What is an MBA? | Prospects.ac.uk (2024)

Whether you're aiming for a promotion, a higher salary or want to boost your business knowledge - discover if an MBA could be the qualification for you

What does MBA mean?

A Master of Business Administration (MBA) is a prestigious postgraduate qualification that provides an overview of key business practices and is highly valued by top employers.

If you're passionate about business and want to learn more from experienced tutors, an MBA is an ideal next step. Earning this qualification can unlock a higher salary, boost your reputation in the field, and connect you with a network of business contacts.

MBAs are a Masters-level qualification, but universities usually recommend at least three years of practical business experience before applying.

Search for MBA courses.

What types of MBA courses are available?

• General MBA - designed for professionals with three years of business experience. It strengthens your core business knowledge and practical skills, making you a more valuable asset to your company.
• Executive MBA (EMBA) - caters to experienced business leaders seeking to advance their careers. It often comes with a higher price tag but offers part time or weekend study options for busy professionals.
• Specialist MBA - allows you to focus on a specific business area, positioning you as a world-class expert in your chosen field.
• Distance learning/online MBA - choose the fully virtual online MBA or the distance learning option that combines online learning with some in-person components, depending on your learning preferences.
• MBA without work experience - equips you with the fundamental business communication and managerial skills needed for entry-level or middle management roles, even without the usual three-year experience requirement.

Read individual university course descriptions carefully, as programmes can vary.

Get guidance on which MBA you should choose, as well as the best MBA programmes in the UK.

What does an MBA involve?

Programme structures differ depending on the type of course you choose.

Many full-time MBAs involve intensive sessions with breaks throughout the day, while part-time programmes often mirror a Bachelors degree format, with classes typically meeting three times a week in the evenings or weekends.

The specific attendance requirements can change depending on your optional module choices in the programme's second half - but you should expect to dedicate significant time outside of class for group projects and assignments. Effective time management will be crucial to handle your workload.

MBA programmes generally build upon your existing theoretical knowledge by focusing on applied learning and collaborative work. The curriculum often focuses on leadership, strategy, and finance, with simulations that let you hone skills like pitching business proposals to a board.

When should I take an MBA?

Strong candidates for an MBA have a solid academic foundation from their undergraduate studies and at least three years of professional experience. The average age of students on top-ranking MBA courses is typically between 27 and 30. This means you'll be studying alongside fellow business people who can share their insights.

Consider taking an MBA when you feel you're ready to take the next step in your career, whether that means progressing with your current employer or moving elsewhere.

Executive MBAs typically cater to more senior managers, often requiring a minimum of ten years' experience.

How much does it cost?

Full-time MBA programmes can vary significantly in cost, ranging from £8,000 to £120,000 depending on the university. For example, the University of Worcester's full-time MBA costs £9,000, while the full-time MBA at London Business School is £115,000.

Scholarships are available to help with tuition fees. Other funding options include fellowships, grants, or employer tuition assistance.

For more information, explore funding an MBA.

Will an MBA help my career?

An MBA can be a game-changer for your career. Not only can it boost your earning potential and open doors to promotions by expanding your knowledge in a specific business area and gaining a new specialisation.

According to a Graduate Management Admission Council (GMAC) 2023 survey, 91% of employers reported hiring MBA graduates in the past year. This report further highlights that MBAs remain the most sought-after degree among all management degree programmes.

Explore how much MBA graduates earn.

What are the entry requirements?

To be eligible for most MBA programmes, you'll need:

• a minimum of three years professional experience
• a Bachelors degree with a strong upper second-class (2:1) grade or equivalent.

You'll also need to take the GMAT Focus Edition to assess your quantitative, verbal, analytical writing, and problem-solving skills and meet the score requirement for your chosen programme.

Strong academic performance throughout your undergraduate degree can make you eligible for scholarships that can reduce or even eliminate your tuition fees.

Most MBA programmes in the UK are taught in English, and universities typically require an IELTS score of at least 6.0 to 6.5 for admission.

How do I apply for an MBA?

You need to apply online directly to the university. Be sure to prepare all necessary documents in advance, including:

• academic transcripts
• your CV
• two references - one academic and one professional.

Applying early is essential, particularly for competitive programmes, as places can fill up a year in advance. This also gives you time to search for and apply for scholarships or additional funding.

Highlight your commitment in your application by discussing your long-term plans and aspirations explaining why you chose the specific course and university, and how the programme aligns with your goals.

MBA programmes at top universities attract hundreds of highly qualified applicants. A strong GMAT score is important as it demonstrates to the admissions office that you have the academic skills to succeed.

You may also be asked to attend an interview with the academic staff either individually or in group sessions. To make a lasting impression, thoroughly research the university, the programme, and the subject area.

Discover how to answer postgraduate interview questions.

Where can I get more advice?

• Alumni - past students understand the challenges and can offer valuable insights on succeeding in the programme.
• Tutors - can provide advice on whether the course aligns with your goals and suggest alternatives if needed.
• Careers services - these experts are there to guide you. They understand the application process and the courses available and can offer valuable pointers to help you make informed decisions.
• Current students - can provide up-to-date advice on applications, navigating the course, and making the most of your studies. Their insights can be invaluable when deciding if the programme is the right fit for you.
• Business fairs and open days - attend to network with professionals, learn more about specific courses, and discover institutions that align with your goals.
• Employers - understanding the skills and qualifications they seek can help you choose a course that positions you for success in your desired career path.

Find out more

• Decide on which type of MBA to choose.
• Browse through the best MBA programmes in the UK.