Demand for full time MBA programs is again on the rise. In fact, many schools recorded double-digit increases in the number of applicants in 2013. Driving the increase were students applying to more schools and international applicants. As the number of applicants increased, the number of seats available remained essentially the same — driving down acceptance rates. The competition is getting fierce.
Free Ebook: 3 Things Everyone Should Know Before Applying to Business School If you are one of the many thinking about applying to business school, it’s important to have a grasp on why you want to get an MBA, what an MBA can do for you, and what program you want to focus on while in business school. Most schools provide a good grounding in the essentials of management education, as well as have specific areas of focus they are particularly known for. Stanford, at the epicenter of Silicon Valley, is known for entrepreneurship and Wharton has historically been known for supplying the financial industry. You will want to familiarize yourself with these areas of focus and which best fit your needs and your career goals. Here is a breakdown of the most common business school programs:
Entrepreneurship
Entrepreneurship is the process of starting a business or a similar organization. MBA entrepreneurship programs teach students how to build a business from scratch. Students will learn how to build business models, how to secure financing, how to manage employees, and how take an idea from nothing and turn it into a flourishing business.
Schools frequently associated with providing budding entrepreneurs the roadmap to success are: Babson, Stanford, MIT, Harvard and University of California at Berkeley.
Accounting
Accounting is the measurement and processing of financial information. MBA accounting programs help students learn how to measure and communicate the financial processes and activities of an organization. The data gathered in accounting can be used to determine the financial status of a business. Students interested in this area are typically thinking about positions in Corporate or as a Consultant. Schools best know for their accounting programs are: University of Texas, Wharton, University of Illinois, Booth and Ross.
Finance and Economics
Finance deals with how assets and liabilities of an organization are going to be allocated. MBA finance programs teach students about financial instruments and portfolio management, banking, corporate finance and international finance. Schools most noted for their programs include: Wharton, Chicago Booth, NYU Stern, Columbia and MIT.
Marketing
Marketing is the process of communicating the value of a product or a service and anticipating what customers would buy in the future. MBA marketing programs teach students how to measure and predict what customers would buy. The knowledge to create a sound marketing strategy is a must-have skill for any business leader. Schools most noted for Marketing include: Kellogg Northwestern, Wharton, Stanford, Harvard and Booth.
Management
Core Management courses are the foundation of all business degree programs. Management is an organizational approach to coordinating the efforts of various people within an organization in order to best accomplish goals. Proper management involves planning, using resources in an efficient manner, and interpersonal skills. Schools best known in this area are: Harvard, Stanford, Wharton, Ross and Kellogg.
While all of these areas will be touched upon during your time at business school, it’s important that you know what you want to focus on during the mba application process. Top-ranked business schools look for students who have shown a clear interest in one of the aforementioned programs through their resume and experiences.
For more about how you can benefit from an MBA and which business school to choose, talk to one of our InGenius Prep business school admissions experts.