Tips And Guide

How Can Overseas MBA Application Improve Success Rate

The MBA has always been regarded as a hot year for studying abroad . The number of applicants has increased year by year, and it is needless to say that the competitiveness of applications is even greater. Therefore, in order to maximize the success rate of your application, it is necessary to improve your application background in all aspects.So what kind of background do you need to apply for MBA?

How Can Overseas MBA Application Improve Success Rate

  • Professional Background

Unlike other master’s programs, several years of work experience is a necessary condition for applying for an MBA, and mainstream business schools in the United States generally require applicants to have at least 5 years of work experience. Because the MBA focuses on practical application, two-year full-time MBA programs require students to have an internship. Two years of reading are the most basic. Intensive students can even do four or five internships, if they do not have a certain work experience It is difficult to find internships in large enterprises. Therefore, the applicant’s professional background is an important part of the assessment. An excellent work experience can make the admissions officer look at you.At present, the professional background of applicants is getting stronger and stronger, and major business schools’ inspections of this area are becoming more and more strict. If you find that your work experience is fraudulent, it will involve issues of integrity . Even then, your TOEFL No matter how high your GMAT score is, you must be rejected. This one requires special attention.  
  • Academic Background

First of all, an undergraduate degree certificate is required, and there are no professional restrictions, because any industry needs talents who have both professional knowledge and management skills. The second is the TOEFL score. The mainstream business schools in the United States generally require applicants to have a TOEFL score of not less than 100. Most schools will require an interview. At the same time, it is also to check your English level. Finally, the GMAT. In recent years, the GMAT score of MBA applicants has continued to rise. Applying for a business school in the United States has a threshold of 700 points. To win the offer from a TOP school, 730 is a relatively safe score.
For applicants with several years of work experience, the undergraduate GPA is not a critical assessment part, but it must not be lower than 3.0, which is also the minimum requirement of many business schools.Read More: MBA Application Process and Requirements

  • Economic strength

Studying for an MBA abroad will cost you a lot of savings. Take mainstream American business schools, for example, the tuition and living expenses for a two-year full-time MBA program for one academic year are generally around $ 100,000. Here are two examples. Take a look.

According to estimates made by the North American school website:

Tuition for the first year ranges from $ 59,886 (UCLA) to $ 78,948 (Wharton).

The entire year (including living expenses and other expenses ) ranges from $ 92,190 (Cornell) to $ 118,146 (Stanford)

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Simply multiplying by two, the entire cost is between $ 190,000 and $ 230,000. (1.3 million-1.6 million at 6.9 RMB exchange rate)

Among them, the cost of accommodation is a large item, and the increase in activities and travel will increase the budget, and the estimated cost of the school will sometimes be more.

In addition, tuition fees increase by 5%-10% each year, and living expenses increase by 3% -5%

Double-degree programs are more expensive due to the number of credits. For example, the Kellogg MMM one-year program costs $ 130,000.

European and Hong Kong projects are also expensive:

The French INSEAD is 84,000 euros, and the cost of living is 27,733 euros, for a total of 111,733 euros, equivalent to RMB (exchange rate 7.9) is 880,000.

British LBS £ 78,740 tuition, living expenses unknown, equivalent to RMB (exchange rate 9) 710 000.

Cambridge tuition fees are £ 55,000, living costs are £ 7,000, and other costs are unknown, equivalent to RMB 560,000.

HKUST tuition USD 75,000, totaling USD 102,829, equivalent to RMB 710,000 (Exchange rate 6.9

Of course, the school will provide financial support in the form of awards, bursaries, and student loans to help outstanding applicants complete their MBA studies . This is available at home and abroad, and different professional regulations of each school will not be described in detail.

In addition, there are many places to spend money for preparation and application, such as the fees for applying for TOEFL and GMAT. Many students will take the test multiple times in order to obtain satisfactory results. There are also application fees for various business schools, which usually range from 100 to 300 US dollars. In the meantime, in order to insure everyone, we usually apply for 4 ~ 5 schools, and some students will also apply for TOEFL / GMAT training classes, find overseas study agencies, etc. Adding up one after the other is not a small expense.

  • Psychological preparation

For those who already work, it is not an easy decision to jump out of your comfort zone and invest a lot of time , money and energy into an MBA. Many people’s income has stabilized during this period, and their personal lives are also tied to many factors. Coupled with the domestic public opinion environment, people in the age group of 25 to 35 are obstructed by practical issues such as spouse selection and marriage, and are trapped by the values ​​of quick success. At this time, if you publicly announce that you want to study for an MBA, you may be misunderstood Dismissed. Therefore, if you want to resist the doubts from the outside world and make a rational self-examination, you need a strong heart.

Read Also: List of UK MBA Course Information

Furthermore, it is the issue of return rate. Forbes announced the ranking of the best business schools in the United States in 2017, focusing on comparing the return on investment of various business schools. From the top 20, the average time required for American business schools to obtain returns About 3.9 years. Whether this time cost can be accepted also needs to be carefully considered.

  • Physiological preparation

Needless to say, MBA students are notoriously busy, heavy schoolwork, fast-paced learning process, large and small internships, and sometimes even need to move around. In order to carry on the big study smoothly, full of energy And a healthy body is the cornerstone.