An MBA or Masters in Business Administration is one of the most popular management degrees. Thousands of ambitious students apply to different types of MBA programmes each year. An MBA is considered as a generalist degree as it gives a student fundamental management knowledge, which means the student gets a holistic view of business across areas like marketing, finance and accounting, all while developing those vital soft and leadership skills.
Let’s try to understand what makes a candidate eligible to pursue this degree, the benefits and the salary expected.
BENEFITS OF MBA ABROAD
According to surveys conducted (GMAC), the top career motivations for prospective MBA students include salary increase, promotion to senior positions, managing people and working internationally.
An MBA as a degree empowers you with various skills that are valuable if the candidate wants to start their own business, progress within their company, switch function, industry, location or all three at the same time.
Studying an MBA from a B-school abroad exposes the candidate to lots of different opportunities to network with the teaching staff and past alumni to unlock promising avenues in the future.
Also, the teaching style of most top b-schools abroad focuses on gaining practical knowledge which helps the student learn how to deal with new-age business problems and gain an edge on advanced business management techniques.
ELIBILITY FOR MBA ABROAD?
In previous years, students who wanted to pursue a career in finance or consulting would be keen to get an MBA degree.
However, the average MBA class today is filled with candidates from a wide variety of professional backgrounds. This makes MBA one of those degrees that is open to all.
Even though this degree is open to all, there are still some criteria that have to be met for a candidate to get admitted to top B schools.
A strong academic background in both the higher secondary and higher education also helps in gaining admission.
Some of the top MBA universities have a high GMAT cutoff, often a score higher than 600. Some B-schools also accept GRE scores instead of GMAT.
A good language test score is often mandatory to prove a candidate’s English proficiency. This can be well supported by a high score in IELTS or TOEFL depending on the requirements set by the university.
It is very important for candidates to have a good statement of purpose. This helps the candidate standout from the crowd.
The statement of purpose should have pointers that highlight why they are a perfect fit to study MBA from a specific college and also how their studies will impact the world in the future.
Having a CV and letters of recommendation also helps while applying to top MBA universities.
MINIMUM WORK EXPERIENCE REQUIRED
Having real work experience makes the course more relatable and easier to understand and provides a basis on which to learn more about business and management.
This makes learning the course more relatable and easier to understand.
Most accredited business schools will require the candidates to have at least 2 or 3 years of work experience to apply for an MBA.
Ranked business colleges in the USA, Europe and Canada require between 4 to 6 years of work experience for a candidate to be considered.
These B-schools look at full-time work experience that was accrued after the completion of the candidate’s bachelor’s degree. Sometimes, even part-time experience is also considered.
However, there are some exceptions to work experience requirements. Some early-career MBA programmes accept applications from candidates who have just 1 or 2 years of work experience.
Several top B-schools offer deferred admission for their MBA programmes, which means that a candidate can apply without any work experience but is able to start the MBA after having worked for a few years.
Article by Tarun Aggarwal, CBO and Head StudyAbroad, CollegeDekho.