Earning a Master of Business Administration has become a rite of passage for business-oriented college graduates. Having an MBA announces your presence to the business world, and it says you’re committed to understanding the complexities and nuances of business across myriad industries.
Most MBA programs will ask you to choose a specialization. These typically include finance, management, marketing, leadership, strategy, entrepreneurship, data analytics, and a handful of other specific areas of study. The point of specializing is to graduate with an area of expertise that will allow you to hit the ground running and, frankly, add more value to the organization that hires you. Check out our list of MBA specializations to figure out the path that is right for you.
Before you get distracted by all the job prospects you’ll have after you graduate, let’s take a look at the requirements and some tips for gaining admission to the program.
As you’re reading through the information below, keep in mind: No one is going to gift you an MBA. It’s going to take hard work, dedication, and financial commitment. Nothing worth having is easily gained, but trust us—earning an MBA takes a special person who can focus on long-term goals and isn’t scared of a challenge. If that’s you, here’s everything you need to know to get an MBA.
BASIC REQUIREMENTS FOR GETTING AN MBA
Regardless of the school you’re hoping to attend, the basic MBA requirements are similar. Here’s an overview of the details you’ll find useful.
Undergraduate degree and work experience
First, you need to have earned an undergraduate degree from an accredited college or university. Your undergraduate degree can be in any major, but it is helpful to have a degree in a business-related field such as management, marketing, or finance. Moreover, most MBA programs require two to three years of work experience to be seriously considered for admittance. It’s also helpful to have some kind of demonstrable management or leadership experience on your resume. Volunteer, internship, or small team-leading—the specific role matters less than the experience, and admissions committees are looking to see if you can handle steering the ship before they consider giving you the keys to it.
Your transcripts
You’ll need to provide transcripts from every college or university you attended and any additional coursework you completed or certifications you’ve earned. Admissions committees are looking for patterns of academic success, and, while switching to and from a few different schools to earn your undergrad degree isn’t usually a problem, it’s important to show good grades followed you throughout your transitions.
GRE or GMAT
Usually, you have to have successfully completed the Graduate Management Admission Test or the Graduate Record Exam within five years of your application to the school. The GRE consists of three sections that are scored, and reported to schools, separately rather than cumulatively. Two sections are scored on a scale of 130–170; the third section is scored on a scale of 0–6.
The GMAT, on the other hand, is the more common B-school exam and consists of four sections that are equally weighted and scored on a scale of 200–800. However, most applications score between 400–600, according to GMAT data.
There are institutions that do not require the GMAT or GRE before pursuing an MBA, such as Augsburg University, but schools will often require you to complete MBA mathematics coursework in lieu of the exams. Check out our comparison of the GRE versus GMAT to know which exam makes the most sense for your academic path.
Application
It goes without saying that you’ll need to complete your application to the university and pay any appropriate fees associated with the application process. Application fees for MBA programs range from $100 to $300, which adds up if you plan to apply to several schools.
Also, fully prepared MBA applicants applying to three separate business schools spend no less than 154 hours crafting the core components of their applications, according to Poets & Quants.
Identifying strengths and weaknesses, crafting career goals, choosing a specialization, considering if a school “fits”—these are all components that shouldn’t be ignored. MBA committees see hundreds of applications, so it’s worth the time and effort to ensure yours sticks out among the pool of applicants.
The primary elements of most MBA applications include:
- Statement of interest
- Background information
- Biographical information
- Academic history
- Professional history
- Answers to essay questions
- Letters of recommendation
- GRE/GMAT test scores
- English language test scores (if applicable)
- Current résumé
TIPS FOR GAINING ADMISSION
While each school’s requirements are different, there are some useful tips that can help distinguish you from the droves of other students applying to MBA programs.
Research each school
To understand which university is the best fit for you, you’ll need to understand what separates them. Pay close attention to the mission of each school and the clubs, organizations, and faculty at each school. Focus on schools that align with your goals and will help you reach those goals.
If possible, take the time to visit the top schools you’re considering. Most have programs in place that will expose you to life as an MBA student so you can make an informed decision about whether that school is best for you.
Display a global flair
In an increasingly global economy, admissions departments prioritize applicants who have some degree of exposure to the world on a global level. Some top-quality MBA programs even include international trips to offer hands-on experiences in global business. If possible, gain international work experience and knowledge. If that’s not possible, plan a trip abroad before applying for your MBA. Anything you can do to show admissions staff that you’re a member of the world on a global scale will be helpful.
Curate your references
Take special care when deciding whom to ask for references. Of course, your goal is to receive a glowing recommendation. But, you should also consider the impression your reference will have on admissions staff who review your application materials.
If possible, seek references from professional contacts who can speak to your business acumen and work ethic, and don’t reach too far back to get them. In other words, a reference from your current manager holds much more weight than a reference from a friend or old acquaintance.
Ace your interview
When it comes to the interview, admissions departments are looking for relaxed and confident people who can not only speak to the information on their application, but also to information not found in an application. This includes personal experiences, anecdotes, and knowledge of the school and its MBA program.
Don’t lose focus
The competition for admission to an MBA program is extremely stiff across every university in the country. If you’ve been wait-listed by your top school or you suspect you may be wait-listed, don’t lose hope or focus.
Instead, take this as an opportunity to learn and improve. Speak with the admissions department about why you were wait-listed or denied, and use that information to improve your application.
MBA PROGRAM FAQs
Who makes a good applicant?
In addition to ensuring you meet the requirements for an MBA program, most institutions favor applicants who demonstrate strong character and intelligence beyond the basic MBA degree prerequisite courses and requirements.
Meeting the MBA requirements and possessing a strong and diverse range of educational and extracurricular activities is the best way to distance yourself from the competition.
Can I apply without taking the GMAT or GRE?
Yes. While some MBA programs in the country require prospective students to have taken one of these entrance prerequisites, many institutions (including Augsburg University) have other criteria to weigh your application. While the scores are self-reported, the university will confirm your scores before granting admission to the program.
Can I apply with a three-year undergraduate degree?
Most universities are happy to accept qualified applicants who received accelerated degrees. While you may occasionally encounter a school that requires a four-year undergraduate degree, most have no issue accepting qualified applicants with three-year degrees. If you have a three-year degree, having at least two years of work experience will enhance your chances of being accepted into the program.
When will I receive a decision?
While each school is different, most schools strive to review applications and decide on admission within six weeks of receiving your completed application.
How can I schedule an interview?
Admissions interviews typically occur on an invite-only basis. These interviews represent the final step in the admissions process before you’re accepted to a program. If you’re contacted for an interview, it’s usually an indication that you’re strongly considered for admission into the program.
The Big Takeaway
If earning an MBA is still the path you want to pursue, be sure to heed the advice above. Getting an MBA shouldn’t be a decision that’s made on a whim. Applications committees are strict and they won’t waste time on applicants who are obviously only somewhat interested.
While the requirements for MBA programs differ for each institution, the minimum requirements are similar across the board. Spend more time than you think is necessary on your application. Be sure you have relevant and recent work experience. And, don’t waste your time if you haven’t earned a four-year degree from an accredited university.
Strong academics and extracurriculars aren’t just bonus points—they’re valuable components admissions committees use to determine whether or not you’re well-rounded and have some life experience.
At the end of the day, getting an MBA is an investment in yourself. It will take hard work but your determination will definitely pay dividends if you’re up for the challenge.
If you’re ready to take the next step, request information on Augsburg’s MBA programs to figure out if it’s a fit for you.
