If you are a business student or working professional, terms such as “MBA”, “M7” and “GMAT” may be familiar.
For me, I never seriously considered pursuing an MBA until my final year of undergraduate studies.
Now as an experienced professional, I want to share the potential significance of pursuing an MBA and offer guidance on how to best prepare for this endeavour.
In this article, I will focus on traditional two-year MBA programs, with some insight into one-year MBA programs in Europe.
What is an MBA?
Simply put, an MBA is a Master of Business Administration, a program that aims to provide a comprehensive view of business.
Typically pursued by individuals with prior work experience, an MBA program provides real-world business experiences in a classroom setting.
For non-business undergraduates, the MBA curriculum covers fundamental business topics such as finance, marketing, operations, strategy, leadership, and entrepreneurship.
Additionally, MBA programs emphasize experiential learning, case studies, and networking opportunities, offering students a platform to develop a deep understanding of business principles, refine strategic thinking, and expand professional networks.
Some MBA programs specialize in certain areas such as finance, entrepreneurship, healthcare management, or technology. For example, the Kellogg School of Management has a strong focus on marketing, the Haas School of Business on entrepreneurship, and the MIT Sloan School of Management on technology and innovation.
Despite the wealth of knowledge an MBA program can provide, the MBA experience should prioritize more than academics. Being an MBA candidate is about connecting with like-minded people, expanding your professional network, and exploring uncharted areas of the business world.
Many notable business executives and world leaders have attended some of the most prestigious MBA programs in the world. For example, Sundar Pichai, CEO of Google, has an MBA from the Wharton School, and Rishi Sunak, PM of the UK, has an MBA from the Stanford Graduate School of Business.
What schools are leading in their MBA programs?
The MBA experience can vary depending on the school you decide to attend.
Here is a high-level overview of popular school groupings.
US M7 schools
US M7 schools, otherwise known colloquially as the “magnificent” or “magic” 7 schools (M7), include:
- Stanford Graduate School of Business (Stanford University)
- Harvard Business School (Harvard University)
- The Wharton School (University of Pennsylvania)
- MIT Sloan School of Management (Massachusetts Institute of Technology)
- Columbia Business School (Columbia University)
- Booth School of Business (University of Chicago)
- Kellogg School of Management (Northwestern University)
These MBA programs are highly ranked internationally and are esteemed for their high application volumes, low acceptance rates, high yield rates, and impressive GMAT / GRE and GPA averages.
European schools
Europe boasts several leading business schools, including Said Business School (Oxford, UK), INSEAD (France/Singapore), London Business School (London, UK), and IE Business School (Madrid, Spain). Many North American candidates opt to enroll in these programs for their global perspective and the opportunity to study on another continent. These are also world-renowned programs and open additional future career opportunities in Europe and Asia.
Which MBA format should I pursue?
Accelerated vs traditional
There are variations in the MBA format. Some schools offer an accelerated one-year program (e.g. Oxford’s Said Business School), most schools offer the traditional two-year format (e.g. HBS), and many schools offer an Executive MBA program designed for senior executives (e.g. INSEAD).
The primary difference between one-year and two-year MBA programs is the duration. Typically, one-year MBA programs last between 11-16 months and two-year programs span 18-24 months.
The shorter duration of one-year programs is often achieved by eliminating or condensing certain components of the program such as summer internships or elective courses. One key benefit of undertaking an accelerated program is that the opportunity cost is significantly lower. In addition to the lower tuition fees, you also spend less time out of the workforce, meaning less forgone income and professional work experience.
The advantages of the traditional two-year format are that the longer program allows for more comprehensive learning, more opportunities to pursue internships or summer programs, and thus a longer runway to build the intellectual and social capital required to successfully pivot into a new industry, or transition into a new role.
Executive MBA programs (EMBA) are designed for experienced professionals who are already in senior management positions or have significant work experience. Typically, these programs are part-time and help working professionals enhance their leadership skills, expand their business network, and advance their careers without interrupting their full-time employment.
Dual degrees
Some universities offer the opportunity to pursue an MBA alongside a second graduate degree. For example, here are a few partnering programs offered by the Oxford 1 + 1 MBA:
- Master of Public Policy, Blavatnik School of Government
- Bachelor of Civil Law (BCL)
- MSc in Criminology and Criminal Justice
- MSc in Russian and East European Studies
- MSc in Environmental Change and Management
How do I get started in exploring the MBA as an option?
1. Do your research
If you are an undergraduate student, you can apply to “pre-MBA” or “early MBA” programs. For example, Harvard Business School offers a 2+2 Program while Columbia Business School has its Early Decision Program. These programs often target college seniors and offer deferred admission after gaining work experience.
If you are a working professional, spend time researching different programs and reflecting on your wants and preferences. Determine whether an MBA aligns with your career aspirations and whether the financial cost and time commitment are worth it. Maybe an Executive MBA or a dual degree MBA program could make more sense.
2. Understand school requirements
Start preparing for the GMAT or GRE. There are lots of great resources available and each exam requires significant time investment to achieve a competitive score. Schools will also ask for recommendation letters so focus on building and expanding your professional network.
Many people have told me that the GMAT or GRE is one of the most important parts of your application, especially given that many schools publish their average/median scores to underscore their selectiveness and prestige. A high score can also offset lower undergraduate academic results or shorter work experience. Spend the time to understand both exams, choose one and invest time and money to ensure that you get a high score.
3. Speak to current students or alumni
Reach out to professionals who graduated from MBA programs you are interested in and learn about their experiences and application tips. Utilize platforms like LinkedIn to facilitate these connections.
Final thoughts
As someone who has also navigated the MBA process, I hope to share more tips and insights in the coming weeks and months. Stay tuned!
Jeff Zhang currently serves as a Consultant at McKinsey, specializing in private equity, transportation, technology, and sustainability sectors. Before this role, he spearheaded the creation of an innovative final-mile logistics product at a startup, later acquired by Shopify. His background includes significant experience in consulting, logistics and successful applications to global MBA programs.
Image: DALL-E 3
🔴 Interested in consulting?