What Are The Requirements For MBA?

One of the ultimate dreams of college students is getting a degree and earning a diploma. A few of these graduates even seek for more and want to develop their skills through an MBA. Most students believe that an MBA can help them get ahead in their careers and increase the chances of their professional success. 

MBAs can be quite challenging for the average student, but it is not impossible to achieve. It requires additional expense, more time hitting the books, and a lot of hard work to complete an MBA. Through an MBA, a student’s leadership skills are developed further, their management and entrepreneurial skills are challenged and at the end of the course earn elite recognition in their field of expertise. 

Entry Requirements for an MBA

An MBA or Master of Business Administration is not an ordinary course for degree holders. It is one of the most sought after programs available for college graduates worldwide. Degree holders can choose between a two-year or part-time MBA, an executive MBA, or an online MBA. Whichever their choice may be, they will have to satisfy several basic entry requirements to qualify for an MBA in the United States.

Full-time MBA programs take up to 1-2 years and require an average work experience of 3 years or more. Part-time MBA programs can take more than 3 years and require less than 3 years of work experience. Online MBA programs will take up to 2 years and require 0 to 3 years of work experience. Executive MBA programs demand at least 8 years of work experience and may take you two years to complete. Here are the basic requirements to apply and enroll for an MBA

A four-year Bachelor’s Degree from an accredited United States-based institution or an international equivalent.

• At least two to three years of work experience, depending on the type of MBA program that you will apply for
• A polished resume with school and work credentials
• Personal Statement
• Two letters of professional recommendation, ideally from a former employer or your current workplace
• Proof of English Proficiency
• GMAT score of over 600

Some MBA programs accept students with no work experience, but business schools will always give priority to candidates with a more impressive professional background. An MBA course is not for everyone. An admission board will review each application and will take internships into account. They will weigh several factors, such as work experiences, schools attended, and other supplementary information.

If you are seeking to apply for an MBA course in Europe, a different set of entry requirements is needed.

• Minimum of 3 years full-time work experience
• A Bachelor degree or its international equivalent
• GRE, GMAT of passing an admission test
• International study experience or work experience from an international company
• English language certificate, proficiency in a second language is a plus

English Language Certificates

English language certificates can be acquired through different accredited English exams with the following minimum score requirement

• IELTS – 6 or 6.5
• Cambridge Advanced – 142 to 210
• Pearson Test – 59 to 63
• TOEFL – IBT: 89-94 for computer-based exam and 577 to 587 for paper-based exam.

The Cost of an MBA in the United States

Taking up an MBA degree has varying costs, depending on where you take your business administration program. On average, a two-year MBA program will cost you around $60,000 minimum. Top-level schools will require more and may require you to pay at least $120,000 for the whole program in top schools such as Harvard, Stanford, and Wharton.

On top of the tuition and other school fees, books can also be quite expensive when you take an MBA. Books and supplies can cost anywhere from $1000 to $4000 for a typical MBA program in one of the less popular schools. Other costs to consider, prior to the actual MBA program are the initial requirements that you need to fulfill to apply for an MBA.

A TOEFL exam will cost you around $170 with extra charges for late registrations or for reinstating a cancelled score. GMAT exams are tagged at $250 while application fees can cost you anywhere from $100 to $275. Schools such as Harvard and Stanford – the top popular MBA schools in the United States receives around 10,000 MBA applicants every year, with only 1,800 available slots every year.

Although expensive and requires a lot of effort, getting an MBA is worth it for people who plan to work and excel in a business-related field, management, or if you are bound to lead as a founder or president of a huge company. It is not for the weak of heart and may require you to be extra resourceful if you are not financially capable with the expenses that come with it.