MBA - Master of Business Administration

How to apply for an MBA?

Usually, Master's programs become an extension of your undergraduate studies. In some European countries, for example, Germany or France, it is obligatory that the Master’s degree be in the same field as the Bachelor’s. The advantage of MBA is that it is available to everyone, regardless of previous education. You can even enroll after studying design. The main thing is to meet the requirements of the program and collect the necessary documents.

An academic degree

MBA is a Master's degree, so you must already have a Bachelor's degree to apply for it. In most cases, the specialization of previous education is not important. Although for people with specialties other than business, more stringent selection criteria apply. For example, they need to pass GMAT and generally have excellent academic performance. Some schools accept students with no higher education at all. French HEC Paris, for instance, considers 5 years of professional experience as the equivalent of a bachelor's degree.

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Work experience

Experience is required for admission to most MBA programs. Some schools set clear criteria: usually 2-3 years. Others write that they consider all candidates, regardless of professional experience. At the same time, the average work experience among applicants is 5 years.

People go to MBA not so much to learn something new, as to improve. The standard age for students at prestigious business schools is 25-28 years old. This contributes to an effective learning process and networking. Lesser-known universities also accept those who are just starting their careers in business. In this case, the program is built somewhat differently. It includes more theory and basic courses in economics, finance and marketing.

CV/Resume

Unlike other Master's programs, during an MBA more attention should be paid to working experience rather than academic achievements. Requirements for resumes vary. Some universities request a regular CV, but some ask candidates to describe their activities in detail. For example, indicate the reasons for periods of unemployment. Some universities provide a sample CV to show what they want to see. Details can be found on their official websites.

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Letters of recommendation

Letters of recommendation are needed for all types of Master's programs abroad. However, in the case of an MBA, the letter should not be from previous professors, but from current colleagues and supervisors. For example, Stanford Business School requires a recommendation directly from the head of the company in which the person works. The letter should describe your leadership qualities, management skills, and business potential.

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Interview

Passing an interview is one of the common conditions for admission to MBA programs. It is conducted face to face or in video format so that the commission can assess the applicant's motivation. Some universities ask you to provide it as a recording, while others will interview you online. The process can also have several stages.

Essays

Essays are not required everywhere. If the school wants to see it, they will indicate it in the admission requirements. For example, Stanford asks two questions in advance:

• What is most important to you?
• Why Stanford?

Whatever the assignments, your goal is to show yourself, your interest and potential in the field of management. Although this document is called an essay, it works more like a motivation letter. Explain what an MBA means to you personally and what you plan to achieve.

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International exams

For admission to the MBA abroad, you will definitely need to pass two international exams:

• GMAT or GRE. Both test your mathematical and analytical skills. Business school applicants are most likely to take the GMAT. The websites of universities state the preferred results specifically for GMAT. Generally, you need to get a minimum of 600 points. For prestigious schools — 700 and above.
• TOEFL or IELTS. MBA programs are taught in English. Therefore, you need to confirm that you have at least level C1. Standard expected scores are 105 TOEFL and 7.0 IELTS.

To find out what an "ideal" business school candidate looks like, visit its official website. There you can often find information about the average age of applicants, their work experience and exam results. These “profiles” provide a rough idea of ​​what will be required to successfully enroll.

Business School Tuition Fees

It is a fact that MBA is expensive. The average cost of a two-year course is 60,000 USD, and in prestigious business schools — over 100,000 USD. And yet, cheaper programs exist. Affordable countries include France, Germany and Finland. There you will find programs within the range of 10,170 USD/year. But do not forget about the costs of accommodation and other expenses as well. They add significantly to the overall training costs.

Another way to save money is to study online. It is suitable for those who want to learn the basics of business management for themselves. The downside is that such programs rarely issue a diploma, at best — a certificate. But they are definitely cheaper and shorter.

MBA Scholarships

Many business schools provide scholarships for students. But to qualify for them, you need to be a top-notch candidate. What does it mean? The answer depends on the specific institution. For detailed information on financial assistance and the profiles of those who received it, check the school website. In general terms, a potential scholar looks like this:

• Excellent academic performance, high GPA — from 3.5;
• 5-10 years work experience in management and business;
• High GMAT score — 750+;
• Early application submission;
• Outstanding essays, recommendations and interviews.

Best business schools for scholarships:

• Harvard Business School. HBS provides students with need-based scholarships received by up to 50% of the students. Average amount of payments — 42,000 USD/year^[5].
• INSEAD. The French school INSEAD has about 90 scholarships in different categories: for women of certain nationalities, for excellence in studies, need-based, for leaders of the generation, and so on. The size of the grants varies from 11,300 USD to 33,900 USD^[6].
• Stanford Graduate School of Business. Stanford University issues scholarships on a need-blind basis. This means that the commission does not take the income of the students into account. The chances of admission for a rich and a poor applicant are equal. Once you are enrolled, the school will look at your income and calculate how much assistance you need. On average, Stanford students receive a scholarship of 40,000 USD^[7].
• Wharton University of Pennsylvania. All students at Wharton Business School are eligible to apply for one of 10 scholarships. The main criteria are personal, academic and professional achievements. Help is provided by various companies and foundations cooperating with the university^[8].
• London Business School. Some grants from the London School of Economics cover up to 100% of the tuition fees. All applicants to the MBA program are automatically considered for a scholarship. There are options from both LBS itself and external sponsors. A student can receive up to 6,620 USD^[9].

Remember that a scholarship is always a lottery. So choose a school that you can pay for yourself. View financial aid as a possible nice bonus, but not a 100% guarantee.

Affordable Business Schools

Below is a list of low-cost business schools around the world. In them, prices start from 2,260 USD/year.

MBA in Europe

• Duration of the MBA course: 1-1.5 years
• Cost: 5,650-100,569 USD/year
• Requirements: GMAT, IELTS, work experience, CV, recommendations, motivation letter

The cost of MBA programs in European universities is much more appealing than in American ones. The exceptions are Denmark, the Netherlands, Sweden and the UK — there the cost of education is comparable to the USA and Australia.

MBA prices in Europe range from 5,650 USD at public universities to 100,569 USD at prestigious business schools. Such large sums cover not just the training. For example, at INSEAD, the cost of the program also includes educational materials, access to the library, access to the sports complex, insurance and more. In European universities, MBA can be completed in a year or a year and a half in a special part-time program. This means that the cost of living in another country will be less. In addition to the low cost and shorter course duration, European business schools have another advantage. Many of them (INSEAD, Bocconi) are recognized as leading research centers. Getting a degree there will not only be cheap, but also very prestigious.

Their requirements for applicants are also lower — recommendations are often excluded from the general package of documents, the expected GPA is lower, sometimes you don't even need to take GMAT. However, this only applies to programs at public universities. Prestigious business schools have the same requirements as American ones.

MBA in Asia

• MBA course duration: 1.5-2 years
• Cost: 3,000-60,000 USD/year
• Requirements: TOEFL/IELTS, CV, motivation letter, work experience

Business schools in Asia are a budget-friendly and easy way to get an MBA. However, a lot depends on the country and the chosen university. Singapore, Hong Kong, China and Japan offer the most expensive MBA programs. In India, Malaysia and Thailand, they are much cheaper. The cost of the programs there starts from 3,000 USD per year, and the requirements for applicants sometimes include only a Bachelor's degree. Although it is still difficult to enter there because of the language and the general specifics of these countries. And the prices are low only from the European point of view.

People often question the quality of education in such universities. Indeed, not all Asian universities have the best academic staff. However, many local business schools create ambitious and highly competent programs. Plus, some Western employers value work and study experience in developing countries.