An MBA (Masters in Business Administration) degree is intended to be a "generalist" degree that teaches students how to be better managers. This could mean managing people, finances, private firms, public institutions, etc. It is intended for people who have had significant real world experience in the corporate world and who now wish to broaden their managerial skills and become more flexible in their abilities, not for students who have just completed their undergraduate degree. Many economics majors will begin their careers in the corporate world and go back for their MBA degree after 5-10 years of experience.

Most MBA programs require two years of full time study, though there are some variations. Some programs offer an accelerated MBA program that may allow you to take a more intensive set of courses in a shorter time period. Others offer the possibility of doing a joint MBA and JD law degree, which would typically take 4-5 years to complete. In addition, some schools offer the opportunity to take night classes and work on your MBA over a longer time period. Finally, some schools offer Executive MBA Programs which are intended for senior managers of firms with a minimum of 10 years of experience or more.

Prerequisites for MBA Programs

1. Real-world experience
While there are no hard and fast rules, the better MBA programs require that applicants have a minimum of 4-5 years of experience. The primary reason for this is that MBA programs are structured to allow students to learn from each other and their experiences. This also means that schools are looking for high-quality and unique work experiences to making the learning environment dynamic and diverse. Prospective employers of MBAs feel that the MBA degree is more beneficial to students that have a base of managerial experience before entering the MBA program and MBA graduates with more experience generally receive higher paying jobs after graduation.

2. Good grades
As with all graduate programs, MBA programs are looking for students that were obviously successful at the undergraduate level. Better programs are unlikely to accept candidates with GPAs lower than 3.0.

3. High GMAT scores
The standard entrance test for MBA programs is the Graduate Management Admission Test (GMAT), which is now only administered through computer. The GMAT is intended to measures basic verbal, quantitative, and writing skills. It is scored on a scale from 200 to 800. Better MBA programs typically require GMAT scores above 500-600 for admission.

Application Process and Timeline

Application process and timeline is like many graduate programs. Early admission deadlines are typically in December, but unlike at the undergraduate level, an early admit is not bound to enroll in that program. Final deadlines may be anywhere from February through April. To prepare yourself for these timelines, you should be taking the GMAT soemtime in the fall before you wish to enroll.

For letters of recommendation, make sure you contact professors at least a few weeks before a letter is due to the graduate program. You should be asking professors who know you the best (presumably ones whose class you have taken and done well in). When asking for a letter of recommendation, make sure to bring that person a copy of your transcript, GRE scores, resume, a list of schools you are applying to, required recommendation forms from the schools, and envelopes that are already addressed and with correct postage. Most recommendation forms have an area that you need to decide whether to sign to waive your right of access to the letter, so that it remains confidential. Whether you sign it is your decision, but the vast majority waive their access to the letter, since the school may deem the letter less credible if it is not confidential.

Picking the Right MBA Program

There are a myriad of rankings out there which are not necessarily consistent. Investigate what criteria the rankings use and choose a ranking mechanism that uses criteria that are important to you. Many MBA programs offer particular specialties which may match your interests well and can be a deciding factor. Also, you should realize that except for the top 10-20 MBA programs in the nation, MBA programs are regional in that their graduates mainly get jobs in the same geographic region as the MBA program. Thus, pick a program in a geographic area which you want to ultimately live in! Here are some websites with MBA Program rankings:

U.S. News and World Report
Business Week
Many rankings by www.mbainfo.com