What are the Prerequisites for an MBA in Finance?

Knowing what the prerequisites for an MBA (Master of Business Administration) in Finance are prior to applying is very important. It can make a difference in not only how successful the individual is in the program, but if the applicant is accepted into the MBA program. MBA programs tend to be very competitive programs, so it’s important that applicants be well aware of what is required. Here are some typical requirements for for the MBA in Finance program.

Requirements Vary

When researching and choosing an MBA school, one of the first things a student will find is that prerequisite requirements can vary a lot from one school to another. Competition is going to play a big role in what requirements a student will have to meet before applying. Generally, the better the business school, the more competitive are their admission’s policies. Students who choose less competitive programs are advised to be sure the school is highly ranked and accredited. U.S. News & World Report states it’s a good idea to look at schools where many of their alumni are working in the finance industry.

Undergraduate Degree

One of the very first, and probably the most important, prerequisites for an MBA in Finance is proof that the student successfully completed a bachelor’s degree program from an accredited school. Students who possess the bachelor’s degree must also be proficient in English. Although a degree in finance or a related field would be beneficial, it does not have to be in those areas as long as it’s a baccalaureate degree. Finance schools also like to see that a student had good math scores as an undergraduate.

Grades and Admissions Exam

Schools like to see that their applicants had good grades as undergraduate students. While grades do not tell the whole story, they do help to understand the level of attention and effort students put into their coursework. Applicants to an MBA program may also need to take a college entrance exam. Many students choose to take the Graduate Record Examination (GRE) because they can take their time taking the test, correct answers they know were wrong, and pick and choose which parts of the test to send to graduate schools. Students who use their GRE scores may not be required to take the Graduate Management Admissions Test (GMAT). The GMAT does hold a lot of weight with good graduate schools, so many applicants choose to take this test. If the student wasn’t completely happy with his or her previous math scores, the GMAT is a good way to improve on the scores.

Work Experience

Applicants to an MBA program should not underestimate the importance of having some work experience in the area of finance and business. Most graduate programs require at least two years of on-the-job experience working in a finance-based job as a requirement for admission to a finance MBA program. The experience may also have been as an intern in a finance or business field or volunteer work. Many undergraduate students work as they’re earning their bachelor’s degree. This provides them with income while helping fulfill the work experience requirements for a graduate degree.

Students who are already to the point of knowing they want to earn an MBA in Finance have probably mapped out their careers for a while. They typically know what they want to do in life, and are ready to take the final step. Fully understanding and meeting the prerequisites for the MBA in Finance can increase their chances for success.