The MBA
This is a decision that's better off made in your early career than early in college. It could be helpful to decide in college, so you can take the GMAT while you're still accustomed to taking tests but make the ultimate decision 2-3 years post-graduation.
What is the MBA?
MBA is a Masters of Business Administration and is generally earned when candidates have ~4-5 years of experience. The goal of the degree is to give you functional skills while also immersing you into business cases, teaching you to think strategically about how to best make decisions. Given this, classes are often structured as discussions amongst your classmates with the professor moderating the discussion.
In conjunction with academics, meeting your peer network, both in school at the same time as you as well as alumni, is extremely important as they can help guide you on what career paths could be of interest to you and how to best prepare for them. Your network will grow with you and will eventually help you attain high-level professional opportunities.
Career Motivations
MBA can accelerate your career or help you transition into a new industry. By taking classes aimed at developing professionals' functional and critical thinking skills, students can accelerate their career growth in any industry. In addition, MBA provides an opportunity to try out new industries where you can leverage your business education to make a large impact.
There are traditional industries that leverage MBAs as part of their core talent network, e.g. consulting and banking. Many other industries (tech, CPG, etc.) incorporate MBAs in their business functions (e.g. marketing, PM, brand managers, rotational leadership programs) where they can quickly grow within the company.
Costs and Considerations
There is a very significant cost to the degree and opportunity cost associated with an MBA. Students should talk to their mentors at work and MBA alums to decide if an MBA is the right fit for them. It will be just as important to talk to people who opted not to get an MBA as it is to talk to people who did to ensure you have a holistic view of the decision.
The MBA application process is rigorous and requires taking the GMAT/ GRE, writing application essays, and discussing social impact work done. It is important to understand the investment necessary, both fiscally and the timewise, before committing to the process.
Admissions Advice
As an undergrad student, it could be helpful to take the GMAT/ GRE while still at school so that your test-taking skills are sharp. As you transition to professional life, skills other than test-taking are emphasized and it can be challenging to operate at the high level required for the GMAT/GRE. Top schools often have a soft requirement of a score above the 95 %ile, so it is important to do well on the entrance exam (note that there will always be a spectrum of scores above and below this).
Any student in any industry can apply to MBA, but most students come from professional services, across finance, consulting, accounting, etc. While working in classic MBA industries (e.g. consulting) can be helpful since many peers will be interested in MBAs and many leaders of the firm will have attained their MBA, coming from under-represented industries can also help students given their unique story. Rather than focusing on specific post-undergrad industries, it is better for the student to be confident that an MBA is the right next step for him/her and to then show this story to admissions.