A Master of Business administration (MBA) degree can be a valuable career enhancement for people that are already in, or think about switching to, management positions. MBA courses cover various areas of business such as accounting, finance, marketing, and operations. There are various types of MBA programs, including part-time, Executive MBA programs (EMBA), and online programs. EMBA programs are abridged versions of MBA programs tailored to people with work experience.
US News & World Report publishes rankings of the best schools for MBAs (led by Wharton) and EMBAs(Chicago Booth). The cost of very best MBA degrees is $200K, which is steep, but may be a better deal than a $60K degree from an unranked school.
People who already received MBA degrees are certainly very satisfied with the programs they completed. Great majority of them rates the value of the MBA degree as outstanding or excellent, would pursue the degree again knowing what they know now, and would hire alumni from their alma mater.
How do you stack up against students in top schools? Wharton EMBA students have median GMAT score 700, their average age is 35 (with 14% over 40) and have 11 years of work experience.
Of course, first you need to be accepted to an MBA program. All business schools use GMAT to screen applicants. GMAT tests reasoning and writing skills using an adaptive computer program. Tests are administered in test centers around the world. You can take a mini-quiz online to quickly assess your test taking chops. I was disappointed to get 2 out of 8 questions wrong, including a math question 🙂