If you have decided to study an 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 your chosen MBA might be the perfect choice to stay on top of the demands of graduate business studies. Read more about what a foundation degree is.
A pre-MBA is a great help if you have only limited or no management experience. Key expertise on topics such as business analytics, economics 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 few months of your pre-MBA studies:
1. Starting off with the basics
In order to apply your gained MBA knowledge, 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 using tables for financial modelling
- Capital IQ – online financial platform
- Bloomberg Terminal - monitor financial market data
If you’re also looking for a clearer picture for your career future, some pre-MBAs also provide to professional tools like CareerLeader or Myers-Briggs Type Indicator, ideal for professional planning and personal assessment.
2. Business analytics – Making 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 accustoms 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 have to be able to read graphs and make estimates based on this information. The training focuses on real-world practices on 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 – Building 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, like:
- 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-maximizing subscription plan
- Adapting to developments in global markets
4. Financial accounting – Tracking the flow of revenue
Financial accounting training will teach you how to read financial reports, read 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 health 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.
By getting examples from international companies you’ll learn how to:
- Record company transactions for certain periods (monthly, annually)
- Deciding on the price to buy or sell equipment
- Analysing financial statements to determine company performance
- Estimating future cash flow to make future purchase decisions
How does a pre-MBA stand out?
Pre-MBA preparation has some major things that make it distinct from other introductory courses or free online programmes:
- 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 exchange leads to a lot of relevant questions and valuable insight
- Advancing past the minimum requirements set by course entry requirements.
So, if you’re an aspiring manager with not a lot of experience in business administration, choosing a pre-MBA is an easy choice for successful career outcomes.