Business school can prepare you for any number of careers, not only in traditional business fields such as finance, accounting and marketing, but also in every type of industry or organization. Business school is also an excellent resource for analytical and managerial training and can be used as a stepping stone for numerous career opportunities.
Obtaining a business degree is a worthwhile investment, but earning your degree from a top-ranking business school is just as important as it can greatly enhance your job prospects and income potential upon graduation. Below are some general guidelines on the business school admissions process and prerequisites used by most top-ranking business schools.
Many schools do not have a formal minimum grade point average requirement, but in general, a grade point average of 3.0 or better is the standard for serious consideration.
Most admission applications require the following: complete undergraduate transcripts, a GMAT score (600 or higher), letters of recommendation, an entrance essay, introductory courses (basic courses in accounting, finance, economics and statistics), an admission interview and a test of English as a Foreign Language (TOFEL) score for non-native English speakers. Although this is not required, some schools recommend two to three years of work experience.
Most schools recommend at least two to three years of work experience after undergraduate studies before admitting students into an MBA program. For some schools, this is a requirement. Other schools will overlook lack of work experience if academic credentials are strong enough. Most schools require work experience because many of the concepts taught in business schools take on a much greater practical meaning when understood in the context of the real business world.
The GMAT is the standardized entrance exam required by many business schools. The GMAT is designed to measure the verbal, quantitative and writing skills of applicants for graduate study in business. The GMAT consists of four separately timed sections. The first two sections contains a 30-minute writing task and the other two sections are 75 minutes each and comprise of multiple choice questions.
The GMAT can be taken year-round and it only takes about two weeks for scores to be mailed out. If an individual repeats the test, the recent score as well as the former score will be sent out to schools.