Obtaining an MBA degree abroad is an important stage in your career path in the business sphere. Entrepreneurs, founders of their own businesses, specialists applying for top positions in the field of commerce and sales, are eager to get a specialized education, experience of studying abroad, as well as develop contacts among business professionals. A proven way to increase your ranks as a specialist and increase weight in the eyes of employers is to obtain a master's degree in business administration from a foreign business school. MBA programs are offered by both the largest universities in the world and small educational institutions.
Master's degrees in business administration in Britain, USA, Europe are considered the best and most expensive in the world. The quality of education is really high here, and tuition prices depend on the chosen educational institution, a specific country - MBA in Germany, Spain will not cost as much as studying at the best universities in America. From the article SMAPSE experts find out the list of the best business schools in Britain, USA, Europe, find out where you can get a good and inexpensive education in business administration, what are the requirements for applicants.
MBA (Master of Business Administration) is a master's degree in business administration: this is the second academic level, therefore it occupies the same position as Master of Science (MSc) or Master of Arts (MA). The Master of Business Administration degree is self-sufficient, has mainly practical application and rarely leads to doctoral studies. Admission to master's programs, as a rule, requires academic knowledge in a certain field, completion of a bachelor's course in the same subject, which will be studied in the future. The conditions for admission to the MBA allows you to submit documents to graduates of bachelor's programs in any direction.
Modern business schools offer students a wide range of programs: international, global business, marketing, finance, continuing education programs, courses exploring a specific narrow segment of the commercial sphere (manufacturing, restaurant business, medical services).
List of requirements for admission to the MBA
- Diploma / bachelor's degree
The main condition for entering the MBA is a completed higher education of the first stage, that is, 3-4 years of study at the bachelor's degree. For education in a Master of Business Administration, the profile of a previously obtained diploma does not matter: any specialist can get a business degree and pursue a career in his field in leadership positions related to sales or management.
- Experience
Most of the leading business schools include experience in the list of requirements: an MBA applicant must work from 3 to 8 years in linear or middle managerial positions. The selective approach allows you to form groups of specialists with practical experience, organize effective education among peers in terms of development and perception of professionals who are able to bring their own experience to the educational process. The average age of business school students is 25-30 years. Some small educational institutions accept students without a bachelor's degree if they have suitable experience in business management.
- CV
Traditionally, CV (Curriculum vitæ - a short biography) contains information about the academic success of an applicant, but when applying for an MBA, the greatest attention is paid to work experience. Foreign business administration schools accept resumes from applicants with a detailed description of their career achievements, a list of positions held, the reason for the change of work and movements within the same company.
- Letters of recommendation
Upon admission to master's programs of any profile, students provide recommendations. If for education for a master's degree in science or art, recommendations from teachers, a scientific adviser, and a characterization of the student’s academic potential will be required, then business schools are waiting for recommendations from colleagues, direct managers, and sometimes from the head of the company where the applicant works. The recommendations should contain a description of professional skills, managerial potential of the future student.
Best Business Schools: TOP-10 Financial Times
| Business School Name | A country | The average salary of graduates after 3 years |
| Stanford Graduate School of Business | USA | 214,742 |
| France, Singapore | 177,157 $ | |
| University of Pennsylvania: Wharton | USA | 190,826 $ |
| Great Britain | 167,897 $ | |
| USA | 192,133 $ | |
| University of Chicago: Booth | USA | 174,153 $ |
| USA | 177,680 $ | |
| CEIBS | China | 162,858 $ |
| USA | 173,095 $ | |
| USA | 176,167 $ |
Popular European business schools (Germany, Spain) according to the Financial Times
| Business School Name | A country | The average salary of graduates after 3 years |
| University of Oxford: Saïd | Great Britain | 161,443 $ |
| University of Cambridge: Judge | Great Britain | 163,508 $ |
| IMD Business School | Switzerland | 151,944 $ |
| Hec Paris | France | 142,622 $ |
| Iese Business School | Spain | 148,480 $ |
| Mannheim School of Business | Germany | 118,260 $ |
| ESMT Berlin | Germany | 106,581 $ |
| School of Management WHU - Otto Beisheim | Germany | 125,176 $ |
| Spain | 148,060 $ | |
| IE Business School | Spain | 153,547 $ |
Master's Program Preparation - Pre-MBA
High standards of education, the complexity of the program make it difficult to enroll in it. Students have to simultaneously learn in a new environment, study in English, learn a large amount of new information. To better prepare for admission, schools open Pre-MBA courses: they are opened by both business schools and educational centers, and education there increases the percentage of admission and guarantees a more successful adaptation to the educational process. Education in preparatory programs requires time and money, therefore, for example, for experienced managers or commercial workers in international companies, additional education will not be necessary.
MBA in the USA
- Requirements for applicants: GMAT, TOEFL, GPA > 2.75, work experience, recommendations, motivation letter, CV
- Average MBA course: 2 years
- Tuition: 40,000 $ -200,000 $.
It was in America that the very concept of the Master of Business Administration appeared as a special academic degree for those who have experience in the commercial field, underwent education from experienced specialists and built up business ties in their field. Education of specialists in this field began at the beginning of the twentieth century, and today in the country there are more than 400 educational institutions that accept future Masters of Business Management for education. The quality and prestige of these programs are high, the cost of studying at the master's business courses in the USA is also one of the most expensive in the world (they cost more than other second-degree programs), but it is they who open the doors of American companies, teach to think in the way that is customary in business Western world. The most inexpensive programs are offered by state universities - less than 20,000 $ per year. The TOP-10 business schools in the USA are part of the country's prestigious universities - Princeton, Yale, Stanford, MIT, Columbia University - and tuition here costs up to 100,000 $ per year. But there is good news - most universities in the country offer scholarships to cover the cost of education. The size of the scholarship varies from 10% to 80%.
MBA in the UK
- Requirements for applicants: GMAT, IELTS / TOEFL, work experience, CV
- Average course duration: 12-18 months
- Tuition: 27,000 £ - 57,000 £.
English business schools are recognized as one of the best in the world along with American ones. They offer education in various areas (entrepreneurship, global business, energy, environment, healthcare strategies), study various aspects of business administration: team building, leadership, influence, impact, application, restart.
MBA in Europe - Germany, Spain
- Requirements for applicants: GMAT, TOEFL, work experience, CV
- Average MBA Course Length: 1 year
- Tuition: 4,000 € - 60,000 €.
Business schools in Europe offer a wide selection of MBA programs, and the cost of education there is much lower than in educational institutions in the United States and Great Britain. The price per semester varies from 1,000 € in public to 15,000 € in private business administration schools. Some of them are the leading schools in their country, others are in the top of the best world educational institutions with a study of business management (INSEAD, Bocconi Business School). The advantages of European schools are accessibility and short term of study (compared with US schools). It is important to choose accredited educational institutions with a good reputation in the international labor market. The requirements for applicants here are also slightly different: not all schools ask for recommendations, GMAT - SMAPSE specialists will clarify all the key points for you.
