A 15 min read

MBA – An Introduction to everything about MBA

MBA full form is “Master of Business Administration”. It is an internationally recognized post-graduate program that equips its students with the necessary skills to make a career in business and management. In addition to providing holistic business education, it offers a platform to develop leadership skills, build a professional network, and accelerate your career trajectory to earn a six-figure salary. The admissions for 2023-24 intake are now open, with the majority of the top MBA colleges announcing their application deadlines.

The MBA or Master of Business Administration (full form of MBA) course can cost you anywhere between $20,000 to $50,000. However, the total MBA cost can go above $100,000 for the best MBA colleges in the world. But what about the ROI?

The average salary differs based on the country you work. According to PayScale, the average salary of an MBA graduate in the USA is approx. $90,000, whereas in Canada it is approx. $67,000. The average MBA cost for the top 100 colleges in India is approx. $20,000.

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What is the full form of MBA?

MBA full form is “Master of Business Administration”. MBA or Master of Business Administration (full form) first originated in the United States in the late 19th century – early 20th century, when the country was at the peak of industrialization, and managing those industries required scientific management skills. To fill the demand for skilled individuals, the first business schools were set up in the United States. Within a few years, MBA became one of the most popular graduate programs, with thousands enrolling for the course. To this day, every year, hundreds of thousands of students graduate from an MBA program to make a career in Marketing, Finance, HR, Operations, Analytics, etc.

Now that you know what is the full form of an MBA and its history, let’s find out what makes the degree so desirable, the type of courses, specialization, scholarships, admissions 2023, and where can you pursue it.

Did you know that Indian students account for almost 30% of all the MBA Applicants, yet only 9% of the class at Harvard, Stanford, Wharton, or other top business schools comprises Indian nationals? So, how do you increase your chances of getting an admit to top business schools?

What is MBA?

MBA stands for Master of Business Administration. It is one of the most recognized and respected post-graduate programs in the world, and more than 3000 business schools offer 10,000+ MBA programs today across the globe.

An MBA is generally, a two-year post-graduate degree course in Business management and administration. The reason what makes it so popular is the catalytic effect it has on peoples’ careers. If you want to boost your career, then MBA is one of the most efficient ways to do it. Also, an MBA comes in various forms, which we call ‘courses’ and ‘specializations.’

Here are some key details regarding what is MBA including its full form:

MBA full form	Master of Business Administration
Degree	Masters or Post Graduate
Duration	Two years, One year – Know the difference
Course types	Full-time MBA, Online MBA, Executive MBA, and Part-time MBA
Specializations	Finance, Marketing, Operations, Human Resource Management, Consulting, Business Analytics, Entrepreneurship, Supply Chain Management, Energy, and Technology
Average MBA Starting Salary	India – INR 9,00,000, USA – Above $90,000, UK – £54,000, Canada – CAD 83,000, Australia – AU$103,000.
MBA Cost at Top Business Schools (Average)	$91,687 – $237,636
Popular Entrance Exams	GMAT, GRE, and CAT
Top Business Schools in India	Some of the top MBA colleges in India are IIM Ahmedabad, IIM Bangalore, IIM Calcutta, XLRI Jamshedpur, ISB, SPJIMR Mumbai, IIM Lucknow
Top Business Schools in the USA	Some of the top business schools in the USA are Harvard, Stanford, Columbia, MIT Sloan, Wharton School of Business, Duke Fuqua, Michigan Ross, Cornell University-Johnson, UCLA Anderson, USC Marshall, UT Austin McCombs, Carnegie Mellon Tepper, and UNC Kenan-Flagler
Top Business Schools in Europe	Some of the top business schools in Europe are INSEAD, London Business Schools, Cambridge Judge, HEC Paris, Oxford, and IMD
Top Business Schools in Australia	Some of the top MBA colleges in Australia are Melbourne Business School, Australia Graduate School of Management, Monash Business School, and MGSM Macquarie
Top Business Schools in Canada	Some of the best business schools in Canada are Rotman School of Management, McGill Desautels, Schulich School of Business, Ivy Business School, HEC Montreal
M7 Business Schools	Harvard Business School, Columbia Business School, Wharton School of Business, Kellogg School of Management, MIT Sloan, Chicago Booth, and Stanford GSB.
Ivy League Schools – MBA	Harvard Business School, Columbia Business School, Johnson College of Business, Wharton School of Business, Yale SoM, and Dartmouth Tuck.

Why MBA?

There are many benefits of pursuing a Masters’s in business administration. Some of the reasons are Career growth and Transformation, Higher pay package, subject specialization, and many more. Here is an article that highlights the Top 20 reasons to pursue an MBA.

Watch this video that will give you reasons why you should pursue MBA:

Many students get confused about whether to pursue an MBA or PGDM. Here is an article that can help you decide between the two post-graduate degrees. Besides, an MBA is only worth the time and money you want to invest in it. Here is an article that can help you know the value of your MBA investment in 2023 by doing a cost-benefit analysis. Also, check out which MBA program had a high ROI.

Why should you take the GMAT?- Read This article to know more about it.

MBA Admissions 2023 – When is the deadline?

The admissions for 2023 intake has started. Top business schools like Harvard Business School, Wharton, Columbia Business School, Kellogg School of Management, Indian School of Business, and many more are already done with their Round 1 applications. Take a look at the upcoming deadlines for 2023 intake.

Want to get into top business school?

To get into top programs, you need to understand what the admissions committee is looking for. The MBA Admission committees look for Intellectual aptitude, Interpersonal skills, personal fit, and Leadership qualities. Various parameters are used to evaluate your skills. For example, your GMAT score and GPA will give an idea about your intellectual aptitude. Similarly, your career goals will help in assessing if you are a good fit for the b-school. Here is an article where we discuss in detail how to get into top business schools. Check out this article on How to impress the MBA Admissions Committee.

Here are some articles on how to get into – Harvard Business School, Columbia Business School, INSEAD Business School,  Stanford GSB, Indian School of Business, and London Business School.

Did you know the higher the GMAT score, the higher your chances of getting an admit to the top business schools? Start your GMAT Preparation with our FREE Trial today! We are the most reviewed GMAT Prep company with more than 2500+ reviews on the GMATClub.

What is the average MBA Salary?

The average salary for the top 50 business schools is around $100k. Besides, your post-MBA salary also depends on the country you work in. Apart from the country, the industry you choose determines your salary. On average, the salary for students graduating from a Top 60 US B-School is around $152,000. Moreover, jobs after MBA graduates in Consulting, Financial Services, and Technology offer a starting salary of over $100,000.

Here is a list of articles related to MBA Salary and Career:

• Factors affecting the Average Salary
• Salary, Career Prospects, and Occupations
• Average Salary by Industry

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Which entrance Exam to take?

Many business schools ask you to take standardized tests like GMAT and CAT as part of their application. Here is an article highlighting the differences between GMAT and CAT. Also, check out how you can use CAT preparation for the GMAT.

Another popular entrance exam is GRE. General, if you want to do an MBA, then you should take the GMAT, but if you are still confused about which master’s degree to pursue, then go for GRE. However, a lot of business schools have started taking both GMAT and GRE. Here is an article that will help you decide whether to take the GMAT or GRE. You can also watch this video to know the diffrence between GMAT and GRE:

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What is MBA program eligibility criteria?

With acceptance rates at top business schools as low as 6%, MBA is one of the most competitive programs in the world, with hundreds of thousands of applicants vying for prized spots in top programs every year. Successful applicants at top business schools spend, on average, 5-to-6 months working on their B-School Applications. 

Each Master of business administration program (MBA) has its own set of parameters that they look into. You need at least an undergraduate degree to be eligible. Some business schools also put a condition of minimum grade/ percentage in the undergraduate degree and the number of years of work experience.

Generally, you require:

• A bachelor’s degree or equivalent qualification
• GMAT/GRE/CAT Exam
• GPA
• Work experience
• Letter of Recommendations
• Essays
• Resume
• Interview
• English Proficiency Test (TOELF, IELTS, etc.)

The majority of the top business schools evaluate a candidate based on his/her overall application. Few of them also have video essays. Here are some tips for creating impressive Video Essays.

Here is a list of articles that can help you with your MBA Application:

• Common Mistakes to Avoid in Application
• Application Process
• How to improve your MBA Profile
• How to approach your MBA Application?

Top Business Schools MBA Essays Decoded

Harvard Business School, Oxford Saïd, Darden School of Business, Northwestern Kellogg, Wharton School, Dartmouth Tuck, Duke Fuqua,  Yale SoM, London Business School, Michigan Ross, UC Berkeley Haas, Chicago Booth, INSEAD, MIT Sloan, and Stanford GSB.

What work experience is required?

Most business schools require at least 2-5 years of work experience. However, there are few early-career programs where you are not required to have work experience. These types of programs are called Deferred MBA programs. It allows you to secure a seat in a future class of the flagship MBA program before you accumulate the work experience required.

Check out the benefits and top deferred MBA Programs.

Which are the types of MBA courses?

Master of business administration program (MBA) programs come in all shapes and sizes. There are a few types of MBA courses that are more popular than others based on the value of each:

• Full-time
• Executive
• Part-time
• Online

Learn in detail the difference between the type of courses mentioned above. Are you confused between a one-year and a two-year program? Check out how to choose a one-year MBA over a Two-year MBA program.

What are the types of MBA specializations?

Depending upon your career interest, you can choose which field you want to specialize in. Here are the most popular specializations:

Finance

Careers in the finance industry are diverse, and it presents a rewarding and dynamic career path that might be a springboard for many future opportunities. You can get into Private equity or investment banking organizations after an MBA in Finance. Here are the top 10 business schools for MBA in Finance

Marketing

Some of the careers that you can pursue after an MBA in marketing are as a marketing manager, brand manager, sales manager, and product manager. Here are the top 10 business schools for MBA in Marketing

Human Resource Management

The advancement in information technology, coupled with predictive analytics in HR processes, is boosting growth in the Human resource function. Some of the skills gained after pursuing an MBA in HR include – organizational and project management skills, general IT skills, leadership, teamwork, and many more. Check out the career option and salary in HR. Here are the top 5 business schools for human resource management.

Operations Management

A graduate with an MBA in operations management is primarily concerned with organizing, planning, and supervising in the context of manufacturing, production, or services. Some of the common job titles are – inventory manager, operations consultant, operational marketing manager, and many more. Here are the top 10 business schools for MBA in Operations Management

Business Analytics

Pursuing the best analytics MBA programs can help students sort big data and analyze it to make efficient decisions. Some of the career options available after a specialization in business analytics are market research analyst, big data analyst, and program manager. Here are top MBA colleges for business analytics

Consulting

Apart from the high salaries and prestige that accompany a career in consulting, learning, networking, and subsequent opportunities are few reasons why consulting is a popular post-MBA career. Here are some of the top business schools for consulting.

Technology

Some of the tech companies that heavily recruited MBA graduates include Microsoft, Google, Facebook, etc. Here are top MBA programs for Technology

Entrepreneurship

Entrepreneurship today is among the top 5 majors opted in MBA programs across the globe. Here are the best business schools for entrepreneurship

Supply chain management

Some of the career options available after an MBA in supply chain management are Procurement manager, transportation manager, industry analyst, and warehouse operations. Here are the top MBA programs in Supply chain Management

Energy

Some of the energy companies that hire the highest number of MBA graduates are Phillips 66, Chevron Corporation, ExxonMobil, and BP. Here are top business schools for a career in the Energy industry

What is the cost of MBA?

The average MBA tuition fees for the top business schools range from $61,487 – $160,864. However, these are not the only costs you incur. Pre-MBA cost and Living Costs also need to be included while calculating your total cost. Thus, the total MBA cost at top business schools comes up to $91,687-$237,636.

Check out how you can reduce your MBA cost in 2023.

How to get MBA Scholarship?

A university-offered scholarship is a monetary reward meant to assist deserving students in financing their education at that school. While other non-university-offered MBA scholarships do exist, we will not be covering them in this article since they are not open to all candidates. To know more about those scholarships, simply hop on over to the “Funding” page of your desired MBA program’s website.  

Scholarship amounts can range from $5,000 to “Full-Tuition” and typically reflect the admissions committee’s willingness to have you join their class as opposed to joining that of a competing school. There are various forms of MBA scholarships, such as:

• Need-based Scholarships
• Merit-Based Scholarships
• Diversity and Gender-based scholarships
• External Scholarships

Check out what is a good GMAT score for an MBA scholarship is?

Learn about the various qualities that can get you an admit and scholarship from top programs in 2023:

Did you know the higher the GMAT score, the higher are your chances of getting a scholarship! Start your GMAT Preparation with our FREE Trial today! We are the most reviewed GMAT Prep company with more than 2500+ reviews on the GMATClub.

Which are the Top MBA destinations?

There are many top destinations for getting an MBA or Master of business administration program (full form). These destinations offer the best education infrastructure and industry interface and, therefore, are more popular than the rest of the world.

These are the top destinations for master’s in business administration (MBA):

1. United States (USA)
2. United Kingdom (UK)
3. Australia
4. Canada
5. Singapore
6. India

Study MBA in USA

The United States is home to the oldest and most popular business schools. For instance, when thinking of an MBA, Harvard always comes to our minds. Where is Harvard located? In the United States.

According to the Financial Times business school rankings, the US is home to 51 out of the 100 top business schools in the world.

Here is a list of some of the most well-known US business schools where every MBA aspirant wants to study:

1. Stanford Graduate School of Business
2. University of Pennsylvania Wharton
3. Northwestern Kellogg
4. Chicago Booth
5. MIT Sloan
6. Harvard Business School
7. UC Berkeley Haas
8. Columbia Business School
9. Yale School of Management
10. NYU Stern
11. University of Virginia Darden
12. Dartmouth College Tuck
13. Duke Fuqua
14. Michigan Ross
15. Cornell University-Johnson
16. UCLA Anderson
17. USC Marshall
18. UT Austin McCombs
19. Carnegie Mellon Tepper
20. UNC Kenan-Flagler

Check out the MBA Salary, Visa Requirements, STEM Programs, and best business school with their MBA Cost in the USA.

Did you know around 15-20% of applicants get rejected by visa officers at various US consulates every year despite having secured an admit for higher education? To help you navigate the visa process, watch this video where we have shared five must-know facts about an F1 visa.

Study MBA in UK

UK is another sought-after location for students to pursue an MBA. The admission procedure is a little bit relaxed as compared to top US business schools. Also, the UK is a top destination for international students.

UK Business schools witness a large proportion of their class to be comprised of international students. The UK also recently extended its post-study work visa to 2 years.

Here are a few top UK business schools:

• London Business School
• Oxford Saïd Business School
• Cambridge Judge Business School
• Warwick Business School
• Imperial College Business School

Study MBA in Australia

In Nov 2019 alone, 90,792 students of the 115,290 Indian students came to study in Australia, out of which 90,792 students enrolled in post-graduate programs. There are two reasons for it; a strong economy and favorable visa conditions. Thus, pursuing an MBA in Australia is becoming a much feasible option for students who find it challenging to get into top US business schools.

Here are a few top business schools in Australia:

• University of Melbourne: Melbourne Business School
• University of New South Wales: Australian Graduate School of Management
• Monash University: Monash Business School
• University of Queensland Business School
• MGSM Macquarie
• University of Western Australia Business School
• Australian National University (ANU)
• Deakin
• Wollongong la Trobe
• RMIT University School of Business and Law

Check out the above mention business schools in detail with the Student/work Visa and requirements to pursue an MBA in Australia.

Study MBA in Canada

Owing to uncertainty over the H-1B, Canada is quickly becoming a popular destination for international students.

According to the Canadian Bureau for International Education, 96% of international students recommend Canada as an education destination, and 60% of international students plan to apply for permanent residence. India accounts for 30% of the international students coming to Canada, which is the highest among all countries.

MBA in Canada, therefore, has picked up momentum in terms of popularity. Here are a few top business schools in Canada:

• University of Toronto’s – Rotman School of Management
• McGill University’s – Desautels Faculty of Management
• York University’s – Schulich Schools of Business
• Western University’s – Ivey Business School
• HEC Montréal
• Queen’s Smith School of Business
• Alberta School of Business
• UBC Sauder School of Business
• Concordia University – John Molson School of business
• Sobey School of Business

Check out in detail the top MBA programs in Canada and why you should pursue an MBA in Canada.

Here is why you should pursue MBA in Canada. Watch this video:

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Study MBA in Singapore

One of Asia’s financial centers, Singapore, attracts a lot of students to build a career out of their robust education system. MBA is one of the most sought-after post-graduate programs in Singapore.

Here are a few top business schools in Singapore:

• NUS Business School
• Singapore Management University
• INSEAD Singapore
• Nanyang Business School

Understand what makes Singapore a good place to pursue an MBA:

Study MBA in India

India is home to a broad base of MBA aspirants and some of the best business schools. You’ll find business schools across India, but the top business schools are located in metros and cities as they have access to business and industrial hubs at these locations. This article gives information on the top 100 business schools in India in 2023.

Here are a few top business schools located in Indian cities:

MBA in Delhi

Delhi is one of the most preferred locations when it comes to doing an MBA. The access to corporate hubs in Noida and Gurugram gives Delhi an edge over a lot of Indian cities. Here are some of the top business schools in Delhi and the National Capital Region:

• Faculty of Management Studies (FMS), Delhi University
• MDI Gurgaon
• IMT Ghaziabad
• IIFT Delhi
• Department of Management Studies, IIT Delhi
• IMI Delhi
• BIMTECH Noida
• LBS Delhi
• FORE Delhi

MBA in Mumbai

Mumbai, the financial capital of India, attracts a considerable number of MBA aspirants owing to superb access to top organizations of India and abroad. Therefore, a lot of top business schools are located in Mumbai. Here are a few top business schools in Mumbai:

• SPJIMR Mumbai: SP Jain Institute of Management and Research
• NMIMS Mumbai: School of Business Management
• NITIE Mumbai: National Institute of Industrial Engineering
• JBIMS Mumbai: Jamnalal Bajaj Institute of Management Studies
• IIT BOMBAY: Shailesh J Mehta School of Management Mumbai
• SIMSR Mumbai: K J Somaiya Institute of Management

MBA in Pune

Pune is one of India’s top MBA destinations. Known as the ‘Oxford of the East,’ Pune has some of the finest MBA colleges. These colleges offer excellent MBA education and placement opportunities. Here is the list of top MBA colleges in Pune:

• SIBM Pune: Symbiosis Institute of Business Management
• SCMHRD Pune: Symbiosis Centre For Management and Human Resource Development
• PUMBA: Department of Management Sciences University of Pune
• Symbiosis Institute of International Business – SIIB Pune
• ISBM Pune: International School of Business and Media

Which are M7 Business Schools?

The M7 business schools rank in the top 10 major business school rankings and offer a plethora of opportunities to their graduates. M7 term is used to describe the seven most elite business schools in the world. Here is a list of M7 business schools:

• Wharton School at the University of Pennsylvania
• Harvard Business School
• Northwestern University’s Kellogg School of Management
• Columbia Business School
• Stanford Graduate School of Business
• MIT Sloan School of Management
• University of Chicago’s Booth School of Business

Check out this article to know more about the employment statistics and class profile of the M7 business schools.

Which are Ivy League schools?

The Ivy League term is used to describe some of the most prestigious higher education universities in the United States. There are eight Ivy League schools. However, only six of them offer a full-time MBA program. Here is the list of Ivy League schools that offer a full-time MBA program:

• Columbia Business School
• Johnson College of Business
• Wharton Business School
• Harvard Business School
• Yale SoM
• Dartmouth Tuck

Check out this article to know in detail about these Ivy League business schools.

What is MBA? – FAQ

So, remember, the full form of an MBA is Master of Business Administration. Here are a few more FAQs related to MBA or Master of Business Administration.