You hear the term “MBA” all the time, but what exactly is an MBA? Choosing to study for a Master of Business Administration (MBA) is a big decision for aspiring global executives and managers.
You have to ask yourself, is pursuing an MBA program at a business school worth your time and money? Studying for an MBA is invaluable if you are ready to enter today’s competitive business world.
A Master of Business Administration degree has many benefits for you, especially if it comes from one of the world’s top business schools. This article attempts to clarify some of the benefits of an MBA.
It would help if you were someone who could handle the heavy responsibilities of a management position, stay in a never-ending learning cycle, push yourself to work through rigorous and complex courses, and think outside the box.
If this sounds like you, an MBA may be an excellent choice.
Entry Requirements for MBA
If you plan to pursue an MBA, then there are certain conditions that you need to fulfill. Here are the most common MBA prerequisites.
1. Bachelor’s Degree
Another important MBA prerequisite is work experience. Many MBA programs require candidates to have 2-5 years of relevant work experience.
This is because MBA is a professional course and having work experience prior to the program helps candidates gain practical knowledge and skills that can be applied in the MBA coursework.
This also makes them more competitive in the job market after completing the MBA.
2. Work Experience
Another necessary MBA requirement is a good score in entrance exams. These exams, such as CAT, XAT, GMAT, or GRE, are commonly required by universities and play a vital role in the admissions process.
A strong score on these exams can help increase your chances of being accepted into a reputable MBA program.
Additionally, you may want to consider alternative options such as online MBA programs , which may have different or waived requirements.
3. Exam Score
Another important MBA requirement is a good score on entrance exams. These exams, such as CAT, XAT, GMAT, or GRE, are used by universities to evaluate applicants and determine their eligibility for the program.
A high score on these exams can greatly increase your chances of being accepted into a top MBA program.
Additionally, some programs, offer alternative options that do not require entrance exam scores. This can be a great option for those who want to avoid the stress and preparation required for traditional entrance exams.
It is important to remember that your resume is a representation of your professional experience and qualifications. It should be well-organized, easy to read, and accurately reflect your skills and achievements.
Additionally, it should be tailored to the specific MBA program and school you are applying to, highlighting how your qualifications align with their values and culture.
It’s also important to address any gaps in your education or work experience and explain them in a clear and concise manner. Overall, crafting a strong resume can greatly increase your chances of being accepted into a top MBA program.
5. Recommendation Letter
You need at least two recommendation letters from suitable references who can speak to your abilities and potential as a student and professional.
Additionally, some MBA programs may have specific requirements such as language proficiency, professional certifications, or interviews. It is important to research and understand the specific requirements of the MBA program you are interested in applying to.
All the international b-schools ask for at least 2 recommendation letters. These are the suitable recommenders –
- Managers (Current or Former)
- Professors or Mentors
- Someone who has seen you in leadership roles
To fulfill this MBA requirement, you need to prioritize quality over the level of seniority. Choose expressive people to highlight your capabilities and skills in front of the admissions committee.
You will have to work hand-in-hand with your recommender and explain the process and objective to them. Your LOR should match the skills that you mentioned in your essay.
6. Proof of English
Proof of English is essential when you are applying to top universities abroad. All international students who do not have English as their first language have to take these tests to prove their proficiency in the language. These are the most commonly accepted English tests for MBA –
- Test of English as a Foreign Language (TOEFL)
- International English Language Testing System (IELTS)
- Pearson Test of English (PTE)
To enter the MBA, you must write an essay and personal statement. In the case of an Essay, you write a descriptive answer to what was asked by the university.
Even though each university has different essay questions, let’s take an example. For example, a question like the following: “Why do you want to take an MBA at our university? And what are your plans for the future?”
Well, from there you have to write a good answer! You can try researching on Google. What do you think about essays at this university? If it’s a personal statement, tell me about yourself.
Try practicing at home because, according to the saying, “Practice makes perfect!”.
Interview is the final leg of your MBA admission process. This MBA requirement decides whether you will get to study in your dream business school or not.
Therefore, you must prepare for it beforehand. In this round as well, the admission committee and department heads are confirming whether you will be a right fit for the course or not.
So, highlight the immense value this course can bring to your career. Here are some most commonly asked MBA interview questions:
- Tell me about yourself.
- Why do you want to join this business school?
- What are your career goals?
- How can pursuing an MBA add value to your career?
- Where do you see yourself in the next five years?
- Tell me about your previous work experiences.
MBA Graduate Salaries
MBA salaries are one of the highest in the job market and you must be curious to know how much MBA graduates make? Having a higher salary is one of the benefits of an MBA.
Here, the difference is made clear. Using the QS Jobs & Salary Report, you can estimate how much an MBA has increased your salary. These are some of the average annual salaries of MBAs worldwide:
- Switzerland – $123,500 USD/ year
- United States – $102,100 USD/year
- Canada – $99,800 USD/ year
- France – $98,500 USD/year
- Australia – $98,400 USD/ year
- United Kingdom – $92,400 USD/ year
- Germany – $77,200 USD/ year