The MBA, or Master of Business Administration, is a prerequisite for executives at many major firms, and a springboard for aspiring leaders into managerial positions across a range of industries.

The typically two-year degree program is offered by leading business schools around the world, often to students with at least two years’ work experience. Students can expect to learn core business disciplines, including management, operations, marketing, human resources and finance, with a variety of specialist streams available today, which range from Artificial Intelligence and data analytics to Corporate Social Responsibility (CSR) and beyond. And while teaching methods vary, leading MBA programs will emphasize learning by doing, internships and co-ops with leading businesses, and ample networking opportunities with executives and group work with diverse cohorts of fellow students.

Applicants to most Canadian MBA programs will need to write the multiple choice GMAT (Graduate Management Admission Test), which measures problem solving, math, logic and reasoning. Possible exam scores range from 200 to 800, with average scores between 500 to 620, according to CourseCompare’s latest study of admissions requirements published by top MBA programs.

The cost of an MBA can be high, with tuition between $25,000 at the University of Fredericton, for example, to more than $115,000 at the University of Toronto’s Rotman School of Management — but so is the return on investment. At leading schools, more than 90 per cent of graduates find employment within six months of graduation with average reported salaries soaring well above $100,000.