Carol Montrose
The following is a Guest Post from Carol Montrose, a writer for Online MBA Rankings where you can browse the top online MBA programs.
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Although some students are skeptical about the relevance of mathematics to everyday life, examples abound, and nowhere is it more evident than in the demanding world of global industry. When you’re considering a Master’s degree in Business Administration, strong skills in math will not only prepare you for the program itself, but will give you the competitive edge you’ll need to survive in uncertain markets here and abroad.
In order to apply to any business school, you’ll have to take the GMAT. The Graduate Management Admissions Test is a standardized exam used by business schools to determine the qualifications of applicants for post-graduate study in business and management. While you may read that the GMAT measures “basic” verbal, mathematical, and analytical writing skills, you should be aware that the types of math covered are, at the minimum, algebra, averages, geometry, percentages, permutation, combination and probability, profit and loss, and quadratic equations. Your score on the GMAT will determine not only what kind of business school you’ll be accepted into, but whether or not you’ll get in at all.
MBA - Letters and Business Man
Let’s assume, however, that your test scores were sufficiently high to ensure your acceptance to the school of your choice. Are your math skills strong enough that you feel confident entering (and staying in!) your MBA program? Unfortunately, undergraduates with a comprehensive background in math are still in the minority, so even some of the most prestigious MBA programs have found it necessary to offer refresher courses to their incoming students. But when you have as your goal a career in business, why start your MBA program already behind? And how can you fully appreciate the courses you’ll take if you’re struggling to keep up with the mathematical concepts? Let’s take a look at the mathematics requirements set by two different schools.
Undergraduate students at Harvard University who intend to pursue an MBA are required to complete math courses in statistics, probability, calculus, linear algebra and mathematical methods in science. The Wharton School of Business requires advanced statistics and economics. Calculus is necessary for all subject matter within business administration and management. Business analysis and marketing projections require linear and matrix algebra. Market research, any kind of financial analysis, and production and operations rely heavily on statistics. Even chaos theory is used to map market trends and for forecasting.
For any student considering an MBA degree, a solid grounding in math is not just beneficial, it is a necessity, and not just for the purposes of getting the degree. It should be obvious from this discussion that as the world of business has become increasingly sophisticated, the men and women who will succeed in it must be smart, savvy, and well-versed in the tools and techniques pertinent to their chosen field.
Once you see math as a tool to enhance your decision-making in matters of business, you’ll embrace the study of it. Starting early in your college career to build the math skills you’ll need later in business will help you become more confident, more effective as a businessperson, and more highly sought after by the companies that will challenge and fulfill you.
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