MBA

The Master of Business Administration (MBA) is unlike any other masters level academic program. While most other master programs provide a further specialization within a particular school or discipline, an MBA is typically interdisciplinary, drawing from the as varied fields as psychology, sociology, economics, accounting, marketing and finance etc. An MBA program enables you to earn a high-level qualification and to acquire a skill set and expertise required in any business environment. With this qualification you can look forward to a rewarding career, a good salary, and a challenging executive position with promotional prospects.

Most of the materials found within an MBA program are not unique to business. Rather, an MBA provides exposure to the diverse ideas that are most useful to a person who is interested in succeeding in business, within an easy-to-learn two-year bundle. Completing an MBA requires a substantial time commitment; if you work through all the concepts referenced, then you can expect to dedicate two years of full-time study to complete the MBA in most well-known schools in the US.

Program content
Most top MBA programs expose students to a variety of subjects like economics, organizational behavior, marketing, accounting, finance, strategy, operations management, international business, information technology management, supply chain management, and project management etc. Students traditionally study a wide breadth of courses in the program's first year, and then pursue a specialized curriculum in the second year. Full-time students typically seek an internship during the interim.

Specialization
Many MBA programs allow students to specialize or concentrate in a particular area. Standard concentrations include accounting, corporate strategy, decision sciences, property management, economics, entrepreneurship, finance, general management, human resources, international business, marketing, information systems / information technology, telecommunication, organizational behavior, project management, and operations management. Unspecialized MBA programs often focus second-year studies on strategic management or finance.

In addition, a program may offer more specialized concentrations such as Asian business, consulting, sports management, or degrees emphasizing real estate or insurance. Many schools offer unique concentrations available nowhere else.

Types of MBA programs

Two year full-time MBA programs normally take place over two academic years (i.e. approximately 18 months of term time), in the United States beginning in late August/September of year one and continuing until May of year two, with a three to four month summer break in between years one and two. Students enter with a reasonable amount of prior real-world work experience and take classes during weekdays like other university students.

Accelerated MBA programs are a variation of the two-year programs. They involve a higher course load with more intense class and examination schedules. They usually have less "down time" during the program and between semesters. For example, there is no three to four month summer break, and between semesters there might be seven to ten days off rather than three to five weeks vacation.

Part-time MBA programs normally hold classes on weekday evenings, after normal working hours. Part-time programs normally last three years or more. The students in these programs typically consist of working professionals, who take a light course load for a longer period of time until the graduation requirements are met.

Executive MBA (EMBA) programs developed to meet the educational needs of managers and executives, allowing students to earn an MBA or another business-related graduate degree in two years or less while working full time. Participants come from every type and size of organization – profit, non-profit, government — representing a variety of industries. EMBA students typically have a higher level of work experience, often 10 years or more, compared to other MBA students. In response to the increasing number of EMBA programs offered, The Executive MBA Council was formed in 1981 to advance executive education.

Distance learning MBA programs hold classes off-campus. These programs can be offered in a number of different formats: correspondence courses by postal mail or email, non-interactive broadcast video, pre-recorded video, live teleconference or video conference, offline or online computer courses. Many respectable schools offer these programs; however, so do many diploma mills. Potential students should check the school's accreditation before undertaking distance learning coursework.

Specialized MBA programs focus on certain industries such as health care and hi-tech. As business professionals become more attuned to their own interests, they often want to delve deeper into a specific field to hone their competence. A tremendous benefit of the specialized MBA is often derived from the expertise of course instructors and even fellow classmates. Typically, instructors for specialized MBA courses, such as e-business, will have in-depth experience in the field and understand industry nuances. A specialized MBA helps professionals stay on the cutting edge of their chosen field, but it also provides essential management tools learned from a traditional MBA program. The specialized MBA is only for individuals firmly entrenched in their careers, as the degree is highly specific, therefore in adaptable to other fields.

Dual MBA programs combine MBA degree with others (such as an MS or a J.D., etc) to let students cut costs (dual programs usually cost less than pursuing 2 degrees separately), save time on education and to tailor the business education courses to their needs. Some business schools offer programs in which students can earn both a bachelor's degree in business administration and an MBA in four or five years.

Why do an MBA ?

In addition to signaling to the professional world that you are proficient in various business management disciplines, an MBA provides a means to advance or change a career. 

While we (and probably everyone you've talked to) will offer advice and suggestions as to the factors that will make the MBA valuable in your career, only you can properly assess the benefit the degree offers you. The MBA is an expensive investment; but, the long-term benefits far outweigh the costs. You need to carefully assess your financial situation and readiness to make this investment that could reap incalculable dividends well into the future. Most importantly, you need to have a clear goal before you set out on your journey, not only for personal reasons but also because business school applications include essays intended to assess your readiness for and objectives in applying to that particular school. The major factors that have influenced the decisions of many of students in the past are:

Developing leadership and social intelligence
One advantage of business school is that it allows you to polish your soft skills such as active listening and persuading while flexing your analytical, cognitive, and quantitative muscles. Leveraging or balancing out your strengths with obvious developmental areas within a team or group setting often results in amazing growth and professional insight. Many business schools create opportunities to explore the different structures that are common to businesses, providing students ample opportunities to work in teams, as manager or as a team member. These experiences allow you to develop the managerial skills that help people excel in business.

Building stronger network affiliations
MBA programs incorporate many activities and events that create opportunities to build relationships that will last long after you have completed your studies. This exposure to new friends and business colleagues who share similar interests and goals can pay dividends for the rest of you career and life. Business school will greatly increase personal and professional network.

Collaborating with diverse professionals
One of the most important components of a rewarding business school experience is your ability to work cooperatively in groups of smart people ranging from as small as 25 to upwards of 90 students. Whatever your preference, your success will be tied to your capacity to work in teams made up of really bright people from diverse backgrounds and with diverse points of view. If you are a soloist used to working alone, business school may not work for you.

Learning in a structured environment
While the experience and education gained in the workforce is necessary and valuable, the workplace is not particularly conducive to intellectual exploration. As you find the need to develop new skills in order to get the position you want or start the business of your dreams, the opportunity to explore business in a structured learning environment that an MBA offers grows in appeal. In business school, you can acquire the knowledge and expertise you do not have and can not gain on the job from brilliant faculty and intellectually stimulating peers.

Gaining greater financial flexibility
An MBA serves as a career booster in the corporate hierarchy and consequently for salaries (through an average 30% increase) in most industries or professions. Graduates have the greatest chance of obtaining executive positions. Indeed one of the key advantages of the degree is access to the school’s powerful alumni network. An MBA from the U.S. also offers a rare opportunity, that of opening up international career opportunities. MBA holders generally master American-style management techniques taught at these schools that are recognized internationally.

We recommend that you talk to a mentor or a person who holds the position you want after completing business school so that you can learn what elements most influenced his or her decisions. There are also a great number of web sites that discuss the process of applying to business school and the value of an MBA. These discussions range from personality assessment tools to preparing for business school and careers. We have compiled a list of them on the bottom right corner of the page.

There are also several popular periodicals that will help you better understand industry and political trends. As you apply to business school, you will come in contact with admissions officers, students, alumni, other applicants, and business leaders. It is important to be aware of trends in your field in order to hold engaging conversations with these current and future leaders of the industry. Reading these publications will also help you with your critical thinking, writing, vocabulary, and reading comprehension.

Choosing a B-School in the U.S.
Choosing a B-school requires learning the distinct culture and personality which sets a school apart from its peers and which will strongly influence your experience there.

How to Choose a B-School
Far too many people choose a B-school solely based on rankings or perceived brand value. Each school has a distinct culture or personality which sets it apart from other schools and which will strongly influence your experience there. While rankings and corresponding brands can be important, they should not be the sole criteria for deciding upon a school. Many schools, especially the top schools, may appear to have similar brand or reputation but upon closer inspection have significantly different areas of specialization (such as finance, marketing, general management, health care, real estate, entrepreneurship, or social responsibility).

Additionally, the high demand from companies and organizations for individuals with a multi-disciplinary approach to managing and leaders in today's marketplace has caused many schools to revamp their curriculum and these changes may significantly impact factors that are important to you. When selecting a school, "fit" is one of the most significant factors to weigh and determining the proper fit will require detailed analysis of the pros and cons of each school. If you can't fit in with the school's culture, you are likely to have an incomplete and unrewarding experience. We've complied some factors that we have found to be equally if not more important than rankings and brand recognition.

Average starting salary
Most people considering business school are looking to increase their earnings post graduation. MBA graduates are generally considered for managerial and executive positions that typically offer 30-40% increment in the salary for most candidates. However, total compensation varies based on function, industry, past work experience, location, and prevailing market conditions.

Salaries at the 5-year mark
Many people anticipate achieving immediate career progression such as moving up the ladder along with obtaining a higher salary right after business school. However, that is not always the case. You should calibrate your expectations and review the total compensation packages of professionals five years out of business school to get a clearer picture of what to expect and what dues you will need to pay to get there!

Placement Rate
Each school posts its placement rates annually to help attract prospective candidates. This is an important resource that you should thoroughly peruse to get a real snapshot of the companies recruiting at the schools and their results in prior years. This will also tell you whether the industry you're interested in recruits at that school.

Location
Where you attend business school is equally important because you will be living and attending classes there for two years. Get as much information as possible about the campus and surrounding environment to see if this is where you can see yourself studying and making new friends long into the night and throughout the year.

Environment
Each school has its own unique culture and norms just like the company you are planning to leave. If you are flexible, open to new ideas, and make friends easily, then you should be able to fit in almost anywhere. However, you should spend some time interacting with the current students, alumni, faculty and staff to get a true feel for the place that may be your new home for two years.

Class Profile
All classes have a particular demographic distribution based on ethnicity, gender, age, nationality, academics, career interests, work experiences, etc. Read the profile of the current class of each MBA School that interests you. Pay attention to academic background, GPA, GMAT scores, work experience, and accomplishments. This information can be readily obtained from the Admissions Office that typically shares these stats during their information sessions. These stats are usually posted on the school's web site as well. Evaluate the profiles of your current students to assess whether you would be comfortable working with these kinds of people.  When comparing yourself to the "average" MBA student, keep in mind that the term does not describe a specific person. Rather, it illustrates a collection of traits from a broad spectrum of people. You may find that there is a part of your background that is weaker than average. But you may be able to compensate if you are better than average in one or more other areas. If so, emphasize those areas in your applications. 

Cost
Business school is an investment in your future. Tuition costs not including books and a laptop along with living/travel expenses plus incidentals need to be factored into your calculation. Tuition ranges from as low $12,000 to as high as $80,000 per year depending on whether you are planning to attend part-time vs. full-time and a highly selective nationally recognized school vs a locally recognized school.

Integrated vs. General curriculum
Most schools are re-vamping their curriculum to address the changing demands of students, faculty, and business partners and industry leaders. To differentiate itself from its peer schools, some programs have relaxed their first year core requirements to provide greater flexibility and also prepare their students with the opportunity to focus on areas of interest given the accelerated learning curve. Teaching methods vary from case method to lectures.

Class Size 
When choosing a school be sure to pay attention to the total size of the entering class and the average size of individual classes. Your experience in a class will greatly vary from being in a small environment than being in a large one. While most B-schools will group students in the same year into small clusters or segments, the overall size of the school will affect the level of personal attention and interaction you will have during your stay there. If you are uncomfortable in large lecture halls, then it is important to find a school that keeps lecture sizes that you can be comfortable in.

Since all the above criteria are not the same for each school, you should conduct a thorough review of website of each school on your list of potential schools to apply and then narrow that list to approximately four to six schools to which you ultimately apply. Create a matrix listing some of the top elements from the above list. Then compare and contrast to see which schools meet your requirements.

Top 100 B-Schools

You might be wondering what is the difference between top and non-top MBA schools in the United States. By 'top schools' we mean the top 100 ranked MBA institutions. Don't make a mistake by looking only at the top 100 programs. They might be too expensive for you, which will make your return on investment slow. The higher a school is ranked, the higher the competition among applicants is. Carefully evaluate your chances by taking into account your GMAT score (generally, for the first top 100 ranked schools your GMAT score shouldn't be lower than 700), the quality and the quantity of your experience, your international exposure, etc. Find information concerning scholarships and loans and be reasonable while making your choice. If you have chosen a school that is on the list of the top 100, be sure you prepare an outstanding application as the competition is tough and only the best application forms will be considered by highly-ranked schools.

Applying to the B-Schools in the U.S.

Once you have decided to do an MBA from a U.S. university, you might be asking yourself what makes a good MBA candidate. In turn, admissions officers will be searching for proof that your candidacy is good for their MBA program.

Most MBA programs in the U.S. base admission on the GMAT scores, "significant" work experience, academic transcripts, essays, letters of recommendation, refrences and sometimes personal or telephonic interviews. Schools are also interested in your extracurricular activities, community service activities and how the you can improve the diversity and contribute to the student body as a whole. All of these qualifications are important for admission. In order to achieve a diverse class, business schools also consider the target male-female ratio and local-international student ratios.

Most schools are first concerned with whether or not the applicant can handle the tough course work. The GMAT (especially the quantitative score) and academic transcripts help determine this. Once the school determines that the student can succeed academically, they examine the remainder of the application to evaluate the applicant's experience and leadership abilities.

What you need to know?

To effectively apply to B-school, especially if you are aiming some of the top schools, you must improve the elements of your application that are still within your control- the GMAT, letters of recommendation, and essays.

The business school application is a comprehensive compilation of your personal, educational, professional experiences that allow you to provide admissions committees with your personal "story" and "brand." This is your opportunity to run your personal marketing campaign and your target audience is the admission officers reading your application. They need to be convinced that you fully have defined your brand and that your brand and goals are aligned with the schools' program objectives. All parts of your application should consistently tell the same story about who you are and what you are seeking from a business school education. Each of the following components will tell a slightly different part of the story that makes you who you are so be sure it accurately reflects who you are.  

Work Experience
While you can apply to business schools directly after undergraduate graduation, it is fairly uncommon, especially at the top schools. The average work experience of business school students ranges from 2 years to 5 years. Make sure to provide meaningful information on your resume that will further enhance your brand. Avoid listing your job description. Use 4-6 bullets per job and include your key accomplishments. Use numbers, percentages, values or amounts to quantify your claims. Beware of exaggeration about your role and achievements. Some schools tend to consult with faculty, alumni, or even a web site listed on a resume when they suspect that the truth has been embellished. Any suspicion of impropriety can cause your application to be rejected even with strong statistics.

GPA
The rigors of some majors are well known by admissions committees. Therefore, your GPA will be examined according to the difficulty of your program and the competitive quality of your undergraduate and graduate institution. If you are an Indian student, your university program will be evaluated against programs in the country. In addition to evaluating your GPA, some programs will look at your transcript to assess what, if any, quantitative courses you took as an undergraduate and how well you performed.

GMAT
Given the vast differences between the educational and professional experiences of candidates, business schools use the GMAT as the only standard measure to compare candidates from around the world. Therefore candidates must prepare well for GMAT in order to list a high score on the application form. The test provides admission committees information that helps them predict your academic performance in an MBA program. However in some cases applicants with lower GMAT scores or lighter academic experience may still gain admission based on other qualifications such as professional work experience or a foreign perspective.

Essays
Along with your GMAT score and your interview, the essays are the component of your application over which you have the most control. You can distinguish yourself from your peers with a similar academic or professional work experience by writing compelling stories about your passion, goals, and reasons for wanting to pursue an MBA. Admissions officers are always looking for those applicants who are clear about what they want from the program. You have a better chance to be admitted if you have prior knowledge about the program to which you are applying. Your essay should be so compelling that an admissions officer finds it difficult to put down. 

Additional Coursework
Your undergraduate grades may not accurately reflect your current abilities. Perhaps you were immature, unfocused, or a late starter. Enrolling in a post graduate program or simply taking classes like Micro-economics, Statistics, Calculus, Accounting, and/or Finance can help boost a less than stellar undergraduate GPA. That being said, you will still be required to explain (not excuse) your low grades in college somewhere in your essays (typically in the optional essay).

Interview
Your interview is another excellent opportunity to demonstrate your maturity and readiness for business school. The interviewer could be a student, an alumi, or an admissions committee member calling from anywhere in the world, not necessarily the U.S. The interview, which typically runs about 30 minutes with 15 minutes for follow-up questions at the end, should be treated like a job interview. Be informed, polite, enthusiastic, engaged, and answer the questions succinctly and honestly. Be honest about your expectations for the MBA course and about why you have decided to pursue a particular program or school. The policy and implications of interviews vary greatly; some schools interview every candidate while others will only interview a select number of candidates. Generally, if you are offered the opportunity of an interview you should make every effort to do so.

Recommendations
Choose people who know you well and who can support your goals. They need not have impressive titles. However, they should know you well enough to write about you. A letter from your current manager is certainly preferred. But, schools will accept one from a former boss, a project manager, a client, or colleague, if getting one from your boss could become a liability. However, you should include a note briefly explaining your decision. If the school asks you for two, do not send them three or four for extra measure. Accurately following instructions is the key to submitting a complete and well received application.

Diversity
One little known fact about B-School admissions is that the admission committees actively try to recruit a diversified class. The common belief is that a class consisting solely of candidates with a 750+ GMAT score and a science, technology, engineering and mathematics background with high GPAs would not offer an educational experience as valuable and meaningful as would be offered by a more diverse class that includes students with a wide variety of backgrounds. So it is important for the committee to admit a well-rounded class so that each student will experience a diverse range of views and ideas in the classroom.

You need to take into account that each application is unique and what makes it unique is the applicant's personality. The school very well understand this and so evaluates the applicant's experience and demographic background to assess the contribution of the applicant with regard to classroom diversity and leadership abilities. Reveal what's exceptional about you. For example, perhaps you are a great musician with considerable achievements in this area. Thus, you have very diverse experience, and you have managed to gain great results in several domains and not only in business.

Timing
Last, but certainly not least is when to apply. The simple answer is: when you are ready! No one should feel compelled to apply until they are absolutely convinced that they have all these critical components in order. Applying early will not benefit you if you submit a premature application. Similarly far too many people decide at the last minute to apply to business school, and fail to get in because their application is clearly rushed or their GMAT score is not competitive for the schools they are targeting. The process is very daunting and requires careful planning and seamless execution.

What to do after you've submitted your Application!

Writing Successful B-School Essays

The first step to writing a successful MBA application essay is to read all of the questions carefully and check the maximum word limits for each. That may sound simple, but many applicants either don’t answer the exact question being answered (frequently because they’re trying to use one essay for six schools!) or far exceed the word limit for the essays. It is acceptable to go slightly over the limit, but not by more than a sentence or two. Even better, keep your essays short and focused. The schools probably won’t count your words, but one of the purposes of the essay is to determine how the applicant follows directions. If you ignore the guidelines or question topics, the admissions committee will assume you’ll ignore the professors' instructions and assignments as a student.

Second, start the process early enough to give yourself lots of time to think about your answers, write three drafts (at least), and give the essays to someone else to proofread. Although
admissions officials will know that English is not your native language, your essays need to be near flawless in terms of grammar and structure in order to be competitive. MBA essay
questions are designed to let the readers learn more about you as a person—your passions, goals, and obstacles you’ve overcome. They should be in your own voice and tell about experiences unique to you using specific examples, not general terms. If you are writing several essays for one school, outline what you want to emphasize and which examples you’ll use in each before you begin drafting.

Admissions committees not only want to find out how unique you are, they want to evaluate your capacity for leadership, your learning abilities, and your future goals. In at least one of the essay questions you write for each school, it is important to explain why you want to attend their program. Many schools focus on particular areas of the MBA, like technology or international relations, or are looking for certain types of students, like entrepreneurs or people with experience in non-profit companies. Carefully read the brochures and websites of the schools you are applying to and you will likely find clues about how to shape your essays.

Essays are your chance to stand out from the hundreds of other applicants to top MBA programs, and admissions committees give them significant time and consideration. Without trying to shock the readers, strive to make your essays memorable in a positive way.

Recommended books:

• How to Get into the Top MBA Programs, Richard Montauk
  
• Getting into Graduate Business School Today, Thomas H. Martinson and David P. Waldherr
  How to Get into the Right Business School, James L. Strachan
  
• Game Plan for Getting into Business School, Michele F. Kornegay
  
• 88 Great MBA Application Tips and Strategies to Get into a Top Business School, Brandon Royal

MBA program rankings

Each year, well-known U.S. based business publications such as Business Week, US News & World Report, Fortune, Financial Times, Forbes, The Economist and the Wall Street Journal publish rankings of selected MBA programs that, while controversial in their methodology, nevertheless can directly influence the prestige of schools that achieve high scores.

The MBA degree over the years has become one of the most popular masters' degrees worldwide. As more universities started offering the degree, differences in the quality of schools, faculty, and course offerings became evident. Naturally, establishing some criteria of quality is needed to differentiate among MBA programs, especially for prospective students trying to decide on where to apply. As MBA programs proliferated, a variety of publications began providing information on them. Some of these consisted of compilations of information gathered from the universities offering the degree, usually published in book form. Eventually periodicals began publishing articles describing various MBA schools and ranking them according to some perceived quality criteria. One of the most prominent of these is Business Week, which devotes a biennial issue to ranking MBA programs.

Top 30 Business Schools in the United States

1. Harvard Business School
2. Stanford University
3. University of Pennsylvania
4. Northwestern (Kellogg)
5. Columbia
6. Duke (Fuqua)
7. Virginia (Darden)
8. MIT (Sloan)
9. University of Chicago
10. University of Michigan
11. UNC Chapel-Hill (Kenan-Flagler)
12. University of California–Berkeley (Haas)
13. Dartmouth (Tuck)
14. UCLA (Anderson)
15. New York University
16. Yale University (CT)
17. Carnegie Mellon
18. Texas-Austin
19. Vanderbilt (Owen)
20. Indiana University–Bloomington (Kelley)
21. University of Southern California (Marshall)
22. Purdue (Krannert)
23. Georgetown (McDonough)
24. Rochester (Simon)
25. Washington University in St. Louis (Olin)
26. Michigan State University (Broad)
27. Ohio State University (Fisher)
28. Brigham Young University (Marriott) (UT)
29. University of Minnesota–Twin Cities (Carlson)
30. Rice University (Jones)