MBA students may be assigned theoretical projects, such as developing a marketing strategy for a foreign company entering the U.S. market. They may be assigned a practical project that requires them to work at a company on a specific problem for a time, such as developing a new accounting procedure at a business. Students in an MBA program may also be assigned research projects examining a problem in the industry, such as lending or cash reserves. They may be assigned projects working with a specific company to develop ideas, such as designing a new bottle for an old ketchup business. Group projects are also common at MBA schools. Business education emphasizes working together in groups, replicating a business environment. Projects addressing specific problems are most successful.
When choosing a project, look not only at your current skills, but also at those you'd like to develop. Work closely with faculty mentors in the specialties you'd like to pursue. If you have a business in mind that you'd like to start someday, implement that business into your MBA project. If you have a project that requires developing a business plan, plan your own business idea. Likewise, if you are required to do a marketing competition report, do the report for companies that manufacture products that would compete with yours. Find a business for which you would love to work and do a project about it. An external or internal firm analysis will give you a huge step up when you apply or go to an interview.
Nonprofit organizations often have a need for marketing, financial, accounting or other business advice, but may not have the funds to pay for a consulting firm. When looking at MBA projects, look into local nonprofit organizations and inquire as to whether they could use a free or low-cost project to help with a current need.
A type of project that is receiving increasing amounts of attention is the Action Learning Project. Many MBA programs implement this type of project, which emphasizes practical learning experience rather than research. These projects are generally done in teams, which gives valuable, albeit challenging, experience. These teams are generally contracted by a large company such as Goldman Sachs, ATP Oil and Gas or other Fortune 500 companies to work on a specific problem. Sometimes the companies pay teams a nominal wage, but more often the project is treated as an internship.