What is Graduate Business School?
A graduate business school is an institution of higher education offering study leading to a degree beyond a Bachelor’s degree such as a Master of Business Administration (MBA).
Why Get Your MBA?
You might consider attending graduate business school if you are looking to:
- Advance your career and salary potential
- Change or expand your career prospects
- Gain valuable networking resources
- Learn how to start your own business
- Learn leadership skills that you can apply in your company or field
- Improve your managerial skills and expertise
Obtaining an MBA has a wide variety of uses in the workplace. Employers value MBA graduates and often consider individuals who possess these advanced degrees to be top talent in the job marketplace. MBA graduates can potentially command higher salaries than jobseekers with only a Bachelor’s degree.
It may surprise you to learn that the average age of MBA students at many schools is around 27-28. Many business schools feel that job experience will significantly enhance an MBA education. If you are considering an MBA, you’ll want to start thinking about your finances and whether you can balance graduate school with your work schedule. If you are currently employed, you’ll need to find a way to attend class and complete your assignments, while still fulfilling your work commitments. You’ll also want to assess how business school will impact your family’s emotional and financial needs.
Research MBA Programs
If you want to apply to business school, begin researching which school provides the best fit for you. You might take into account factors such as location, size, cost and whether or not the school offers your desired business specialty. If you are currently employed, you’ll need to decide whether you are going to commute to a local business school, or end your employment to attend a business school further away. Since getting accepted into graduate business school is very competitive, you’ll likely want to apply to multiple schools.
Business Specializations
Most MBA programs enable you to select an area of specialization. You may already know your desired area of specialization, and you simply want to enhance your knowledge in your field of study (i.e. Accounting, Management, etc.). If you are interested in expanding or changing your career, you might want to study various business specializations to expand your skill set. After taking MBA classes, you may become interested in a particular subject and switch your specialization, or study multiple specializations. Examples of business specialties that you may study in your MBA program include:
- Accounting
- Entrepreneurship
- E-business
- Finance
- Health Administration
- Information Systems
- International
- Management
- Marketing
- Nonprofit
- Production / Operations
- Public Policy
- Supply Chain / Logistics
Top MBA Program Rankings
We’ve listed some resources for top business school rankings below:
U.S. News & World Report – Rankings for top business schools and top MBA program specialties.
BusinessWeek – Rankings for top MBA programs.
Graduate Business School Admission
Although admissions criteria vary by school, most schools require some combination of the following:
- Verifiable work experience. The amount of work experience required will depend on the school.
- An acceptable score on the Graduate Management Admission Test (GMAT) exam. Acceptable scores will vary by school.
- Other criteria such as undergraduate education, grades, extra curricular activities, etc.
- You may be required to attend an in-person interview as part of the admissions process.
If you are considering applying to business school, you’ll need to register for the GMAT. The GMAT exam is computerized test consisting of an analytical writing assessment, quantitative, and verbal section. For more information on the GMAT, visit the official GMAT site.
How to Pay for Your MBA
The cost of an MBA varies greatly with the competitiveness of the program you select. The financial aid process for your MBA is the same as it was for your undergraduate degree. You’ll need to fill out your FAFSA every year and wait to receive an award letter from your school. If you don’t receive scholarships and grants (free money), and you don’t have educational savings, you may need to borrow student loans. MBA students are eligible to borrow up to $20,500 per year in Federal Stafford Loans.
If you are currently employed, make sure you check to see if your employer provides a tuition reimbursement program. It could be that your employer will pay for all or part of your education!