Are you thinking about getting your MBA (Master of Business Administration) degree? Have you considered all the aspects that can affect your personal life, as well as the professional one? You probably think that getting an MBA degree is easy; you only need to save the money or get a student loan. Well, there is more to it as you need to prepare a lot of things for an MBA application.
Understanding the MBA Degree
Taking an MBA degree means that you are ready to develop the needed skills for management and business. Most people think that MBA degree and its knowledge is limited to the business world only, but such degree can help you everywhere; it can take you to higher managerial levels in different sector, such as private industry, public sector and even the government. The firts and sometimes the most important step is to prepare a very good MBA application. Generally, MBA programs includes the core and main subjects, such as marketing, economics, operations, and accounting, but there are also elective courses that you may choose – depending on your professional or personal interests. Although most schools set up almost similar requirements, different schools have different policies. Some schools, for instance, require you to have and complete an internship or work experience. Be sure to check out MBA rankings to get the most out of your application and to make sure you’ll fully benefit from the program to boost your carrer.
Preparing the MBA Application
Every year, thousands of people are trying to get the MBA degree they want, creating high competition for other candidates. Thus, it is important for you to understand the process of an MBA application – as well as the how to write the proper and correct application.
The basic requirements generally involve:
- Get a BA degree. Naturally, you need to finish your undergraduate program, although you don’t always have to major in business. When you apply for MBA degree, any major will do if you fulfill the other requirements
- Take GMAT test. It is better that you take GMAT test and achieve higher score (around 20+ from the average score of your intended school). Some schools are okay with GRE test, but GMAT is always better.
- Have real professional experience. Your chances to be elected will be bigger when you have real work experience. When you have professional experience, you’ll score higher during the application process. However, it is also possible to pursue an MBA degree just right after completing the BA program.
- Find out about the desired program. As it was mentioned before, different schools have different policies, programs, philosophies, and coursework. You really want to choose the program that suits your preference and needs.
- Know and understand the requirements. MBA application and documentation is very important in this stage. You want to make sure that you complete all the requirements and follow the procedures without missing a thing. This can mean the difference between the success and failure of your application.
The General Process
The application procedures cover several stages, such as:
- Written MBA application. In this stage, not only you have to submit a written application, you also need to submit the required documents before the deadline. This stage can be done online or offline. You may need to submit GMAT score, transcript(s), resume, recommendation, essay, and IELTS/TOEFL to prove your English proficiency. Remember that each requirement is different from one school to another. When you send the documents through email, you may be required to convert them into PDF format for safety reason.
- Interview. After your written application is reviewed, you will be asked to participate in an interview. It can also be done offline or online. So you may be required to come to an interview, or you can do it through Skype or other video communications application.
- Post interview session. It is possible that you are also required to send a written assessment of the whole application process.
Different Types of Programs
There are some types of MBA programs that you can consider:
The full-time 2-year program, which is the standard one. It involves full workload and it is designed for those who want to dedicate themselves to a traditional full-time MBA experience. It is not for everyone, as you have to manage also daily activities or work.
Part-time program, which is suitable when you have other things to do, such as a job that you can’t leave to pursue a full-time MBA. The part-time program takes 3 to 4 years to complete.
Full-time one year program, which is generally the intensive one. When compared to the two year program, you may be required to take more classes.
Specialty program, which is often referred to as specialized program. This program is designed for students wanting to focus only on specific areas. For instance, if you are more interested in computer and its usage in the business world, you can take computational finance.
Executive MBA program. The EMBA program is usually taken by professionals who want to further their career and evolve in their professional environment. Students usually have extensive knowledge in business and they generally attend the classes during weekends. This program generally takes two years to complete.
The dual degree program, which is suitable for those wanting to pursue different degrees at the same time. For instance, if you want to take MBA degree while finishing your legal study, this is the perfect option for you.
Online MBA program Most people believe that this online MBA program offers loads of flexibility regarding your time management. However, not all companies will accept online degrees, so you should really research the schools that are offering such program.
The General Courses and Curriculum
There are some general classes that you will have to attend to complete your MBA degree.
These usually are:
Accounting You will learn about business taxes management, business cost, and other fields related to finance.
Economics You will learn about business transactions and the effects of service and goods exchange.
Finance You will learn about cash flow, budgeting, investment and securities analysis and so on
Marketing is all about sales and generating profits, so learning how to communicate with customers and business decisions should be included within this topic.
Management Without proper management, businesses will not be successful. Developing plans, coming up with strategies, and such thing alike will be a part of your learning.
Business law You need to understand legal terms and condition so your business can run and survive and thrive
International business It is important to understand the customs and how to conduct business in different parts of the world.
There are a lot of schools that are offering good MBA programs. Booth School of Business at the University of Chicago, Illinois is offering MBA program. In Houston, Texas, you can consider Rice University of Jesse H. Hones Graduate School of Business. If you live in Toronto, School of Management from University of Toronto can be a good option for an MBA application. Your option is limitless, so make sure to browse around and find detailed info about your target school.
For more MBA info try Wikipedia