MBA stands for Master of Business Administration. MBA programs are designed to teach you how to work in the world of business, including finance, consulting, marketing, and entrepreneurship. Some MBA programs have more focused tracks, such as non-profit management or media management.
MBA programs attract people with all kinds of goals. Some want to work for Fortune 500 companies, some want to start their own business, and some just want to be more attractive to employers in the business world. If your dream is to get a top job in the world of business, the biggest factor is the reputation of your MBA program. Top MBA programs have such an impressive network of alumni and internship partners that it’s completely achievable to get a career-track position with one of the world’s biggest multinational corporations.
A PhD degree sets you up for a very different career path. A PhD is the requirement for teaching at the university level. If you want to become a college professor, a PhD is a must.
However, there are also many PhD's in non-academic jobs. A PhD in a science field, for example, makes you a very attractive candidate for research positions in a variety of science-related industries and government labs. A PhD in social studies or humanities (as well as science) can be quite useful in the world of consulting and many consulting companies actively recruit PhD's.
