If you have decided to study a Masters of Business Administration (MBA) — one of the most demanding types of Master’s degree programmes in higher education — you’d better make sure you’re well prepared. That’s why a pre-MBA foundation degree taken before an MBA degree might be the perfect choice to stay on top of the demands of graduate Business studies.
Pre-MBAs are a great help if you only have limited or no management experience. Key expertise on topics such as business analytics, economic theory and practice, or financial accounting, but also making use of basic industry tools are some of the most crucial instruments you’ll need during your graduate Business studies.
Here is what you’ll learn during the months of your pre-MBA studies:
1. Business and Management basics
In order to apply the information gained during an MBA, you’ll first have to learn how to use information organisation programmes or find out about powerful research tools. A few important examples that will help boost your productivity and effectiveness include:
- Microsoft Excel – for tables for financial modelling
- Capital IQ – online financial platform
- Bloomberg Terminal – monitor financial market data
If you’re also looking for a clearer picture of your career future, some pre-MBAs also provide experience with tools like CareerLeader or Myers-Briggs Type Indicator, ideal for professional planning and personal assessment.
2. Business Analytics – make educated guesses
The main purpose of Business Analytics preparation during your pre-MBA is to get comfortable with statistics data taken from random samples. You’ll get accustomed to reading graphs and making estimates based on the data you extract from them.
This is especially useful when it comes to how prices influence population behaviour. To get access to this information, you’ll also need the ability to read graphs and make estimates. The training focuses on:
- Real-world practices
- Making predictions and average estimates
- Determining ranges of values from samples
Pre-MBA courses on Business Analytics cover examples from case studies such as:
- How changing a product website influences buyer behaviour
- How you can estimate future sales based on historical data
- Using multiple regression to decide the number of employees needed for a certain period
3. Economics – essential for strategic managers
The right Economics training will help you understand how companies decide to fix their product prices and how they create strategies for releasing new products on the market.
This information will be crucial in the decision process of your future management career, as a good business person knows just when to wait and when to take advantage of the right business opportunities. Understand how this knowledge applies to real business scenarios, such as:
- Determining the price of specific products depending on market trends
- Selling a product in package bundles
- Why the same product has different costs, depending on the market
- How to create a niche in online retail
- How to use a profit-maximising subscription plan
- Adapting to developments in global markets
4. Financial Accounting – track the flow of revenue
Financial Accounting training will teach you how to read financial reports, company balance sheets, understand income statements and statements of cash flow. Keeping track of money in and out of the company is essential for any business strategy and ensures the financial health and stability of the company.
Learn key Accounting terminology you’ll have to apply during your MBA studies, like straight-line depreciation versus double declining balance depreciation, or valuing inventory using the first in first out (FIFO) method, or the last in first out (LIFO) method.
Through examples from international companies, you’ll learn how to:
- Record company transactions for certain periods (monthly, annually)
- Decide on the price to buy or sell equipment
- Analyse financial statements to determine company performance
- Estimate future cash flow to make purchasing decisions
How does a pre-MBA stand out?
Pre-MBA preparation has certain aspects that make it distinct from other introductory courses or free online programmes:
- It keeps you engaged with relevant media
- Targeted to the specific MBA curriculum offered by the business school
- Relevant industry case studies from well-known global companies
- Completion certificate that’s not the same thing as a degree, but it’s a good addition to your CV
- Both an introduction and a chance to refresh your management concepts
- Class interaction and idea exchanges lead to a lot of relevant questions and valuable insight
- Meeting the minimum requirements for your future MBA degree
So, if you’re an aspiring manager without a lot of experience in Business Administration, choosing a pre-MBA is a simple decision for a successful career outcome.