13 Myths and Realities of Business School

Sponsored by EGADE Business School at Tecnológico de Monterrey

For many, business school offers an experience like no other: a well-earned degree, a flourishing professional network, a valuable business skillset and exciting career prospects. But there are still some misconceptions about going to business school which make people reluctant to apply. 

We know it’s not always easy separating fact from fiction, so we’ve teamed up with EGADE Business School at Tecnológico de Monterrey to bust some of the biggest business school myths. 

You need to have at least five years’ worth of relevant experience before you even apply

It’s a typical catch-22 – to get experience you need experience, and vice versa. While many business schools require three to five years’ worth of relevant work experience, there are many more which ask for a minimum of just one year (depending on the program). The one-year Full-Time MBA in Innovation & Entrepreneurship at EGADE Business School asks for three years of work experience from prospective applicants.

You need to submit your application ASAP to get accepted

Business school applications usually happen over three rounds, with the first round of applications opening in fall, followed by a second round in the new year, and the final application window happening in the spring.

The idea that you should submit your application as soon as you can to try and improve your chances of acceptance is mistaken. Although by the third round the chance of acceptance is slightly less, this doesn’t mean you need to rush anything. You want to ensure your application is as sound as possible and is free from any errors and mistakes.

There’s no point applying if you have a gap in your CV

People have gaps in their work history for all sorts of reasons: sabbaticals, a change of career, education, extenuating circumstances. What’s important is addressing this in your application and offering an explanation for any gaps you think may be flagged up.

Business school doesn’t pay off

It’s no secret that the price of business school education is a lot, and so it’s no wonder many potential business school applicants want to consider their options. While every individual is different, calculating and comparing your ROI should be a massive priority.

Research your financial funding options – are you eligible for a scholarship? EGADE Business School offers several scholarships, including the Academic Merit Award and Professional Merit Award. Will you be taking time away from your career for your studies? There’s a lot to bear in mind, but the good news is, an MBA is often worth the investment.

So much so, that it’s estimated that the average MBA graduate’s salary will increase by 77 percent, while the Global MBA at EGADE Business School has been ranked the fourth best MBA program for return on investment in the QS Global MBA Rankings: Latin America 2020.

Business school is just about business

Traditionally the MBA is the face of business school education. However, over the years there’s been a dramatic increase in the number of specialized business master’s programs, from marketing to management, finance to entrepreneurship. Soft skills training, career training, and events including networking events play a pivotal role in business schools.

MBA programs have also become more specialized. At EGADE Business School for example, students can apply to study the MBA in Innovation & Entrepreneurship.

Business school is a dry, cut-throat experience

Gone are the days when business was a real dog-eat-dog world. Business schools have shifted their programs to be more team-focused to reflect the modern-day business working environment.

EGADE Business School’s MBA in Innovation & Entrepreneurship strives to enhance students’ ability to lead and motivate teams while developing their confidence in managing projects and collaborating with stakeholders and fellow colleagues.

Exclusive facilities, such as specially formulated business labs, let students solve genuine business problems and engage in international networking where they’ll have the opportunity to connect with their peers around the world.

Everyone wears suits and carries a briefcase to class

If anything, a backpack is far more suitable, comfortable and easier to carry everything you need in. You also won’t need to dress head-to-toe in formal attire unless you’re attending a careers event or job/placement interview.

Everyone is an expert in business

Again – not true. People go to business school because they need to, not because they are experts. And while many business school students come from a business-related background, a lot come from the arts and humanities, languages, engineering, even medicine.

You need to be good with numbers

Business school isn’t one big math lesson. Although you’ll need to take some modules in subjects like statistics and accounting, not being good with numbers isn’t going to hinder your entire degree.

You can only study on campus

There’s also the misconception that you need to dedicate two years of your life to business school. In today’s globalized world, studying online is as common as traditional classroom-based learning, meaning you no longer have to worry about balancing studying with your career, family and other responsibilities.

Today, degree programs can be studied part-time, full-time, online, and anywhere between one to five years. EGADE Business School, for example has campuses located throughout Mexico and a wide range of postgraduate degree programs, including the one-year full-time MBA in Innovation & Entrepreneurship, two-year part-time EGADE MBAOnline program, and part-time EGADE – W.P. Carey Executive MBA program. The choice is yours!

You can’t go to business school if you have a low GPA

Your business school application is going to be loaded with all sorts of information, and with the exception of your GMAT/GRE score (more about that later), it’s your GPA that’s going to stand out the most. Your GPA generally indicates how well you did in your undergraduate degree and whether you’ll be able to keep up with the more advanced classes at postgrad level.

But don’t stress just yet. A perfect GPA isn’t what business schools are looking for. Although having a lower GPA score might make things a bit more difficult, it certainly won’t be impossible to get accepted.

Admission to business school is notoriously competitive, but a lot of business schools can be flexible when it comes to applications that demonstrate a lower than expected GPA. Showcasing other achievements and accolades are a good way to compensate for a low GPA, such as taking supplemental courses in calculus, microeconomics, or accounting.

Extenuating circumstances can also be taken into consideration and can give business school admissions committees a better overview of your academic performance.

A high GMAT or GRE test score can also significantly improve the chances of your application being accepted and set you apart from the myriad of other applications. Which brings us nicely on to our next point…

The GRE test is easier than the GMAT

Again – not necessarily true. While the GMAT and GRE tests are indicators of performance and capabilities, the general rule of thumb is you’ll take the GMAT if you know you’re applying to study an MBA.

If you still aren’t sure which master’s program you want to apply to, taking the GRE is usually better. There are some considerable differences between the two, and deciding which one you take should be one of the first decisions you make before even applying to business school.

Test duration, design, structure and scoring system are different in both the GRE and GMAT tests, while the number of business schools accepting the GMAT and GRE also differ. For example, EGADE Business School accepts both the GMAT and GRE tests.

Business school is the golden ticket to success

Not true. If it was, everyone would go. What business school does do, is equip you with a transferable, business-oriented skillset, nurture your networking skills, enhance your career prospects, and boost your credibility with potential employers. It’s up to you to take these opportunities and use them to your advantage.