- 66% of MBA graduates saw results within one year.
- 38% of MBA graduates said an increased sense of self-fulfillment/personal satisfaction was the most significant result of earning an MBA.
- 36% of MBA graduates said finding a better job was the most significant outcome of getting an MBA.
- 12% of MBA graduates said receiving a pay raise was the most significant result of earning an MBA.
A master of business administration (MBA) provides a graduate-level education, preparing students to lead organizations using a variety of business skills. According to a July 2020 survey of MBA graduates, 80% called their degree a "good investment." Learners opt for the best MBA online or in-person for many reasons, including advancing their careers and salary prospects or changing fields completely. Some who pursue an MBA hold an undergraduate business degree, but others come from different disciplines.
You might be asking, "Is an MBA right for me?" Prospective students often don't know which questions to ask when evaluating programs, which presents a serious challenge. This guide draws from a recent survey of MBA graduates regarding their grad school experience. Read on for more information on how to choose the best MBA for you.
The influence of the COVID-19 pandemic on educational and career landscapes is far-reaching and still evolving. To reduce the risk of infections, many universities and workplaces have gone partly or fully online — a growing trend even before the pandemic. Prospective MBA students may note pandemic-related changes when researching MBA programs.
As is the case in other areas of study, many MBA programs are either partly or fully online. Students looking for a traditional on-campus grad school experience may struggle to find it right now. Even so, now can still be a great time to pursue an MBA. A July 2020 survey of recent MBA graduates found that:
53% feel their job is insulated from COVID-19 as a result of having an MBA.
54% said having an MBA is an advantage when applying for jobs during the COVID-19 pandemic.
Preparing for an MBA Program: Some Grad School Basics
Prospective MBA students should make sure to ask critical questions before choosing their programs of interest. Such questions may include:
- Is it worth it?
- How do I choose an MBA?
- What can I do with an MBA?
- What type of person earns an MBA?
- How long does it usually take to earn an MBA?
- How much does a typical MBA cost?
- What courses will I take?
What Is an MBA?
Incoming students can maintain certain MBA expectations. This advanced degree prepares graduates to lead organizations, and it opens doors to lucrative management careers in a variety of industries. MBA programs develop leadership, communication, analytical, and general business skills.
MBAs focus on developing career-relevant professional skills more than many other master's programs, which may emphasize research and theory. A 2020 survey of recent MBA graduates found that 47% chose an MBA instead of a different master's degree because of favorable employer perception of MBAs; 42% chose an MBA over another master's degree due to higher salary potential.
Prospective students include business majors coming straight from undergrad, business professionals looking to advance their careers and salary potential, and those from other fields looking to change career paths. Most MBA programs take two years to complete and require 30-60 credits.
A typical MBA curriculum includes foundation, core, and elective/concentration courses, plus a capstone/internship. Students take courses such as business strategy, introduction to accounting, information technology management, and entrepreneurship.
How Will an MBA Differ from Undergrad?
Depending on your previous degree and plan of study, you may see similarities between your undergrad studies and your MBA. However, some elements of the MBA experience take many students by surprise, especially those returning to grad school as nontraditional students.
Comparing Undergrad and MBA Programs
| Undergraduate Degrees | Master's in Business Administration | |
|---|---|---|
| Program Length | 4 years | 2 years |
| Types of Classes | Foundation, core, elective, minor, general education | Foundation, core, elective/concentration, capstone/internship |
| Cost | Undergraduate tuition varies significantly by school and state/region. Cost also differs depending on whether students pay in-state, out-of-state, or private tuition. | Price also varies widely for MBA degrees, but graduate school tuition generally costs more than undergraduate tuition. |
| Admission Requirements | Schools typically base undergraduate admission on ACT/SAT scores and high school GPA or class rank. Colleges typically feature fewer admission requirements for undergraduates than graduate students. | Admission to an MBA program can be very competitive depending on the school. Common admission requirements include minimum undergraduate GPA, GRE scores, letters of recommendation, and relevant professional experience. |
MBA Admission Requirements and the Admissions Process
The MBA admissions process varies by program. MBA applicants must hold a bachelor's degree, but most schools do not require an undergraduate business degree. Students with degrees in other fields may need to complete foundational business classes before enrolling in graduate courses.
Other typical requirements include a minimum 3.0 GPA and minimum GRE or GMAT scores. Our survey of recent MBA graduates found that 23% took the GRE and 54% took the GMAT; 24% did not take any entrance exams, and 5% took another type of test.
Application requirements may include college transcripts, letters of recommendation, a resume or CV, and a statement of purpose. Students with relevant professional experience may increase their chances of admission. Most programs require application fees. Some business schools ask prospective MBA students to complete interviews with admissions committees.
Learn More About the MBA Admissions Process
What Are My Options for Financing My MBA?
Preparing for an MBA program includes researching how to pay for it. Those who choose an MBA program can explore a variety of options for funding their studies, including loans, grants, scholarships, and employer assistance. Most graduate students prefer financial aid opportunities that do not require repayment, like grants and loans. In our survey of MBA grads, 14% of respondents wished they had explored more financing options.
Many MBA students take out loans to help pay for their degrees. Fifty-three percent of respondents to our survey said their student debt was "worth it"; 30% of respondents felt neutral about their debt's value. Moreover, 38% of respondents received tuition assistance from their employers. Tuition assistance and employer reimbursement programs may benefit individuals who could use the MBA designation at their current jobs.
What To Know Before Choosing an MBA Program: Insights from Graduates
Often, learners don't figure out how to choose an MBA until they've already begun their studies. Prospective students can get ahead in creating realistic MBA expectations by talking to business school graduates.
Prospective students may consider the following factors when choosing an MBA:
Reflecting on My MBA Experience
Madeleyn Valenzuela
Madeleyn Valenzuela completed her MBA at Clark University. She currently works at SheSpeaks Inc., a marketing agency in New York City.
What Matters Most When Choosing an MBA?
Aspiring MBA students should consider some additional factors aside from those described above. These may include program length, school size, student-to-teacher ratio, and program culture. Program applicants may also think about school location, accreditation status, program prestige, and competitiveness.
How students prioritize these factors may vary, depending on their personal preferences, backgrounds, career goals, and academic interests.
Our survey of recent MBA graduates offers a window into what most learners consider when choosing an MBA program. Respondents identified the most valuable benefits of earning an MBA as: soft skills (22%), hard skills (19%), personal development/life experience (19%), and improved salary potential (15%). Other answers included prestige/improved professional standing (14%) and a network of alumni/professionals (8%).
Consider how your MBA programs of interest can help you achieve those outcomes.
Is an MBA Right for Me?
Ultimately, only you can decide whether an MBA would suit you. Consider the main reasons to obtain an MBA and whether grad school would help you achieve your career goals. After doing your own research, asking questions, and visiting potential programs, reassess your MBA expectations. Our online rankings are a great place for prospective MBA students to start the school selection process.
Although it's a big decision and takes a lot of work, earning an MBA can create promising opportunities. Of our survey respondents, 76% said they would still pursue the MBA programs/schools they chose, knowing what they know now.
Explore Our Rankings of Top MBA Programs
Frequently Asked Questions About MBA
How do I choose an MBA?
It depends on your goals and priorities. Factors to consider when choosing an MBA include program length, cost, curriculum, and concentration offerings. Prospective students should also think about faculty, study format (online, in-person, or hybrid), and program resources.
Is an MBA from a top school worth it?
It may be. Top schools often charge higher tuition rates, but they also tend to offer better student resources, curricula, faculty, and networking opportunities. Some employers may prefer MBA graduates from top business schools, as well.
Is getting an online MBA worth it?
Yes. Getting an MBA online offers benefits like convenience, flexibility, and affordability. Online MBAs also qualify students for the same career opportunities that traditional in-person MBA programs do.
Why would you want to get an MBA?
Reasons for earning an MBA vary by student. For many, getting an MBA opens the door to better career opportunities, higher salary potential, and a sense of personal accomplishment.
What do you do before getting an MBA?
MBA program preparation looks different for each school. Issues to explore include financial aid opportunities, prerequisite courses, and individualized program plans. Students can also benefit from talking to business professionals and recent MBA graduates.
Methodology
OnlineMBA fielded its survey respondents using Lucid, LLC. All figures, unless otherwise stated, are from Lucid, LLC. The total sample size was 600 adults with MBA degrees. Fieldwork was undertaken June 30-July 20, 2020. The survey was carried out online and met rigorous quality standards.
