The Best Undergraduate Majors for an MBAMarch 3, 2021
If you’ve set your sights on becoming an entrepreneur, CEO or any other type of business leader, a Masters in Business Administration (MBA) could be right for you.
If you know you want to earn an MBA after finishing your undergraduate degree, it’s important to pick the best possible major. Choosing the right MBA undergrad major can give you a better chance of being accepted into the school of your choosing. It can also teach you skills that may come in handy for your master’s program.
What Types of Jobs Can You Get With an MBA?
Earning an MBA could help you work your way up the business ladder more quickly. You can pursue many types of jobs with your master’s degree in business, including:
And many more! According to Career Karma, MBA graduates often earn more money than those whose education stops at the undergraduate level. The average salary for a person with an MBA is $161,566.
What Does an MBA Cost?
When you’re considering an MBA, there are two types of costs to keep in mind. First is the cost of tuition, and the other is the opportunity cost.
Average Educational Costs for an MBA
In 2020, the average cost for attending a top 25 MBA program for two years was $195,416. While those costs may be lower for some less prestigious programs, there’s no question that getting your MBA can be an expensive choice. Fortunately, many sources of financial aid may be available if you’re wondering how to pay for an MBA.
Opportunity Cost for an MBA
You should also consider the opportunity cost of an MBA. Most people pursuing full-time business programs can’t work full-time during school. That means they forfeit any salary they might have earned during that time.
If you’re enrolling in a part-time program and you plan to keep working full-time, then the opportunity cost may not be a major factor for you. Regardless, it’s something to think about when considering the cost of an MBA.
What Are the Best Undergraduate Majors for an MBA?
If you’re trying to choose the best undergraduate major for business school, think about your career goals. Are you seeking an MBA because you want to start your own business? Lead a major corporation? Earn a promotion in your current job?
We’ve compiled a list of a few of the best business school majors for undergraduates. Take a look to see if any of these sound like they could be right for you:
We’ll start with the obvious. If you want to earn an MBA, an undergraduate degree is one of the best choices you can make. In fact, business is one of the most common undergraduate majors for MBA students at prestigious schools like Harvard, Stanford, Wharton, Chicago Booth and MIT Sloan.
Earning a bachelor’s degree in business is a great way to get a well-rounded view of the industry. You’ll probably take a variety of classes ranging from marketing to accounting, and you’ll graduate with a better understanding of the business career you’ll be stepping into.
Choosing a Business Concentration
If you already know what area of business you’d like to end up in, choosing a concentration may be your best bet for an MBA undergrad major. Many schools allow you to study business while selecting a focus in economics, human resources, supply chain management and more.
If you want to work with numbers or data, then engineering or math could both be great MBA undergrad majors for you. You could pursue a job in financial accounting, information systems, data analytics and more. According to Top MBA, 31% of MIT’s MBA candidates were engineering undergrads.
If you’re interested in the human element of business, the humanities could be the way to go. With a degree like philosophy, psychology or sociology, you’ll earn a better understanding of the way people think and act. Knowledge like that can come in handy in busy work environments.
At The Wharton School, recent data shows that 45% of MBA candidates were humanities and social sciences majors in undergrad.
Choose Extracurricular Activities That Support Your MBA Undergrad Major
One of the best ways to strengthen your application for an MBA program is to participate in extracurricular activities that show your interest in your major. Consider joining a club or professional organization with networking or learning opportunities. Explore your college’s extracurricular options to choose the ones that are right for you.
Choosing the best undergraduate major for an MBA can be challenging. Think about your interests and career goals, then make the decision that’s right for you. You can also research the most common MBA undergrad majors at your school of choice to see what they may be looking for.
Once you’ve chosen a major, then put in your best effort and watch your hard work pay off!