Considering

an MBA?
Your Guide to Preparing for Business School
Contents

3 What Is an MBA
Program?
Hundreds of thousands of individuals enroll in master of business administration (MBA)
5 What Do You Learn in programs annually, and for good reason. The complementary nature of the broad
Business School? and specific topics they cover grants graduates a deep understanding of business’s
intricacies and the skills needed to lead across departments and industries.
9 Why Pursue an MBA? If you’re interested in developing your business skills, the question of whether to pursue
an MBA has likely crossed your mind.
15 Is an MBA Right for You? An MBA is an investment of time and money, so the decision shouldn’t be made lightly.
This guide will provide the knowledge and tools to decide whether an MBA is right for
19 How to Prepare for an you, how it could impact your career, and how to prepare for business school.
MBA
What Is an
MBA Program?
Before diving into specifics, here’s an overview of an MBA
program’s typical structure.
 A master of business administration (MBA) is a graduate
degree program designed to equip students with the
knowledge and skills to succeed in business. Harvard
Business School established the world’s first MBA in 1908.
A full-time MBA program takes two years to complete.
Typically—as is the case at HBS—the first academic year
focuses on developing technical skills and the big-picture
perspective business leaders need. The summer is spent
working, interning, or launching a business before the second
academic year, when students take more specific, advanced
courses to hone their skills and expertise.
Research specific programs that interest you, as their
structures may differ. You’ll learn more about your options
later in this guide.
Vai Schierholtz, director of marketing for MBA Admissions at
HBS, comments on the MBA experience.
“A full-time MBA really gives you two years to reflect on what
you want to do professionally,” Schierholtz says. “I don’t
think there are many other educational opportunities where
you can sit down in a classroom of people from all over the
world and different backgrounds and get exposed to different
industries, career opportunities, and points of view.”

With an overview of the basics under your belt,

continue to the next section to learn about the skills
you can gain in an MBA program.

What Is an MBA Program? 4

What Do You
Learn in Business
School?
If you’re considering earning an MBA, you must be confident the skills you’ll
gain will help you reach your career goals. Here are five types of skills you can
learn in an MBA program.
1. Technical Skills
PREPARATION INSPIRATION
Technical (or “hard”) skills relate to the practical
knowledge business professionals and leaders require Get Back into the Student Mindset
to execute daily tasks.
If you’re considering getting an MBA after being in the
Technical skills include: workforce, readjusting to a student mindset can take
time and effort.
• Creating and analyzing financial statements One way to readjust is by taking an online business
• Using ratios and formulas to understand a course before beginning your MBA program. You can
business’s financial health gain foundational business skills and get back into the
routine of absorbing new information, collaborating
• Crafting marketing strategies based on key with peers, and managing your time to complete
performance indicators and research
coursework by deadlines. This can provide a taste of
• Understanding supply chain management and whether business school is right for you.
how to streamline processes to create value

“
• Assessing international opportunities and threats
based on macroeconomic trends and calculations
• Gathering, processing, and analyzing data using
HBS Online’s courses are great
statistics to drive business decisions for people considering an advanced
business degree to test the waters
You typically gain these skills in your first year of business
school, although you may learn more advanced ones
and give a boost to their resume by
in your second year. Honing them will help you provide showing that they’ve taken courses
value to your organization and grow your career. in business and done well in them.”
– Patrick Mullane, executive director of HBS Online and Executive
Education, in a recorded webinar.

What Do You Learn in Business School? 6

2. Leadership and 3. Entrepreneurial Skills
Management Skills Because an MBA program provides an in-depth
understanding of business’s many facets, it’s a great choice
In addition to technical skills, MBA programs prioritize
for building the skills needed to become a successful
teaching leadership and management skills to empower you
entrepreneur.
to become a successful leader.
From learning to identify market opportunities to navigating
These skills include:
investor relations to building and leading a team—you can
• Emotional intelligence: Understand and manage your gain skills for every stage of your entrepreneurial journey.
emotions, and recognize and influence those of others. picture perspective, data analysis skills, and strong
• Strong communication: Clearly and effectively communication are all needed to formulate, validate, and
communicate your vision, goals, and action items to align execute strategy successfully.
your team.
• Empowering others: Empower your employees to
harness their strengths and perform at their best.
• Self-awareness: Become aware of your leadership style
so you can cultivate and develop it over time.
• Financial literacy: Learn to make data-driven decisions
that directly impact your company’s bottom line.
• Resilience: Be agile, flexible, and resilient in the face of
change and tumult—and guide your team to adopt those
qualities.
You’ll develop many of these skills throughout business
school as you encounter new challenges and refine your
mindset and leadership style.

What Do You Learn in Business School? 7

4. Strategic Thinking Skills
Another skill you’ll develop is strategic thinking. Crafting business strategy requires
understanding pricing structure, value creation, and market and macroeconomic
trends—competencies you can gain in business school.
A big-picture perspective, data analysis skills, and strong communication are all
“ We aim for students
to think about complex,
integrated problems that
needed to formulate, validate, and execute strategy successfully. rely on many different
perspectives to solve.”
5. Integrative Problem-Solving Skills – Vai Schierholtz, director of marketing for MBA
Admissions at Harvard Business School
One of the most critical skills you can gain in business school is integrative
problem-solving—the ability to consider multiple perspectives and stakeholders
when solving problems.
You’ll learn about each facet of a functioning business and gain new perspectives
from professors and classmates. The host of new skills you can gain
isn’t the only reason to pursue an
“You may enter an MBA program with one siloed level of expertise—for instance,
MBA. The next section will outline
finance or marketing—but an MBA introduces you to all the other industries and
the demand for MBA graduates
functions within a team,” Schierholtz says. “As a future business leader, you need
in the workplace and more of the
to integrate all those teams together and make decisions across the spectrum, not
degree’s benefits.
in the silo. That’s a huge piece of the MBA.”

What Do You Learn in Business School? 8

Why Pursue
an MBA?
Because an MBA requires time, energy, and money, it’s crucial to weigh your
investment against the degree’s market demand and measurable benefits.
Here’s a breakdown of each to aid in your decision.
Demand for an MBA
The skills you gain in business school can set you up for BUSINESS INSIGHT
success—and organizations recognize the value of hiring An MBA’s Return on Investment
MBA graduates.
When deciding whether to pursue an MBA, several
According to a Statista report, 97 percent of surveyed questions come to mind. Most boil down to: Is it worth it?
companies hired MBA graduates in 2021, up from 80
percent in 2020 and 50 percent in 2009. The answer is different for everyone. Yet if the benefits
and skills you can gain align with your career goals, it’s
The employment rates of 2022 business school graduates likely you’ll see a return on your investment in terms of:
reflect the demand: 86 percent were employed at the
time of graduation, according to a report by the Graduate
Management Admission Council (GMAC). 1 Career trajectory
The same GMAC report also shows an increase in how The complex problem-solving skills and global
graduates rank the degree’s value. In 2022, 85 percent perspective you can acquire are highly valued in
of full-time MBA students reported their program’s value leaders and could accelerate your career.
as “good to outstanding,” up from 82 percent in 2021. 2 Earning potential
Additionally, the majority of 2022 business school graduates With new skills come new responsibilities, which
who used their degrees to change careers were successful. can lead to increased compensation.
The market demand for MBAs is rising, along with 3 Connections
professionals’ desire to reach their career goals. Graduate The connections you make with fellow
degrees are an investment, and deciding to pursue one is no classmates, faculty, and alumni can add value to
small decision. Here are six ways earning an MBA can benefit your personal and professional life.
you and your career.

Why Pursue an MBA? 10

 6 Benefits of Earning an MBA

1. Job Prospect Expansion 2. Increased Salary Potential

One benefit of earning your MBA is expanding your job In addition to improving your job prospects, getting an MBA
prospects. You’ll not only gain skills that make you qualified can increase your earning potential.
for new roles and responsibilities, but many companies
According to the Bureau of Labor Statistics, the average
specifically look for the degree on resumes—which could set
salary for master’s degree holders in 2021 was $81,848.
you apart from other applicants.
The median base salary for HBS graduates that year was
In a GMAC survey, 92 percent of corporate recruiters said $150,000. Earning an MBA doesn’t guarantee a specific
they expect to hire newly minted MBAs, as did 95 percent of salary, but it can increase your earning potential.
staffing firms. Additionally, 87 percent of corporate recruiters
Schierholtz encourages you to think about an MBA’s
said they were confident or highly confident in business
long-term value when considering the financial return on
schools’ ability to prepare individuals to succeed in their
investment.
organizations.
“There’s a cost for you to go to business school, but the
return on investment from a purely financial standpoint is
compelling,” Schierholtz says. “Especially when you factor
in long-term career prospects, like earning potential
and the ability to make an impact in an industry that’s
important to you, business school is a fantastic choice.”

Why Pursue an MBA? 11

3. Real-World Practice Solving 4. Empathy and a Global Mindset
Business Challenges Another benefit of earning an MBA is developing empathy
and a global mindset. Most MBA programs strive to accept
After graduating from business school, you’ll need to
a diverse pool of students from various countries. Working,
navigate complex challenges at work. An MBA provides real-
sharing ideas, and bonding with people from different
world practice, so you know how to think strategically when
backgrounds can strengthen your ability to consider others’
issues and opportunities arise.
viewpoints and emotions—a critical leadership skill.
At HBS, this skill is taught using the case method, a learning
A survey by workplace inclusion nonprofit Catalyst found that
model in which students are presented with real-world
empathetic leadership and management yield innovation,
business problems and asked how they would solve them.
engagement, and decreased burnout, resulting in employees
After analyzing the problems, working through them
feeling respected and valued. An MBA can equip you with the
individually, and discussing them as a class, students are told
mindset to be an empathetic leader and set your team up for
how the real scenarios played out.
success.
This method allows students to problem-solve creatively
“Because of the global context and curriculum you’ll be
and collaboratively with peers, engage with imperfect
exposed to—from international classmates to cases about
data and complex scenarios, and learn from the business
global companies—you’re going to develop the empathy and
professionals who navigated those challenges.
interpersonal skills that will be essential in your future career
Over HBS’s two-year program, MBA students read, analyze, when you’re managing teams,” Schierholtz says.
and discuss about 500 cases, taking away lessons they’ll use
Not only is this skill useful for managing teams but also for
throughout their careers.
thinking about business internationally. Your classmates may
share what business is like in their home countries, providing
a new outlook you can use when planning global strategies.

Why Pursue an MBA? 12

5. Lifelong Friendships and an 6. Time to Reflect
Extensive Alumni Network You’ll not only leave an MBA program with the skills to
advance your career but also with a heightened sense of the
“Something people may not consider about business school
impact you want to make on society—and the tools to make it
is that it’s two years to make new friends from incredible
happen.
places around the world,” Schierholtz says.
“You get two years to reflect on what impact you want to
Many MBA programs frontload required curriculum into the
make on the world,” Schierholtz says. “Because you’re
first year, so you consistently take courses with the same
exposed to so many ideas and people from different
group of students, often called a “section.” Because you’re
backgrounds, you leave the program feeling like you have a
in classes together and collaborating on group assignments,
more developed sense of who you are, what’s important to
you’ll likely get to know your section mates well.
you, and what you want to prioritize in the future.”
“Some of my best friends in life now are from my time at
Through reflection, you might decide to start your own
business school,” Schierholtz continues. “Business school
business or foundation to address an issue you care about,
is a transformative experience. Any time you go through a
or maybe you’ll uncover what a fulfilling career path means
transformative experience with others, it creates bonds that
to you.
will last a long time. I think that’s one of those returns on
investment that you can’t really value.”
In addition to your section, you can build connections within
your school’s alumni network. HBS, for instance, has 89,000
alumni worldwide, spanning 173 countries and countless
roles and industries. Once you’ve graduated, take advantage
of your school’s alumni events to meet and reconnect with
fellow graduates. Doing so can lead to future opportunities
and friendships.

Why Pursue an MBA? 13

 PREPARATION INSPIRATION
Enter with an Open Mind
While you should be clear on your goals when entering business school,
Schierholtz recommends entering with an open mind.
“People often come to business school with the hypothesis that they
want to work in a specific industry,” Schierholtz says. “Then, they
learn something in business school—whether it’s through academics,
classmates, or professors—and they set a new path for their career.”
He reflects on his personal experience:
“For me, it was that I wanted to work finance, which I did,” Schierholtz
says. “But there was something about higher education and bringing
people together that was really interesting to me, and that ultimately
drove me to come back to Harvard Business School. Once I had the
opportunity to see it and be part of this community, my career priorities Now that you’re familiar with
changed.” the skills and benefits you can
gain from earning an MBA, how
To avoid boxing yourself into one niche, lead with curiosity. Ask others do you determine whether it’s
about their experiences and learn about facets of business you haven’t right for you? The next section
explored yet. Use your MBA experience to expand your interests rather will take you through four steps
than limit yourself to your original goals. to find out.

Why Pursue an MBA? 14

Is an MBA
Right for You?
4 STEPS TO DECIDE
One way to approach a big decision is by breaking it down into manageable
questions. Each step in this section prompts you to consider your options
and use the answers to influence your decision. Follow along by writing your
responses separately.

Is an MBA Right for You? 15

 STEP 1 STEP 2
Consider Your Personal Circumstances Determine Your Professional Goals

When asked what advice he’d give, Schierholtz suggests Next, consider your professional goals and how an MBA can
beginning with personal circumstances. “I usually impact your career. You’ll need to either take two years off
recommend people start by asking themselves: ‘Does from work or balance it with your course load, so it’s vital to
business school make sense from a family, financial, and determine how the degree can benefit you before enrolling in
career perspective?’” business school.

Questions to ask include: Questions to ask include:

What’s my budget for a degree program? What’s my current business skill set?

Can my employer cover some or all of my tuition? Why do I want to pursue an MBA?

What’s my current family situation? How does it Am I happy in my current job and industry?
impact my availability to take an in-person, full-time
MBA program? Where would I like to be in my career long term?

Where am I located? What means of transportation Will the skills I gain help me reach my goals?
do I have access to?

Is this the right time in my life and career to pursue

“Professionally, I’d recommend thinking about where you
an MBA?
might want to be five, 10, or 15 years from now and whether
an MBA will help you reach those goals,” Schierholtz says. “If
“It has to work for your personal situation and professional your goal is to be a business leader making decisions across an
goals,” Schierholtz says. “From a geographic standpoint, organization, then an MBA would make a lot of sense for you.”
where do you want to be for two years? If you have a family, is
this the right move for them, too? It’s important to think about
the bigger picture and approach it from a perspective that
matters most to you.”

Is an MBA Right for You? 16

 STEP 3
Explore Your Options

You have several options for pursuing an MBA; some may fit your needs better than others.

Questions to consider include:

Is another graduate degree program a better fit? Should I do an in-person, an online, or a blended
program?
An MBA program’s key strength is its broad scope, which
prepares you to lead across departments and industries. You can take an MBA program on campus, online, or as
If you aren’t interested in an MBA’s bigger picture a hybrid of the two. Consider your needs and logistical
applications, a degree in the field you want to specialize requirements by answering several questions: Do you
in—for instance, a master of finance—could align more prefer to learn in person? Do you have transportation to
closely with your goals. campus? If not, do you have a quiet space to attend class
virtually?
Should I do a full- or part-time program?
What are my options regarding financial aid and
If taking two years off from work isn’t feasible, consider employer benefits?
applying for a part-time program. While a traditional MBA
is two years, a part-time program is three on average. If money is a concern, explore the financial aid options at
the schools you’re applying to. HBS, for instance, offers
If you’re further along in your career and want to earn an need-based scholarships to roughly 50 percent of its
MBA while working, explore an executive MBA (EMBA). students. If you’re considering getting your MBA or EMBA
EMBA programs typically take two years to complete and part time while working, explore your employer’s options
have rigorous class schedules that include nights and for funding professional development.
weekends.

Is an MBA Right for You? 17

 STEP 4
BUSINESS INSIGHT Assess the Full Picture
How to Ask Your Employer to Pay for Your
Education
Once you’ve considered your personal circumstances,
1 Do your homework: Does your company have professional goals, and educational options, it’s time to
an education assistance program? If so, follow decide your course of action.
the procedures in place. If not, explore the
options below.
Questions to ask during this final stage include:
2 State career development as your priority:
Let your manager know career growth is Why do I want to pursue an MBA?
important to you and discuss the skills you What type of MBA program best suits my needs?
need to develop.
Do the benefits outweigh my investment?
3 Research programs: Identify educational
opportunities that will help you build business
skills, such as an MBA or online certificate Ultimately, you decide whether an MBA will fit your lifestyle
program. and help you achieve your goals. With a little introspection
4 Create a pitch: Craft a pitch for your manager and a host of options, you can make the best choice for you.
about why the program you selected is the
best fit, how your education will positively
impact the company, and why tuition
assistance will enable you to reach personal
and organizational goals. Feeling like you’re not ready shouldn’t keep you
from pursuing an MBA. The next section will provide
Investing in yourself and your career can pay dividends tips to prepare for business school so you can make
for you and your employer. By approaching it with a an informed decision and get the most out of your
plan, you’re more likely to gain a positive outcome. program.

Is an MBA Right for You? 18

How to Prepare
for an MBA
Many uncontrollable factors can influence your decision to pursue an MBA. Luckily,
your preparedness isn’t one of them. Use the following five strategies to feel equipped
to pursue an MBA.

How to Prepare for an MBA 19

1. Consume Business Content
An MBA program requires reading and discussing hundreds of business cases; you’ll
need to form and defend your opinions in real time.
One of the simplest ways to prepare is by consuming business content, such as podcasts,
articles, and books. Doing so can help you get familiar with business’s language, current
events, and trends and gain the confidence to have intelligent discussions in the
classroom. “HBS Online’s Credential of Readiness
(CORe) program is what confirmed, for
me, that I wanted to pursue an MBA. I
was worried about being able to prove
2. Network with Students and Alumni to an admissions committee that I
had what it took from a quantitative
Learn from those who’ve come before you. Current and former MBA students can provide perspective, but HBS Online gave me
perspective on what they wish they knew before embarking on their MBAs. Talk to friends another data point on my resume to
who’ve gone to business school, and reach out to those who are enrolled or recently prove it wasn’t going to be an obstacle
graduated from your program of choice. Some schools’ admissions teams arrange for for me.”
campus visits and provide introductions, opening doors to new connections.
Malachi Koop
CORe Participant

How to Prepare for an MBA 20

3. Prepare Your Application Materials 4. Practice for Interviews
Next, prepare your application’s components. Starting this In most MBA admissions processes, select candidates
step well in advance of deadlines can help you avoid feeling are invited for interviews after all applications have been
overwhelmed. Application materials vary by school and reviewed.
program, so research the requirements for each. Common
To prepare for this step, practice answering common
ones include:
interview questions, such as:
• A resume that includes your educational and
• Why are you applying for your MBA? Why now?
professional background
• What drew you to this school?
• Graduate Management Admission Test (GMAT) or
Graduate Record Examination (GRE) scores • What are your short- and long-term career goals?
• Transcripts • What do you consider your strengths and weaknesses?
• Personal essays Luckily, you’ve already reflected on several of these
• Letters of recommendation questions to decide whether an MBA is right for you. During
interviews, you’ll likely also be asked to describe your current
or previous jobs, as well as specific scenarios that give the
interviewer a window into your mindset and behavior. For
instance:
• Describe a time you led a team through a challenge.
• Describe a time you made a mistake at work. How did you
handle it?
• Describe how you’ve handled disagreements within your
team.
Writing your answers down can help determine how you’ll
answer these questions during the real interview. Verbal
practice can also boost your confidence.

How to Prepare for an MBA 21

5. Take a Business Essentials Program
Finally, taking a business essentials program can be an effective way to gain or
refresh foundational business skills. Not only can this bolster your resume but also
help you get back into the mindset and rhythm of academic rigor.
One such program is HBS Online’s Credential of Readiness (CORe) program.
“From a purely academic standpoint, I wish I’d done more preparation before “CORe enabled me to pass MBA
courses in economics, statistics, and
business school,” Schierholtz says of his own MBA experience. “Taking something
accounting quickly and easily. Since
like HBS Online’s CORe program that exposes you to foundational business
the MBA program was competency-
fundamentals will pay dividends when you actually get in the classroom.” based, I was able to complete the
two-year program in just six months.”
Sheneka Balogun
CORe Participant

How to Prepare for an MBA 22

HBS Online’s Credential of Readiness (CORe) Program
CORe consists of three online courses and concludes with a final exam. When successfully completed, you’ll earn your
Credential of Readiness.

usiness Analytics
B
Economics for Managers
inancial Accounting
F
Professor Jan Hammond Professor Bharat Anand Professor V.G. Narayanan

Beginning with basic descriptive statistics
Explore how businesses approach pricing
Learn key accounting concepts and principles
and progressing to regression analysis, you’ll strategy, evaluate market demand, and to illuminate financial statements and unlock
implement analytical techniques in Microsoft differentiate their offerings, and how you can critical insights into business performance
Excel and apply fundamental quantitative apply those learnings to drive critical decisions and potential. Explore how managers, Wall
methods to real business problems. and successfully compete in various business Street analysts, and entrepreneurs leverage
environments. accounting to drive strategic decision-making.

CORe can be taken on a 10- or 17-week schedule, and learners may have the option to earn academic credit.
Download a free flowchart to determine which version of CORe is right for you.

How to Prepare for an MBA 23

 You’ve now learned about the benefits of an MBA, identified your goals, and considered your options. You’re
equipped with the information to make an informed, purposeful decision about whether an MBA is right for you.
If you’ve determined pursuing an MBA program is part of your career journey, you know how to prepare for it, make
the most of your experience, and advance your career. All that’s left is to take the leap.

How to Prepare for an MBA 24

To learn more about what HBS Online
can do for you, visit online.hbs.edu.