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An MBA, or a \u201cMasters of Business Administration,\u201d is a postgraduate degree achieved after an MBA candidate successfully goes through a business-focused program, usually lasting 1 to 2 years, and can be full-time or part-time. MBA programs are intended to better prepare you for business management skills and to make graduates more competitive in applying for leadership roles, or to crack into popular and high-paying industries, like tech, high-finance, and consulting. Check out our answers to frequently asked questions about the MBA below!<\/p>\n
<\/a> <\/a> The concept of an MBA is simple. Generally, it’s a degree for business management. However, MBAs have a century-long history and they\u2019ve evolved over the years to adapt to new trends \u2013 and thus there are MBAs for early-career graduates, mid-career professionals, and even existing executives at companies. To make matters more complicated, there are in-person, virtual, and dual-degree MBAs, making it worth your time to research choices and to understand the landscape.<\/p>\n While MBAs tend to be different, you can expect the following commonalities among most MBA degree programs: <\/p>\n Fall start-dates<\/strong> \u2013 There are exceptions, but usually, unlike bachelor\u2019s degree programs, there is a set class of students and a Year-1 and Year-2 format, meaning that programs tend to start in the Fall semester of each year and end in the Spring two years later. Generally, you do have choices for electives, but your core classes are more rigidly assigned. We recommend looking primarily at the core curriculum when gauging the academic benefits of programs, as the electives can be fascinating but are more of a tangential consideration, taking up a smaller amount of your time and focus.<\/p>\n Core curriculum<\/strong> \u2013 Typically, the first year is devoted to core courses going over major business and management concepts (finance, management, organizational behavior, behavioral economics). Programs that are more industry-focused will likely have a much more nuanced curriculum.<\/p>\n Engagement with recruiters<\/strong> \u2013 In general, recruiters regularly engage with MBA candidates as applicants to summer programs, internships, or full-time jobs, reaching out to students through events on campus or direct-solicitation as early as the mid-Autumn of your first year.<\/p>\n Internships<\/strong> \u2013 This is more relevant to full-time degrees, but most students will be pursuing internships with companies. Statistics on full-time employment with those same companies and institutions disagree a lot, but the general principle is that you\u2019re likely to have a high chance of returning to that same place to be employed after graduation.<\/p>\n Formalized alumni connections<\/strong> \u2013 Towards the end of your second year, many programs will facilitate connections with an alumna or alumnus in the field to which you\u2019re planning on applying your skills. This helps with arranging interviews and getting clearer firsthand knowledge of what it\u2019s like to work in your chosen area. The flip side of this is that you may very well find yourself in the alumni role helping soon-to-be graduates in the future as well.<\/p>\n MBA thesis<\/strong> \u2013 Many degrees require candidates to complete an individually-led research paper spanning 40-80 pages (or more) that is coordinated with a faculty advisor. The MBA thesis is usually orally defended by the MBA candidate in a public or private seminar, which is somewhat similar to that of a Ph.D. program, but with certainly different objectives.<\/p>\n MBA Capstone<\/strong> \u2013 MBA programs typically require candidates to engage in team-led hands-on 15- to 20-page research paper or project completed during the final year of studies and presented in a public seminar.<\/p>\n <\/a> MBAs degree programs have been around a little over 100 years, originating in Harvard to prepare would-be industrialists of the time with core classes in accounting, business, and strategy. Times have changed. Now they have splintered, differing in philosophies as to what constitutes a formal education in business. Because of this, there are many misconceptions, often born from MBA-holders themselves passing on information that reflects the landscape in which they studied for their degree!<\/p>\n A full-time MBA generally is ideal for those with 2+ years of post-bachelor’s experience. These are the traditional MBAs that most people picture, in terms of having a core curriculum (generally in-person), team capstones, as well as MBA theses coordinated directly with faculty. There are 1-year programs that are described as more \u201cdynamic\u201d than 2-year programs (read \u201cgrueling\u201d) and are often the choice of companies that pay to send their employees to an MBA program (often with the caveat of working in said employer for X number of years afterward). Generally, the younger the applicant, the more likely they are to opt for full-time.<\/p>\n Typically an 18-24 month program reserved for those with over 10 years of work experience, EMBAs are lower-intensity MBAs that focus more on deep-dive courses and are often prized by mid-career professionals looking to jump into higher management. It is relatively rare to get a scholarship for these programs, but the cost is meant to be outweighed by both the executive alumni network and by the enhanced credentials achieved by the executive program graduate.<\/p>\n Interestingly, the EMBA is also a type of part-time MBA, technically, but let\u2019s make a distinction to think of this as a non-executive part-time program. Preferred by those generally between 24 and 32, this is seen as somewhat less competitive than full-time MBAs and is lacking many of the networking benefits of a full-time MBA. The duration of these degrees tend to last longer than 2 years and are far less likely to qualify for a scholarship or grant. Also, they have less access to recruiters, a key part of full-time MBAs described above. However, they do provide access to alumni networks and to the credentials of having an MBA. Generally, on a CV, there is little to no distinction between full-time and part-time MBA<\/a> as both went through the same academic rigors. <\/p>\n This is the broadest category here, as \u201conline MBAs\u201d could very well be EMBAs, full-time or part-time. Generally, the feature is in the name: it\u2019s online, rather than in-person, but there are some hybrids. Scholarships, as noted above, are more plentiful for full-time in-person programs. Your mileage here will vary depending on the university, as many programs have deep wells of experience in facilitating connections and learning online, but others are a little newer to the scene and adapting to the increasing trend to move online. <\/p>\n They could very well be a great option, but do your research, and try to aim for more recent information, as they have changed drastically since 2020 and social distancing forced them into the spotlight.<\/p>\n Best for those who have a more defined post-MBA career path, joint-degrees have an industry-focus or field-focus. For example, Stanford<\/a> has joint degrees focusing on education and business, while Darden<\/a> has MD\/MBA programs for those who are studying to be trained doctors and who need business skills. Graduates tend to be younger (24 to 30) and prefer full-time studies, as this degree is meant to gain access into a certain field by combining studies and credentials.<\/p>\n <\/a> We\u2019ll go a bit deeper into considerations for entering MBA programs later, but the key benefits of MBA programs\u2014and these benefits tend to be more pronounced for traditional MBAs and EMBAs\u2014are:<\/p>\n On their own websites, MBA programs also highlight tangential benefits like increased confidence, better personal financial management, time-management skills, and broader worldview, but the data they used to gather such insights tends to focus on the gains in the careers and skills of those who ultimately decided to get an MBA. In other words, for those that decided it was worth it, it ended up being worth it.<\/em> <\/p>\n What is missing from their research are the trajectories of those who decided on an MBA alternative, but those data are inherently hard to come by \u2013 as we don\u2019t have a reliable A\/B test to understand what would have happened had they gone a different route. That means that MBA programs<\/em> say MBAs are worth it, but you should definitely dig deeper to make sure they\u2019re right for you.<\/p>\n <\/a> The \u201csticker price\u201d is between $50,000 and $200,000. $200,000 is the top-line price, but most large MBA programs subsidize the cost through various scholarships, grants, and other programs, so it\u2019s definitely worth googling \u201cWhat would I actually pay for an MBA at [insert program here].\u201d For example, the program at ASU has been effectively free for entire years of graduating classes, thanks to donations from alumni and various businesses. That\u2019s not to say that they\u2019re cheap \u2013 student loan data show that the average debt accumulated from an MBA course is near $100,000<\/a>, and so, most students are in fact paying a steep price for the programs.<\/p>\n Given the hefty tuition costs, you’re probably wondering if the MBA is truly worth it. That\u2019s a topic for another post, but let\u2019s just focus on the financial aspect of it. There are various rules of thumb for deciding this, but one that is fairly reasonable is this: the bump in compensation you expect in your first three years as an MBA graduate should cover the out-the-door cost of the MBA. <\/strong><\/p>\n For example, if you paid 160,000 for a full-time MBA, but your post-MBA salary went from 90,000 to 110,000, you very well might want to give it a long, hard look to see if it was worth the cost (160,000 – 20,000×3 > 0) \u2013 as you have a deficit of 100,000 and likely a high-interest student loan capping your appetite for career mobility in the meantime. Conversely, if your post-MBA salary was up from 90,000 to 150,000 with a 160,000 price tag, now you\u2019re looking at a much stronger business case (160,000 – 60,000×3 < 0), as that salary is now covering more 20,000 more than the cost of the program itself.<\/p>\n Rough math? Yes. Hard to calculate future salary? Of course! The key point to take away here is to think of the MBA as any savvy business person would: what is the probable ROI (return on investment) and what is the opportunity cost? In other words, ask yourself: will it be worth its cost, and what else could I be doing at the same time? You\u2019ll also be spending at least a year on the degree itself and likely 100+ hours on the application itself, so time is also a consideration.<\/p>\n <\/a> As for difficulty, MBA programs are no pushovers, as the degree itself tends to be time-intensive to earn (1-2 years) and can be marked by intense study and university-specific rigors, like cold-calls (professors grilling students with questions at random), but the most difficult part of the process is (for most) is the actual application and interview process to get into the program in the first place!<\/p>\n The competition for entering MBAs tends to be fierce, especially during or right after recessions, like in 2008 through 2010 and in 2020<\/a>, which is when many professionals decide that they\u2019d like to boost their credentials and skills during a time with more uncertainty. Acceptance rates for universities have gone down recently due to an influx of applicants, hovering around 5% for most top-10 programs, for example.<\/p>\n <\/a> Close your eyes and picture who you imagine as the typical MBA student. <\/p>\n Well, there really isn\u2019t one, but it\u2019s likely that many can\u2019t help but conjure up the image of an investment banking professional with a finance degree, 4+ years of experience, and a $500 haircut. Actually, MBA programs, as described before, have adapted and taken on diverse aims and thus so have its students. <\/p>\n If you sit in on an admissions-related informational session regularly put on by business schools, you\u2019ll likely hear the term \u201cholistic\u201d to describe their application approach. That can be frustrating, as it describes a broadly fuzzy and non-quantitative assessment, but that speaks to the importance of knowing your application doesn\u2019t have to be perfect in every dimension. There really isn\u2019t a prototypical perfect profile anymore, but there are certain CV additions that catch the eye of admissions boards.<\/p>\n <\/a> The first step to applying for MBA programs is to do your research. Figure out what\u2019s important for you and go from there. If you want a high salary, focus on schools\u2019 ranks and employment outcomes for alumni. If you\u2019re passionate about specific areas, such as entrepreneurship, international business, or even niche areas, like the intersection of business and the environment or healthcare, check out programs with such specialties. <\/p>\n Once you have a short-list of schools<\/a>, the easiest way to apply is to fill out the application online on the specific program\u2019s website. Luckily, it appears that, while the details can change, the portal in which you\u2019ll put your information is very similar across most colleges. In addition to your undergraduate degree<\/strong> and transcripts from your degrees<\/strong> (likely going back to high school), here are additional admissions requirements and their considerations: <\/p>\n Two letters of reference:<\/strong> Please check the university itself for the format, but luckily this tends to be uniform: (1) describe your relationship to the candidate, and (2) how do they compare to their peers. You can probably tell that this has a distinct bias for managers. It may feel awkward to ask your current employer for a recommendation, so clients, former managers, and professors could also be options. You will then need to give the contact information for your recommenders, who will then be emailed a link to fill in a page with their letter and often to answer questions about your aptitude (on a score from 1-9, with 9 being the highest, for each indicator).<\/p>\n GMAT\/GRE score (or an Executive Assessment for EMBAS):<\/strong> Check the requirements for your program, as some schools will even accept \u201cexpired\u201d GMAT scores (older than 5 years).<\/p>\n TOEFL or IELTS score:<\/strong> If your undergrad was not taught in English, it\u2019s likely that you\u2019ll be required to provide a TOEFL or IELTS score. This is program-specific, and some have loosened their requirement to look at other representations of English ability.<\/p>\n Admissions essays:<\/strong> The typical essays are \u201cWhy ____ program\u201d and \u201cTell us about you,\u201d but the recent trend has been for universities has been to ask more unique questions (see Duke\u2019s \u201c25 random things about yourself\u201d essay<\/a>, for example). There is also an \u201cessay\u201d asking for any additional information, which is an opportunity to talk about mitigating factors and other considerations but is not typically written in an essay-like way as the others. Most programs expect a simple bullet-point list for the \u201cAnything else\u201d essay.<\/p>\n An application fee:<\/strong> Fees can range from $50 to $300 but the idea is that each application is given consideration and so this covers the university\u2019s overhead. Be sure to look up the university\u2019s \u201cfee waiver\u201d for which many program applicants can qualify.<\/p>\n And the last thing you’ll need? Patience. For larger programs, it can take two or more months to hear back about interviews, but luckily their timelines are transparently communicated on their websites. It\u2019s well worth it to first learn about programs, and then to mark the major dates in your calendar.<\/p>\n <\/a> Since you\u2019re looking to gather letters of reference (and you should consider prioritizing this first), test scores (50+ hours, on average), and filling out an application, give yourself at least<\/em> 3-month window\u2014or more if you need more time to increase your GMAT score<\/a>. For the overwhelming majority of programs that begin in the Fall, your rough timeline is:<\/p>\n Round 1 Deadlines:<\/strong> June to September of the preceding year (for example, a 2022 to 2023 program will close applications in Summer 2021). Start preparing your application in February.<\/p>\n Round 2 Deadlines:<\/strong> December to February before the program (for example, a 2022 to 2023 program will close applications in the preceding Winter). Start preparing your application by September.<\/p>\n Round 3 Deadlines:<\/strong> March to May of the same year (for example, a 2022 to 2023 program will close applications in Summer 2022). Start preparing your application in December. <\/p>\n While we\u2019re on the subject, you might be wondering in which round you should apply. That\u2019s a tough question, but overall the rule is \u201cthe earlier, the better,\u201d as Round 2 tends to have more applicants than Round 1 and more in Round 3 than 2. The tough situation in which many applicants find themselves is weighing between Round 3 of this year or Round 1 of next year. For that, we don\u2019t have an easy answer, but the question you should ask yourself is: will my application be substantially better in three months?<\/strong><\/p>\n An MBA can be valuable for your career, but it will likely come with a considerable price tag and 1-2 years of study (on top of around 3 months of preparation), so it\u2019s well worth doing research and some serious introspection with the question: is this right for me? Also keep in mind that not all MBA programs are made the same, as there are degrees that may very well be more tailored to your career interests, or perhaps, frankly, none at all! <\/p>\n If you\u2019ve made it this far, congratulate yourself for doing research into what is right for you, and we wish you luck on whatever next steps you take. Let us know in the comments, are you planning on getting an MBA? <\/p>\n The post Everything You Need to Know about Getting an MBA<\/a> appeared first on Magoosh Blog \u2014 GMAT\u00ae Exam<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" An MBA, or a \u201cMasters of Business Administration,\u201d is a postgraduate degree achieved after an MBA candidate successfully goes through a business-focused program, usually lasting 1 to 2 years, and…<\/p>\n","protected":false},"author":133,"featured_media":0,"comment_status":"open","ping_status":"1","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,783,243,940],"tags":[],"class_list":["post-50701","post","type-post","status-publish","format-standard","hentry","category-gmat","category-magoosh-blog","category-blog","category-gmat-prep-gmat","entry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts\/50701","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/users\/133"}],"replies":[{"embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/comments?post=50701"}],"version-history":[{"count":0,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts\/50701\/revisions"}],"wp:attachment":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/media?parent=50701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/categories?post=50701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/tags?post=50701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n <\/p>\nWhat Is an MBA?<\/h2>\n
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\n <\/p>\nWhat Are the Types of MBA Programs?<\/h3>\n
Full-time MBA Programs<\/h4>\n
Executive MBA Programs (or EMBA)<\/h4>\n
(Non-Executive) Part-time MBA Programs<\/h4>\n
Online MBA Programs<\/h4>\n
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Joint Degree Programs<\/h4>\n
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\n <\/p>\nWhat Are the Benefits of an MBA?<\/h2>\n
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\n <\/p>\nWhat Do MBAs Cost?<\/h2>\n
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\n <\/p>\nHow Hard Is an MBA?<\/h2>\n
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\n <\/p>\nWho Is an Ideal MBA Candidate?<\/h2>\n
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\n <\/p>\nHow Do I Apply for MBA Programs?<\/h2>\n
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\n <\/p>\nWhen Should I Start Applying for an MBA?<\/h2>\n
<\/a><\/p>\nWhat You Need to Know about MBAs: A Summary <\/h2>\n