Frequently Asked Questions About Business School

Answers to Your Business School Questions

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What Is Business School?

A business school is a university-level academic institution that offers business education programs. These programs may result in a certificate, diploma, or degree. When people talk about business school, they are usually referring to a graduate-level institution that awards master's and doctorate degrees. You can think of it like medical school - but for business professionals.

However, there are some business schools that award bachelor's degrees and certificates to undergraduate-level students.

What Do People Study in Business School?

Although some people study general business when they attend business school, a lot of individuals choose to specialize in a particular area of business, such as economics, finance, accounting, marketing, human resources, management, or a related field.

Who Attends Business School?

Some individuals enroll in a bachelor's business program right out of high school. The prerequisite for these programs is usually a high school diploma or the equivalent (such as a GED). Individuals who attend a graduate-level business school program may do so immediately after earning a bachelor's degree. However, most students try to get some work experience in between a bachelor's program and a master's program. At some schools, work experience is a requirement for admission.

For example, some schools require at least 3-5 years of work experience.

At many top business schools, the average age of incoming Master of Business Administration (MBA) students is 27-28 years old. However, it is not uncommon for individuals in their 30s to attend an MBA program. This is especially true of students who enroll in an executive MBA or executive education program, which is a specialized MBA program that caters to working managers and executives.

 

Regardless of age, most of the individuals who enroll in business school do so to advance in their current field, move to a different field, earn a higher salary, become more marketable as an employee, or learn the required skills to open their own business.  

How Long Does a Business School Program Last?

The length of a business school program depends on the type of degree you are earning, your level of study, and the school. Most bachelor's degrees can be earned in three to four years of full-time study. A master's degree program usually takes two years to complete. A traditional MBA program also takes two years of full-time study to complete. However, one-year MBA programs are becoming increasingly common and can usually be completed in 11-12 months.

How Much Does Business School Cost?

Business school tuition can really vary from school to school. Some schools charge as little as $10,000, while others charge more than $120,000 for graduate level programs. On average, public schools tend to have lower tuition, while private schools tend to have higher tuition. It is also important to remember that fees and tuition can be reduced at any business school with financial aid, including grants and scholarships.

How Can I Get a Business School Scholarship?

Business school scholarships are available for both undergraduate and graduate students. It is often easier to find financial aid at the undergraduate level, particularly if you're hoping to get federal government grants that do not need to be paid back. However, graduate level students, such as MBA students, can get financial aid in the form of scholarships and fellowships from professional associations, such as the National Black MBA Association, or direct from business schools. You should begin looking for scholarships as soon as you know that you will be applying to business school.

Will My Employer Assist With Tuition?

There are many employers who offer tuition assistance programs to employees who want to attend business school or another type of education program.

Tuition assistance is usually provided in the form of tuition reimbursement, which means that you pay for the costs of the education program and then get reimbursed later on by your employer.

Tuition reimbursement and assistance programs can vary from company to company. For example, some companies may require you to work for them for a specific amount of time before they will assist with tuition. Others may ask you to stay employed with the company for a certain amount of time after you earn your degree. Some employers also have policies regarding grades. For example, you may have to maintain a minimum grade point average while you are enrolled in the program to qualify for assistance or reimbursement.

Can I Get a Loan to Pay For Business School?

Many students get student loans to pay for business school. At the undergraduate level, your best option is a federal student loan, which is a special loan funded by the federal government. These loans typically have benefits like lower interest rates and income-related payment plans.

At the graduate level, many individuals use private loans to fund their business school education. Private student loans are non-government loans that can be obtained from banks, credit unions, and other financial institutions.

One final option is a peer-to-peer loan, which is a specialized loan in which an individual loans you money so that you do not have to go through a bank or traditional lender. These loans are typically made through online transactions with the help of a lending intermediary, which collects fees from borrowers and loan servicing fees from investors.

How Do I Apply to Business School?

The business school admissions process varies from school to school. Application procedures can also depend on your level of study. For example, at the undergraduate level, you may need to initially apply to the university and then transfer over to the university's business school in your sophomore year. At the graduate-level, you typically apply directly to the business school.

Common admission requirements at both levels include submission of an application, transcripts, essays, resumes, and recommendation letters. Undergraduate students may need to submit ACT or SAT score. Graduate student may need to submit GMAT or GRE scores. Students who want to attend school in the United States but do not speak English as their first language may also have to submit English language proficiency test scores, such as TOEFL scores.