Getting an MBA is a great way to excel in your career. It offers opportunities to enhance leadership skills, expand your professional networks, and increase your earning potential. An MBA can also make it easier to pivot industries, accelerate your current career path, or start your own business. Many top programs, including M7 schools, the seven most prestigious business schools in the United States, such as Harvard, Stanford, and Wharton, are known for their strong networks and career impact, but there are excellent options beyond these as well. Gaining admission to an MBA program requires careful planning and preparation. Below is a breakdown of what you must do to prepare for and successfully apply to an MBA program.
To start,let’s go back a step. To qualify for an MBA program, you should have an undergraduate degree. Your undergraduate degree does not need to be in business; many MBA programs recruit from diverse fields.
If you studied a non-business-related subject, you might have to demonstrate certain skills before getting accepted into an MBA program. Certain schools will require accounting, statistics, and finance courses, while others will look for relevant experience.
Many programs will require a bachelor’s degree and a GPA of 3.0 or higher. However, a lower GPA does not necessarily dim your chances (though a higher one will strengthen them; M7 school applicants typically have GPAs of 3.7 or higher). With a good GMAT or GRE score, or work experience that shows evidence of leadership skills, you can boost your chances of acceptance even with a lower GPA.
While there are applicants who enter an MBA program with limited job experience, MBA programs prefer their applicants to have two to three years in the workforce. You’d especially stand out with evidence of leadership, teamwork, or discipline.
Highlighting your project management, leadership, and communication skills, whether in the workforce or through extracurricular activities and volunteering, will heighten your chances of acceptance to an MBA program.
After you finish your bachelor’s degree, before completing further requirements you must learn what different programs offer and determine which programs are right for you.
Is flexibility, the ability to take courses online, or a hybrid program important to you? Would you benefit from working while completing your MBA program? Or are you more interested in networking and attending the on-campus classes? Are you looking to complete your program at an accelerated rate, or are you committed to completing a standard two-year advanced degree? Would you like to attend an M7 school? Would you like to specialize in a specific field? Would you require financial aid? Do you need to sit for a GMAT or GRE test to qualify as an applicant? These are a few questions you can ask yourself to narrow your search.
In many programs, you have to choose an emphasis, such as finance, marketing, real estate, or economics. By choosing an emphasis, you can determine what prerequisite courses you would need to complete before applying to your chosen programs.
It is good to know what testing your program requires, although many schools will grant waivers under certain conditions. All M7 programs will require test scores from the GMAT or its equivalent, the GRE.
The GMAT is a 64-question test that takes 2 hours and 15 minutes to complete and costs between $250 and $310. M7 schools require a score of 725 or above on the 205 to 805 scale. The average GMAT score was 654 in 2023.
The GRE is a test with 82 questions (plus 2 essays), taken in 1 hour and 58 minutes, and costs $220–$255. Top programs typically look for a GRE score of 325 or higher on the 260 to 340 scale; the average GRE score in 2023 was around 299.
If you are choosing an online MBA program, you might not need to take the GMAT or GRE to qualify, but your chances will significantly increase if you do take it.
Once you have decided which school interests you and what prerequisites you must complete, you are ready to move to the application process. You will need to give yourself ample time to make sure you’ll be submitting submit a high-quality application. Give yourself a year to research programs, prepare for the GMAT or GRE, find appropriate professionals to write your letters of recommendation, find funding sources to cover costs, and complete the essay requirements.
Many programs require letters of recommendation. These could be from past professors or professional contacts. It is crucial to choose recommenders who can speak to your leadership skills, teamwork, and discipline.
Take into consideration the deadlines and specific requirements. Does your program require official transcripts to be delivered before application deadlines, or could they be submitted upon acceptance?
You will likely need to write a personal essay and submit your resume. Your essay is a good time to highlight how your experiences have added to your professional and overall growth. It’s a good place to share the lessons you have learned and the challenges you have encountered. This can help your essay stand out.
Applying to an MBA program typically involves a nonrefundable application fee that varies by institution. Here’s a summary of application fees for several top business schools:
| Business school | Application fee |
|---|---|
| Stanford Graduate School of Business | $275 |
| Wharton School (University of Pennsylvania) | $275 |
| Harvard Business School | $250 |
| MIT Sloan School of Management | $250 |
| Kellogg School of Management (Northwestern University) | $250 |
| Yale School of Management | $250 |
| University of Chicago Booth School of Business | $250 |
| NYU Stern School of Business | $250 |
| Haas School of Business (University of California–Berkeley) | $200 |
Note that application fees are subject to change. Before applying, verify the current fee on the respective school’s official admissions page.
Many schools offer application fee waivers for eligible candidates, such as U.S. military personnel, veterans, or individuals demonstrating financial need. For example, Wharton provides fee waivers for U.S. military active-duty or veteran applicants. Similarly, Stanford GSB offers automatic fee waivers for applicants from Latin America earning less than $40,000 per year.
As part of the MBA program application process, you will undergo series of interviews. These are often behavioral interviews where you’ll discuss your work experience, leadership skills, and career goals. Some schools conduct them in person, while others offer virtual options. It’s a good idea to prepare by practicing common MBA interview questions and being ready to highlight your strengths.
MBA programs can be a significant investment, but options exist to help manage the costs. Many schools offer scholarships based on merit, need, or specific backgrounds. Employer sponsorships and student loans are also common ways to finance your degree. If the scholarship requires a separate application, be prepared to submit essays, recommendation letters, or financial statements. Some scholarships have priority deadlines, so be sure to apply early.
As you plan for the financial aspect of your MBA, don’t forget to factor in housing. If you’re moving to a new city for your studies, exploring off-campus housing in the US or student housing in the US can help you find affordable living options close to your school, offering flexibility and a chance to balance your academic and personal life.
Attending these will connect you with admissions teams and current students if possible. Some schools track demonstrated interest, and engaging with them early can give you insights into their culture and expectations.
Getting into an MBA program takes planning, effort, and strategy. Every step counts, from earning your undergrad degree and gaining work experience to researching schools, prepping for exams, and compiling a solid application. Strong letters of recommendation, a compelling essay, and a well-thought-out application can make all the difference. Being well-prepared not only strengthens your candidacy but also increases your chances of getting into a top program that aligns with your goals
It’s a big commitment, but an MBA can open doors to new opportunities, leadership roles, and a stronger professional network. Take your time, do your research, and put your best foot forward. Your future self will thank you!
