of businesses within their communities.

The MBA degree is the most common route into certain fields, including strategic planning and private equity . Other financial services fields, however, may no longer consider an MBA an entry-level degree. Each company will have its own requirements for different positions. But MBAs can certainly help distinguish candidates.

It is not uncommon to gain professional experience before applying to an MBA program. Many programs require a work resumé and demonstration of real world experience prior to joining the program. Other programs may be suitable for candidates straight out of college.

MBA programs will vary between disciplines, specialties, and schools. It is highly likely that most MBA candidates will be able to find an educational solution that works with their schedule, interests, and time commitment restraints.

Two-Year Full-Time

One of the most common type of MBA program involves a two-year commitment during which candidates attend school full time. During the first year of the program, MBA candidates may learn fundamental business skills such as strategy or communication. It's normal for candidates to choose more specific electives during the program's second year.

Although it requires a substantial amount of time, a two-year program allows candidates to pursue an internship between the years. The longer duration is also intended to help foster relationships between classmates and give candidates more time to absorb materials.

One-Year Full-Time

Accelerated programs crunch a two-year program into a single year. Better for candidates that don't want to spend too much time away from work, this type of MBA program is more intensive, faster paced, and often must sacrifice content quantity.

During a one-year full-time MBA program, candidates may still learn general business skills while selecting specialized electives. However, less time may be dedicated to either group due to the condensed nature of the coursework. One-year programs are often chosen by students trying to accelerate their current career paths as opposed to jumping to different ones.

Students not looking to leave work and willing to attend school for a longer time may pursue a part-time MBA program. This type of program often offers greater flexibility related to how many courses can be taken at once and how quickly a student must move through the program.

Part-time programs may be more favorable for candidates wanting to study at their own pace. In addition, part-time programs may be better suited based on lifestyle demands (e.g., a single parent may only be able to attend classes during a certain time of the day). Part-time programs may offer the flexibility of evening or weekend classes, allowing candidates to balance part-time, freelance, or gig economy work.

One type of MBA program that overlaps with the options above is an online MBA. Often a two-year, one-year, or part-time choice, an online MBA allows students to attend school remotely.

This type of MBA program grants candidates even greater flexibility concerning when they take classes and how they attend school. Online programs may also have different approaches to fostering collaboration compared to in-person programs.

International

Some MBA programs focus on global operations. Candidates interested in a wider focus and who want to branch out from just domestic companies or segments of a company might choose an international program.

An international MBA can help candidates build an international network and develop opportunities around the world. International MBA candidates may be more diverse than traditional or domestic MBAs, especially if the international MBA offers online classes. In addition, international MBA programs may be better suited to candidates preparing to work in a multinational corporation .

Specialized MBA programs are also available for students whose lives and careers do not permit them to attend school full time.

For example, executive MBA programs are designed for working professionals hoping to add to their credentials and qualifications. These courses of study typically involve classes at night and on weekends. Some also may require short residencies of intensive coursework.

Executive MBA programs are typically only open to candidates who already have substantial professional experience. Thus, they tend to focus on more advanced topics such as leadership development.

Specialized

While MBA candidates can focus on one of the core disciplines of the degree, such as management or finance, many MBA programs allow students to concentrate in specific industries. For example, an MBA student might specialize in sports management, entrepreneurship, the entertainment business, or healthcare management.

Even within a management specialty, MBA programs can allow for a concentration on information technology, hospitality, education, or criminal justice. Some MBA programs team up with various professional healthcare programs, such as nursing schools, to offer joint degrees.

MBA programs have different length of study requirements. For example, a degree at Franklin University requires 36-60 credit hours, while the University of Nebraska Omaha program is comprised of 33 credit hours.

The most prestigious MBA programs are nicknamed "M7 MBA Programs". They are offered by these schools:

• Harvard Business School.
• Stanford Graduate School of Business
• MIT Sloan School of Management
• Northwestern University's Kellogg School of Management
• University of Chicago's Booth School of Business
• Wharton School at the University of Pennsylvania
• Columbia Business School

Acceptance by an M7 school is considered more difficult than acceptance by non-M7 schools. In addition, tuition is substantially higher at M7 schools, though financial assistance is usually available in the form of financial aid, fellowships, or sponsorships.

Broadly speaking, an MBA gives degree holders two uses: accelerated advancement in the career they are already pursuing or a strong pivot in a new direction with a newfound skillset.

The Wharton School of the University of Pennsylvania communicates the following benefits and uses of an MBA to its prospective candidates:

• Greater Awareness of a Global Market. Candidates can use their MBA to better understand business taking place in different areas of the world.
• Improved Communication Skills. MBA candidates often must communicate with other professionals, write research papers, and give formal presentations. They can use their coursework to improve their ability to connect with others and build relationships.
• Expanded Professional Network. Meeting others, forging relationships, and building a network are central benefits of an MBA program. In addition to the knowledge obtained, the MBA program can connect candidates with their peers for mutual long-term benefits. Through formal or informal networking , you can exchange information or ideas with like-minded individuals.
• Better Job Opportunities. MBA candidates are often more desirable than other job candidates based on their proven skillset and dedication to their profession. In addition, advancement opportunities may be more available to those with an MBA compared to those without the degree.
• Better Time Management. MBA candidates may have to juggle school, work, family, and life obligations. An often overlooked use of an MBA program is the soft skill practice of managing priorities, meeting deadlines, and organizing one's time to meet all expectations.

Over the past two decades, a growing number of Americans have prioritized higher education. In 2021, 24.1 million U.S. citizens age 25 and over obtained a master's degree (not necessarily an MBA). That's more than eight million citizens since 2011.

Candidate Requirements

Every MBA program will have different requirements. More prestigious programs or schools will have more competition, and these programs will often require more of candidates before accepting them into the school.

The following list is taken from the University of Washington Bothell's MBA program admission requirements:

• Two or more years of full-time, professional-level work experience
• Two (or more) short application essays
• Two professional references
• Official four-year Bachelor's degree transcript
• Demonstration of English Language Proficiency (program and candidate dependent)
• Minimum 3.0-grade point average for the past 90 quarter credits or 60-semester credits
• Interview with admissions committee before acceptance or decision

Some programs may require submission of a GMAT/GRE score . Other programs, like UW-Bothell, may waive the requirement if certain criteria are met.

As programs offer different services and benefits, the cost of an MBA will vary widely between program or school. Top-tier MBA programs will often be more expensive than local, smaller options.

For the 2023-2024 academic year, the first-year budget for the Wharton MBA program was $124,476. This includes $87,370 for tuition, $26,028 for room and board, $6,868 for books and supplies, and $4,210 for health insurance . Wharton offers many Fellowship Programs to alleviate the financial burden of the program.

Other two-year, full-time programs may have similar expenses; the two-year program at the University of Chicago costs $161,922 in tuition alone for the class of 2025.

Shorter-term or online programs may be substantially cheaper. For example, an online MBA at the Eller College of Management through the University of Arizona has a tuition cost $56,250 as of February 2024. The program is promoted as completable in as little as 14 months.

Salary Benefits

Those with an MBA often have greater skills, capabilities, and professional competency that can lead to a more successful career. Though an MBA involves a material expense, this cost often can be recovered over time through high-paying employment.

According to Glassdoor, as of October 2023, those with an MBA received an average annual compensation package of over $119,000. Salary historically has been skewed towards degree holders with experience. Individuals with one year or less of experience earned over $77,000 per year, while individuals with greater than 15 years of experience earned more than $139,000.

MBA holders often make substantially more than undergraduate business majors. The Raymond A. Mason School of Business at William & Mary reports that an MBA holder's salary was as much as $20,000 a year more than that of a holder of a bachelor's degree.

What Does MBA Mean?

MBA stands for Master of Business Administration. An MBA is a degree that provides advanced and thorough training in business principles and leadership skills. MBA recipients obtain this postgraduate degree to enhance their marketability as a professional.

What Is the Salary of an MBA?

As of February 2024, an MBA earns an estimated total pay of over $136,174 per year in the U.S. Pay is widely contingent on the industry, company, and underlying position occupied by the degree holder. For example, the same salary data indicate that most total pay packages range between $102,000 to $191,000 per year. Of course some MBAs are paid amounts below this range and some can earn much more.

What Is an MBA Good for?

An MBA serves two primary purposes. First, business professionals who obtain an MBA undergo a rigorous education that improves their skillsets. Second, MBA degree holders can be highly desired by employers. The MBA meaning can be an advantage during job searches and often results in higher pay.

What Are the Disadvantages of an MBA?

Obtaining an MBA takes money, time, and effort. Candidates may find it demanding to compile a resumé impressive enough to be accepted into their goal program. MBA programs may also be expensive. MBA candidates may have to scale back or step away from work as they pursue their degree. Though an MBA carries substantial long-term value, there are several shorter-term hurdles a candidate must overcome.

A Master of Business Administration degree can be a boon to individuals on business or investment management career paths. The MBA degree distinguishes those awarded it due to the aptitude, study, and training it requires. The MBA meaning can confer a special quality on holders of the degree that sets them apart from others.

MBA.com. " What Are the Different Types of MBA Programs? "

Franklin University. " How Long Will It Actually Take To Earn Your MBA? "

University of Nebraska Omaha. " MBA Curriculum ."

Wharton. " Should You Get an MBA? "

United States Census Bureau. " A Higher Degree ."

University of Washington | Bothell, School of Business. " Admissions ."

University of Washington Bothell. " School of Business: GMAT/GRE Waiver Policy. "

Wharton. " Wharton MBA Financial Aid and Tuition ."

The University of Chicago. " Full-Time MBA Cost ."

Eller College of Management. " Online MBA Cost and Return on Investment ."

Glassdoor. " MBA Salaries ."

Raymond A. Mason School of Business, William & Mary. " How Much Does an MBA Increase Your Salary? "

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How to Write a Business Plan, Step by Step

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What is a business plan?

1. write an executive summary, 2. describe your company, 3. state your business goals, 4. describe your products and services, 5. do your market research, 6. outline your marketing and sales plan, 7. perform a business financial analysis, 8. make financial projections, 9. summarize how your company operates, 10. add any additional information to an appendix, business plan tips and resources.

A business plan outlines your business’s financial goals and explains how you’ll achieve them over the next three to five years. Here’s a step-by-step guide to writing a business plan that will offer a strong, detailed road map for your business.

LLC Formation

A business plan is a document that explains what your business does, how it makes money and who its customers are. Internally, writing a business plan should help you clarify your vision and organize your operations. Externally, you can share it with potential lenders and investors to show them you’re on the right track.

Business plans are living documents; it’s OK for them to change over time. Startups may update their business plans often as they figure out who their customers are and what products and services fit them best. Mature companies might only revisit their business plan every few years. Regardless of your business’s age, brush up this document before you apply for a business loan .

» Need help writing? Learn about the best business plan software .

This is your elevator pitch. It should include a mission statement, a brief description of the products or services your business offers and a broad summary of your financial growth plans.

Though the executive summary is the first thing your investors will read, it can be easier to write it last. That way, you can highlight information you’ve identified while writing other sections that go into more detail.

» MORE: How to write an executive summary in 6 steps

Next up is your company description. This should contain basic information like:

Your business’s registered name.

Address of your business location .

Names of key people in the business. Make sure to highlight unique skills or technical expertise among members of your team.

Your company description should also define your business structure — such as a sole proprietorship, partnership or corporation — and include the percent ownership that each owner has and the extent of each owner’s involvement in the company.

Lastly, write a little about the history of your company and the nature of your business now. This prepares the reader to learn about your goals in the next section.

» MORE: How to write a company overview for a business plan

The third part of a business plan is an objective statement. This section spells out what you’d like to accomplish, both in the near term and over the coming years.

If you’re looking for a business loan or outside investment, you can use this section to explain how the financing will help your business grow and how you plan to achieve those growth targets. The key is to provide a clear explanation of the opportunity your business presents to the lender.

For example, if your business is launching a second product line, you might explain how the loan will help your company launch that new product and how much you think sales will increase over the next three years as a result.

» MORE: How to write a successful business plan for a loan

In this section, go into detail about the products or services you offer or plan to offer.

You should include the following:

An explanation of how your product or service works.

The pricing model for your product or service.

The typical customers you serve.

Your supply chain and order fulfillment strategy.

You can also discuss current or pending trademarks and patents associated with your product or service.

Lenders and investors will want to know what sets your product apart from your competition. In your market analysis section , explain who your competitors are. Discuss what they do well, and point out what you can do better. If you’re serving a different or underserved market, explain that.

Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.

Include details about your sales and distribution strategies, including the costs involved in selling each product .

» MORE: R e a d our complete guide to small business marketing

If you’re a startup, you may not have much information on your business financials yet. However, if you’re an existing business, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.

Accounting software may be able to generate these reports for you. It may also help you calculate metrics such as:

Net profit margin: the percentage of revenue you keep as net income.

Current ratio: the measurement of your liquidity and ability to repay debts.

Accounts receivable turnover ratio: a measurement of how frequently you collect on receivables per year.

This is a great place to include charts and graphs that make it easy for those reading your plan to understand the financial health of your business.

This is a critical part of your business plan if you’re seeking financing or investors. It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.

Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.

Accuracy is key, so carefully analyze your past financial statements before giving projections. Your goals may be aggressive, but they should also be realistic.

NerdWallet’s picks for setting up your business finances:

The best business checking accounts .

The best business credit cards .

The best accounting software .

Before the end of your business plan, summarize how your business is structured and outline each team’s responsibilities. This will help your readers understand who performs each of the functions you’ve described above — making and selling your products or services — and how much each of those functions cost.

If any of your employees have exceptional skills, you may want to include their resumes to help explain the competitive advantage they give you.

Finally, attach any supporting information or additional materials that you couldn’t fit in elsewhere. That might include:

Licenses and permits.

Equipment leases.

Bank statements.

Details of your personal and business credit history, if you’re seeking financing.

If the appendix is long, you may want to consider adding a table of contents at the beginning of this section.

How much do you need?

with Fundera by NerdWallet

We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Here are some tips to write a detailed, convincing business plan:

Avoid over-optimism: If you’re applying for a business bank loan or professional investment, someone will be reading your business plan closely. Providing unreasonable sales estimates can hurt your chances of approval.

Proofread: Spelling, punctuation and grammatical errors can jump off the page and turn off lenders and prospective investors. If writing and editing aren't your strong suit, you may want to hire a professional business plan writer, copy editor or proofreader.

Use free resources: SCORE is a nonprofit association that offers a large network of volunteer business mentors and experts who can help you write or edit your business plan. The U.S. Small Business Administration’s Small Business Development Centers , which provide free business consulting and help with business plan development, can also be a resource.

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• Top Schools for Strategy

Top Business Schools for Strategy or Business Development 2024

An MBA in Strategy or Business Development can help students diagnose business problems and develop the best solutions. This specialized education equips future business leaders with the skills needed to navigate complex corporate landscapes and drive organizational success.

Indeed, from meeting organizational objectives to carrying out individual projects, managers need to think strategically at all levels. Strategic thinking involves not just addressing immediate issues but also anticipating future challenges and opportunities. A handful of business schools offer specialized MBA programs in Strategy; others offer MBA specializations in Business Development, Strategic Management, and related fields. Virtually all MBA programs offer strategy courses as part of their core curriculums, ensuring that graduates possess a foundational understanding of strategic principles.

MBA graduates specializing in Strategy or Business Development can find rewarding careers in a wide range of industries, including technology, finance, healthcare, and consumer goods. They often take on roles such as strategy analysts, business development managers, and corporate strategists. Additionally, many MBA grads pursue careers as strategy or business development consultants, offering their expertise to various organizations to help them achieve their strategic goals.

For those interested in strategy functions within consulting firms, the best MBA programs for Consulting are also worth considering. These programs typically emphasize strategic problem-solving skills and offer extensive networking opportunities with consulting industry leaders.

Selecting the right MBA program is crucial for aspiring strategists. Factors such as faculty expertise, curriculum focus, industry connections, and alumni success should be carefully considered. The following list highlights the top MBA programs for Strategy or Business Development, renowned for their rigorous academic standards and exceptional career support services. Explore these programs to find the best fit for your professional aspirations.

See the Top 10 MBA programs for Strategy or Business Development below.

With an MBA specialization and strong ties to global strategy and consulting firms, Haas is a strong choice for strategy-minded students. In recent years, typically around 18 to 20 percent of its MBA classes tend to land jobs in either strategy or business-development role.

For students interested in strategic management in China, the Guanghua MBA is a great option. The program offers specialized electives in subjects such as “Emerging Topics in Chinese Strategy,” which is offered in partnership with McKinsey & Company. Typically, some 8-10 percent of the school’s MBA class goes into strategic planning positions. 

In terms of research, Rotman’s focus in strategy is diverse, leveraging insights from various disciplines like sociology and other fields. Although the school doesn’t offer a specific MBA track in Strategy, it does offer numerous elective courses, such as “Strategy and Competitive Advantage,” and “Strategic Change and Implementation.” 

With its annual Strategy Research Conference and a strong research output, Harvard has become a hub for strategy-oriented academics. The MBA curriculum offers a rich offering of strategy-related electives.

The MBA program leverages insights from the school's well-regarded flagship master's program in Strategy and International Management. 

Although the school doesn’t offer a specialized MBA in Strategy, its MBA offers, as part of its core curriculum, classes such as “Competitive Strategy” and “Strategic Marketing and Management.” It also offers a handful of strategy courses as part of its elective selections. According to the school, in recent years, over one-quarter of HKU's MBA class have gone into functional roles in strategy, planning, or consulting.

Some five percent of Cambridge’s most recent MBA class went into business development roles, and 11 percent went into related corporate planning / strategy positions. The school offers an MBA concentration in Strategy, which addresses core topics like competitive positioning, portfolio analysis, and mergers and acquisitions. 

Fudan does not offer a specialized MBA in Strategy; however, it does include some elective courses covering topics in strategy, including “Global Strategic Marketing” and “Enterprise Development Management.” In recent years, some 14-16 percent of Fudan’s MBA classes have gone into strategy or business development roles.

Although the school does not offer an MBA specialization area in strategy, there are plenty of strategy-oriented courses in the core curriculum, such as “Strategic Planning for International Markets” and “Strategy Implementation.” According to the school, over one-fifth of MBA grads have gone into business development roles. 

Marshall MBA students can choose to pursue strategy-oriented electives from the school’s department of management and organization. Marshall MBAs also have the option of pursing a Graduate Certificate in Strategy and Management Consulting, which covers the tools, concepts, and frameworks that will help them develop their strategic skills. Of the most recent MBA class, 25 percent went into functional roles in consulting, which includes strategic planning positions. 

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Master of Business Administration

An Online MBA Degree That Prepares You to be a Successful Business Leader

You're ready to become a leader and rise to the next level in business. A master's degree in business administration is the step you need to take you further in your professional career and potentially earn a higher salary. A reputable online MBA degree program can be the difference-maker for your future by helping you understand business practices and management skills. This master's in business administration is focused on equipping you with skills and credentials that helps distinguish your value in the business world.

Compare this degree:  Also considering the MSML degree program?  This article can help you understand the differences .

Graduates can finish within 

WGU lets you set a schedule so you can finish your MBA in just one year. You are in control of the schedule and timing for your online MBA program.

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Tuition per six-month term is

See what your online MBA will cost at our university. Tuition charged per term—rather than per credit—helps students control the ultimate cost of their degrees. Finish faster, pay less!

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Master of Business Administration graduates report an average salary increase of $14,025 after completing their WGU degree.

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MBA Courses

Program consists of 11 courses

At WGU, we design our curriculum to be timely, relevant, and practical—all to help you show that you know your stuff.

This program is composed of the following business and management courses. You will typically complete them one at a time as you make your way through your program, working with your Program Mentor each term to build your personalized degree plan. You’ll work through each course as quickly as you can study and master the material. As soon as you’re ready, you’ll pass the assessment, complete the course, and move on. This means you can finish as many courses as you're able in a term at no additional cost.  One year MBA students can complete all of their coursework in just two WGU terms. You will set a schedule with your Program Mentor to enable you to finish your program quickly.  Learn more about the one year MBA program at WGU. 

To ensure WGU graduates acquire the knowledge and skills sought by today’s employers, our Master of Business Administration—like all of WGU's School of Business programs—was developed with significant input from experts and business leaders who serve on our Business Program Council.

This course covers principles of effective management and leadership that maximize organizational performance. The following topics are included: the role and functions of a manager, analysis of personal leadership styles, approaches to self-awareness and self-assessment, and application of foundational leadership and management skills.

This course focuses on strategies and tools that managers use to maximize employee contribution and create organizational excellence. You will learn talent management strategies to motivate and develop employees as well as best practices to manage performance for added value.

This course prepares students for the communication challenges in organizations. Topics examined include theories and strategies of communication, persuasion, conflict management, and ethics that enhance communication to various audiences.

This course focuses on the strategic importance of operations management to overall performance. This course also emphasizes principles of supply chain management relevant to a variety of business operations ranging from manufacturing goods to retail services. You will examine the various planning, control, and decision-making tools and techniques of the operations function.

This course examines how economic tools, techniques, and indicators can be used for solving organizational problems related to competitiveness, productivity, and growth. You will explore the management implications of a variety of economic concepts and effective strategies to make decisions within a global context.

Marketing Fundamentals introduces students to principles of the marketing environment, social media, consumer behavior, marketing research, and market segmentation. Students will also explore marketing strategies that are related to products and services, distribution channels, promotions, sales, and pricing.

This course provides you with the accounting knowledge and skills to assess and manage a business. Topics include the accounting cycle, financial statements, taxes, and budgeting. This course will improve students’ ability to understand reports and use accounting information to plan and make sound business decisions.

This course examines the ethical issues and dilemmas managers face. This course provides a framework for analysis of management-related ethical issues and decision-making action required for satisfactory resolution of these issues.

This course covers practical approaches to analysis and decision-making in the administration of corporate funds, including capital budgeting, working capital management, and cost of capital. Topics include financial planning, management of working capital, analysis of investment opportunities, sources of long-term financing, government regulations, and global influences. This course will improve students’ ability to interpret financial statements and manage corporate finances.

This course presents critical problem-solving methodologies, including field research and data collection methods that enhance organizational performance. Topics include quantitative analysis, statistical and quality tools. You will improve your ability to use data to make informed decisions.

MBA Capstone is the culminating course in the MBA program that provides an integrative experience with all competencies and assessment topics throughout the program. Students synthesize concepts from previously completed coursework and demonstrate an understanding of responsible practices for growing and running a business. This course promotes a meaningful connection between the academic work and career experience.

Program consists of 11 courses

Capstone Project

Special requirements for this program

At the end of your program, you will complete a capstone project that represents the culmination of all your hard work—a project that allows you to take what you’ve learned and apply it to a real-world situation, proposing a solution to an actual issue you face in your place of business.

Skills For Your Résumé

As part of this program, you will develop a range of valuable skills that employers are looking for. 

• Management: Identified and determined the resources required to effectively support an organization or process, ensuring optimal functionality and efficiency.
• Operations: Developed comprehensive systems with standard operating procedures (SOPs) for distinct parts of a business, promoting consistency, compliance, and operational excellence.
• Communication: Leveraged appropriate communication techniques to effectively persuade and guide outcomes.
• Data Analysis:  Applied analytical and logical reasoning skills to uncover valuable information crucial for decision-making processes.
• Written Communication:  Addressed internal and external stakeholders using the most suitable written communication strategy for each audience, fostering effective communication and engagement.
• Business Development:  Developed strategic plans for acquiring new business and expanding existing business in collaboration with the business development team.

“Because of WGU's competency-based program, I didn't have to get into things that I already knew. Instead I was able to use that for the things that were more challenging for me to learn.”

—Alvyn Joy Halili MBA

WGU vs. Traditional Universities Compare the Difference

Traditional Universities

TUITION STRUCTURE

Per credit hour

Flat rate per 6-month term

Schedule and wait days or even weeks to meet with one of many counselors

Simply email or call to connect with your designated Program Mentor who supports you from day one

Scheduled time

Whenever you feel ready

Professor led lectures at a certain time and place

Courses available anytime, from anywhere

TIME TO FINISH

Approximately 2 years, minimal acceleration options

As quickly as you can master the material, can finish programs in 1 year

Earning Potential

After graduation, WGU MBA master's degree graduates report earning $16,200 more per year*. Are you ready to make more money?

Entirely Online

Competency-based education means you can move as quickly through your degree as you can master the material. You don't have to log in to classes at a certain time—you are truly in the driver's seat of your education.  

The Master of Business Administration degree at WGU is 100% online, which means it works wherever you are. You can do your coursework at night after working at your full-time job, on weekends, while you're traveling the world or on vacation—it's entirely up to you.

Accredited, Respected, Recognized™

One important measure of a degree’s value is the reputation of the university where it was earned. When employers, industry leaders, and academic experts hold your alma mater in high esteem, you reap the benefits of that respect. WGU is a pioneer in reinventing higher education for the 21st century, and our quality has been recognized.

COST & TIME

Affordable Online Degree Programs

By charging per term rather than per credit—and empowering students to accelerate through material they know well or learn quickly—WGU helps students control the ultimate cost of their degrees. The faster you complete your program, the less you pay for your degree.

A College Degree Within Reach

There is help available to make paying for school possible for you:

The average student loan debt of WGU graduates in 2022 (among those who borrowed) was less than half* the national average.

Most WGU students qualify for financial aid, and WGU is approved for federal financial aid and U.S. veterans benefits. 

Many scholarship opportunities are available. Find out what you might be eligible for.

* WGU undergraduate students have approximately half the debt at graduation compared to the national average, according to the Institute for College Access and Success (2022).

Flexible schedule, you control where, when, and how fast you learn and graduate.

Schedules are tight and often unpredictable for busy professionals. That’s why we offer a flexible, personalized approach to how education should be. No interruptions to your work and family obligations. No rigid class schedules. No barriers to earning your degree on your own terms. Just a solid, career-focused online MBA program that meshes seamlessly with your current lifestyle.

"I was fortunate enough to finish my WGU degree program in six months because I was able to show what I knew and not have to sit in needless classes. I was able to showcase my strengths and still have plenty of time to work on my weaknesses, which really helped me finish my degree. I couldn't have done this anywhere else.”

—David Burks MBA

CAREER OUTLOOK

A Respected MBA Degree That Can Prepare You for a Successful Management Career

Goldman Sachs. Google. MGM. Microsoft. Apple. These giant organizations are changing the world, and WGU MBA graduates are there in the thick of it—making decisions as key leaders in top organizations. An online MBA degree from WGU has prepared these graduates to stand out from the competition, to take charge, and to make change. And a master's in business administration degree could do the same thing for you. Get an MBA online that is focused on helping you excel as a business leader and reach all your career aspirations.

WGU’s online MBA degree is designed for business professionals who are ready to advance their career. It is a university program that focuses on management, strategy, and business skills that are vital to your success as a leader. Earn an online MBA that gives you the skills to become the impactful business leader your organization needs.

Return on Your Investment

On average, wgu graduates see an increase in income post-graduation.

Average income increase from all degrees in annual salary vs. pre-enrollment salary. Source:  2023 Harris Poll Survey  of 1,655 WGU graduates.

Survey was sent to a representative sample of WGU graduates from all colleges. Respondents received at least one WGU degree since 2017.

Employment of top executives is projected to grow 6% from 2021 to 2031.

—U.S. Bureau of Labor Statistics

MBAs from WGU Are Leading Teams and Businesses in Diverse Industries

Problem-solving leaders are required in every industry, and strategic thinking is necessary at every successful company. If you're ready to broaden your business knowledge and advance your career, WGU's MBA program online can prepare you to be an effective leader and produce successful results wherever you go. Your business management career starts here! Our 5,300-plus MBA grads have great jobs and satisfying careers.

• President and CEO
• Vice president
• Executive director
• Chief strategic officer

Top Industries

• Private companies
• Healthcare organizations
• Nonprofit organizations
• Colleges and universities

Top Employers

• American Airlines
• Edward Jones
• Intermountain Healthcare
• Mayo Clinic

WGU Grads Hold Positions With Top Employers

ADMISSIONS & TRANSFERS

MBA Admission Requirements

To be considered for this program, you must:

• Submit a transcript verifying receipt of your bachelor’s degree from a recognized, accredited institution.

NOTE: You do not need to take the GRE or GMAT to be admitted to this program.  Learn why we don't require these tests.

Transfer Credits

Get Your Enrollment Checklist

Download your step-by-step guide to enrollment.

Get Your Questions Answered

Talk to an WGU Enrollment Counselor.

FINISH FASTER

The One-Year MBA

WGU's unique competency-based model allows you to move faster through your degree program. This online Master of Business Administration degree gives you the flexibility you need to earn your degree on your terms. You don't have to leave your job to pursue a master's in business administration—something you and your employer will both appreciate. No logging in, no set class times—you are in the driver's seat of your education.

WGU's one-year* MBA allows you to finish your Master in Business Administration program in only 12 months for just $9,510.

* Program can be completed in as little as 12 months. Pricing is based on 12-month completion of the program. Students that do not complete in 12 months and need longer to complete the program will need to pay for additional terms.

Frequently Asked Questions about MBA Programs

• General MBA FAQs
• Online MBA FAQs

What is an MBA?

MBA stands for Master’s of Business Administration. An MBA is a graduate-level business management degree that teaches you leadership skills for the modern business world. Those with an MBA often stand out among candidates for upper management positions.

Is it Masters or Master of Business Administration?

Both terms are commonly used, but the technical correct usage is Master of Business Administration, or a Master's in Business Administration. 

What can you do with a Master in Business Administration?

There are many job opportunities with an MBA degree. They include:

• Chief executive officer
• Chief financial officer
• Marketing manager
• International business development
• Chief marketing officer
• Sales manager
• Operations manager
• Human resources manager

What is the purpose of an MBA degree?

An MBA gives you additional skills and training that can help you progress in your career. You'll learn about strategy, communication, management, and leadership that will help you move into larger roles in an organization. An MBA trains you to become a business leader in many different kinds of industries.

What do you learn in an MBA program?

In an MBA program you'll have courses in accounting, finance, marketing, strategy, leadership, management, and more. 

Is a Master's in Business Administration worth it?

Yes! An MBA can help you boost your résumé and help you get higher pay, better job opportunities, and more. In fact, WGU MBA graduates earn an average of $16,200 more per year after graduation.

Why should you pursue an MBA?

An MBA is a great option for those who want to progress into management or leadership roles in an organization. Whether you want to move to a new company or have upward mobility in your current organization, an MBA can help you be prepared to move up.

What is an MBA good for?

An MBA teaches you leadership skills that can help you excel as an executive in a business setting. Earning an MBA can set you apart when you’re looking to advance into a management role within a corporation. The skills you learn in an MBA program may also help you start and manage your own business.

How long does it take to get an MBA degree?

In general, it takes around two years to earn an MBA degree. That said, through a competency-based online MBA program like the one offered at WGU, students may be able to earn their degree more quickly, sometimes in 18 months or less.

How many years does it take to get an MBA degree?

The number of years it takes to earn an MBA degree can vary depending on the university.

• Traditional university: 2 years
• Competency-based MBA program: 1 to 1.5 years
• Part-time MBA program: around 3 years

Can you earn an MBA completely online?

Yes. You can earn an MBA completely online. This unique model enables students to keep their current job while working toward their degree. Competency-based education models and on-demand classes, tests, and assignments make earning a degree online a valid option for busy working professionals or those with limited access to a brick and mortar university.

Does online MBA have any value?

Yes. With the growing prevalence and availability of online MBA programs, curriculum and acceptance criteria have become more rigorous. As higher education has moved increasingly to online formats, more employers are respecting online MBAs and finding online MBA grads to possess the skills necessary to add value to their business. 

Is an online MBA respected?

Yes. If you earn an MBA from an accredited and reputable university, it will likely be respected by employers. Many online MBA programs have gained enough of a reputation that employers now seek out graduates specifically from certain online programs and universities.

Which online MBA program is best?

The best online MBA programs in terms of ROI include:

• Excelsior College; 497% ROI
• Western Governors University; 267% ROI
• American Public University; 249% ROI
• Arizona State University—Skysong; 225% ROI
• Capella University; 171% ROI

Is an online MBA easy?

No. An online MBA is not necessarily easy. While an online MBA may offer more flexibility and accessibility than a typical in-person program, online programs are still competitive and rigorous. Many students, however, find that an online MBA is easier in the sense that it fits more seamlessly into their busy lives, as they can access courses, take exams, and complete projects anywhere they have internet access.

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What Do You Learn in An MBA Program?

Bethany Garner - BusinessBecause

Bethany Garner is a writer at BusinessBecause.com

The MBA , which stands for Master in Business Administration, is the world’s most popular business degree.

According to research by the Graduate Management Admission Council ( GMAC ), almost half of all business school applicants think about doing an MBA.

One of the main reasons to get an MBA is its broad, practical curriculum, which is designed to bring you up to speed with all the main functions of a business – like finance, accounting, marketing, strategy, human resources, and operations.

At the same time, you’ll have ample opportunities to hone your leadership abilities and crucial soft skills in a collaborative environment that fosters discussion among a diverse group of classmates.

By the time you graduate from an MBA, you can expect to have a good understanding of how different verticals of a business come together, and be able to collaborate successfully with people from several different backgrounds.

So, what do you learn in an MBA program?

What subjects are on the MBA curriculum?

Whether you choose a one-year, two-year, online, or part-time MBA, you’ll cover the same fundamental business topics.

The core curriculum of an MBA typically includes:

• Business Communication
• Business Ethics
• Business Strategy
• Data Analytics
• Leadership and Management

Alongside these core MBA modules, you’ll have the chance to choose from a selection of elective courses. Which ones you choose will depend on your individual career goals.

If you’re interested in a career in consulting, for instance, you might pick some extra strategy classes, while finance-minded students might select additional corporate finance or investment modules.

Many programs also offer MBA specializations , which enable you to dive deeper in a specific area of business. Some common specializations include entrepreneurship, sustainable business, business analytics, marketing, innovation, and finance.

What are the usual MBA teaching methods?

You’ll experience a broad range of teaching methods during an MBA. One of the most prominent is known as the case method .

Developed at Harvard Business School, this teaching method presents students with real-world business challenges written from the perspective of a leader in the organization, and challenges them to come up with a solution to the problem at hand.

MBA students engage with each business case before class, and during the session explain their solutions.

This teaching style is highly collaborative, with the professor assigning the case and guiding the discussion with pertinent questions and insights, rather than simply delivering a lecture.

Besides the case method, you can expect to take part in several group projects, presenting your results to the rest of the class, and complete a capstone project – an individual piece of work addressing a contemporary business issue.

How practical is an MBA?

Most MBA programs are very practice-orientated compared with other degree types. In a typical MBA program, you’ll have the chance to take part in study trips to real companies, attend talks by local business leaders, and take part in consulting projects organized by your school.

If you want to get even more hands-on experience, you can also opt to complete an internship, or take part in extracurricular activities such as case competitions .

During these competitions, small teams of MBA students are presented with a business problem and given a limited amount of time to come up with a solution that they pitch to a panel of judges.

What are some of the most important MBA skills?

Along with practical experience and a good understanding of the business world, you’ll also develop several key MBA skills that you learn in an MBA program.

Some of the most important skills you’ll develop are:

• Strategic problem-solving
• Teamwork with people from diverse backgrounds
• Drawing insights from data
• Communication

According to GMAC’s 2021 Corporate Recruiters Survey , these skills are among the most valued by employers.

80% of employers said interpersonal skills were crucial for business school graduates, while a further 75% cited leadership as being an important attribute.

What career support do you get during an MBA?

The MBA is a careers-focused degree program. For about 50% of MBA students, making a career pivot or securing a promotion is a primary motivation for enrolling.

Beyond the classroom, you’ll also get tailored career support from a team of experts with connections across industries.

Alongside their studies, most MBA students choose to engage with their school’s career service. Support offered by these services usually includes:

• One-to-one coaching to help you plan your post-MBA career
• Connecting you with alumni in your target industry
• Organizing recruitment fairs, whether virtual or in-person
• Organizing networking events
• Putting on workshops in areas like resume-writing, interview technique, and personal branding

With this support, 90% of MBAs report satisfaction with the career development the program provides.

If you want to explore a broad range of business topics, enjoy a practical, discussion-based approach to learning, and access high quality careers services, an MBA could be the ideal program type for you.

Bethany Garner is an experienced writer at BusinessBecause.com , where she's credited with more than 200 articles covering everything from entrepreneurial stories to mental health at work.

She also oversees the BusinessBecause Applicant Question, which poses important admission questions to experts in the field, and regularly hosts webinars on various aspects of the business school experience.

Prior to joining BusinessBecause, Bethany honed her skills as a freelance writer, tackling a wide array of topics from petcare to car maintenance.

Bethany holds a Master’s degree in English Literature from the University of Glasgow, Scotland.

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MBA (Master of Business Administration)

Explore this course:.

Applications for 2024 entry are now open. Apply now or register your interest to hear about postgraduate study and events at the University of Sheffield.

Management School, Faculty of Social Sciences

Course description

Experiential learning is at the heart of the Sheffield MBA. Our programme is designed to provide unique learning experiences that maximise the potential of each individual as part of a close-knit community. We recognise that you are an ambitious individual with unique attributes ready to take on the challenge of reaching your full potential.

We understand that the challenges of the 21st century require globally minded individuals who can understand situations, adapt to rapidly changing environments, and then lead their organisations forward. To this end, we have designed our MBA around three core pillars of consultancy, entrepreneurship and leadership.

Our course is diverse and tailored to your journey as a student, your individual development needs and career aspirations. Our world-class academics will inspire and challenge you to apply your learning to live organisational issues.

At Sheffield, your personal, professional and career development demands our full attention. A dedicated module supporting this is integrated throughout your MBA journey, empowering you to explore your inner capabilities and cultivate the essential skills necessary for your personal and professional growth.

With a focus on self-awareness, career planning, goal setting, and strategic identification, you will possess the tools, insights, and networks needed to pave your path to success.

The Sheffield MBA - further information on the Management School website

We use a staged admissions process to assess applications for this course. You'll still apply for this course in the usual way, using our Postgraduate Online Application Form.

Accreditation

This course is accredited by the Association of MBAs, EQUIS, AACSB, the Chartered Management Institute (CMI) and the Chartered Institute of Management Accountants (CIMA).

An open day gives you the best opportunity to hear first-hand from our current students and staff about our courses.

You may also be able to pre-book a department visit as part of a campus tour. Open days and campus tours

1 year full-time

• Lectures, seminars, workshops and guest speakers
• Interactive, requiring proactive learner engagement
• Live business projects
• Individual and group assignments and presentations
• Project report
• Formal examinations

Your career

• Masterclasses: skill development
• Careers development
• Networking and industry insights

Learn about what our alumni do after graduating

Management School

We have an international reputation for practical and real-world economics.

We are a leading business school with Triple Crown accreditation (AACSB, AMBA and EQUIS). These awards have been achieved through the outstanding quality of our programmes, research output, support for students and alumni, and links with industry. We have a world-class reputation for high quality teaching, ground-breaking research and cutting-edge thinking.

You’ll be part of a dynamic and engaging business school that puts you and your future at the heart of everything it does. We balance a rigorous academic foundation with practical skills to ensure you are ready for the world of work.

We want you to develop skills so you can apply course content in a company setting. Our close links with organisations keep us in tune with the changing demands of the workplace. We know what employers are looking for.

You'll learn from experts - many are former industry professionals and they work closely with businesses. Because our academics are world-leading researchers, your education will draw on the most current management theories.

We want you to engage with the academic content, be conscientious and take an independent approach to study. We want you to be informed, innovative and proactive and do everything we can to support and enhance your career, steering you in the right direction with all the knowledge and skills you require.

You'll benefit from tailored on-site and online professional careers support, dedicated skills sessions and events with experts from world-leading organisations and professional bodies. These activities will help guide your personal and professional development to help you secure your dream placement, internship or graduate role.

Student profiles

I strongly believe that Sheffield is the best city to be a student

Carlo Vidal Miranda MBA Student, MBA

MBA student, Carlo, chose to pursue his ambition of studying an MBA in Sheffield.

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How to Write the Perfect Business Plan

Created by Henry Steele

By Henry Steele - January 8, 2018

Are you planning to start a business or do you already own one ?

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If the answer is yes, then you need a business plan .

This seems like an extremely daunting task, but if you understand your business, it won’t be hard at all. It’s simply a matter of organizing the information in a clear, concise manner.

The following article discusses how to write the perfect business plan, including the types of business plans most commonly used, top 10 do’s and don’ts, what goes into a business plan, the structure of your business, marketing and sales, your organizational and operational plan and much more.

What is a Business Plan?

To help you write the perfect business plan, we’ll provide you with an exact outline of everything you’ll need to include, so even if you think you’re too young, you’ll have no problem starting out.

The reason many business owners first decide to put together a business plan is that they simply have to. If you want to apply for a business loan, attract investors, or obtain any necessary licensing, business plans are a prerequisite.

Even if you don’t need financing or licensing, however, it’s still a good idea to have a well-thought-out business plan. If you need to hire any key employees, a strong business plan will help attract strong talent. Whenever you need to deal with professionals, such as a consultant or an accountant, your business plan gives them invaluable insight.

Finally, it’s a good idea to put a business plan together for your own sake . As you put the business plan together, you’ll have the chance to really conceptualize and evaluate your strategy. You’ll build proof that your idea makes both financial and logistic sense. Once you start working to get your business off of the ground, a strong business plan guides and helps you stay on-track.

Types of Business Plans

Business plans come in all shapes and sizes, but you can generally whittle them down to three key versions.

Shortened Business Plan

This is an easily digestible, much shorter version of your normal business plan. Typically, it will be between three and five pages. You should include your executive summary, financials, and any information pertinent to the person/s to whom you are presenting the plan. A shortened business plan is usually made with a specific purpose or recipient in mind, so it will be easy to figure out exactly what is and isn’t important enough to make the cut.

In-depth Business Plan

Your standard business plan, and the one we will be teaching you to write . Again, these come in handy when seeking to fund your business, attract employees or work with professionals, or simply to act as a guide.

Operational Business Plan

Unlike the other two business plans we have discussed, an operational business plan is meant for internal use only. This will not be distributed to anybody except for employees or professionals working on your company’s behalf. An operational business plan focuses on the company’s overarching goals, mission, and vision so that all department stay aligned. Your Marketing and Sales, Operational Plan, and Financial sections will be key here.

What Language Should I Use?

Top 10 Do’s and Don’ts

Before we dive into our business plan outline and describe each section, let’s go over some general do’s and don’ts you’ll want to keep in mind as you write your business plan:

Do: Provide Examples

Don’t: Overload the Reader

An in-depth business plan will contain lots of useful information and will likely end up being much more than ten pages. Because it’s so long by nature, you need to make sure to only include the most useful information in each section. Format everything carefully and correctly. Don’t use language that confuses or intimidates readers outside of your industry. The easier it is for the reader to absorb everything you’re presenting them, the more effective your business plan is.

Do: Proper Research

Don’t: Leave Any Stone Uncovered

Somebody who reads your business plan shouldn’t have any major questions left unanswered. Include complete information about what you are aiming to do, how you are going to do it, how much money is needed, etc. Use our full outline below to ensure everything is covered.

Do: Be Honest

Don’t: Hustle Just to ‘Get it Done’

Writing a business plan isn’t a task you’re completing and checking off your to-do list. Everything must be accurate, thoughtful, and well-articulated. Keep in mind: this will guide you as you operate your business and is the key to obtaining financing and/or pitching your business.

Do: Make it a Living Document

Don’t: Focus Solely on Your Product

You might think your business revolves around your particular product/s or service/s, but there’s so much more to it than that. Your business plan talks about how the actual business is run, so you might want to leave the technical specifications and granular details for another time.

Do: Show Your Passion

In the end, your business plan and your business are about you. While it’s important to maintain a professional tone, don’t be afraid to let your enthusiasm about your business seep through every page.

Don’t: Write Alone

How to Write a Business Plan

• Keep it concise.
• Know your audience.
• Perfect your executive summary.
• Focus and refine constantly.
• Gather and check all of your data.
• Be confident, but don’t go overboard.
• Be as clear and in-depth as possible.
• Enhance with graphics.
• Share and gather feedback from trusted advisors.

What Goes into a Business Plan?

When writing your business plan, you will need to put in a lot of time and research. Luckily, we’re here to walk you through all of that. A winning business plan contains the below sections, and you can use our sidebar to navigate to each of these:

• Introduction

Executive Summary

• Information About Your Business
• Industry Analysis

Marketing and Sales

• Operational Plan

Your Business Plan Introduction

Cover Letter

A cover letter is essential whenever you are presenting the business plan to somebody for a specific reason and should be tailored to each individual. Like any other letter, it should include names, dates, and a cordial greeting. In the first paragraph, explain exactly why you are presenting the business plan to the recipient. Take one or two paragraphs to discuss your business (an even more condensed executive summary, as we will cover in the next section). Finally, let the reader know you appreciate their consideration and would be happy to address any questions or concerns. Include any necessary contact information below your name and signature.

Your title page should be clean and simple. Here’s what to include in it:

• The title of the document (i.e. Business Plan, Business Proposal, Summary Business Plan).
• The name of your company.
• A sub-heading, if necessary (i.e. ‘Presented to ABC Investing Company’).
• Who the business plan was prepared by.
• The name of any other owners or key partners.
• Basic contact information.

Table of Contents

A table of contents is essential to make your business plan transparent and easy to navigate. It is unlikely that a serious potential partner or investor will read through your plan once and toss it aside, so you want to make it easy for them to return and pick up where they left off or revisit any key bits of information. If you are providing a digital copy, include clickable links to each section for the reader’s benefit.

The executive summary is exactly what it sounds like – a brief summary that describes the essence of what your business is and what it aims to do. Here’s how to write a winning executive summary:

• Begin with a single sentence that sums your business up. This is otherwise known as your value proposition.
• Describe what niche or problem your business fills or solves.
• Explain exactly how your business solves this problem in a way that the rest of the competition does not or cannot.
• A very brief (one or two sentences) summary of any other information from the following sections that would be critical to your business’ success.

Your Business / Company

Structure of Your Business

First and foremost, you’ll need to discuss the legal structure of your business:

• Sole-proprietorship: simple to set-up, but the owner is fully liable for any debts or obligations.
• Partnership: a general partnership is also simple to set-up, but all partners would be liable. Limited partnerships, or LPs, are a bit more complicated.
• Corporation: a corporation is owned by stockholders, so it is unlikely you will either want or need to structure as one. There are two types of corporations, which vary in terms of shareholder limitations and tax liabilities: S corporations and C corporations.
• Limited liability corporation (LLC): an LLC is generally the best of both worlds for small businesses. The owner’s’ liability is limited, and taxation is that of a partnership, which provides better flexibility over a corporation.

Once the legal structure is determined, you’ll need to break down the ownership of the business. Are you the sole owner? Do you have business partners? Has anybody purchased a share of the business in exchange for funding? Provide a brief introduction to any key executives or owners, outlining what strengths they have and how they will impact the business.

Finally, include a brief history (if any) of your business, and any pertinent location details.

Business Vision, Mission, and Values

This is one of the most important sections of your business plan. Here, you need to impart your passion for the business and really describe what you’re trying to achieve.

Business Vision

Your vision statement is all about the company’s goals. It serves as a template for exactly what you’re trying to achieve, both short-term and long-term. Don’t hold back when it comes to your vision: if your goal is to eventually dominate the Northeastern coffee shop scene, say that. A vision statement is your chance to think big.

Where a vision statement thinks big, a mission statement is more practical. Your mission statement should discuss your company’s purpose. Why does it even exist in the first place? This mission statement will act to provide organizational direction and help you achieve your vision.

The values are all about how you plan to operate your business in relation to the stakeholders. This includes investors, customers, and members of the local community. How do you plan to treat them? What are you doing to make their lives and the world they live in better?

Analyzing the Industry

Market Size

Here, you’ll describe exactly how large the market is. You should be able to find national figures with relatively little research. If you’re not serving a national or international market, discuss how large the population you plan to serve is. Extrapolating from the national information, how big do you expect your actual market size to be?

In addition, you should discuss any important trends. Is your market growing or retracting? If your market is growing, discuss how you project to fit into that growth and seize your market share. If your market is shrinking, discuss why you think entering the marketplace is worthwhile, and whether or not you project growth in the future.

Industry Focus and Trends

First, you’ll want to talk about the industry in general. This includes looping back to the market size and discussing whether it is growing, stagnant, or shrinking. Are there any overarching trends or cycles that will affect your business?

This is also a good opportunity to discuss pricing. What type of money does your average customer spend in your industry? What price point are you aiming for, and why is that a good strategy? If you aren’t competing on price, what reasons do you have to believe that somebody will be willing to spend more on your business?

Below, we will discuss two valuable business models you can and should use to discuss your industry further.

PEST Analysis

• Political: what impact could the government have on your business. Is there any pending legislation that could change how you operate? Would tax changes or tariffs cause a financial strain?
• Economic: would an economic downturn cause sales to tumble, or is your business relatively immune to economic factors? Furthermore, what do current economic trends (inflation, consumer demand, etc.) say about your short-term potential?
• Social: are there any relevant social or cultural trends that are shaping the industry? Is there a distinct seasonality to your business? Consider, for example, the impact of the Christmas season to retailers in the United States.
• Technological: how has technology shaped your industry over the past decade? Take a look at the future and make an educated guess on where the industry is headed, and how you’ll fit into that future.

Sometimes PEST is lengthened to PESTLE to include any legal or environmental factors as well. If you believe either will have a significant impact on your business, make sure to include it as well.

Porter’s 5 Forces Analysis

• Competition: we will go into this in more detail next, but for this model you should discuss how much competition there is, and how profitable they might be.
• Threat of new entrants: how easy is it for somebody to enter your industry? For a casino, it would be quite difficult (extensive significant licensing and upfront costs), but for a food truck, it would be quite minimal. The easier it is to enter your industry, the greater the threat is of somebody else entering and stealing your market share.
• Power of suppliers : if your industry has a low number of suppliers or suppliers that are dominated by much larger companies, you will have a problem sourcing on-budget and on-time. If you aren’t reliant on very specific suppliers, however, or if there is competition among suppliers, you can find yourself in an advantageous position.
• Power of customers: specifically, do your customers have the ability to drive prices down? If you expect to have a large number of small customers, your price will remain relatively stable. However, if you plan on having a small number of very important customers, they maintain the power to dramatically impact your pricing and profitability.
• Threat of substitutes: how likely is it that somebody will forego your offering for a comparable substitute. If you’re a restaurant, for example, Amazon’s grocery delivery business would be a substitute, since people may decide to stay home and cook for themselves.

Competition

It’s just as important to discuss how your competition is navigating the industry you plan on dominating. With a strong idea of where your competition is positioned and the strategic decisions they are making you will be able to determine where your own business fits in.

To begin, discuss what your competition looks like. Are there many small businesses vying for the same customers or are you competing against a couple of whales? List your most important competitors and summarize them. Discuss their location, products, pricing, market share, and any important strategic decisions they have made. Use this information to create a list of their strengths and weaknesses.

After discussing the competition, it’s time to think about where you fit among them. SWOT Analysis is the perfect model to do just that.

SWOT Analysis

Here is what a complete SWOT Analysis looks like:

• Strengths:  Exactly as it sounds. What do you do best? What do you do that the competition absolutely cannot?
• Weaknesses:  Be honest. Are there any resources you lack? Any skillsets that are missing? What isn’t as efficient as it could be?
• Opportunities:  Improving any of your weaknesses is a major opportunity. In addition to that, consider internal or external factors that might change and present a new business opportunity. Finally, are there any complementary products or services that you could consider offering to your customers?
• Threats:  What potential is there for your business to be damaged? Are there any industry or economic trends? Could your competition change strategies and harm you? Do any obstacles to success stand in your way?

Once you have completed the SWOT analysis, wrap this section up by talking about your own competitive strategy. Given your industry, the competition, and your own SWOT analysis, what decisions are you making to position the company to succeed?

Readers of your business plan definitely need to know how you’ll be marketing and selling your product or service.There are going to be three key elements of your marketing plan.

Customer Segmentation

• Demographic information – age, gender.
• Psychographic profile – what do they care about? What motivates them? What do they value? Where do they get their information?
• Socioeconomic profile – income, lifestyle preference.

Describe your target audience in great detail. The more you know about your customer, the easier it will be to market to them.

Advertising and Promotion Plan

After building a strong customer profile of your target audience, you should know what your customer cares about. Think about how your business fits into that, and strategize how you’re going to market to them. Use their demographic and behavioral information to determine the most appropriate channels to focus on.

Your brand should seep into all aspects of your business – the website, advertisements, and even the tone of communications with customers. Whatever strategies you have for these elements, make sure to lay them out.

Finally, include your company logo and slogan, if they already exist. If not, you should begin to think about them and use the rest of this section as a guide.

Sales Distribution Plan

How exactly do you plan on getting your goods or services into somebody’s hands? Do you plan on hiring a sales staff or will you handle it all yourself initially? Do you plan on doing inbound or outbound sales? What does the sales process look at each step of the marketing funnel?

You’ll also need to think about and discuss pricing. Discuss your pricing strategy and why it’s a good value for your customers. If you are going low or moderately priced, discuss how you can stay profitable and remain differentiated from the competition. If you are a luxury brand, discuss why somebody will be willing to pay more for your business than the competition.

Lastly, consider distribution. Are you going to allow customers to purchase directly from you? Will they have to go through distributors? Do you have any retail partnerships to leverage? These are important decisions that have a profound impact on a business.

Organizational and Operational Plan

Production Process

Here are some ideas of what you’ll need to outline:

• Raw materials – how much do they cost? Do prices fluctuate? Is supply limited in quantity or how quickly it can be obtained in a pinch?
• What machines, technologies, etc., do you use for production? What costs are involved in these? Are you renting or do you own them?
• What is your estimated daily output?
• How easy is it to scale up or down as necessary? How does this impact the cost per unit?
• Which methods of quality control do you employ, both pre- and post-production?

If you’re a service business, you might not have any physical inventory, but your employees should be considered as your supply. After all, without them, you won’t be able to provide your services to your customers. What strategies do you have to recruit and retain the best talent possible? Can you scale quickly through recruiting and training, overtime, or an increase in part-time help?

You should also look back at your sales distribution plan and consider the logistics of shipping any physical products. How often will orders be fulfilled? Do you have the ability to rush orders if necessary? How will returns or incorrect shipments be handled in a way that keeps everybody happy?

Here are the components you must include in your business plan’s financial information:

Forecasted Sales

Use all of the marketing data you’ve put together to determine what a reasonable sales forecast looks like. Project your sales for a period of two or three years, going one month at a time. Include seasonality whenever applicable. As you forecast sales, include exactly how much revenue you expect to earn from those sales, and the total direct cost of those sales. You’ll be able to use these figures to determine revenue and gross margin, which you should use to compare to industry and competitive standards.

Projected Expenses

Fixed costs are going to stay the same whether you sell one widget or twenty. For example, rent, electricity, insurance, marketing costs, and payroll (with the exception of commission and bonuses), will mostly stay the same no matter what sales look like.

Variable costs, on the other hand, will vary by each unit sold. This includes the cost of materials, shipping, coupons, taxes, etc. Most of this should already be covered in your forecasted sales report, but make sure that nothing is overlooked.

Make sure to consider that as you scale, some fixed costs may become variable. As sales increase, you may have to hire more employees, or move into a bigger office. Keep this in mind by always referring back to your forecasted sales and estimating your business needs as best you can.

Balance Sheet

Everything comes together on your balance sheet. This includes your projected sales and expenses, but also deals with assets and liabilities.For example, if you take out a loan, you’ll need to include the capital in your assets and the repayments, including interest, in your liabilities. Non-monetary assets, such as the property and machinery must also be included.

You can find a sample balance sheet here .

Cash Flow Statement

Month by month, you’ll track exactly how much cash you expect to leave your hands and how much will come in. Keep in mind that not all sales are paid fully right away. Consider how many sales will be paid in full at the time of sale, how many will be paid in 30 days, 60 days, or go completely delinquent.

Once you have your cash flow statement completed, run some quick analysis. Compare your projected expenses each month to the projected cash coming in each month. For any months that project to have a negative cash flow, ensure you have enough money on hand to cover the difference.

You may find two examples of completed cash flow statements here and here .

Customer Lifetime Value

Customer Lifetime Value is an estimate of exactly how much each customer you acquire will be worth total. A simple way to calculate this is by determining how many purchases a customer makes before churning, and multiplying it by the average amount of their purchase. In other words, how many purchases will they make before moving on from your business, and how much will those purchases be worth?

Let’s take a look at a real-world example. Let’s assume you’re running an oil change business, and you know your average customer gets three oil changes per year. With premium options and add-ons, your average sale is $38.50. Each customer spends an average of three years with you before churning (perhaps they have moved away or found another service they prefer).

In this example, your expected CLV would be $346.50. You know each average customer will make 3 purchases per year, for 3 years, at $38.50 each. 3 x 3 x $38.50 = $346.50, which is your CLV.

Why is CLV so important? Let’s take a look at unit economics.

Unit Economics

The formula for cost of acquisition is simple. Divide your total marketing spend by the number of customers you have acquired through all marketing channels. If you spend $25,000 across all marketing channels and acquire 1,000 customers, your average cost per acquisition is $25.00.

Tracking your marketing expenses isn’t the tricky part. Attributing each user to a specific campaign, however, can be. If somebody walks into your store after seeing a TV ad, for example, it can be hard to properly attribute them. Digital campaigns are a bit easier, as there are typically tracking links that make everything easy to calculate. You’ll have to do your due diligence and make your best-educated guesses here, using industry standards whenever necessary and possible.

You should also take the time to break out your unit economics into each marketing channel. This allows you to track which channels are performing well and which ones aren’t. If Facebook is attracting lots of customers but you’re spending so much that your cost of acquisition is higher than expected CLV, you might actually need to stop spending money there.

It’s important to be very clear about exactly how your business has been funded so far. This includes what you have received through investments, series rounds, or personal loans. You will also need to mention any personal funds that you have put into the business, and how much you have saved that you are willing to put into it in the future.

Once you have discussed the funding your business has received, it is appropriate to lay out exactly how much you’ll need. Make sure to also discuss exactly what any loans or investments will be used for and how that spending will be tracked.

Business Plan Resources

Business plan samples.

To reinforce everything we’ve discussed above, let’s take a look at some sample business plans that have already been put together for your review. We’ll discuss some key takeaways from each plan, helping you consider how your business is unique and what you’ll need to emphasize.

Coffee Shop Business Plan

A coffee shop is a nice, simple business to start our samples with. A coffee shop requires a small storefront, and the location is critical. Most people will gladly stop in for a nice cup of coffee but are unlikely to drive miles out of their way for one. Notice that because of this, the sales forecast is relatively stagnant, even after several years.

Click here for the sample business plan.

Restaurant Business Plan

A restaurant business plan will be similar to a coffee shop, but is a little more involved. Start-up costs are higher as it requires a larger storefront and a larger variety of equipment. Variable costs are higher as a quality meal costs much more than a cup of coffee. The sales forecast shows more growth, as people are more willing to travel for a good meal than they are a simple cup of coffee.

Food Truck Business Plan

Let’s consider a third food-based business to really drive home how businesses that appear similar will have important differences. Food trucks have a much different fixed cost structure than a coffee shop or restaurant, as they don’t have a physical location. Seasonality and location will have a huge impact on salespeople won’t want to stand outside for a burrito when it’s cold and snowy outside. With a much smaller staff, a food truck is also more likely to be open for lunch only, or closed a couple days per week.

Startup Business Plan

It’s good to take a look at a general startup business plan to get an idea of how to estimate costs, sales, etc. This sample plan is a take-out pizza joint. Notice that trends are important, as the business plan notes their market is a growing area and they are aiming to fill a niche for low to middle-income families, which comprise the majority of residents in their service area. They use a mixture of studies and geographic data to make conservative estimates, giving potential investors confidence that the business can be profitable if the strategies are successfully executed.

Photography Business Plan

A photography business is a great example of a company that is minimal to the extreme. Mostly, you will be relying on your own skills and experience. Minus initial equipment and the cost of your own time, expenses are minimal. Still, you see that it’s important to have a strong plan in place so that you understand how to position your services and who exactly you’re aiming to serve.

Business Plan Tools

Here are a variety of tools that make both writing a business plan and getting your business off the ground much easier:

If you want to quickly build your idea into a business plan to validate its value or just to get started, LivePlan is perfect. The business planning process is made simple, as you simply need to answer questions and are given plenty of examples, videos, and tutorials along the way. You can even use LivePlan to collaborate with partners or investors, testing ideas on the fly and seeing its impact on your business’ health.

Click here to take a look at LivePlan.

Rocket Lawyer

When you’re starting a business, it’s extremely likely you’ll need quick legal help. You might need advice on licensing, permits, or zoning. Or perhaps you want to discuss how to structure your business as an LLC. Rocket Lawyer can help. You’ll have access to their services for a monthly fee that’s less than a cup of coffee each day. There’s an even option to help incorporate your business by filling out a couple of quick forms.

Click here to take a look at Rocket Lawyer.

Like LivePlan, StratPad offers a cloud-based chance to build your business plan and strategy on the fly. StratPad offers a demo for their services and if you’re looking for funding will even match you up automatically with a financial institution that makes sense for your business. Our suggestion is to take a look at both LivePlan and StratPad and select the one that you like best.

Click here to take a look at StratPad.

If you’re looking for a simple way to create a professional business plan without all the bells and whistles, BizPlan is perfect for you. You’ll be able to create a stylish, professional business plan using intuitive drag-and-drop templates. Financials are easy to create using a user-friendly dashboard.

Click here to take a look at BizPlan.

A typo can derail your business plan and make you look sloppy and unprepared, no matter how much effort you put into it. Grammarly is a world-class spell checker that also checks for many of the most common grammatical error for free. There’s even a browser-based version that you can use no matter where you are. For a fee, you can subscribe to Grammarly Premium, which provides an even more granular check.

Click here to take a look at Grammarly.

Business Plan Templates

Now that we have an idea of everything you need to include in your business plan and which tools you’ll need to get started, it’s time to get started. Here are some websites with sample business plan templates you may use to make writing the perfect business plan a bit easier:

• Score.org has a variety of business plan and financial statement templates, including ones for both start-ups and established businesses.
• Microsoft Office’s website has many valuable business plan templates, including a checklist and PowerPoint Presentation templates for pitching your business plan.
• The S. Small Business Administration allows you to create a business plan with a free account that you can download and distribute as a PDF.
• Santa Clara University provides a 15-section business plan that can be downloaded one section at a time or all at once.
• Law Depot offers a business plan template tailored for you. Simply answer some quick questions and your template is instantly ready to download.

How to Write a Business Plan Conclusion

In the end, a business plan is a highly unique and personalized document. A business plan that is right for your business won’t be right for any other business in the world. By closely following the outline and strategies above, however, you’ll have a great base to begin crafting your own perfect business plan.

Bibliography:

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• Hazlett, M. Basics of Unit Economics. Medium. Retrieved from https://medium.com/@markhazlett/basic-of-unit-economics-79f1d6cae085.
• Investopedia. Porter’s 5 Forces. Retrieved from http://www.investopedia.com/terms/p/porter.asp.
• Johnson, J. How to Write a Cover Letter for a Business Plan. Small Business Chronicle. Retrieved from http://smallbusiness.chron.com/write-cover-letter-business-plan-43209.html.
• Katz, A. Determining the Best Legal Structure for Your Business. Entrepreneur. Retrieved from https://www.entrepreneur.com/article/236450.
• Kolowich, A. How to Write a Business Plan: A Bookmarkable Guide (With Examples). HubSpot. Retrieved from https://blog.hubspot.com/marketing/how-to-write-a-business-plan.
• Lavinsky, D. Marketing Plan Template: Exactly What To Include. Forbes. Retrieved from https://www.forbes.com/sites/davelavinsky/2013/09/30/marketing-plan-template-exactly-what-to-include/#1ddaeeb43503.
• My Own Business Institute. Session 2: The Business Plan. Retrieved from https://www.scu.edu/mobi/business-courses/starting-a-business/session-2-the-business-plan/.
• Parsons, N. How to Write a Business Plan [Updated for 2017]. Bplans. Retrieved from http://articles.bplans.com/how-to-write-a-business-plan/.
• PESTLE Analysis. What is PESTLE Analysis? A Tool for Business Analysis. Retrieved from http://pestleanalysis.com/what-is-pestle-analysis/,
• Robbins, S. Why You Must Have a Business Plan. Entrepreneur. Retrieved from https://www.entrepreneur.com/article/74194.
• Ronick, D. 10 Business Plan Dos and Don’ts. Inc. Retrieved from https://www.inc.com/articles/201104/business-plan-dos-and-donts.html.
• Ronick, D. 10 Things A Business Pitch Absolutely Does (And Does Not) Need. Business Insider. Retrieved from http://www.businessinsider.com/10-survival-tactics-for-a-successful-business-plan-pitch-2011-4/.
• Shopify. The Ultimate Guide to Business Plans, Chapter 3: The Company. Retrieved from https://www.shopify.com/guides/businessplan/the-company.
• Wasserman, E. How to Write the Financial Section of a Business Plan. Inc. Retrieved from https://www.inc.com/guides/business-plan-financial-section.html

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More From Forbes

How To Start A Business Plan: A Step-By-Step Guide

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Creating a business plan is a critical first step for any entrepreneur. Knowing how to start a business plan will help you create a roadmap, guiding your business from startup to growth and beyond. Whether you're looking for investment, trying to set clear goals, or simply organizing your thoughts, a solid business plan can make all the difference.

Here is a guide to help you get started on your business plan:

1. executive summary.

What It Is: This section summarizes your business plan as a whole and outlines your company profile and goals.

What to Include:

• Business name and location
• Products or services offered
• Mission statement
• The purpose of the plan (e.g., seeking funding, guiding the startup process)

Tip: Keep it concise. Although it's the first section, it's often best to write it last, after you’ve detailed everything else.

2. Company Description

What It Is: This section provides detailed information about your company, including who you are, what you do, and what markets you serve.

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• Your business structure (e.g., sole proprietorship, LLC, corporation)
• The industry and marketplace needs your business meets
• Your business’s objectives and how you stand out from competitors

Tip: Use this section to highlight your company’s strengths and what makes you unique.

3. Market Research

What It Is: Market research demonstrates your understanding of the industry and target market.

• Market size and growth potential
• Target customer demographics
• Market trends and outlook
• Competitive analysis, including strengths and weaknesses of competitors

Tip: Include data and statistics to back up your findings and show that you’ve done your homework.

4. Organization and Management

What It Is: This section outlines your business’s organizational structure and management team.

• Organizational chart
• Information about the ownership of the company
• Backgrounds and qualifications of the management team
• Roles and responsibilities within the company

Tip: Highlight the skills and experiences of your team that will help the business succeed.

5. Products or Services Line

What It Is: Here, you detail the products or services you offer or plan to offer.

• A description of each product or service
• The lifecycle of products or services
• Research and development activities, if applicable
• Intellectual property, such as patents or trademarks

Tip: Focus on the benefits your products or services bring to your customers.

6. Marketing and Sales Strategy

What It Is: This section explains how you will attract and retain customers.

• Marketing strategies, including advertising, promotions, and public relations
• Sales strategies, including sales processes, channels, and tactics
• Pricing strategy and how it compares to competitors

Tip: Ensure your marketing and sales strategies are aligned with your market research findings.

7. Funding Request

What It Is: If you’re seeking funding , this section outlines your requirements.

• Your current funding needs
• Future funding requirements over the next five years
• How you intend to use the funds
• Potential future financial plans (e.g., selling the business, repaying debt)

Tip: Be specific and realistic about how much funding you need and how it will be used.

8. Financial Projections

What It Is: Financial projections provide a forecast of your business’s financial future.

• Income statements
• Cash flow statements
• Balance sheets
• Break-even analysis

Tip: Use realistic and conservative estimates. Consider hiring a financial professional to help with this section if needed.

9. Appendix

What It Is: The appendix includes any additional information that supports your business plan.

• Resumes of key management team members
• Permits and leases
• Legal documents
• Detailed market research data
• Product photos

Tip: Only include essential information that adds value to your business plan.

Final Tips for Creating a Business Plan

Creating a business plan requires clarity and precision. First and foremost, keep your business plan clear and concise. Avoid using jargon or complex language that could make the plan difficult to read or understand. Your aim should be to communicate your ideas effectively and efficiently.

Next, be realistic in your approach. Ensure that your goals and financial projections are attainable based on your research and understanding of the market. Overly ambitious projections can undermine your credibility and potentially lead to unrealistic expectations.

It's also essential to remember that a business plan is a dynamic document. As your business grows and market conditions change, you should revisit and revise your plan regularly. This helps you stay aligned with your goals and adapt to new challenges and opportunities.

Finally, seek feedback from experienced business professionals. Having someone with business experience review your plan can provide valuable insights and help identify any potential issues or areas for improvement. Their feedback can enhance the overall quality and effectiveness of your business plan.

By following these tips, you'll be better equipped to create a robust and effective business plan that can guide your business towards success.

The bottom line is that starting a business plan may seem challenging, but with careful planning and attention to detail, you can create a comprehensive guide to steer your business toward success. Use this step-by-step guide to ensure that all essential components are covered, giving your business the best possible start.

Melissa Houston, CPA is the author of Cash Confident: An Entrepreneur’s Guide to Creating a Profitable Business and the founder of She Means Profit . As a Business Strategist for small business owners, Melissa helps women making mid-career shifts, to launch their dream businesses, and I also guide established business owners to grow their businesses to more profitably.

The opinions expressed in this article are not intended to replace any professional or expert accounting and/or tax advice whatsoever.

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Table of Contents

What is a business plan, the advantages of having a business plan, the types of business plans, the key elements of a business plan, best business plan software, common challenges of writing a business plan, become an expert business planner, business planning: it’s importance, types and key elements.

Every year, thousands of new businesses see the light of the day. One look at the  World Bank's Entrepreneurship Survey and database  shows the mind-boggling rate of new business registrations. However, sadly, only a tiny percentage of them have a chance of survival.   

According to the Bureau of Labor Statistics, about 20% of small businesses fail in their first year, about 50% in their fifth year.

Research from the University of Tennessee found that 44% of businesses fail within the first three years. Among those that operate within specific sectors, like information (which includes most tech firms), 63% shut shop within three years.

Several  other statistics  expose the abysmal rates of business failure. But why are so many businesses bound to fail? Most studies mention "lack of business planning" as one of the reasons.

This isn’t surprising at all. 

Running a business without a plan is like riding a motorcycle up a craggy cliff blindfolded. Yet, way too many firms ( a whopping 67%)  don't have a formal business plan in place. 

It doesn't matter if you're a startup with a great idea or a business with an excellent product. You can only go so far without a roadmap — a business plan. Only, a business plan is so much more than just a roadmap. A solid plan allows a business to weather market challenges and pivot quickly in the face of crisis, like the one global businesses are struggling with right now, in the post-pandemic world.  

But before you can go ahead and develop a great business plan, you need to know the basics. In this article, we'll discuss the fundamentals of business planning to help you plan effectively for 2021.  

Now before we begin with the details of business planning, let us understand what it is.

No two businesses have an identical business plan, even if they operate within the same industry. So one business plan can look entirely different from another one. Still, for the sake of simplicity, a business plan can be defined as a guide for a company to operate and achieve its goals.  

More specifically, it's a document in writing that outlines the goals, objectives, and purpose of a business while laying out the blueprint for its day-to-day operations and key functions such as marketing, finance, and expansion.

A good business plan can be a game-changer for startups that are looking to raise funds to grow and scale. It convinces prospective investors that the venture will be profitable and provides a realistic outlook on how much profit is on the cards and by when it will be attained. 

However, it's not only new businesses that greatly benefit from a business plan. Well-established companies and large conglomerates also need to tweak their business plans to adapt to new business environments and unpredictable market changes. 

Before getting into learning more about business planning, let us learn the advantages of having one.

Since a detailed business plan offers a birds-eye view of the entire framework of an establishment, it has several benefits that make it an important part of any organization. Here are few ways a business plan can offer significant competitive edge.

• Sets objectives and benchmarks: Proper planning helps a business set realistic objectives and assign stipulated time for those goals to be met. This results in long-term profitability. It also lets a company set benchmarks and Key Performance Indicators (KPIs) necessary to reach its goals. 
• Maximizes resource allocation: A good business plan helps to effectively organize and allocate the company’s resources. It provides an understanding of the result of actions, such as, opening new offices, recruiting fresh staff, change in production, and so on. It also helps the business estimate the financial impact of such actions.
• Enhances viability: A plan greatly contributes towards turning concepts into reality. Though business plans vary from company to company, the blueprints of successful companies often serve as an excellent guide for nascent-stage start-ups and new entrepreneurs. It also helps existing firms to market, advertise, and promote new products and services into the market.
• Aids in decision making: Running a business involves a lot of decision making: where to pitch, where to locate, what to sell, what to charge — the list goes on. A well thought-out business plan provides an organization the ability to anticipate the curveballs that the future could throw at them. It allows them to come up with answers and solutions to these issues well in advance.
• Fix past mistakes: When businesses create plans keeping in mind the flaws and failures of the past and what worked for them and what didn’t, it can help them save time, money, and resources. Such plans that reflects the lessons learnt from the past offers businesses an opportunity to avoid future pitfalls.
• Attracts investors: A business plan gives investors an in-depth idea about the objectives, structure, and validity of a firm. It helps to secure their confidence and encourages them to invest. 

Now let's look at the various types involved in business planning.

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Business plans are formulated according to the needs of a business. It can be a simple one-page document or an elaborate 40-page affair, or anything in between. While there’s no rule set in stone as to what exactly a business plan can or can’t contain, there are a few common types of business plan that nearly all businesses in existence use.  

Here’s an overview of a few fundamental types of business plans. 

• Start-up plan: As the name suggests, this is a documentation of the plans, structure, and objections of a new business establishments. It describes the products and services that are to be produced by the firm, the staff management, and market analysis of their production. Often, a detailed finance spreadsheet is also attached to this document for investors to determine the viability of the new business set-up.
• Feasibility plan: A feasibility plan evaluates the prospective customers of the products or services that are to be produced by a company. It also estimates the possibility of a profit or a loss of a venture. It helps to forecast how well a product will sell at the market, the duration it will require to yield results, and the profit margin that it will secure on investments. 
• Expansion Plan: This kind of plan is primarily framed when a company decided to expand in terms of production or structure. It lays down the fundamental steps and guidelines with regards to internal or external growth. It helps the firm to analyze the activities like resource allocation for increased production, financial investments, employment of extra staff, and much more.
• Operations Plan: An operational plan is also called an annual plan. This details the day-to-day activities and strategies that a business needs to follow in order to materialize its targets. It outlines the roles and responsibilities of the managing body, the various departments, and the company’s employees for the holistic success of the firm.
• Strategic Plan: This document caters to the internal strategies of the company and is a part of the foundational grounds of the establishments. It can be accurately drafted with the help of a SWOT analysis through which the strengths, weaknesses, opportunities, and threats can be categorized and evaluated so that to develop means for optimizing profits.

There is some preliminary work that’s required before you actually sit down to write a plan for your business. Knowing what goes into a business plan is one of them. 

Here are the key elements of a good business plan:

• Executive Summary: An executive summary gives a clear picture of the strategies and goals of your business right at the outset. Though its value is often understated, it can be extremely helpful in creating the readers’ first impression of your business. As such, it could define the opinions of customers and investors from the get-go.  
• Business Description: A thorough business description removes room for any ambiguity from your processes. An excellent business description will explain the size and structure of the firm as well as its position in the market. It also describes the kind of products and services that the company offers. It even states as to whether the company is old and established or new and aspiring. Most importantly, it highlights the USP of the products or services as compared to your competitors in the market.
• Market Analysis: A systematic market analysis helps to determine the current position of a business and analyzes its scope for future expansions. This can help in evaluating investments, promotions, marketing, and distribution of products. In-depth market understanding also helps a business combat competition and make plans for long-term success.
• Operations and Management: Much like a statement of purpose, this allows an enterprise to explain its uniqueness to its readers and customers. It showcases the ways in which the firm can deliver greater and superior products at cheaper rates and in relatively less time. 
• Financial Plan: This is the most important element of a business plan and is primarily addressed to investors and sponsors. It requires a firm to reveal its financial policies and market analysis. At times, a 5-year financial report is also required to be included to show past performances and profits. The financial plan draws out the current business strategies, future projections, and the total estimated worth of the firm.

The importance of business planning is it simplifies the planning of your company's finances to present this information to a bank or investors. Here are the best business plan software providers available right now:

• Business Sorter

The importance of business planning cannot be emphasized enough, but it can be challenging to write a business plan. Here are a few issues to consider before you start your business planning:

• Create a business plan to determine your company's direction, obtain financing, and attract investors.
• Identifying financial, demographic, and achievable goals is a common challenge when writing a business plan.
• Some entrepreneurs struggle to write a business plan that is concise, interesting, and informative enough to demonstrate the viability of their business idea.
• You can streamline your business planning process by conducting research, speaking with experts and peers, and working with a business consultant.

Whether you’re running your own business or in-charge of ensuring strategic performance and growth for your employer or clients, knowing the ins and outs of business planning can set you up for success. 

Be it the launch of a new and exciting product or an expansion of operations, business planning is the necessity of all large and small companies. Which is why the need for professionals with superior business planning skills will never die out. In fact, their demand is on the rise with global firms putting emphasis on business analysis and planning to cope with cut-throat competition and market uncertainties.

While some are natural-born planners, most people have to work to develop this important skill. Plus, business planning requires you to understand the fundamentals of business management and be familiar with business analysis techniques . It also requires you to have a working knowledge of data visualization, project management, and monitoring tools commonly used by businesses today.   

Simpliearn’s Executive Certificate Program in General Management will help you develop and hone the required skills to become an extraordinary business planner. This comprehensive general management program by IIM Indore can serve as a career catalyst, equipping professionals with a competitive edge in the ever-evolving business environment.

What Is Meant by Business Planning?

Business planning is developing a company's mission or goals and defining the strategies you will use to achieve those goals or tasks. The process can be extensive, encompassing all aspects of the operation, or it can be concrete, focusing on specific functions within the overall corporate structure.

What Are the 4 Types of Business Plans?

The following are the four types of business plans:

Operational Planning

This type of planning typically describes the company's day-to-day operations. Single-use plans are developed for events and activities that occur only once (such as a single marketing campaign). Ongoing plans include problem-solving policies, rules for specific regulations, and procedures for a step-by-step process for achieving particular goals.

Strategic Planning

Strategic plans are all about why things must occur. A high-level overview of the entire business is included in strategic planning. It is the organization's foundation and will dictate long-term decisions.

Tactical Planning

Tactical plans are about what will happen. Strategic planning is aided by tactical planning. It outlines the tactics the organization intends to employ to achieve the goals outlined in the strategic plan.

Contingency Planning

When something unexpected occurs or something needs to be changed, contingency plans are created. In situations where a change is required, contingency planning can be beneficial.

What Are the 7 Steps of a Business Plan?

The following are the seven steps required for a business plan:

Conduct Research

If your company is to run a viable business plan and attract investors, your information must be of the highest quality.

Have a Goal

The goal must be unambiguous. You will waste your time if you don't know why you're writing a business plan. Knowing also implies having a target audience for when the plan is expected to get completed.

Create a Company Profile

Some refer to it as a company profile, while others refer to it as a snapshot. It's designed to be mentally quick and digestible because it needs to stick in the reader's mind quickly since more information is provided later in the plan.

Describe the Company in Detail

Explain the company's current situation, both good and bad. Details should also include patents, licenses, copyrights, and unique strengths that no one else has.

Create a marketing plan ahead of time.

A strategic marketing plan is required because it outlines how your product or service will be communicated, delivered, and sold to customers.

Be Willing to Change Your Plan for the Sake of Your Audience

Another standard error is that people only write one business plan. Startups have several versions, just as candidates have numerous resumes for various potential employers.

Incorporate Your Motivation

Your motivation must be a compelling reason for people to believe your company will succeed in all circumstances. A mission should drive a business, not just selling, to make money. That mission is defined by your motivation as specified in your business plan.

What Are the Basic Steps in Business Planning?

These are the basic steps in business planning:

Summary and Objectives

Briefly describe your company, its objectives, and your plan to keep it running.

Services and Products

Add specifics to your detailed description of the product or service you intend to offer. Where, why, and how much you plan to sell your product or service and any special offers.

Conduct research on your industry and the ideal customers to whom you want to sell. Identify the issues you want to solve for your customers.

Operations are the process of running your business, including the people, skills, and experience required to make it successful.

How are you going to reach your target audience? How you intend to sell to them may include positioning, pricing, promotion, and distribution.

Consider funding costs, operating expenses, and projected income. Include your financial objectives and a breakdown of what it takes to make your company profitable. With proper business planning through the help of support, system, and mentorship, it is easy to start a business.

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How to Write a Business Plan Outline in 9 Steps (Example Included!)

Starting a business often begins with writing a business plan , especially if you need funding . It acts as a roadmap, guiding you through each stage of launching and managing your company, and it presents a clear, compelling case to potential investors and partners. But here's the thing: not everyone finds this step intuitive. That's where a business plan outline can be incredibly helpful.

Creating a detailed business plan outline helps you organize your thoughts and ensure you cover all the key aspects of your business strategy. Plus, it might be just what you need to overcome that blank page and start typing.

Below, you'll find an easy-to-follow guide on how to craft your business plan outline, and an example to show you what it should look like.

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What is an outline of a business plan?

Think of a business plan outline as the skeleton of your entire business plan. It gives a high-level overview of the main sections you'll need to flesh out later. It's not the final document but a crucial step in getting you there.

Simply put, it's like creating a detailed table of contents for your business plan, showing you exactly what information to include and how everything fits together. A well-structured business plan outline also helps you plan things ahead, saving time and effort.

Writing a business plan outline in 9 steps

Follow these steps to build your business plan outline and learn exactly what each section should include.

(Bear in mind that every business plan is unique, tailored to the specific needs and goals of the business. While the structure below is common, the order of sections may vary—only the executive summary will always come first.)

1. Executive summary

Imagine you have just 60 seconds to convince someone to invest in your business. That's the essence of a strong executive summary. Although it appears first on your business plan, this section is often written last because it sums up the entire plan. Think of it as your elevator pitch . This section gives a quick overview of your entire business plan, highlighting key points that grab the reader's attention.

Keep it clear and concise. Start with a brief overview of your business, including its name and what it offers. Summarize your mission statement and objectives, and don’t forget to mention crucial aspects like financial projections and competitive advantages.

2. Company description

Here's where you provide detailed information about your company. Begin with the business name and location. Describe the legal structure (e.g., sole proprietorship, partnership, corporation) and ownership. If your business already exists, share a brief history.

For new ventures, explain the business's nature and the problems you aim to solve. Go into more detail about your vision and mission statements, outlining your goals and the principles guiding your business. This section helps potential investors and stakeholders grasp your company’s identity and purpose.

3. Market research and analysis

This section shares insights into your company’s industry. Start with a landscape analysis to give an overview of the market, including its size, growth rate, and key players.

Next, define your target market and customer demographics—age, location, income, and interests—detailing who your ideal customers are. Identify market needs and trends your business will address, and highlight customer pain points your product or service aims to solve.

Consider conducting a SWOT analysis to evaluate your business's strengths, weaknesses, opportunities, and threats, and gain a strategic view of where your business stands in the competitive landscape.

4. Organization and management

Describe how your business is structured and who runs it. Outline the organizational structure, and if helps, include a chart. Introduce the leadership team and key personnel, highlighting their qualifications and roles. If you have a board of directors, mention them and briefly explain their involvement.

Then, outline your production processes, detailing how your product or service is (or will be) created—from sourcing materials to delivery—to give a comprehensive view of your operational capabilities.

5. Products and services

This section of your business plan outline is crucial for showing potential investors what makes your products and services unique and valuable.

Clearly describe what your business offers, emphasizing your unique selling propositions (USPs) and the benefits and features that set you apart from the competition. Talk about the product life cycle, including any plans for future updates.

If your business holds any intellectual property or proprietary technologies, detail them here to underscore your competitive advantages.

6. Marketing strategy

Having a fantastic product or service is just half the battle. The marketing plan section should outline how you'll reach your target market and convert them into customers.

Begin with market positioning and branding, explaining how you want your brand perceived. Detail your marketing and promotional strategies, including specific tactics to reach your target audience.

Discuss your sales strategy, focusing on how you'll convert leads into customers. Lastly, include your pricing strategy and provide a sales forecast, projecting your expected revenue over a certain period.

7. Operations plan

Here, the goal is to give a detailed overview of the physical and logistical aspects of your company. Start with the business location and facilities, describing where it operates and any significant physical assets. Detail the technology and equipment needed for daily operations.

Briefly describe your supply chain and logistics processes to illustrate how you manage inventory, procurement, and distribution. Finish it by outlining your production process and quality control measures to ensure your products or services consistently meet high standards.

8. Financial plan

Use this section of the business plan to show how your company will succeed financially. Include financial projections like income statements and cash flow statements. Specify how much capital you need and how you plan to use it, discussing funding sources.

Conduct a break-even analysis to estimate when your business will become profitable. Be transparent and address any financial risks and assumptions, outlining how you plan to mitigate them.

9. Appendices and exhibits

In this section, include any additional information that supports your business plan. This might be resumes of key personnel to highlight your team's expertise and experience, or even legal documents and agreements.

Include market research data and surveys to back up your market analysis. Add financial statements for a detailed look at your financial plan. Also, provide detailed product specifications to give a clear understanding of your products and services.

Here's a business plan outline example

Not quite there yet? Take a look at this business plan outline example—it will make everything clear for you.

3.1 Executive Summary

• Overview of the business
• Key points of the business plan

3.2 Company Description

• Business name and location
• History and nature of the business
• Legal structure and ownership
• Vision and mission statement

3.3 Market Research and Analysis

• Industry analysis
• Target market and customer demographics
• Market needs, trends
• Customer pain points
• SWOT analysis

3.4 Organization and Management

• Organizational structure
• Leadership team and key personnel
• Roles and responsibilities
• Board of directors (if applicable)
• Production processes

3.5 Products and Services

• Description of products or services offered
• Unique selling propositions, benefits, features
• Product lifecycle and development plans
• Intellectual property and proprietary technologies

3.6 Marketing Strategy

• Market positioning and branding
• Marketing and promotional strategies
• Sales strategy and tactics
• Pricing strategy and sales forecast

3.7 Operations Plan

• Business location and facilities
• Technology and equipment
• Supply chain and logistics
• Production process and quality control

3.8 Financial Plan

• Financial projections (income statements, balance sheets, cash flow statements)
• Funding requirements and sources
• Break-even analysis
• Financial risks and assumptions

3.9 Appendices and Exhibits (if applicable)

• Supporting documents and additional information
• Resumes of key personnel
• Legal documents and agreements
• Market research data and surveys
• Financial Statements
• Detailed Product Specifications

Bonus tips on how to write a winning business plan

Once you've done your business plan outline, it's time to fill in the gaps and craft a winning business plan. Here are some bonus tips to keep in mind:

• Tailor it to fit your business : Customize sections to meet industry-specific needs and highlight what makes your business unique.
• Keep it clear and concise : Use straightforward language and support your points with data to ensure easy understanding and avoid any confusion.
• Set actionable and realistic goals : Define measurable objectives with clear timelines and milestones to track your progress.
• Update regularly : Keep your plan dynamic by making regular updates to reflect changes in goals, market conditions, and strategies.
• Seek feedback : Gain insights from mentors and advisors to refine your plan.

Read this next: How to Start a Business in 8 Steps: A Comprehensive Guide from Concept to Launch

550+ Business Plan Examples to Launch Your Business

Need help writing your business plan? Explore over 550 industry-specific business plan examples for inspiration.

Find your business plan example

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Business plan template: There's an easier way to get your business plan done.

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View all sample business plans

Example business plan format

Before you start exploring our library of business plan examples, it's worth taking the time to understand the traditional business plan format . You'll find that the business plan samples in this library and most investor-approved business plans will include the following sections:

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your business plan and is ideally only one to two pages. You should also plan to write this section last after you've written your full business plan.

Your executive summary should include a summary of the problem you are solving, a description of your product or service, an overview of your target market, a brief description of your team, a summary of your financials, and your funding requirements (if you are raising money).

Products & services

The products & services chapter of your business plan is where the real meat of your plan lives. It includes information about the problem that you're solving, your solution, and any traction that proves that it truly meets the need you identified.

This is your chance to explain why you're in business and that people care about what you offer. It needs to go beyond a simple product or service description and get to the heart of why your business works and benefits your customers.

Market analysis

Conducting a market analysis ensures that you fully understand the market that you're entering and who you'll be selling to. This section is where you will showcase all of the information about your potential customers. You'll cover your target market as well as information about the growth of your market and your industry. Focus on outlining why the market you're entering is viable and creating a realistic persona for your ideal customer base.

Competition

Part of defining your opportunity is determining what your competitive advantage may be. To do this effectively you need to get to know your competitors just as well as your target customers. Every business will have competition, if you don't then you're either in a very young industry or there's a good reason no one is pursuing this specific venture.

To succeed, you want to be sure you know who your competitors are, how they operate, necessary financial benchmarks, and how your business will be positioned. Start by identifying who your competitors are or will be during your market research. Then leverage competitive analysis tools like the competitive matrix and positioning map to solidify where your business stands in relation to the competition.

Marketing & sales

The marketing and sales plan section of your business plan details how you plan to reach your target market segments. You'll address how you plan on selling to those target markets, what your pricing plan is, and what types of activities and partnerships you need to make your business a success.

The operations section in our business plan examples covers the day-to-day workflows for your business to deliver your product or service. What's included here fully depends on the type of business. Typically you can expect to add details on your business location, sourcing and fulfillment, use of technology, and any partnerships or agreements that are in place.

Milestones & metrics

The milestones section is where you lay out strategic milestones to reach your business goals.

A good milestone clearly lays out the parameters of the task at hand and sets expectations for its execution. You'll want to include a description of the task, a proposed due date, who is responsible, and eventually a budget that's attached. You don't need extensive project planning in this section, just key milestones that you want to hit and when you plan to hit them.

You should also discuss key metrics, which are the numbers you will track to determine your success. Some common data points worth tracking include conversion rates, customer acquisition costs, profit, etc.

Company & team

Use this section of your business plan to describe your current team and who you need to hire. If you intend to pursue funding, you'll need to highlight the relevant experience of your team members. Basically, this is where you prove that this is the right team to successfully start and grow the business. You will also need to provide a quick overview of your legal structure and history if you're already up and running.

Financial projections

Your financial plan should include a sales and revenue forecast, profit and loss statement, cash flow statement, and a balance sheet. You may not have established financials of any kind at this stage. Not to worry, rather than getting all of the details ironed out, focus on making projections and strategic forecasts for your business. You can always update your financial statements as you begin operations and start bringing in actual accounting data.

Now, if you intend to pitch to investors or submit a loan application, you'll also need a "use of funds" report in this business plan section. This outlines how you intend to leverage any funding for your business and how much you're looking to acquire. Like the rest of your financials, this can always be updated later on.

The appendix isn't a required element of your business plan. However, it is a useful place to add any charts, tables, definitions, legal notes, or other critical information that supports your business plan. These are often lengthier or out-of-place information that simply didn't work naturally into the structure of your plan. You'll notice that in these business plan examples, the appendix mainly includes extended financial statements.

Types of business plans explained

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. To get the most out of your business plan, it's best to find a format that suits your needs. Here are a few common business plan types worth considering.

Traditional business plan

The tried-and-true traditional business plan is a formal document meant to be used for external purposes. Typically this is the type of plan you'll need when applying for funding or pitching to investors. It can also be used when training or hiring employees, working with vendors, or in any other situation where the full details of your business must be understood by another individual.

Business model canvas

The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

The structure ditches a linear format in favor of a cell-based template. It encourages you to build connections between every element of your business. It's faster to write out and update, and much easier for you, your team, and anyone else to visualize your business operations.

One-page business plan

The true middle ground between the business model canvas and a traditional business plan is the one-page business plan . This format is a simplified version of the traditional plan that focuses on the core aspects of your business.

By starting with a one-page plan , you give yourself a minimal document to build from. You'll typically stick with bullet points and single sentences making it much easier to elaborate or expand sections into a longer-form business plan.

Growth planning

Growth planning is more than a specific type of business plan. It's a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, forecast, review, and refine based on your performance.

It holds all of the benefits of the single-page plan, including the potential to complete it in as little as 27 minutes . However, it's even easier to convert into a more detailed business plan thanks to how heavily it's tied to your financials. The overall goal of growth planning isn't to just produce documents that you use once and shelve. Instead, the growth planning process helps you build a healthier company that thrives in times of growth and remains stable through times of crisis.

It's faster, keeps your plan concise, and ensures that your business plan is always up-to-date.

Download a free sample business plan template

Ready to start writing your own business plan but aren't sure where to start? Download our free business plan template that's been updated for 2024.

This simple, modern, investor-approved business plan sample is designed to make planning easy. It's a proven format that has helped over 1 million businesses write business plans for bank loans, funding pitches, business expansion, and even business sales. It includes additional instructions for how to write each section and is formatted to be SBA-lender approved. All you need to do is fill in the blanks.

How to use an example business plan to help you write your own

How do you know what elements need to be included in your business plan, especially if you've never written one before? Looking at business plan examples can help you visualize what a full, traditional plan looks like, so you know what you're aiming for before you get started. Here's how to get the most out of a business plan sample.

Choose a business plan example from a similar type of company

You don't need to find an example of a business plan that's an exact fit for your business. Your business location, target market, and even your particular product or service may not match up exactly with the business plans in our gallery. But, you don't need an exact match for it to be helpful. Instead, look for a business plan sample that's related to the type of business you're starting.

For example, if you want to start a vegetarian restaurant, a plan for a steakhouse can be a great match. While the specifics of your actual startup will differ, the elements you'd want to include in your restaurant's business plan are likely to be very similar.

Use a business plan example as a guide

Every startup and small business is unique, so you'll want to avoid copying an example of a business plan word for word. It just won't be as helpful, since each business is unique. You want your business plan to be a useful tool for starting a business —and getting funding if you need it.

One of the key benefits of writing a business plan is simply going through the process. When you sit down to write, you'll naturally think through important pieces, like your startup costs, your target market , and any market analysis or research you'll need to do to be successful.

You'll also look at where you stand among your competition (and everyone has competition), and lay out your goals and the milestones you'll need to meet. Looking at an example of a business plan's financials section can be helpful because you can see what should be included, but take them with a grain of salt. Don't assume that financial projections for a sample company will fit your own small business.

If you're looking for more resources to help you get started, our business planning guide is a good place to start. You can also download our free business plan template .

Think of business planning as a process, instead of a document

Think about business planning as something you do often , rather than a document you create once and never look at again. If you take the time to write a plan that really fits your own company, it will be a better, more useful tool to grow your business. It should also make it easier to share your vision and strategy so everyone on your team is on the same page.

Adjust your business plan regularly to use it as a business management tool

Keep in mind that businesses that use their business plan as a management tool to help run their business grow 30 percent faster than those businesses that don't. For that to be true for your company, you'll think of a part of your business planning process as tracking your actual results against your financial forecast on a regular basis.

If things are going well, your business plan will help you think about how you can re-invest in your business. If you find that you're not meeting goals, you might need to adjust your budgets or your sales forecast. Either way, tracking your progress compared to your plan can help you adjust quickly when you identify challenges and opportunities—it's one of the most powerful things you can do to grow your business.

Prepare to pitch your business

If you're planning to pitch your business to investors or seek out any funding, you'll need a pitch deck to accompany your business plan. A pitch deck is designed to inform people about your business. You want your pitch deck to be short and easy to follow, so it's best to keep your presentation under 20 slides.

Your pitch deck and pitch presentation are likely some of the first things that an investor will see to learn more about your company. So, you need to be informative and pique their interest. Luckily we have a round-up of real-world pitch deck examples used by successful startups that you can review and reference as you build your pitch.

For more resources, check out our full Business Pitch Guide .

Ready to get started?

Now that you know how to use an example of a business plan to help you write a plan for your business, it's time to find the right one.

Use the search bar below to get started and find the right business plan example for your business idea.

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Pay less, achieve more: KU’s affordable online MBA tuition

Costing less than $40k, ku’s top 10 online mba stands out for its quality and affordability . 1.

While other nationally leading MBA programs charge, on average, roughly $1,605 per credit and can cost upwards of $150,000 to complete, KU's online master of business administration program costs just $865 per course credit*—nearly half the price without compromising on excellence. 1 Additionally, earning KU’s online MBA can cost a third of what it costs at other top 10 programs.

In any situation, understanding the financial aspect of your MBA is crucial to ensure you earn your degree with confidence.

This tuition and financial aid information page provides essential details and resources to help you budget for your degree.

Read on to discover KU’s online MBA program tuition fees, graduate student financial aid information, scholarship options, and additional MBA funding options and tips that can help students like you earn your MBA tuition and fees.

*Cost for out-of-state tuition

KU online MBA tuition guide

Tuition is calculated on a per credit hour basis with estimated total program costs outlined below:

Tuition and costs effective as of February 2, 2024. Tuition rates are not inclusive of textbooks and fees. Tuition and costs are subject to change and should be confirmed on the University’s official tuition listing at registrar.ku.edu/online-tuition-fees .

Please contact an admissions outreach advisor for more information on tuition and fees by calling 855-639-7799.

University of Kansas online MBA financial aid information

Everyone's financial situation is unique. Whether through scholarships, employer assistance, or government support, aspiring students have numerous paths to affordably plan for their futures.

The following options are available to you as a KU School of Business student:

Financial aid options

At the University of Kansas School of Business, there are several types of financial aid available to students: grants, scholarships, and loans. To be eligible for any form of financial aid, prospective and current students must fill out a Free Application for Federal Student Aid (FAFSA) .

It is recommended that applicants file the FAFSA as early as possible for the upcoming school year (the priority date is usually December 1) so they are eligible for the highest award possible.

Get details on each type of MBA financial aid below.

Grants are available from federal, state, and university sources. They are typically awarded based on financial need and do not need to be repaid.

Scholarship

There are dozens of private, state, and federal scholarships available to online MBA students . Scholarship eligibility requirements can vary according to background, accomplishments, and abilities. International students may wish to pursue scholarships offered in their home countries as well.

Online MBA students may also apply for loans to cover their education costs. According to U.S. News & World Report, the median base salary plus bonus paid for new MBA graduates from 124-ranked programs in 2023 was $128,997. 2

Financial aid for veterans

Military veterans may use funding from the GI Bill to pay for the online MBA program, either alone or in combination with other forms of financial aid. There are also a number of veteran-specific scholarships, grants, and fellowships available from other sources.

Employer support

Many companies cover education costs for relevant courses. These benefits are especially accessible for online MBA students as they can keep working as they study. As taxpayers, working students can alleviate the cost of higher education using government tax credits, deductions, and savings plans. 3

Work-study programs

Work-study programs offer graduate students part-time, need-based employment to help cover educational expenses. These positions, available on-campus and off-campus, often relate to the student’s field of study and offer relevant experience.

Financial aid and tuition insights: KU online MBA webinar video

Watch this informative webinar to learn about the variety of funding and financing options available for the University of Kansas’ top-ranked, affordable online MBA.

Video Transcript

Tuition and financial aid faqs, how do i finance my mba.

To finance your online MBA, consider leveraging a combination of the following options:

• Scholarships : Explore merit-based and need-based scholarships offered by universities, private organizations, and foundations
• Loans : Investigate federal and private loan options tailored for graduate students to cover tuition and living expenses
• Personal savings : Utilize personal savings or investments to offset tuition costs and reduce reliance on loans
• Employer sponsorships : Check if your employer offers financial support or tuition reimbursement programs for employees pursuing higher education
• Employer education assistance programs : Many companies realize the value of advanced education and provide assistance through partnerships with educational institutions to allow employees to pursue advanced degrees with reduced financial burden

These avenues can help you effectively manage the costs associated with pursuing an online MBA while aligning with your financial goals, resources, and career.

What is involved in understanding MBA tuition and financial aid?

What’s included in a comprehensive guide to mba tuition and financial aid, does ku offer financial aid webinars for mba students, what scholarships and loans are available for mba programs, what are effective strategies for managing mba costs, contact ku for graduate program financial aid advice.

Whether you want to stop by in person, give us a call, or send us an email, the following offices are more than happy to answer any of your questions regarding financial aid for the online MBA.

KU financial aid & scholarships

1502 Iowa St. Lawrence, KS 66045 785-864-4700 (phone) 785-864-5469 (fax) [email protected]

Office hours 8 AM-5 PM CT, Monday-Friday Closed on all state holidays.

Office of the University Registrar

1450 Jayhawk Blvd, Rm 121/123 Strong Hall Lawrence, KS 66045 785-864-4423 (phone) 785-864-5230 (fax) [email protected]

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• Retrieved on June 20, 2024, from usnews.com/education/best-graduate-schools/top-business-schools/articles/mba-salary-jobs
• Retrieved on June 20, 2024, from www.irs.gov/newsroom/tax-benefits-for-education-information-center

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Master of Business Administration (Evening Hybrid or Online)

The MBA program offers a variety of opportunities for anyone interested in the demanding world of business. To fit the demands of working professionals, we proudly offer the MBA through an evening hybrid and online format. Regardless of the program structure you choose, you will receive the skills and knowledge necessary to succeed in the fast-paced, ever-changing world of business.

Five Reasons to Pursue an MBA Degree

• Career Advancement: An MBA can open doors to senior management and executive positions. It's a credential that many companies value when looking to fill leadership roles.
• Increased Earning Potential: Graduates often see a significant increase in salary post-MBA. The degree can provide a return on investment through higher earning potential throughout your career.
• Networking Opportunities: Being part of an MBA program gives you access to a network of professionals, alumni, and industry leaders, which can be invaluable for career opportunities and mentorship.
• Personal Growth and Skills Development: An MBA challenges you to grow personally and professionally. It enhances your problem-solving, leadership, and strategic thinking skills, preparing you for complex business challenges.
• Entrepreneurial Ventures: For those inclined towards entrepreneurship, an MBA provides the tools, skills, and networks necessary to start or grow a business effectively.

Program Options

We are proud to offer two MBA program options to best suit your goals and schedule.

The Evening Hybrid MBA

The evening hybrid MBA program is meticulously crafted to support working professionals aiming to elevate their careers without sacrificing their current professional roles. Our alternating in-person and online format allows you to progress at your own pace, as you can choose between full-time or part-time commitments. Classes are conveniently timed from 5:30 to 6:45 p.m. on either Monday/Wednesday or Tuesday/Thursday, with additional classes meeting once a week from 7 to 9:45 p.m. Please note that for those pursuing dual degrees, the hybrid format applies only to the MBA component.

Available Concentrations

A unique offering of the evening hybrid MBA is the program concentrations. These concentrations are ideal for professionals who want specialized, in depth knowledge in a specific business area. Your selected concentration will allow you to enhance your qualifications to target specific job opportunities, receive networking opportunities in your chosen field, and acquire specialized skills for industry relevance.

• General: Gain a broad understanding across industries, explore various business areas, and prepare for diverse leadership roles.
• Finance: Dive into the complexities of financial management and investment strategies to lead with confidence in the finance sector
• Marketing: Shape the future of marketing with data-driven strategies and a profound understanding of digital and traditional marketing arenas.
• Healthcare Management: Navigate the evolving healthcare landscape with a concentration that prepares you to lead with innovation and compassion.
• New Venture Management: Turn your entrepreneurial dreams into reality in Las Vegas's thriving startup ecosystem, the emerging hub for innovation.
• Management Information Systems: Master the management of information systems across diverse industries and be at the forefront of digital transformation.
• Human Resources Management: Develop strategic insights into managing a firm’s most valuable assets—its people, preparing you for pivotal roles in HR management

The Online MBA

The online MBA program accommodates the schedules of working professionals around the globe. The asynchronous structure allows students to access coursework and lectures at their convenience to help them balance their studies with personal and professional commitments. The program maintains a rigorous academic standard equal to that of in-person courses, with all students having access to the same high-quality resources and faculty expertise.

This option comprises seven core classes to cover essential business disciplines. It also offers seven electives to help students tailor their education to specific interests and career goals. Electives range from topics such as advanced business strategies to innovative management practices.

MBA Dual-Degree Programs

Double your expertise through our dual-degree programs that are designed to provide comprehensive knowledge and credentials in two distinct but complementary fields. Current offerings include the following:

• MBA and Master of Science in Hotel Administration
• MBA and Master of Science in Management Information Systems
• MBA and Master of Science in Quantitative Finance
• MBA and Master of Healthcare Administration
• MBA and Master of Science in Civil and Environmental Engineering
• MBA and Master of Science in Computer Science
• MBA and Doctor of Dental Medicine
• MBA and Juris Doctor
• MBA and Doctor of Medicine

Program Affordability and Value

At Lee Business School, we believe a high-quality education should be accessible to all aspiring business leaders. As the only business and accounting program in Southern Nevada that is accredited by AACSB International—the gold standard in business education—our program ensures that students receive a world-class education that meets the highest standards of excellence. Our strong rankings in U.S. News & World Report further attest to the quality and value of our program.

With competitive tuition rates and various financial aid options available, we strive to make our MBA program affordable for students from diverse backgrounds. Visit the Tuition and College Cost page for more information. Please note that a differential fee applies for this program. For an approximate cost breakdown, contact the Office of Graduate Student Services at [email protected] .

Nevada Residency

Your Nevada residency status plays a key part in your tuition rate. New graduate students are initially classified as out-of-state, with potential reclassification through a straightforward application process. Nevada residents enjoy significantly reduced tuition rates. International students on a non-resident visa are classified as out-of-state but can change their status after a year with a green card. Detailed residency guidelines are available to ensure you have all the information you need to potentially lower your educational costs.

Learn More About Nevada Residency

“The MBA program has been a transformative experience for my professional growth. The diverse curriculum, expert faculty, and real-world application opportunities gave me the skills and confidence to excel in my career. Joining and becoming vice president of the MBAA allowed me to actively participate in the community, and attending the events and socials allowed me to connect with peers and grow. ” Vicky Saab MBA (Concentration in MIS), Spring 2024 Graduate

Career Options

Our graduates are highly sought after by top companies across various industries, reflecting the exceptional quality of education and training they receive. From prestigious job titles to impactful roles at leading organizations, UNLV MBA graduates embark on diverse and rewarding career paths. Some potential career paths include

Potential Career Paths

• Brand Manager
• Business Development Manager
• Corporate Strategy Manager
• Entrepreneur/Startup Founder
• Financial Analyst
• Financial Controller
• Healthcare Administrator
• Human Resources Manager
• Investment Analyst
• IT Project Manager
• Management Consultant
• Marketing Manager
• Operations Manager
• Product Manager
• Project Manager
• Real Estate Development Manager
• Risk Manager
• Sales Manager
• Supply Chain Manager
• Sustainability Manage

Top Companies That Hire Our Graduates

• Allegiant Air
• Bank of Nevada
• Boyd Gaming Corporation
• Caesars Entertainment Corporation
• Cragin & Pike
• Ernst & Young (EY)
• Las Vegas Sands Corporation
• MGM Resorts International
• PricewaterhouseCoopers (PwC)
• Southwest Gas Corporation
• Station Casinos
• The Howard Hughes Corporation
• University of Nevada, Las Vegas
• Wells Fargo

The MBA Student Experience

The exceptional MBA student experience at Lee Business School Offers a supportive and dynamic environment that fosters both personal and professional growth. Students benefit from a diverse array of opportunities, including access to industry leaders, professional development resources, and a vibrant community of peers and alumni. The program is designed to equip students with the skills and experiences needed to excel in the global business landscape.

Access to Professional Development Workshops, Seminars, and Tools

Lee speaker series and seminars.

The Lee Speaker Series connects students with industry leaders, which is essential to the MBA program experience. Twice a semester, C-Suite executives are welcomed to campus to network with students and share important insights regarding various industries.

Learn more about the Lee Speaker Series and Seminars .

LinkedIn Learning Access

Students enrolled in our MBA program will have exclusive access to LinkedIn Learning to enhance their skills in critical areas such as strategic management, financial analysis, and leadership development.

Professional Workshops and Seminars from The Grad Academy

Students have the opportunity to take advantage of The Grad Academy at the UNLV Graduate College, which serves as the central hub for professional and career development programming for graduate students, as well as graduate school preparation for undergraduate students. Through a range of free programs, badges, certifications, workshops, and events, The Grad Academy supports students in developing competencies that position them for academic, career, and life success.

Learn more about the Grad Academy .

Expand Your Horizons Through Our Summer International Trip

Every summer, our program’s students and alumni have the opportunity to travel to an international destination to experience the business and culture. Embracing the dynamic and global business environment, the MBA program arranges business visits and immersive cultural excursions. Past destinations include the Czech Republic, Argentina, Russia, and China.

Gain Insight from Business and Company Visits

The MBA program is fortunate to have extensive relationships with companies throughout the southwest region. Each semester, MBA Program students can tour and engage companies representing various industries and disciplines. Recent company treks include Golden Knights City National Arena, Area 15, Cemex, 21st Century Fox, Dignity Health, and T-Mobile Arena.

Join the MBAA, an MBA Student Association

The MBAA aims to build community and engagement among current MBA students, alumni, faculty, and local business leaders. This student organization hosts several events throughout the year, including mixers, workshops, and recreational activities. It may also open the door for you to lead and influence through leadership positions available within the association.

Learn more about the MBAA .

Participate in the Graduate LEE Medallion Program

The Lee Medallion Program is a distinguished acknowledgement for graduate and professional students who exhibit exceptional involvement and achievement. Participation in designated activities is necessary for those aspiring to join the program. Upon completion, participants will receive the esteemed Lee Medallion during the semester of their graduation. We strongly advocate wearing the medallions during commencement as a distinguished addition to your graduation attire.

Learn more about the Lee Medallion Program .

Receive Support Throughout the Entire Journey

Our faculty and staff are dedicated to seeing MBA students grow and graduate. As part of that dedication, we encourage students to take advantage of various resources, including:

• The Office of Graduate Student Services
• Lee Business School’s Career and Professional Development Office
• The Lee Business School’s Centers , which can serve as resources for students in the areas of entrepreneurship and startups; real estate development, investment, and management; economic research; and Insurance and risk management.
• The UNLV Lied Library , which offers research assistance, study spaces, and houses the Graduate Student Lounge.
• Black Fire Innovation and the Troesh Center for Entrepreneurship and Innovation – two startup incubators that support MBA students in developing their business ideas, providing mentorship, seed funding, and office space.
• The President’s Innovation Challenge and Rebel Venture Fund – two contests in which students can pitch their business plans to investors and compete for startup capital.

Study in a Major Metropolitan City and a Global Destination

The UNLV campus is located in the center of Las Vegas–a city with deep entrepreneurial roots that provides a stomping ground of energy and creative opportunities for business students. Lee Business School has long-standing relationships and ties with the business community. Our alumni lead some of the most successful gaming and hospitality companies in the world, have built innovative entrepreneurial ventures, and held significant titles in government from governor to senator. Our location is a living laboratory where you can get hands-on experience in your future career while making a difference in a thriving community.

Learn more about Studying in Las Vegas .

Program Data

Understanding comprehensive program data is essential for making informed decisions about educational investments. By examining key metrics such as return on investment (ROI), student demographics, and post-graduation outcomes, you can evaluate the potential benefits and align your career goals with our program's offerings. This data empowers you to assess the value of the MBA program and how it can significantly enhance your professional trajectory.

View ROI and Student Data

Admission Requirements

We welcome applications from ambitious graduates across all disciplines and from individuals from all experience levels. Any student wishing to apply to the MBA program should meet the following requirements:

• Hold a bachelor’s degree from an accredited institution or its international equivalent and demonstrate academic aptitude, professional experience, and leadership potential.
• Pay the application fee ($60 for U.S. domestic applicants and $95 for international applicants)
• Provide and upload transcripts with your online application. Official transcripts must be sent directly to UNLV Graduate College.
• Register and prepare via the official GMAT website.
• GMAT waivers are available in specific-cases. Please review and submit the  GMAT/GRE Waiver Request Form . Please allow the admissions committee one to two weeks to make a decision.
• Provide a 1-2 page personal statement detailing how the MBA will help you achieve your career goals and the skills you bring to the program.
• Include a current resume or CV with your application.
• Provide two letters of recommendations, ideally from individuals who can attest to your academic and professional potential. These can be from academic or professional references.

To receive a comprehensive admission checklist, please email [email protected] .

Application Deadlines

Fall Term: May 1 – International applicants Aug. 1 – Domestic or permanent residence applicants

Spring Term: Oct. 1  – International applicants Nov. 15 – Domestic or permanent residence applicants

Summer Term: March 15  – International applicants April 1  – Domestic or permanent residence applicants

“Our professors are dedicated to providing students with essential managerial skills and an innovative learning environment. The Lee MBA journey will empower students to achieve their career success and growth. The skills, knowledge, and network our students acquire are valuable rewards that last throughout their entire careers and take students further than they ever imagined.” Won-Yong Oh, Ph.D Associate Professor and Associate Chair of Management, Entrepreneurship & Technology

Program Advisors Contact

Lee Business School Office of Graduate Student Services Lisa Davis, Ph.D. Executive Director for the Office of Graduate Student Services 702-895-1367 [email protected]

Prospective Student Contact

Lee Business School Graduate Student Services 702-895-3655 [email protected]

Catalog Information

Visit our Degrees Directory to view our catalog information.

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Everything you need to know about getting an MBA 

Written by Michael Feder

Reviewed by  Kathryn Uhles , MIS, MSP, Dean, College of Business and IT

In this article

A guide on how to get an mba.

• Frequently asked question

Earning your MBA at University of Phoenix

So, you’ve decided the time is right to pursue a Master of Business Administration (MBA). Whether you want to grow your earning potential, prepare for new opportunities or simply develop your skills as a leader or manager, an MBA can offer you opportunities that may not exist for those with only a bachelor’s degree.

There are multiple pathways to an MBA for professionals, from traditional tracks at “brick-and-mortar” universities to flexible, online MBA degree programs that allow you to balance work and life with your education. Let’s walk through everything you need to know as you explore this pathway.

What is an MBA? 

An MBA is a graduate degree that many professionals use to prepare them for career growth. The degree program typically emphasizes leadership, management and marketing skills, with courses in MBA programs focusing on critical thinking and effective management practices.

MBAs are valuable credentials that are often helpful to those who want to enhance their knowledge and potential. But what’s the best way to get an MBA, and how long does it take?

Earning your MBA can be transformative for your career, but the steps to this accomplishment might be more complex than you initially thought. As you consider whether an MBA is right for you, remember that it’s often a multistep process with a significant time commitment. That said, if you decide to pursue your MBA, the following process is typical for most candidates:

1. Earn your bachelor’s degree 

The first step toward an MBA is having an appropriate undergraduate degree. While most MBA programs don’t require a specified field of study for a bachelor's degree, backgrounds in business, finance or economics provide a solid foundation for further study. However, the MBA-competency based program at UOPX does require a business-related bachelor’s degree.

2. Gain relevant work experience 

Work experience isn’t just a crucial part of MBA admission, but a sign that you can fully engage with course content. Having at least two to five years of professional experience can help prospective MBA students better understand and interact with an MBA program, but that’s not necessarily a requirement unless pursuing a competency-based MBA program. For those who want to pursue a self-driven, competency-based MBA program, that preexisting experience is critical for demonstrating mastery.

3. Prepare for and take the GMAT or GRE 

While University of Phoenix does not require GMAT or GRE scores for admission, some MBA programs do. Preparation and scoring well on these tests can help you assess whether you’re ready for the rigors of a graduate program.

4. Research MBA programs 

Research potential MBA programs early to understand their requirements and how each program may fit within your priorities. Consider the following aspects:

• Program curriculum
• Faculty expertise
• Alumni networks
• Career services support

When considering an MBA program within the context of your professional goals, think about whether you are pursuing it to meet a requirement for a specific position or for other reasons. Think about whether you plan on attending classes in person, or if an online degree program would make more sense for your lifestyle. Finally, decide whether you want to pursue your degree on a part- or full-time basis.

5. Obtain relevant documents 

What do MBA programs look for?

Depending on the institution, you’ll likely need to have several items in hand as you apply to MBA programs. These are:

• Official undergraduate transcripts
• Letters of recommendation
•  Application essays
• GMAT or GRE test scores

One school that won’t ask for test scores, letters of recommendation or application essays? University of Phoenix. 

6. Apply to appropriate MBA programs 

Once you have the required information in hand, it’s time to apply to the MBA program or programs of your choice. University of Phoenix offers a flexible, simple admissions process that doesn’t rely on test scores or application essays. Enrollment counselors will even help request your prior transcripts.

7. Choose a school and prepare for enrollment 

After you’ve applied and been accepted to the MBA programs of your choice, it’s time to decide. Complete the enrollment process at your chosen school and prepare for the experience by speaking with academic counselors.

8. Balance your coursework with your existing commitments 

Starting an MBA program is only one step. Whether you choose to go with a traditional MBA, pursue an online degree or tackle a competency-based program, you’ll need to balance your schoolwork with your existing commitments. 

How long does it take to get an MBA? 

How long it takes to earn your MBA largely depends on several factors, such as the type of degree you pursue. Traditional MBA degrees generally take up to two years. Competency-based programs can be completed in as little as 12 months. As always, your own experience will depend on the number of classes you’re able to take and how much time you can dedicate to your education.

Professionals who want to earn two master’s degrees at once may need more time. The MBA is sometimes combined with other relevant master’s programs for an enhanced experience, as with UOPX’s MHA/MBA dual degree program. This offering combines a Master of Health Administration with an MBA; students can complete it in as little as 27 months. This program can prepare individuals for a rewarding career in healthcare administration.

Benefits of earning an MBA 

Discovering the potential benefits of earning a graduate degree goes far beyond simply asking what you can do with an MBA . Key advantages for learners include:

• Increased salary potential
• Possible leadership opportunities
• An expanded professional network
• Improved communication skills
• Enhanced professional skills
• Increased credibility among peers and superiors
• Personal growth

Earning an MBA isn’t just about making more money or obtaining promotions, though. It’s also an excellent way to experience personal growth and meet new people. An MBA’s profound, far-reaching impact is one of the best investments you can make in your education, especially if you want to become a stronger manager or entrepreneur.

Frequently asked questions 

What qualifications do i need to get an mba.

No matter where you intend to pursue an MBA, you’ll need a bachelor’s degree to get started.

At University of Phoenix, you’ll also need to be a U.S. citizen or valid permanent resident. Additionally, you must have a cumulative GPA of 2.5 on your official transcript, and you must not have been expelled from a higher education institution. Finally, you will need to meet program-specific requirements.

How long does it take to get an MBA?

University of Phoenix students can complete their traditional MBA in as little as 16 months. Competency-based MBA students can complete their degree in up to 12 months.

Is it necessary to take the GMAT or GRE for an MBA program?

While some MBA programs require you to take the GMAT or GRE to apply, University of Phoenix does not.

Is an MBA worth it?

Many people ask how much it costs to get an MBA. The cost across public and private institutions is broad and typically doesn’t factor in tuition assistance, scholarships or financial aid that students may or may not receive.

University of Phoenix’s MBA carries on the institution’s tradition of barrier-free education. The University strives to offer a fairly priced MBA program and deliver career-relevant skills graduates can apply as they learn them. In addition, UOPX support continues through opportunities such as career services post-graduation.

Earning your MBA is an exciting opportunity that, at University of Phoenix, can happen through two dynamic programs.

• Master of Business Administration : Learn more about business strategies, organizational structure, human resource management, and training and development to build a foundation for leadership in business.
• Master of Business Administration (Competency Based–CB) : While the learning outcomes of the CB program match those of the traditional online MBA, the experience is different. In a CB program, students follow a self-paced program in conjunction with advisors to focus on learning skills they don’t have and demonstrating mastery of the skills they do. In this way, they can complete the program in as little as 12 months at UOPX.

University of Phoenix helps professionals earn their MBA on their schedule. Flexible online courses and student-centered academic support mean you’ll never take the journey on your own.

Request information about an online MBA from University of Phoenix today .

ABOUT THE AUTHOR

A graduate of Johns Hopkins University and its Writing Seminars program and winner of the Stephen A. Dixon Literary Prize, Michael Feder brings an eye for detail and a passion for research to every article he writes. His academic and professional background includes experience in marketing, content development, script writing and SEO. Today, he works as a multimedia specialist at University of Phoenix where he covers a variety of topics ranging from healthcare to IT.

ABOUT OUR REVIEWER

Since 2006, Kathryn Uhles has served University of Phoenix in Student Services, Operations, Curriculum and most recently as faculty and Dean of the College of Business and Information Technology.  She oversees the business and IT program and course offerings as well as the college faculty. 

This article has been vetted by University of Phoenix's editorial advisory committee.  Read more about our editorial process.

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Best schools for executive mba programs 2024 | top 20 ranked.

The University of Oxford Saïd Business School leads the list of the best schools for Executive MBA programs in 2024 ©University of Oxford Saïd Business School / FB

Top global business schools ranging from Cambridge to Columbia appear in this list of the best schools for Executive MBA programs in 2024. Check out the best EMBA programs

Wed Jul 17 2024

The QS Executive MBA Rankings showcase the world’s best EMBA programs each year. The list typically features prestigious global institutions including the likes of MIT Sloan School of Management in the US, France’s HEC Paris, the UK’s London Business School (LBS) and Spain’s IESE Business School. 

The 194 business schools assessed for the 2024 list hail from 45 countries and territories. Among them, business schools from the US have the largest representation with 67 ranked schools, France follows behind with 16, and Canada has the third most business schools with 12. 

Schools are ranked according to a number of metrics which are key at executive level. These include: program recognition among employers, the quality of the cohort (presence of C-Suite and management experience), research and innovation, and employability outcomes. 

Best schools for Executive MBA programs: Top 10 

In 2024, University of Oxford’s Saïd Business School leads the way as the world’s best EMBA program. After placing third in 2023, the school rises to the top buoyed by growth in the experience and quality of its cohort. According to QS, the program is among the world’s best in employer reputation, diversity, and thought leadership. 

Following behind and retaining second place for another year is IESE Business School. Based in Barcelona, IESE is one of two top-10 ranking Spanish schools in this list of the best EMBA programs. 

Last year’s number one-ranked school, HEC Paris, ranks third this year. Widely regarded as one of Europe’s elite business schools, this year's list sees HEC Paris drops across a number of metrics, most notably cohort work experience and managerial experience. 

Two of the most recognizable business schools in the world, LBS and MIT Sloan, round out the top five EMBA programs. MIT retains its place in fourth while LBS enters the top five after placing seventh in 2023. Among employers, the MIT EMBA has the best reputation globally. 

Two members of the highly elite M7 business schools —of which MIT is also a member—rank sixth and seventh in the 2024 ranking, the University of Pennsylvania’s Wharton School and Northwestern University’s Kellogg School of Business. Kellogg rises from 11th in 2023 due to the strength of its reputation among employers and experience inside the classroom, while Wharton falls one place. 

Yale School of Management, which ranked outside the top 10 in 13th previously, rises to place eighth in 2024. Improvements in employer reputation and the work and management experience of students help the school jump five places. 

INSEAD, a top global business school which boasts campuses in France, Singapore, and Abu Dhabi drops from eighth to ninth in this year’s ranking of the best EMBA programs. Finally, IE Business School is the second Spanish institution to place among the top 10. 

In total, four of the 10 best EMBA programs are based in the US, while two each are based in Spain, France, and the UK. 

Best schools for Executive MBA programs: Positions 10-20 

Positions 10 to 20 in the 2024 QS list are similarly dominated by business schools in the US. Five US EMBA programs feature here, followed by three UK-based schools and one school from Spain and Singapore, respectively, 

In 11th and retaining its position from the previous year is University of California Berkeley's Haas School of Business. Spain’s ESADE Business School, the leading EMBA in the diversity and career outcomes categories, ranks 12th after dropping two places since 2023. 

Another M7 school, The University of Chicago Booth School of Business, drops three spaces to place 13th in this ranking of the best EMBA programs for 2024. Booth is followed by the sole representative of business schools in Asia among the top 20: National University of Singapore Business School (NUS), up one position since 2023. 

The UK’s Warwick Business School and the University of Cambridge Judge Business School have the 15th and 16th best EMBA programs in the world, according to QS. They’re followed by two top US institutions: UCLA Anderson School of Management and Columbia Business School. 

Imperial College Business School enters the top 20 after narrowly missing out in 2023. The prestigious London-based school ranks 19th in this year’s list. New York University’s Stern School of Business rounds out the top 20 EMBA programs ranked by QS. 

Best Schools For Executive MBA Programs 2024

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Methodology for Fortune’s ranking of the best executive MBA programs

Preston Fore is a staff writer at Fortune Recommends, covering education and its intersection with business, technology, and beyond. Preston graduated from the University of North Carolina at Chapel Hill, where he studied journalism and global studies. His previous work can be found in The Daily Tar Heel and CNN. 

Brad Haft is an intern at Fortune Recommends , writing on topics such as education, business, budding technologies, and emerging career paths. He also produces videos for the team's social media. A proud alumnus of the University of South Florida, he majored in broadcast journalism and minored in entrepreneurship. 

Jasmine Suarez is a senior editor at Fortune Recommends, where she was hired to build and launch the department in 2022. Before joining Fortune, she was a senior editor at Business Insider , where she led various verticals on the personal finance team .   In the past, she’s worked for Red Ventures, Adweek, McGraw-Hill, Pearson, and more. 

If you’re looking for a fast track into the C-suite—but you have already been working in industry for several years—an executive MBA (EMBA) could be what’s just right for you. Designed for working professionals with classes often in a hybrid format or simply in the evening or on weekends, the degree can be just what your next career step needs.

Pursuing an EMBA is not easy. For the next two or so years, you’ll have to balance having a full-time job, attending class, and studying for exams—while still taking care of yourself and your family. However, the rewards on the other side—such as the potential for an increased salary and bigger responsibilities—can make it all worth it .

UNC Kenan-Flagler’s top-ranked online MBA

UNC Kenan-Flagler’s top-ranked online MBA is a top choice for experienced professionals with strong undergraduate performance. You can earn your degree at your own pace—in 18 to 36 months—without sacrificing academic quality and rigor. Access lifelong career benefits and join a global community of over 44,000 alumni with an AACSB-accredited online MBA from UNC-Chapel Hill. GMAT waivers available. Learn more today.

There are hundreds of EMBA programs across the world, according to the EMBA Council , so in order to make the initial process a little easier of finding prestigious opportunities that can lead you directly to those rewards during and shortly after programs, Fortune ranked the best executive MBA programs . For our most recent list, Northwestern (Kellogg), Columbia Business School, and University of Pennsylvania (Wharton) came out on top. Here’s how we calculated our rankings.

No EMBA program is the same, but in order to be part of our ranking, schools must be non-profit, accredited, and place value on creating a rigorous degree atmosphere. In terms of data, we considered a variety of factors, including price, student backgrounds, and student success. After consultation with our expert panel, we utilized indicators that we felt best judged the executive MBA ecosystem for 2024. 

Here are the data points we used:

Data that Fortune collected:

• We looked at the leaders of America’s 1000 biggest companies to see if they had obtained an MBA—and from which school. We analyzed each CEO, CFO, as well as technology lead (whether that be CIO, CTO, or CISO). The more Fortune 1000 C-level placement, the higher the school’s Fortune 1000 Score. A school’s score includes Fortune 1000 C-levels who graduated with an MBA from the school, regardless of the type of MBA program.
• We looked at the average number of times during a month that people search for each business school on Google, then converted it into a yearly metric to measure public perception of a school’s brand and reputation and how it affected what school they were interested in attending.
• We considered if a school participated in the last edition of Fortune’s executive MBA ranking 

School-provided data:

• Size of 2022–2023 graduating class: 5%
• Total tuition, out-of-state: 5%
• Graduation rate, 2020–23: 8.5%
• One-year retention rate, 2022–23: 8.5%
• Acceptance rate, 2023-24: 7%
• Yield, 2023–24 (matriculates/admits): 7%
• Average number of years of work experience, 2023–24 entrants: 7%
• Average number of years of management experience, 2023–24 entrants: 7%

Our expert panel 

Prior to the creation of our ranking, Fortune discussed the world of EMBAs with two experts who know the space well. They’ve both worked directly with business schools, admissions counselors, and prospective students for a number of years:

• David White , founding partner, Menlo Coaching
• Lily Bi , president and CEO, AACSB

By asking questions about the differences between an EMBA and other formats, EMBA curriculum, and student outcomes, we hoped to gain a better understanding of how to guide those seeking the degree. It’s noteworthy that neither expert was directly involved in ranking any programs.

Who is best suited for an EMBA?

EMBAs are designed for those with much more work and management experience than a traditional MBA program—which allows for students to have more nuanced discussion and learning of business issues,  White says.

“It might be disruptive if you had several people, even if very smart, who were only two years into their career, who'd never experienced those situations, and they just couldn't join the discussion in the same way,” he explains.

Of the schools ranked by Fortune, the average number of years of work experience for 2023-24 entrants was a little less than 15 years; entrants also had about 8 years of management experience.

And while prestige is a big factor for many students picking their program, what may matter more is simply location. Because most EMBAs are not fully online and instead include in-person programming on a regular basis, it makes logistical sense to not enroll in a school that is based on the other side of the country, White explains.

At the same time, prospective students should do their research on the schools that interest them the most since many have EMBA offerings outside of their business school’s home turf. For example, NYU (Stern) offers an EMBA in Washington D.C., Northwestern (Kellogg) has a program in Miami, and the University of Michigan (Ross) has a location in Los Angeles. 

In terms of the admissions process, while the required materials are largely similar to other MBA programs, EMBAs may require a letter from one’s current employer indicating that they will allow the time for the student to participate in relevant program activities. White also says that acceptance rates into EMBAs are generally higher since there is often coordination between admissions teams and prospective students before even applying to see if they meet standards.

Overall, the EMBA degree can lead more often to career acceleration than a complete career change for a senior, mid-level employee, White says. For example, an EMBA may be suited well for an individual who is in a technical or scientific role and wants to move into a business leadership role at the same company.

What distinguishes an EMBA from an MBA?

The broad learning theme sets EMBAs apart from executive MBAs, Bi explains—noting that for EMBAs, strategy is front and center. Whereas traditional MBAs focus on teaching students analytical thinking skills, EMBAs emphasize strategic thinking skills—in part because the cohorts have already reached mid-level management roles.

The average student age of a traditional MBA program may be 25 to 35, but executive MBA students typically fall in the 35 to 45 year old range, Bi predicts.

Even though EMBAs may come with a hefty price tag and require students to be masters at time management, she says those who truly put in the most effort will be the ones who succeed the most in their careers. 

“I think for most programs, regardless where you are, the first thing is you have to have that drive,” Bi says. “Nobody can force you.” 

Even though an EMBA may be a challenging task trying to balance school, work, and family life, Bi says students do not have an excuse to not finish out their program.

“For the majority, if you want to do that [an EMBA], just finish it,” Bi says.

Frequently asked questions

Is an executive mba as good as an mba.

For those later in their career, an executive MBA can be a better choice since the student population will have more work and management experience than a traditional MBA program. This can lead to more advanced discussions and learning opportunities about some of the most challenging issues facing the business world. Overall, though, employers tend to not care or ask about the format of your MBA.

What is the best executive MBA program?

Northwestern University’s Kellogg School of Management has the best executive MBA program, based on Fortune’s ranking. The program has a 77% yield in terms of those matriculating after being admitted. 2023-24 admits had an average of 14 years of work experience and 9 years of management experience.

Is an executive MBA worth it?

Yes, an executive MBA is worth it for those seeking to advance in their career. Graduates, on average, receive a roughly 24% compensation bump, and 42% of students receive a promotion during their program, according to 2022-2023 student exit survey data collected by the EMBA Council .

Check out all of Fortune’s rankings of degree programs , and learn more about specific career paths .

Harvard Business Analytics Program

The Harvard Business Analytics Program is an online certificate program designed for established leaders in any industry. The program leverages a rigorous cross-disciplinary curriculum to help students not just analyze data but understand it, translate it, and incorporate it into strategy at the top levels of their organizations.

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Dual degree MBA programs offered through the Johns Hopkins School of Nursing and Carey Business School prepare graduates who are exceptional at patient care and safety as well as effecting change at the health care leadership and corporate levels. This degree is offered with the Doctor of Nursing Practice (DNP) Executive Track .

The DNP Executive/MBA knows what the best clinical care looks like as well as how to make it happen with a unique understanding of the bottom line in nursing and business. You will lead health care teams while providing the evidence, ethical grounding, and business sense that forms the foundation for organizational planning.

The Flexible MBA at the Carey Business School approaches business with humanity in mind. The program focuses on real-world skills and business fundamentals viewed through a lens of integrity and ethics. The part-time program (online, part-time program) is tailored to the demands of your professional and personal life, letting you stay on your career track while earning your degree in as little at 3 years (or take up to 6).

Program Details

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Estimated Tuition Cost: $1,939 per credit See Cost of Attendance Details Financial Aid: There are numerous options for financing your education including grants, scholarships, federal loans, and employment programs.  Learn more.

Upcoming Application Deadlines

Summer entry: Nov 1 and Jan 15

Requirements

Admission criteria.

Master’s Degree in Nursing from an ACEN or CCNE accredited college or university or an equivalent degree from a comparable foreign institution

Scholastic GPA of at least 3.0 on a 4.0 scale

RN licensure

Three Letters of Recommendation (2 professional and 1 academic preferred)*

Official Transcripts (from all previous colleges/universities)

Current Resume/CV

Goal statement/project proposal (demonstrating commitment to nursing practice and scholarly pursuit)

Two years of work experience

Interview with faculty (if moved forward by admissions committee)

Applicants who earned fewer than 552 clinical hours as part of their advanced nursing coursework should email [email protected] for information about the best pathway to your DNP**

Students should have an identified clinical/project site for conducting scholarly project at the time of matriculation

TOEFL or IELTS if English is not your native language

Information for applicants with international education

*References should be recent, written for the purpose of your application to this program and from professors who know you as a student or employers who know you as a professional in a job setting preferably in a supervisory role. Personal references from colleagues, friends, or family members do not meet the requirement. It is strongly preferred that at least one of your letters comes from someone that potentially could serve as your organizational mentor. ** Applicants are required to have 375 clinical hours as part of their advanced nursing coursework. Students who have between 375 and 552 clinical hours will have to complete additional clinical hours as part of a practicum. If you have an entry-to-practice Master’s degree, earned fewer than 552 clinical hours as part of your advanced nursing coursework, or hold a Master’s specialty in education, please email [email protected] to discuss your educational background with an Admissions Counselor.

Prerequisites

Graduate Level Biostatistics (3 credits): Demonstrates evidence of statistical literacy and statistical reasoning enabling students to critically read and evaluate healthcare literature. Course must be completed at a regionally accredited college or university with a letter grade of B or better. Grade of B- will not be accepted.

Most students will need to take MBA Math prior to beginning classes with the Carey Business School. MBA Math is an online math tutorial designed to help reinforce the basic quantitative skills required of a business school student. If admitted, more information will be provided.

This program does not qualify for F-1 or J-1 student sponsorship. Legal Permanent Residents and non-immigrants who are otherwise physically present in the U.S. and in a status that allows for full or part-time study, may pursue this program.

 No. 1 in the nation for its  Doctor of Nursing Practice Program (DNP)

No. 1 (tied) in the nation for its Nursing Master’s Program (MSN)

No. 3 nursing school in the world, according to 2024  QS World University  rankings

This dual degree can be completed in 66 credits with 448 practice hours.**** For a dual degree, all coursework must be completed before either degree is awarded.

Onsite Dates

The Doctor of Nursing Practice (DNP) – Executive program’s executive session format can be completed in six semesters of study, integrating approximately 3 on-site immersions of 3-4 days each during the first year and one on-site symposium event lasting 1 day the second year combined with online and virtual learning experiences. The  DNP/MBA  joins the  DNP Executive  program in year 2 of their 3 year program.

Plan of Study

Statistical Analysis (2) *

Business Communication (residency required for on-line students) (2) *

Accounting & Financial Reporting (2) *

Economics for Decision Making  (2) *

Corporate Finance (2) *

Information Systems (2) *

Marketing Management (2) *

Advanced Nursing Health Policy (2)

Decision Models (2) *

The Firm & the Macroeconomy (2) *

Investments (2) *

Problem Discovery (3)

Operations Management (2) *

General Business Elective 1 (2)

Nursing Inquiry (3)

Leadership in Organizations (2) *

Business Law (2) *

General Business Elective 2 (2) *

Translating Evidence into Practice (3)

Project Advancement  (3)

Negotiation (2) *

Analysis and Evaluation of Individual and Population Health Data (3)

General Business Elective 3(2) *

Business Leadership and Human Values (2) *

General Business Elective 4 (2) *

General Business Elective 5 (2) *

Project Application (3)

General Business Elective 6 (2) *

Project Evaluation and Dissemination(3)

Clinical Data Management and Analyses  (2)

* Courses taken at Carey Business School ** Curriculum, credit hours, and sequencing are subject to change. *** A minimum of 1000 practice hours is required for DNP. **** Some MBA courses may require a residency component. Learn more about the residency requirements at the Carey Business School website.

“I feel like [DNP/MBA degrees] would complement each other and give me a strong foundation to move into nursing or health care leadership … sitting at the table to help make decisions that are impacting us on the front lines.” Ashley Ramirez, MS, RN

Join us soon for a tour, on-campus event or a virtual visit.

Request Information

Speak with Admissions to learn more about our programs.

Virtual Info Sessions

See recordings of some of our recent virtual info sessions.

Tuition & Other Costs

Financial aid.

View the costs for the DNP Advanced Practice Program. 2024-2025

Scholarships & Grants: Grants are awards based on financial need that do not have to be repaid. Many students also benefit from scholarships and awards based on merit. Learn more.

Loans: Many students will avail themselves of loans to help finance their School of Nursing education. If necessary, we encourage you to borrow only what is absolutely essential to cover your educational costs. Learn more.

Employment: Many students locate part-time employment to help pay education expenses. Numerous positions are available on campus and within various community based organizations. These jobs provide students with opportunities to gain practical work experience. Most positions are funded through the Federal Work-Study Program. Learn more.

Frequently Asked Questions

The Doctor of Nursing Practice (DNP) is a doctoral degree for nurses at the highest level of nursing practice ( https://www.aacnnursing.org/Education-Resources/AACN-Essentials ). The three year DNP Executive/MBA dual degree offered through the Johns Hopkins School of Nursing and the Johns Hopkins Carey Business School will examine both clinical outcomes and the financial repercussions of those clinical outcomes through students’ scholarly projects.

Yes, our DNP/MBA program has full accreditation by the Commission on Collegiate Nursing Education and the Association to Advance Collegiate Schools of Business .

GRE/GMAT scores not required.

The DNP-Executive track/MBA Dual Degree is designed to fit into the schedule of someone working full time in a clinical setting. The course work and scholarly project are intended to complement their work focus.

A dissertation is not required. A DNP scholarly project will be completed by the end of the program. The DNP final project is the students’ original work that establishes them as a Hopkins Nursing clinical scholar. Examples of scholarly projects can be found on our website here .

All applicants must have earned a minimum of 375 clinical hours as part of their post-licensure Master’s in Nursing program. Nurses who do not have advanced practice licensure should contact the Office of Admissions for an eligibility review at [email protected] .

The DNP-Executive/MBA track incorporates business content into the development of the DNP Scholarly Project.  Students will take classes exclusively with the Johns Hopkins Carey Business School during the first year of the dual program.  Work on the DNP Scholarly Project will commence in the second year of the dual program.  Students will graduate with a DNP from the Johns Hopkins School of Nursing, and a MBA from the Johns Hopkins Carey Business School.

There are seven onsite immersions associated with the DNP-Executive/MBA track that are spread throughout the three year program. Onsite visits typically run three days each. Specific onsite immersion dates will be posted on the program website.

You can learn more details about the program curriculum and application process by watching our informational video .

Developing nurse leaders is a specific aim of the program. You do not need to have leadership experience to apply. Students are prepared to excel in current or future leadership opportunities.

Students enrolling in the DNP-Executive track or DNP-MBA have an advanced Master’s degree in Nursing. Many are already Nurse Practitioners. The degree provides students with the knowledge to develop and implement evidence-based change. The program is delivered in an Executive type format, with online coursework and onsite immersions spread throughout the curriculum. The term ’Executive’ distinguishes the DNP-Executive and DNP-MBA tracks from the Advance Practice DNP tracks that lead to Advanced Practice licensure.

Contact Laura Panozzo, Assistant Director of Recruitment for the DNP Executive tracks, at [email protected] with any additional questions or to schedule a phone call to discuss ways to make your application as strong as possible.

If you are not currently working in a practice environment where a DNP project might be feasible, please contact the Office of Admissions, [email protected] , to discuss your options.

DNP Executive

Post-Master’s Healthcare Organizational Leadership Certificate

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Presented By:

UIC College of Business Administration

Campus location:     College of Business Administration   601 S. Morgan St.   Chicago, IL 60607   312-996-2700   Email: [email protected]

Type of institution: Public

At the University of Illinois Chicago (UIC) College of Business Administration, you can earn your MBA or specialized master’s degree at a pace that fits your life. And more, our program connects students to Chicago’s living classroom and empowers them with a proven education, real-world skills and professional experiences that add up to a high-value return on investment. Our six specialized master’s programs can be completed on a full- or part-time basis. Connect with us today so that we can help you find your fit and take that next step in your career.

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Size of program : 1,300 students are enrolled in 2023-24.

Degrees/Training/Certificates Available

Graduate Degrees

• Online MBA 
• Online Master of Science in Marketing 
• Master of Science in Accounting 
• Master of Business Administration (MBA) , with the option of a concentration in one of 12 areas of business
• Master of Science in Business Analytics 
• Master of Science in Finance 
• Master of Science in Management Information Systems 
• Master of Science in Marketing 
• Master of Science in Supply Chain and Operations Management 

Graduate certificates will soon be added.

Are full-time degree programs available ? Yes

Are part-time degree programs available ? Yes

Are fully online degree programs available ? Yes

Are some online courses available ? Yes

Online Options

Flexible programs with both online and on-campus course options are available with the following:  MBA, MS Accounting, MS Business Analytics, MS Finance, MS Management Information Systems, MS Marketing, MS Supply Chain and Operations Management. The MBA and MS Marketing can be completed 100% online.

Requirements for Admission

• Undergraduate GPA of 3.0/4.0 or better (or equivalent)
• Test scores:  GMAT/GRE scores are optional for MBA and MS Finance; required for other programs. Strong scores may position you for scholarships.
• Letters of recommendation
• Personal statement
• Interview:  MBA applicants only.  All completed applications are reviewed by the Admissions Committee, and qualified candidates will be invited for an interview.

Our Chicago location and our 52,000-strong alumni community provide students with enhanced opportunities to build an influential business network. Even after graduation, our alumni continue to be actively involved with UIC Business and its students, serving as mentors for current students, speakers for Executives in the Classroom, and other on- and off-campus activities.    

Scholarship/Financial Aid Options

Scholarships and other funding may be available. 

General Tuition/Fee Information

Our tuition is very competitive and offers a high ROI. Tuition by the program can be found here .

• #40 Best Public University (U.S. News and World Report)
• #46 Best Value in the Nation (Wall Street Journal)
• Top 30% part-time MBA (U.S. News and World Report)
• AACSB-Accredited by the Association to Advance Collegiate Schools of Business, a distinction achieved by only 6% of business schools worldwide  

Job Placement

Our Business Career Center partners with more than 200 employers for student internships and full-time employment, enhancing students’ career outcomes.

• 94% achieved new roles within four months of graduation.
• The average starting salary for MBA graduates is $101,000. Salary varies based on work experience.

Program Highlights

• Flexibility: Our program combines the best of online and in-person courses to meet your needs, and our Chicago campus offers easy accessibility for working professionals.
• Best value: Our affordable tuition means you’ll achieve a high return on your investment.
• Leading faculty: Our status as a Tier 1 Research University means you’ll have access to leading researchers who are experts in their fields of business.

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