There are full-time, part-time, accelerated and executive MBA programs available at most colleges and universities that offer the degree. A full-time program usually takes two years to complete, while a part-time program can take three or more years to complete because of its lighter course load. An accelerated program can be completed in less than two years but carries a higher course load. Executive programs typically require at least eight years of business experience and usually involve weekend courses.
Many MBA programs assess student applicants based in part on their scores on the Graduate Management Admission Test, or GMAT. The GMAT is a standardized test that focuses on math and English skills. The test is used to gauge how well a student would perform in a graduate-level business program. Every school has its own minimum standards for GMAT scores. Additionally, many schools also consider personal histories, essays or in-person interviews. Check the admissions standards of the school you are interested in to see its minimum requirements.
The cost of an MBA program varies widely by university. The approximate yearly cost of an MBA at schools such as The University of Tampa, University of Mississippi and North Carolina State University is between $15,000 and $20,000. The cost at schools such as Boston University, Virginia (Darden), Duke (Fuqua), Yale, Stanford University and Columbia, however, exceeds $50,000.
In addition to traditional brick-and-mortar MBA programs, there are also online MBA programs that don't require any classroom attendance. An online MBA can sometimes offer lower tuition costs and flexible schedules to students. Many universities offer both online and on-campus MBAs, such as Regis University in Colorado and Boston University.