A business school is an institution of higher education specializing in business and management. The term “business school” originally meant that American schools teach subjects and techniques related to business: management, strategy, finance, accounting, marketing, human resources, etc.
In the United States, these schools are often graduate schools that offer a Master of Business Administration (MBA) or the schools, faculties or departments that belong to universities. Those universities are usually focused on teaching business courses. In addition some colleges that grant Associate’s degrees in business subjects are also called business schools. In North America, the term “business school” is therefore mainly used for academic institutions delivering a Master of Business Administration (or MBA) or equivalent. In Europe and Asia the corresponding terms are not as precise and schools that are not issuing diplomas can also be business schools. The oldest business school in the world is the Ecole Supérieure de Commerce of Paris which was founded in 1819. The first business school in North America was the Wharton School of the University of Pennsylvania in Philadelphia. It was founded in 1881. Apart from Master degrees there are also other degrees that can be awarded in business schools like associate’s degrees, bachelor’s degrees, Post Graduate degrees as well as doctoral Degrees.
Business schools that offer degrees like the MBA usually require a Graduate Management Admission Test (GMAT). The GMAT is a globally standardized test to measure the abilities that are required in business management courses. Non-native speakers will usually be required to pass a Test of English as a Foreign Language (TOEFL). The TOEFL is a standardized test that evaluates the English language level. Furthermore an academic degree is usually required. However in the U.S. applicants that have not yet completed their bachelor studies can also apply with proof of the grades for the duration of the bachelor degree. It is also common for business schools to require working experience, letters of recommendation or essays on topics given.
There are rankings of the best business schools that are published on an annual basis that have a high influence on the image and the prestige of business schools. The Business Week, The Economist, US News & World Report,Fortune, Financial Times,and the Wall Street Journal are the most recognized newspapers that offer those rankings. Usually the rankings are divided in US and international institutions.