MBA – Full Form, Cost, Duration, Salary & Everything You Need to Know

The full form of MBA is Master of Business Administration. From the MBA full form, you must have already understood that it is a postgraduate degree. In fact, MBA is an internationally recognized postgraduate degree that helps students to develop business and managerial skill sets required for career progression.

Though the first MBA colleges (commonly known as business schools or B-schools) were set up in the United States (US), the MBA degree is so popular that more than 3 lakh management students graduate every year in India. Think about the number of MBA graduates across the world then!

According to survey results released by the Graduate Management Admission Council (GMAC), owner and administrator of the Graduate Management Admission Test (GMAT), in 2021, these are the three main career goals that students wish to achieve through an MBA:

1. Raise/Increase in salary
2. Manage people
3. Obtain a senior level position

While these are the three main career goals for students pursuing MBA in their own countries, the below given are the goals that students who want to do an MBA abroad wish to achieve:

1. Work outside the country of citizenship
2. Obtain a senior level position
3. Live outside the country of citizenship

Top 3 Career Goals

Anyhow, are you interested to know the MBA full form, MBA course duration, MBA eligibility criteria, MBA qualifications, more about the postgraduate degree course and top B-schools?

If so, here’s what you will learn from this article.

The full form of MBA is Master of Business Administration and as the name suggests, the internationally recognized postgraduate degree program is for those students who wish to develop skills required for careers in business and management.

You must have heard the story of at least one of your cousins who made it to a top B-school, right? They must have completed the course and then bagged a job at one of the top companies as well. 🙂

This is because an MBA trains the students in business management in theory and practice. Above this, the course also provides them with vast networking opportunities that come in handy when looking for the perfect job opportunities and even when they are looking for investors for their business.

You will get to know more about MBA in the upcoming sections.

If you are an MBA aspirant, you should definitely know what an MBA can get you. This is one of the first steps of your MBA journey. It is important for you to identify the reason to pursue the course because:

1. It will provide you with a larger post-MBA career goal
2. It will help you decide why you need to make such a huge investment
3. It will help you answer the ‘Why MBA’ question the B-schools ask

Coming back to your question, ‘Why should I do an MBA?’.

Here are a few main reasons why you should consider pursuing an MBA:

1. You want to be an entrepreneur
2. You want to make a career shift
3. You want to get into managerial roles at your workplace
4. You want to build a network
5. You want the ‘top B-schools alumni’ tag
6. You want better pay/salary

Any of the above reasons ring a bell?

If not, here are 40 reasons why you should pursue an MBA. You will definitely find your reason here.

And if you wish to evaluate your profile to know which course suits you best, do check out our free profile evaluation tool.

The MBA application process at every B-school is more or less the same.

Here’s an overview of the MBA application process at business schools:

Step 1: Take the GMAT/GRE/Executive Assessment
Step 2: Shortlist B-schools and MBA programs
Step 3: Prepare your resume and MBA applications
Step 4: Draft your MBA application essays
Step 5: Get your recommendation letters ready
Step 6: Prepare for MBA admission interviews

If you are looking to apply to an MBA program, you need to plan your GMAT or other competitive exams accordingly. It is not necessary that you get the desired score on your first attempt.

So, you might have to retake the exam. When you plan your MBA application process, you need to make sure that you keep a buffer period between your GMAT and MBA applications.

Are you looking to apply to B-schools in 2021? Here’s how you can plan the upcoming months so that you do not miss your MBA application deadlines.

If you are an MBA aspirant, you should definitely be aware of the eligibility criteria and qualifications that you need to meet before applying to B-schools.

Here are the eligibility criteria and qualifications that you need to have before you apply for an MBA program:

1. You need to have an undergraduate degree (Most of the institutes follow the minimum score criteria in Graduation which is 50 percent on average or equivalent)
2. You need to have several years of work experience (Varies depending on the B-school)
3. You need a GMAT/GRE/Executive Assessment score
4. You should have taken IELTS/TOEFL (Depends on the B-schools)

Also read: How to Get an MBA through GMAT without Work Experience

These are the basic eligibility criteria and qualifications that you need to consider. This is applicable when you apply to B-schools in India or abroad.

P.S. If you are a final-year student who wants to apply for an MBA, you should know that there are programs that provide you an early entry option. One of such courses is the Indian Business School’s Young Leaders Programme (ISB YLP). You can check out all about it here → ISB YLP: The Guide for Every Fresher’s Dreams!

Consider this example, if you are a 12-grade student looking to get into an engineering college in India, don’t you have to appear for the Joint Entrance Exam (JEE) and get a good score? If not, you need to appear for the entrance exams conducted by the college/university of your choice.

Similarly, if you are an MBA aspirant, you need to take the entrance exam suggested by the B-school of your choice and submit your scores when you are filling out your application.

Now, which are the most prominent entrance exams for MBA?

They are:

1. Graduate Management Admission Test (GMAT)
2. Graduate Record Examinations (GRE)
3. Common Admission Test (CAT)

Before we give you more details about the MBA programs across the world, what do you think is the average salary of an MBA graduate?

The average salary of MBA graduates at top US B-schools in 2019 was $107,000.

The salary of an MBA graduate can vary based on specialization, industry, and more importantly, the B-school.

And ultimately, when you appear for the job interview, the actual compensation you secure will also depend on your work experience, seniority and location as well.

Here are the average salaries at the top B-schools across the world:

Made up your mind about doing an MBA yet?

If an increase in salary is your post-MBA goal, then we feel that we have given you the exact information to make an informed decision.

Also read: How Viswanaath got a Columbia Business School admit

There are different types of MBA programs that suit the requirement of working professionals at varying stages in their careers. The course duration also varies depending on the type of MBA program.

There are different types of MBA programs based on location. They are:

1. Campus-based MBA
2. Online MBA
3. Hybrid MBA

Just like the name suggests, if you are an MBA aspirant who wishes to get the complete B-school experience, you should go for a campus-based MBA program. You will get to meet people from varied backgrounds and work with them in person.

But if you feel that you want to attend classes online and not go to the B-school every day, you can take up the online programs. This works best for international students as online programs help them avoid the whole hassle of getting a VISA to another country.

Then you have the hybrid MBA programs in which you attend a few classes on the campus. The rest of the classes will be online. This gives you the best of both worlds.

There are different types of MBA programs based on the program’s timeline. They are:

1. Full-time MBA
2. Part-time MBA
3. Accelerated MBA

If you have worked for a couple of years and you feel that you want to focus completely on your MBA program, a full-time MBA will be the right choice for you. For this, you will have to dedicate all your time to the MBA program, focus on the projects, assignments, and internships.

Are you looking for MBA programs that you can manage along with your work? Do you want to keep your job while doing your MBA?

If this is the case, then you can choose a part-time MBA course that will give you enough time to work. Some part-time MBA programs require you to attend classes only on the weekends. This makes it even easier for you to manage work and studies.

Unlike a traditional MBA that is two to three years long, an accelerated MBA program is a course that an individual can complete probably within 10 to 15 months. They will earn the same degree as traditional MBA students.

Now that you know the different types of MBA programs, which course will you choose? You can mention them in the comment section below. 🙂

An MBA is an investment. It is one of the most important investments that you will make in yourself.

While it is an investment of your time and effort, It is an actual investment in terms of money. But as you had seen earlier, you reap the benefits of your investment once you land a job.

Also read: Everything an Indian student needs to know about financing an MBA abroad

If you are looking to do an MBA from one of the top B-schools, you should know that the MBA programs do come at a cost. Especially if you are planning to do an MBA abroad. For instance, the fee for MBA at the Yale School of Management is $104,752.

Similarly, a Harvard MBA will cost you $111,818.

Here are the fees for MBA programs at B-schools across the world:

If you are getting worried about financing your MBA abroad, don’t forget to check out the scholarships offered by some of the top B-schools below.

Also read: Everything an Indian Student Needs to Know About Financing MBA Abroad

Funding an MBA is not an easy task. Be it domestic or international students, they are always on the lookout for scholarships that will help them finance their studies efficiently.

Scholarships are a great way to reduce the financial burden. The best part is that the B-schools offer different types of scholarships to their students. The MBA applicants have to apply for scholarships in some cases. Whereas, at some B-schools, they offer scholarships without an application.

Here are the scholarships offered by few of the top B-schools:

An MBA specialization is a very personal choice.

If you are an IT engineer who wishes to become a marketing manager some day, an MBA in marketing would be the right choice for you.

Also read: Here’s how you can become a marketing manager after an MBA

But if you wish to get into consulting post your MBA program, you should opt for MBA in consulting so that you get enough exposure into the industry beforehand.

While marketing, consulting, IT and finance are the most commonly wanted MBA specializations, students are now looking above and beyond for specific MBA courses that can help them achieve their post MBA career goals.

MBA specializations you can consider are:

1. Business Analytics
2. Consulting
3. Entrepreneurship
4. Finance
5. General management
6. Healthcare management
7. Human resource management
8. Logistics management
9. Operations management
10. IT/Engineering
11. International management
12.Marketing
13. Project management
14. Supply chain management

As mentioned earlier, you need to choose a specialization that suits your requirements post your MBA. If you would like to know which MBA specialization will be the most ideal for you, why don’t you check out our free profile evaluation tool?

Our experts will help you figure out the perfect MBA program for you.

As you must have seen in the previous section of the article, there are several MBA specializations that you can choose from.

But MBA is in general a management course. For the same reason, whichever specialization you choose, you will still have the core subjects that you need to study and understand. So, if you choose to do an MBA in marketing, it doesn’t mean that you learn only marketing related subjects during the entire course.

The core subjects of an MBA will more or less be the same across all the B-schools.

Your post-MBA career opportunities will vary based on your work experience, industry choice and B-school.

But job opportunities are aplenty for MBA graduates. This is because companies are constantly on the lookout for the right candidates to fill the managerial positions. They do not want a candidate without work experience or qualifications to take up such job roles.

While you can be whoever you want to be after you complete your MBA, here are a few post-MBA career opportunities that you can consider:

1. MBA career paths in the technology field
2. MBA career paths in the sales and marketing fields
3. MBA career paths in the consulting field
4. MBA career paths in the operations field
5. MBA career paths in the finance field
6. MBA career paths in the entrepreneurial field

Which field do you want to pursue?

Deciding where you want to do your MBA depends on a lot of factors:

You need to take into consideration all these factors before you decide on your MBA destination. You don’t want to invest thousands of dollars and be jobless in a foreign country, right?

So, before you pick your B-school and the country, make sure you do a thorough research.

You can check out the top MBA programs across the world to get all the details regarding the B-schools and the MBA programs. This should help you make an informed decision.

Anyhow, here are the top destinations to pursue an MBA based on a lot of factors including B-schools quality:

1. United States of America
2. Canada
3. Singapore
4. Germany
5. France
6. Australia
7. United Kingdom

If you are from India and if you wish to stay back in India for your MBA, that is fine as well. You have several great Indian B-schools like:

1. Indian School of Business
2. Indian Institute of Management – Ahmedabad
3. Indian Institute of Management – Bangalore
4. Indian Institute of Management – Calcutta
5. SP Jain Institute of Management
6. Xavier School of Management (XLRI)

Also read: Should you do an MBA in India or abroad?

When you are doing your research to decide on the B-schools you want to apply to, it can get confusing. On the one hand, there are so many B-schools in the world and on the other hand, you want a college that suits your requirements and criteria.

If you are looking to pursue an MBA in the United States, there is a set of business schools that you should consider. Whereas, if you are looking to stay back in India and pursue an MBA here, there are good colleges here too!

There might be some of you who do not want to stay in India but not go to the US as well. In such a scenario, you can choose to go to a top B-school in Singapore maybe? The country is not too far away from India but will give you a global exposure. Isn’t that great?

So, whichever country you choose to do your MBA in, there are top business schools to consider. You can check out the tables below to know the top B-schools in US, Canada, Australia, Europe, Singapore and India.

Top business schools in the United States of America (US)

Top business schools in Canada

Top business schools in Australia

Top business schools in Europe

Top business schools in Singapore

Top business schools in India

We hope these lists have helped you narrow down your B-school list. If not, you can always reach out to us for help

Ivy League B-schools are the top management institutes that belong to prestigious higher education universities in the United States of America. While there are eight Ivy League universities, only six of them have B-schools.

Check out the six Ivy League universities and the B-schools that they have below:

At this point, you really do not have to worry about the MBA application essay questions. This is because there are so many steps that you need to complete before you get to drafting your MBA application essays.

One point that you need to understand is that MBA essays are the B-schools’ way of understanding your thought process behind doing an MBA. They will also have essay questions to help them understand why you chose the B-school specifically.

Just to give you an idea, here are a few MBA application essay questions from different B-schools.

Harvard Business School MBA application essay question

As we review your application, what more would you like us to know as we consider your candidacy for the Harvard Business School MBA program?

Indian School of Business MBA application essay question

What are your short-term and long-term career goals? How will the Post Graduate Program at ISB assist you in achieving your goals?

Singapore Management University MBA application essay question

Describe your greatest weakness and how you have tried to overcome it.

Rotman School of Management MBA application essay question

Explain your spike factor (something unique about yourself) that Our admitted students stand out by doing interesting things with their personal and professional lives

We hope you got an understanding of the MBA application essay questions that you can expect when you get started with your MBA application process. 🙂

Here’s the last question that we will be answering in this article.

If you have been working for many years and you wish to pursue an MBA now that you have crossed 30 years of age, we want you to know that you can still do it. 🙂

Don’t let all the youngsters’ pictures in the university websites confuse you. You can pursue an MBA after 30 as well.

There are certain questions that you may have to specifically answer when it comes to the interviews but the B-schools are always looking for professionals with varied experience. So, age shouldn’t be a huge factor when it comes to getting a B-school admit.

If you wish to know more about applying to a B-school after 30, don’t forget to check out this detailed article on doing an MBA after 30.

With this, we have come to the end of this article in which we tried to answer all your questions on MBA, applying for an MBA, MBA full form and more.

If you have any question that we have not answered, do let us know in the comment section below. We will be happy to include them.

And if you are looking to get started with your MBA plans, feel free to reach out to our experts so that they can guide you through the process.