Full-Time MBA: 9 Things to Know Before Applying

Pursuing a full-time MBA is a major decision and an even bigger investment. So what do you need to know before you apply?

We spoke with the university ranked sixth in the UK and 34th globally in the QS World University Rankings: Global MBA Rankings 2021 to find out.

Admissions Process and Entry Requirements

When applying to business schools, most full-time MBA programs require a bachelor's degree and proof of several years of professional business experience. If English is not your first language, you will also need to submit admissions test scores (GMAT or GRE) and take the IELTS exam.

If you do not have a bachelor's degree, you can still apply to study an MBA in the UK. Candidates without a degree are welcome as long as they can demonstrate the ability to succeed and have a reasonable GMAT score or a valid GRE score.

Keep in mind that some business schools have multiple application deadlines and divide the admissions cycle into several rounds. Warwick Business School has four application rounds in October, January, March, and July. The school advises MBA applicants to apply early, as it begins receiving highly competitive applications from the start of the academic year.

Interviews

Admission rates vary widely between business schools, but if you are invited to interview, it is a good sign that the school is interested in you as a candidate.

According to Warwick Business School, the interview is not a communication test. It is an opportunity for MBA applicants to strengthen their application with concrete evidence that they are an excellent fit for the program.

Although the interview helps the school decide whether you are right for its MBA, it is also your chance to decide whether the school and program are right for you. Ask questions, give honest answers, and share any concerns you may have.

Program Structure

A full-time MBA is an intensive one-year program, making it ideal if you want to focus fully on study or are going through a major career transition. Most people pursuing a full-time MBA put their careers on hold, so you need to think carefully about whether you are in a position to give up a steady income for the duration of the program.

Costs and Funding

The cost of a full-time one-year MBA can vary significantly. If you want to study in London, tuition will likely be higher. If you look at other cities in the UK, you may find that top-ranked and highly respected MBA programs are more affordable. For example, Warwick Business School's 12-month program costs £43,950.

Do your research and look into the funding and financial support available, such as scholarships, grants, and bursaries. In some cases, your employer may sponsor your MBA, but you will need to show that it will also benefit them.

Warwick Business School recommends that MBA applicants apply early, as this can improve their chances of receiving a school scholarship.

Curriculum

It is important to know what you want to get out of an MBA.

Does the MBA program you are considering offer core modules and electives that align with your values, strengths, and long-term career goals?

Do you want an MBA that offers experiential learning? Experiential learning is a unique opportunity to complement classroom teaching, bridge the gap between theory and practice, and bring insights to life.

Top MBA programs such as Warwick Business School's full-time MBA offer a wide range of experiential learning opportunities that take real-world business learning to the next level. In recent years, full-time MBA students at Warwick Business School have partnered with organizations such as Aston Martin, GE Healthcare, IBM, Delphi Technologies, Oracle, and Unilever.

Career Prospects

An MBA is ideal for those looking to change industries or move into a more senior management role. If you already have an industry or job role in mind after your MBA, check the schools you are applying to and see which companies and roles past MBA graduates have gone on to.

If you are wondering what you can do with an MBA or what MBA jobs are available, here are some of the roles held by Warwick Business School full-time MBA graduates: assistant vice president, chief executive officer, business development lead, market intelligence consultant, global client relationship manager, marketing insights analyst, and senior business development manager.

Some of the top companies recruiting MBA graduates from Warwick Business School include Bain & Company, Boston Consulting Group, KPMG, DHL, Dyson, Motorola Solutions, and PwC.

Expected Salary

One of the top career goals for prospective MBA students is to earn more. According to our Jobs and Salary Trends Report, the average annual salary for MBA graduates in the UK is £65,300. However, when the average bonus of £21,500 is included, the average overall financial gain is more than £85,000.

At Warwick Business School, the average post-MBA salary is £77,018, with an average bonus of £13,779.

Return on Investment (ROI)

Pursuing an MBA is a demanding process, so you need to make sure the investment is worthwhile. Although discussions about MBA ROI often focus heavily on expected salary and career progression, whether it is worth your time, money, and effort depends on many other factors as well, such as your personal goals and your definition of success.

QS's World University Rankings: Global MBA Rankings 2021 includes a dedicated return on investment indicator. In this year's rankings, Warwick Business School ranked first in the UK for ROI.

Connections

When it comes to ROI, connections also play a key role in the return on your MBA investment, so keep that in mind when researching and applying to schools. An MBA gives you more opportunities to network in business, whether that is for finding a job, meeting potential business partners, or exchanging information and sharing knowledge.

Warwick Business School is a valuable platform for staying connected with alumni and offers up-to-date alumni networking events.