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.
3. 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)
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.
4. 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.
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.
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.
Visit our Scholarship Page for available scholarship opportunities to study abroad.