A Master of Business Administration (MBA) is an advanced education from an undergraduate business degree. An MBA aims to provide knowledge of business and investment management. Many universities offer MBA programmes that last two years. Not every MBA programme focuses on the same classes. Some might have a specific focus like finance, management, or marketing.
But how to choose the right MBA for yourself? We have collected all the information you need to get into an MBA at the university of your choice! But, before that, let us explore more about MBAs. For more insights from experienced entrepreneurs, sign up to our EWOR Platform and gain access to over 17 courses and a plethora of resources.
What does an MBA Teach?
MBA programmes include classes in marketing, management, accounting, and even business law. If you graduated with a marketing bachelor’s degree, the classes in MBA might sound a little too familiar.
However, an MBA curriculum puts management training at its core. Thus, it goes deeper than a marketing bachelor’s.
A Master of Business Administration teaches you how to be a leader. In which you learn all about planning, business strategies, teamwork, and organization.
We can say that a Master of Business Administration teaches you how to run your business. Whereas in an undergraduate programme, you can decide to pursue a career in existing companies. Here are the same fields an MBA aims to teach:
- Business Management
- Data Analytics
However, MBA programmes are ever-broadening their curriculum. They increasingly focus on international business, and how to run a business.
What Are the Requirements to step it up with your carrier with an MBA Degree?
The infamous question is, “Can you pursue further education in Master of Business Administration with only a business degree only?” The answer is both yes and no.
Some universities prefer business graduates only, whereas others are open to candidates with job experience. Regardless, there are general admission requirements for MBAs. Keep reading for the prerequisites.
- GPA: Your bachelor’s degree GPA is important for getting into an MBA. However, it is not like if you don’t have a 4.0 GPA on the American and Canadian scale (or a 1.0 if you’re in Germany), you cannot be admitted.
As applaudable as a higher GPA is, it is not the most important quality the universities are looking for. That being said, a high GPA still improves your chances and shows hard work.
- Work Experience: As stated above, you do not have to acquire a business BA before applying for an MBA. Some universities accept students from different bachelor backgrounds as long as they have business experience. The requirement is usually a minimum of 1-year of work experience.
- Language Skills: In almost all countries, the business language is English. Of course, one reason for that is the importance of international business classes in an MBA programme. But how can someone prove their English skills? There are internationally valid exams, and most universities accept TOEFL iBT and IELTS. Make sure you receive the certificate for the language exam on time. The requirement for language fluency is usually a minimum of 7.0 for IELTS, and 90 for TOEFL iBT.
- GMAT / GRE: The GMAT is an exam designed to measure business skills for MBA programmes. The exam has four sections in total: Analytical Writing Assignment, Integrated Reasoning, Quantitative Reasoning, and Verbal Reasoning. The GRE is another form of examination to prove your skills. The sections of the GRA are the same as the GMAT.
The requirements are not limited to these 4 most important documents. You should also prepare a CV or Resume. It’s better to ask for recommendation letters and get authorised copies of your previous degrees and certificates.
Accelerate Your Career Choices: What Does an MBA Degree Offer?
An MBA degree is essentially a big step towards a good career. Pursuers of an MBA might be looking for a step up from their current career. But also there are people who chase new brilliant career options after MBA. Here are the benefits and goals of an MBA degree according to the Frankfurt School of Finance and Management:
- Gain a global business perspective.
- Learn the understanding of business management.
- Improve analytical and critical thinking skills.
- Be better prepared for problem-solving.
- Have effective communication skills and become a team player.
- Responsible, inspirational and ethical business leaders.
Master of Business Administration is all about inspiring professionals to become responsible leaders in their careers.
What Should I Expect Salary-Wise as an MBA?
You decided to take the step towards your career and obtain an MBA degree. What about the salary expectations? According to Glassdoor, an MBA can expect between $60,000 and $135,000 a year. The most common salary is somewhere around $73,000 per year.
If you are looking to accelerate your career, or pursue further education in business, then an MBA is the right path for you. You might have a different background than a business graduate. But it does not matter.
An MBA degree is open to providing business knowledge to responsible, bright minds. Make sure you are reading through the requirements for every school that offers an MBA. Once you decide to apply, everything else will come in rapid succession.