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MBA full form – Eligibility, types, cost, scholarships, average salary, top destinations

The full form of MBA 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.

MBA programs 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, the 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.

Are you getting interested in knowing more?

Now that you know the MBA full form, let’s find out what makes an MBA so desirable, the type of MBA courses available, MBA specialization, cost of MBA, MBA scholarships, and where can you pursue it.

MBA full form

Do you know Wharton was the first business school to be set up in 1881

MBA full form and other frequently asked questions 

What is the full form of MBA? 

The full form of MBA or M.B.A. is 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.

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 MBA including its full form.

MBA 

MBA full form

Master of Business Administration

Degree

Masters or Post Graduate

Duration

two years, One year

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

$115,000 (2019)

Average MBA Cost at Top Business Schools

$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, and 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.

Should I even pursue an MBA?

Yes. There are many benefits of pursuing an MBA or Master’s in business administration. Some of the reasons to pursue an MBA 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.

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 by doing a cost-benefit analysis.  

Also, check out which MBA program had a high ROI.

What is the average salary of an MBA graduate?

What is the Average MBA Salary 2020 - MBA Full Form

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.

Did you know the higher the GMAT score, the higher are your chances of getting a higher salary! Start your GMAT Preparation with our FREE Trial today! We are the most reviewed GMAT Prep company with more than 1900 reviews on the GMATClub.

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

What are the Eligibility criteria for an MBA program?

Each MBA program has its own set of parameters that they look into. You need at least an undergraduate degree to be eligible for an MBA. 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:

The majority of the top business schools evaluate a candidate based on his/her overall MBA application. Few of them also have video essays.

Here are some tips for creating an impressive Video Essays.

Here is a list of articles that can help you with 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.

Do I require Work experience for an MBA?

MBA without work experience

Most of the business schools require at least 2-5 years of work experience. However, there are few early-career MBA programs where you are not required to have work experience. These types of programs are called Deferred MBA programs.

The Deferred MBA program 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.

 

Do I need to give any entrance exam for an MBA?

Yes. 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 GMAT.

Another popular entrance exam is GRE. General, if you want to do an MBA, then you should take 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 GMAT or GRE.

What are the different types of MBA Courses? 

MBA (master’s in business administration) 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.

forms of MBA courses - MBA full form

 

These MBA programs are:

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

Learn in detail the difference between the type of MBA courses mentioned above.

Are you confused between a one year and a two-year MBA program? Check out how to choose a one-year MBA over a Two-year MBA program.

What are the different types of MBA specialization?

Depending upon your career interest, you can choose which filed you want to specialize in. 

Here is a list of the most popular MBA specializations:

What is the average cost of an MBA?

The average MBA tuition fees for the top business schools ranges from $61,487 – $160,864. However, these are not the only cost you incur. Pre-MBA cost and Living Costs also need to be included while calculating your total MBA 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 2020.

Can I get an MBA Scholarship?

Yes. You can get an MBA Scholarship. 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?

Did you know Harvard Business School offers only need-based scholarships, and the average scholarship amount is $40,000 per year?

Which are the top MBA destinations?

There are many top destinations for getting an MBA. These destinations offer the best education infrastructure and industry interface and, therefore, are more popular than the rest of the world.

MBA destinations

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

Full time 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 2020 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.

Study MBA in UK

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 for 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.

MBA in Australia

Here are a few top business schools in Australia:

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.

MBA in Canada

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:

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

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.

MBA in Singapore

Here are a few top business schools in Singapore:

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.

MBA in India

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

How to get into top MBA programs?

To get into top MBA 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.

What 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.

What are the 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.

Which are the best business schools for Women?

Some of the top business schools for women are Shanghai University of Finance and Economics, Fudan University, Washington University – Olin Business School, Stanford GSB, Wharton School, Michigan Ross, and Oxford.

Check out this article to know Best business schools for women in the USA, UK, Europe, and Asia.

Can I pursue an MBA after 30?

Yes. No matter what your age is, an MBA degree is a viable option. However, you should be able to explain to the admissions committee that why an MBA makes sense for you. You need to have a clear picture of how an MBA fits into your career goals. Besides, there are other parameters you can take into consideration while evaluating if an MBA is a viable option after 30.

Here is an article that will help you gain more clarity on pursuing an MBA after 30.

Check out this article on how to stand out if you are planning to pursue an MBA after 30.

MBA full form

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

MBA FAQs

What is an MBA?

MBA or Master of Business Administration is an internationally recognized post-graduate program that equips its students with the necessary skills to make a career in business and management

What are the different types of MBA?

MBA comes in all shapes and sizes. There are many types of MBA programs and specializations offered. Here is an article outlining the different types of MBA programs.

What is the typical duration of an MBA?

The duration of a typical MBA program is 2 years. However, many business schools offer a 1 year MBA as well.

Do I need to take a test for getting into an MBA program?

Yes. 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.

Do Indian business schools accept GMAT for their MBA programs?

Yes, there are a few business schools that accept GMAT for their full-time MBA program for domestic students. However, all international students are required to take the GMAT. Also, GMAT is the preferred test for executive and 1 year MBA programs. Here is an article on the scope of GMAT in India.

How to get into MBA programs of top business schools?

To get into top business schools you need a well-rounded application. This article explains what this means.

How to get into Indian School of Business (ISB)?

Here is an 8-step guide to get into Indian School of Business.

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