Monday, May 24, 2010

MBA Program- Prerequisites and Admission

In previous postings, I discussed post-college educational paths for mathematicians seeking to improve their knowledge and career options. A large degree of self-evaluation, perhaps through a degree of trial and error, would be in order.
After considerable reflection, I am beginning an online MBA (Master's in Business Administration) program, with an emphasis on finance. This seems to be the wisest program for me at present. The online format allows me to continue working during the day, and allows the flexibility of possibly completing the program in less than 2 years, or- if necessary- slowing down the course of study and taking up to 5 years to complete.
I shall relay experiences concerning the MBA program as I have them to relate. Thus far, my suitability for the program is confirmed statistically. As a prerequisite for admission, candidates are required to take the GMAT, a computer-administered exam with a math section, English section, and section with 2 essays. The score used by universities in admitting students is based on the math and English section, with an average score around 500, and most scores between 400 and 600. The GMAT's statisticians claim there is a .51 correlation between GMAT score and GPA among first year MBA students. The GMAT is comparatively expensive- costing $250. To forewarn testtakers in advance, the math section is designed such that problems will become harder upon answering questions correctly, and less challenging after problems are answered incorrectly. This unusual method of testing- which is not utilized in the English section- seems to cause regression to the mean. In my case, my percentile in the math section was lower (yes, lower!) than that in the English section. Mathematicians, or other testtakers with a strong quantitative background, should not be shocked if they have this same experience.