What are the MBA Entry Requirements? US vs Europe

What is MBA?

What are the MBA entry requirements?

Which universities provide one & what does it take to get in?

There are numerous questions about the MBA, and we are going to try and answer them through this post!

Masters OF Business Adminitration: Definition

An MBA is a graduate degree in business administration. It is broadly based and covers many areas of management. The qualification focuses on the theoretical and practical application of management principles.  

An MBA degree appeals to prospective students from all disciplines, including those with non-business undergraduate degrees such as science, engineering, or mathematics. Those from more traditional backgrounds like economics, law, or politics will also find an MBA useful as it builds upon their existing knowledge. 

Why MBA? | Why MBA from abroad? 

To decide if an MBA is right for you, consider whether you can meet the following criteria:

• Do you want to change the focus of your career?
• Are you looking to make yourself more approachable by adding to your knowledge and skills?
• Are you looking for new challenges and opportunities to develop both personally and professionally?
• Do you need a higher level of responsibility at work or are looking for a promotion?

Why MBA from abroad? 

There are a lot of reasons why people choose to pursue an MBA abroad, but they generally fall into two categories: 

1.  To gain the skills needed to achieve a specific career goal
2.  To expand their network (and perhaps, their horizons)

For people who are interested in pursuing business roles internationally, an MBA from abroad can offer both advantages. Typically, studying for an MBA overseas means having access to a different type of learning experience than you would in your home country. 

MBA entry requirements

In both the US and Europe, the application process for an MBA program is similar. You will typically be asked for –

• your standardized test scores (such as GMAT or GRE)
• your academic transcripts
• your CV or resume, and
• your cover letter.
• Some programs will also require that you provide letters of recommendation.

The application process can take a few months to complete, so you must understand what each step entails and how much time to dedicate to each requirement. It’s also important to make sure that you are prepared for your standardized test(s) before taking them. If you feel like you might need some extra practice with Math problems or English grammar before taking a test like the GMAT, there are plenty of resources that offer materials to get you up-to-speed! 

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MBA entry requirements: USA vs MBA in Europe – Key differences 

Here are some of the key differences between studying for an MBA in the USA vs Europe:

• Requirements, Duration, and Cost: Most of the top MBA schools in the US offer a 2-year full-time MBA program with an average tuition fee of around $100,000 (approx. €85000). Many leading business schools in the US accept GMAT scores for entry into their MBA programs. The minimum GMAT score required is usually in the range of 600 to 650. Now many US Schools also accept GRE scores, especially from international students who wish to apply for an MBA program.  

On the other hand, top-ranked universities in Europe offering a Master’s Degree in Management only ask applicants to submit their GMAT/GRE scores if they have less than 3 years of relevant work experience or have graduated more than 5 years ago. 1 yearlong full-time MIM programs cost between €25,000 and €40,000 depending upon the school ranking and location. 

• Teaching Techniques Used: While most American B-schools adopt case study-based learning as their primary teaching technique with group projects taking center stage, European management programs give equal importance to lectures as well as group projects and presentations.

Should I Get an MBA from the US or the UK? Factors to look at while deciding 

You need to look at the following parameters while making a decision: 

• Cost: US schools are costlier than European ones. If you do not get a scholarship, then you might have to take student loans which would mean that you have a debt to pay off after your MBA. Hence, you should know what your financial situation is and determine whether the school fits it.
• Rankings, focus areas, placements, class size, curriculum: These parameters differ for each school so you need to check them carefully before deciding on a school. 

Some Top B-schools For You to Consider 

MBA in the US 

1. Harvard Business School 
2. Stanford University Graduate School of Business 
3. University of Pennsylvania Wharton School 
4. Massachusetts Institute of Technology Sloan School of Management 
5. Northwestern University Kellogg School of Management 

MBA in Europe

1. HEC Paris – France 
2. IE Business School – Spain 
3. London Business School (LBS) – UK 
4. INSEAD – France and Singapore 

It is best to analyse the various MBA programs for yourself. Do a lot of research about schools before applying so that you’re confident that you are applying to the best business school for you. Here are some things to look into when researching schools: MBA curriculum, international reputation, placement records, and alumni network. Also take a look at their online presence by following the school on social media and reading about them on websites like Poets & Quants, Financial Times, and The Economist. 

Also read: How to Pick the right business School?

Final thoughts

An MBA degree from a top business school is a coveted possession for many individuals. It can transform your career and prove to be worthwhile for the rest of your life. With this degree, you can expect better job prospects coming your way, an increased earning potential, and enhanced leadership skills.