B-School

A B-school is simply an abbreviation for an institution that focuses on teaching business-related courses. While business schools may offer courses ranging from undergraduate degrees to post-doctoral programs, their prime offering is the Masters of Business Administration (MBA) program. Top-tier business schools are usually renowned for the high quality of their graduates, many of whom climb the corporate ladder steadily to eventually become among the highest-ranking executives in their organizations.

A B-school's curriculum will include subjects such as finance, marketing, statistics and operations management. Despite the spiraling costs of obtaining a business degree, demand for B-school degrees remains high. Some of the top business schools such as Harvard, Wharton and London Business School attract thousands of qualified candidates every year, resulting in very high competition.

Oftentimes, the Graduate Management Admission Test (GMAT) poses quite a challenge for MBA candidates — especially those who took a break between undergraduate and graduate school and might need some refresher courses on topics. However, because the GMAT is a potential obstacle, more and more top business schools are starting to drop it from their list of MBA application requirements.

According to collegeatlas.com, the MBA without GMAT requirements includes traditional, hybrid and online MBA programs. The University of California Los Angeles (UCLA), Massachusetts Institute of Technology (MIT), and University of Phoenix (UOP) are among this growing list of recognizable school brands that offer entrance into their MBA programs without the GMAT.

An MBA can provide the skills and knowledge necessary to start a new business, and many employers require an MBA for certain management or leadership positions. Not surprisingly, an MBA is one of the most sought after degrees. However, the fact that it can cost $100,000 or more begs the question: Is it worth the cost?

It just depends on personal situations and goals. If someone must take out student loans to cover the entire cost and doesn't mind coming out of school with that much debt, an MBA makes sense. You should weigh the cost of the degree against your potential earning power, also considering how much you stand to lose in income by choosing additional education over joining the workforce with an undergraduate degree.