Beginning an online Master of Business Administration (MBA) program is exciting, but that excitement can quickly wane if you are not a fan of math. Don’t lose hope. Students often find that MBA math coursework is easier to understand than previous math classes due to the real-world applications of studies.
If you enroll in the general online MBA program at the University of Southern Indiana (USI), you can expect math coursework to relate directly to your future career as an MBA grad. You can use the math you learn in your work in many ways, be it technical applications, financial management, quantitative analysis or everyday communication and collaboration.
Does Business Administration Require Math?
Numerous business administration functions involve math. Regardless of the type of industry, success in modern business relies on the effective management of resources and information. Allocating both financial and human resources appropriately directly impacts the bottom line. As a manager, you will be responsible for managing finances and people. You must also leverage insight gained from data to make impactful decisions and improve productivity.
All of this requires a clear understanding of practical mathematical concepts as they apply to critical components of business such as accounting, economics, financial management, performance management and data science. Given this, a comprehensive MBA program like USI’s will include courses that incorporate math studies, such as those discussed below.
Accounting: A Key Part of MBA Math Requirements
In USI’s course Accounting for Decision Making and Control, you will learn the intricacies of management accounting and how to put numbers to work to achieve your goals. Management accounting includes planning for future expenses and opportunities through budgeting, controlling funds and expenditures, and evaluating your current system of operations for cost-effectiveness.
Accounting incorporates analysis techniques and tools that you use to make sure your department or business stays afloat. By studying your business accounts, you can determine your profitability and whether current practices and strategies are increasing or decreasing that profitability.
Even though accounting is a powerful tool, it does not have to be intimidating. Today’s advanced accounting software programs can accomplish much of the analysis and calculations, but it is up to you to understand the meaning behind the numbers and put that understanding to good use.
Quantitative Methods and Statistics in Business Administration Math
Business is all about trial and error. In more accurate terms, successful businesses use research methods to glean insight from data. This insight aids in making informed decisions, generating ideas, developing prototypes, testing new products and services, collecting feedback from potential clients and customers and improving upon the original product or service. Making use of such valuable information requires research, statistical calculations and analysis.
While performing statistical calculations may seem daunting, Applied Business Analytics — an elective course offering from USI — will break down the key components of quantitative data and analysis in managerial contexts. You will study how to make sound managerial decisions informed by patterns in data and its underlying drivers, uncovered through skilled analysis. This function of data science and analytics is crucial for modern business strategy and success.
Business Economics: A Real-world Application of MBA Math Studies
During your online MBA program at USI, you will complete the core course Managerial Economics. This course may not fall under the traditional mathematics umbrella, but key mathematical principles will come into play as you learn cost-benefit analysis, estimation and supply and demand relationships.
Business economics will also teach you how to use numerical figures and trends to analyze business cycles, estimate production and costs, evaluate market structure and conduct and engage in forecasting. These are all essential practices involving the math used in business management.
The Math of Financial Management
Business success involves a great deal of financial management and market analysis. The Financial Management and Financial Markets course from USI offers a comprehensive look at financial theories and how they apply to management practices.
This course introduces you to corporate finance and clarifies complex financial concepts. Using financial mathematics is a key part of corporate finance, from tackling financial problems to modeling markets and making informed decisions.
Gain the Math Skills You Need With an Online MBA
Most of your MBA math courses will not require a great deal of advanced mathematical calculations. However, it is important to understand that you will have to work with numbers and apply mathematical principles such as averages, percentages and ratios throughout your online MBA program.
If mathematics is not your strong suit, or you are not confident in your math skills, USI’s online MBA program can give you the help you need. Advanced courses will get you up to speed and help you understand mathematical concepts as they apply to the real world, beyond abstract theories and ideas. Plus, USI professors are always available to help you along the way.
Math is a powerful tool that you can use to solve any number of business-related problems. Understanding how mathematics applies to business practices will also help you better communicate with colleagues in technical and analytics specialist positions.
However, taken out of context, math has a bad reputation or can feel like a challenging obstacle in the way of a great career. With accessible coursework in the online MBA from USI, you can shelve any preconceived notions about math and embrace the opportunity to expand your skill set as you work toward business and educational success.
Learn more about the online Master of Business Administration program from the University of Southern Indiana.
