What Can You Do With an MBA in New Mexico
New Mexico has a population of about two million residents. More than one-quarter of the population resides in Albuquerque. New Mexico is a geographically large state with a concentrated population, which may enhance or limit the accessibility of undergraduate and graduate programs depending on where you live if you have to attend offered classes in person. The state economy is in the midst of an economic surge that proceeds from greater federal government interaction, scientific research, increased healthcare and medical services, and new waves of business growth. Education also plays a significant role in the state economy. The University of New Mexico is the state’s largest employer, and their educational programs have enriched the entire population. And an increase in distance learning studies, designed to provide learning to any student who can access a website, has advanced the cause of education in New Mexico. This type of learning has broad appeal and has usefulness for the state’s remote communities in general as well as those who are professional office workers and others who can’t afford to leave their jobs or families for a year or more to complete a degree program. The opportunities in an expanding business economy favor those with MBA degrees.
Why Consider an Online MBA?
The University of New Mexico, New Mexico State University, and three other top schools offer online education in the state. In-state resident students can have the benefits of class flexibility and minimal interference with work, family, and business obligations. Some courses include requirments for everyone to meet at the same place and time for events a couple of time a year to meet faculty, staff, and classmates, or at least log into the school’s system on a schedule. This group approach is called synchronous learning. The asynchronous style does not use the group method. Instead students can access classroom work online anytime and from anywhere through a computer in order to master the material, meaning they can skip class on especially long days and work over the weekend instead. The time periods for graduation vary from a minimum of 18 months to a maximum of three years for completion of the degree. Self-paced learning offers freedom and flexibility that is particularly helpful for business owners, working students, and students with dependents who are looking to gain admission and build their skills without losing balance in their work, family, or social lives.
Percentage of Students Enrolled By Distance Education
Typical MBA Concentrations
A concentration takes your MBA past the basic foundation of core courses in business and into a deeper understanding that you can shape to help you meet your future goals. You’ll still take the main courses associated with an MBA, but you will also gain specialized knowledge in the concentration of your choice. Some options include international business, operations management, law and legal studies, strategic planning, and more
- International Business
New Mexico industries conduct a significant amount of international trade and finance. This focus on international commerce and trade leads to complex domestic and international transactions. MBA graduates can combine a firm grasp of finance, accounting, and marketing with energy technology.
- Public Administration and Policy
The state is a significant center for federal research projects. Both state and federal employers seek MBAs with concentrations in public policy and public administration. Private businesses that interface with government regulators also utilize MBAs with policy knowledge.
- Oil and Gas
The state has a deep involvement with oil and gas exploration and production. These are used for both domestic sales and international supplies, MBA grads can work in global sales and media marketing.
- Healthcare Administration
The business side of healthcare is a technology-driven environment. The MBA can combine an all-around knowledge base in business management with specialized knowledge of health systems, health insurance, and human resources. Healthcare involves regulated aspects of medical services, record keeping, privacy, and data analytics.
- Administration of Justice
The New Mexico government and private companies have joined in a series of law enforcement research and demonstration projects, and those fields show promise for MBA graduates. The administration of justice is a workable concentration for several types of research and policing institutions.
Accreditation in New Mexico
Accreditation is the process of independent reviews and ratings for all or part of a school, college, or university. The evaluation can cover the entire organization or a specific program within the organization. The US Department of Education has the authority to approve the accreditation agencies. The Department of Education developed a national system of regions to provide accreditation by a designated group for all states in the region. The accreditation agency for New Mexico is the Higher Learning Commission. There are several designated agencies for program accreditation for MBA schools.
Program accreditation for the online MBA is essential. The accreditation creates a broad acceptance of the degree as proof of quality education and educational attainment. Accreditation agencies for the MBA include the Association to Advance Collegiate Schools of Business(AACSB). This accreditation agency works in more than 50 countries and its broad acceptance adds value to MBA’s from AACSB schools. The Accreditation Council for Business Schools and Programs (ACBSP) is another widely accepted program accreditation agency and the North Central Association of Colleges and Schools(NCACS) accredits faith-based programs.
Making sure your program is accredited is vitally important. Not only will it allow you to transfer any credit hours you earn to another institution, but there are also policies in place that keep students in non-accredited programs from accessing federal student aid or funding for their degree programs. Also, if you do not earn your degree from a program with accreditation, possible employers will not look on your degree favorably.
Career and Job Outlook for MBA Graduates
Top Employers in the State by Number of Employees
|Company||Industry||Headquarters City||Number of Employees|
|U of New Mexico Trustees||Education||Albuquerque||12,000|
|Los Alamos Nat’l Lab||Research||Los Alamos||11,000|
|Univ.of New Mexico||Education||Albuquerque||5,566|
Average Degree Salary Ranges Potential
- Earnings with Associates - $44,094
- Earnings with Bachelors - $58,631
- Earnings with MBA - $64,665
Careers for New Mexico MBA Grads
- Supply Chain Manager
Supply chains and logistics are critical to many businesses that rely on materials for production, internal consumption, and sales. Logistics is an element of supply chain management that tests the agility of an organization when undertaking remote projects.
- Financial Analyst
The financial business analyst is a finance generalist that can work in a wide variety of business settings. These MBA graduates can oversee transactions, financial planning, and budgeting. Employers need these occupations filled in research, healthcare, and medical services.
- Financial Manager
These managers must make decisions and recommendations that affect the course of the organization’s progress towards its objectives. Finance managers have prominent places in energy and healthcare administration.
- Business Development Manager
This position can work as a stepping stone to senior executive levels, such as Director level positions, with higher salaries.
- Senior Financial Officer
The CFO function is vital in nearly every organization. The CFO role acts as the official that certifies the accuracy of financial statements and reported information. Senior financial officers support the finance function at the organizational level.
- Accounting Manager
MBA graduates with concentrations in accounting can find a wide range of opportunities in New Mexico. Accounting is a required part of the management effort in New Mexico businesses involved in energy, research, health services, education, and federal projects.
Best MBA Programs in New Mexico
How to Choose & FAQ's
When considering an online MBA in New Mexico, the best place to start may not be the course catalogs. For many students, the best place to begin the search is to quietly and calmly identify the goals they wish to advance by getting an MBA. The goals could be a new profession or career advancement in an existing line of work. Many people use an MBA to start a business. Your goals can help you decide which program is best. You can align goals and program features to make a New Mexico MBA program selection that meets your needs and preferences.
- Make Sure the Program Has Accreditation.
When selecting a program, one must be sure of the accreditation status. Program regional, or national accreditation is necessary for many types of financial aid, including federal student loans. Accreditation is an essential part of establishing the value of a New Mexico online MBA. The accreditation agencies include the AACSB, the ABCSP, and some faith-based regional accreditation agencies. Accreditation ensures acceptance of the degree among employers, educational institutions, and other reviewers of academic qualifications. All the New Mexico online programs have regional accreditation. However, the programs have periodic reviews and renewals, and students must always check to determine the current accreditation status.
- Select Your Experience
Some students seek a learning environment in which they can work with other students, engage in projects, and get a lot of hands-on experience. Others may prefer an intense and competitive environment in which students strive for individual excellence. You can select a program that meets preferences for the style of instruction as well as content.
Student information can show the type of experience that typical students have. You can read surveys and satisfaction assessments. These efforts are not so much a prediction for your experience, but a guide that can lead to insightful questions and helpful answers. If the program requires some on-campus work, then you should consider the costs of living while at the campus. You should also consider the location of the campus and determine if this would be convenient, or even possible, for you.
- Consider All Sources of Financial Aid
Graduate students can compete for merit-based financial assistance and apply based on needs. Like any other student, distance learners can get financial assistance. Online students likely will not qualify for teaching assistant positions or other types of aid that require a physical presence on the campus. Employed students should inquire whether their employer offers tuition assistance for employees. Many companies support further education among their employees by full or partial tuition reimbursement. The MBA degree can be a particularly valuable investment for an employer when the degree is in the employer’s field or line of business.
MBA students have an excellent opportunity to advance their careers or begin a new profession. The MBA is a broad degree and combines with many other specializations. When borrowing funds to pay for tuition, many students estimate the increased income they may get after graduation when their qualifications include an MBA and a specialization.
- Coursework and Student Debt
Coursework online is equally difficult and complex as the classroom version. Online students need to prepare and study in much the same ways and amounts as on-campus students. Online attendance offers flexibility, and students can access coursework from any location with an internet connection. Flexibility is an advantage, but the student has responsibility for completing the coursework along with any of their other work, business, or family obligations.
Tuition and expenses are an essential part of successful completion of the online MBA. One piece of student information that helps selection is the average level of student debt at graduation. The debt level reveals the true costs of the MBA because this is the part of the expense that students must resolve in the years immediately after graduation. With an understanding of the costs and expected debt levels, the student can make informed decisions about the program, the location, and the time needed to complete the program.
- Plan for Success
Some programs require a finishing step such as a thesis or a capstone project. Students with a firm idea of their post-graduate employment goals can arrange placement in the field they wish to work. In the selection process, students can determine the MBA program resources available for hands-on experience. These include internships and special projects. Creative students can develop activities in connection with a private or public employer and demonstrate capabilities while adding valuable work experience to their student qualifications.
The alumni community can be a helpful resource for gaining hands-on experience and company placements. The alumni community is an ideal place for networking and developing contacts and referrals. The application stage is not too early to begin planning for internships and hands-on projects. Some students can complete the degree in 12 to 18 months and the practical experience is valuable at every stage of progression. A capstone project with a hands-on placement in the target field or business can jump-start a career or open doors to a new profession.