How to Get an MBA Degree

Continuing your business education after completing your bachelor’s degree can have a notable positive impact on your career. One survey of mostly US-based corporate recruiters estimates that a person with a Master of Business Administration (MBA) degree may make $3 million more over the course of their career than a person with only a bachelor’s degree [1].

The potential benefits of earning an MBA are strong—but they don’t come without some dedication to the goal. Here’s what it takes to get your MBA.

How to get an MBA

Gaining admission into business school requires some planning and organization, but if you start early and approach it with intention, you may find the process to be a bit more manageable.

Here are the broad steps you'll take as you begin to pursue your MBA:

1. Earn your bachelor's degree.

As a graduate degree, most MBA programs will require applicants to have an undergraduate degree. Some programs, like accelerated MBAs, require additional prerequisite coursework. Many MBA admissions committees will consider your undergraduate GPA as part of their admission decision.

Learn more: How to Get a Bachelor's Degree

2. Gain work experience.

Beyond academic requirements, admissions committees also may consider your relevant work experience. Some programs require a certain number of years in the workforce, particularly executive MBAs. For other programs, having work experience is more of a social norm. In 2019, at the top 25 business schools in the US, the average MBA candidate had about five years of work experience [2].

Learn more: How to Meet MBA Admission Requirements

3. Choose the best MBA program for you.

Before compiling your application materials, it will be important to research different types of MBA programs and determine which schools are best equipped to help you reach your goals.

Some things to consider when researching MBA programs include:

• Program structure: Think about your logistical preferences, such as how long the program typically takes to complete, when classes are scheduled, whether you want to attend class full time or part time, and total cost of the program.

• Course offerings: If you want to specialize in a particular business sector, such as nonprofit or health care, it may be helpful to seek programs that have strong reputations in those areas of study.

• Cultural fit: Consider the social and environmental elements that help you thrive, and look for programs that are likely to encourage and enhance your success.

4. Take the GMAT or GRE.

Many business schools request or require applicants to submit standardized test scores as part of their application process. The Graduate Management Admission Test (GMAT) is one common option, though schools will often accept Graduate Record Examination (GRE) scores as well. Typically, experts recommend applicants begin studying for the GMAT about six months before it's time to start applying for MBA programs.

Learn more: What Is a Good GMAT Score? Finding Your Goal Score

5. Submit your MBA applications.

Once you decide on the programs that align with your goals and verify that you meet the prerequisites, it's time to begin the application process. Take note of any deadlines in addition to the required documents. Common application components include:

• Resume

• Official academic records

• GMAT or GRE scores

• Essays or a statement of purpose

• Letters of recommendation

• Application fee

After you submit your application, you may receive an invitation to interview with an admissions officer, faculty member, or some other member of the program’s network. Some schools extend interview invitations to all candidates, while others only interview the prospective students they are considering admitting based on their application materials.

Typically, the interview will be the last step of the application process, so the next time you hear from the admissions committee will be regarding an admission decision. Most schools release decisions in December, March, and May, depending on when you apply for the MBA program.

How to pay for your MBA

As you research various MBA programs, you may be considering the cost of attendance. There are a number of ways to finance your degree, including scholarships and employer sponsorship. Learn more about how to pay for your graduate degree.

6. Start your MBA program.

Now that you've gone through the application process and accepted your admissions offer, it's time to focus on earning your degree. Here’s a general sense of what it will likely take to earn an MBA once you’re enrolled in a program.

Core course requirements

MBA candidates explore foundational knowledge across a variety of business areas through core coursework. Core requirements vary from program to program, though many will incorporate areas of study such as:

• Communications

• Data analytics

• Economics

• Ethics

• Finance

• Marketing

In general, MBA candidates focus on core requirements before focusing on major or elective requirements.

MBA concentrations, specializations, and electives

Beyond core courses, many MBA programs offer some flexibility when it comes to higher-level classes, allowing candidates to choose concentrations or specializations that best fit their goals, in addition to elective courses that align with their interests.

MBA concentrations are focused areas of study. Many programs offer concentrations (also referred to as majors or specializations), though not all require a formal major selection. Examples of some MBA concentrations include:

• Accounting

• Business analytics

• Finance

• Operations

• Strategy

• Supply chain management

• Sustainability

Electives are courses MBA candidates can opt to take in addition to their predetermined core and major requirements. These classes may be top-level courses within their area of study, or may be higher-level courses in areas outside of their decided major path.

Other common MBA degree requirements

Alongside all course requirements, MBA programs will often have requirements pertaining to minimum GPA and residence—meaning classes must be taken at your home institution—in addition to some type of immersive experience.

Through immersive experiences, MBA candidates formally demonstrate their business expertise and try out their earned knowledge in real-world situations. Common immersive MBA experiences include:

• Capstone, thesis, or portfolio project

• Internship

• Global experience

Getting started with your MBA

If you’re ready to take the first steps toward getting your MBA degree, consider the iMBA from the University of Illinois Gies College of Business, available on Coursera. Work toward your degree from anywhere with an internet connection at a breakthrough price.

If you aren’t sure whether an MBA is the right path for you, you may want to consider a business master’s degree or certificate program. Both options can help enhance your business knowledge, and typically require a less extensive time and financial commitment.

Frequently asked questions (FAQ)