If you are going to succeed in business, then you should know that it takes more than developing a great product or service. In addition to selling, marketing and managing, you will need to oversee the finances of your company. Setting prices, keeping records and creating budgets all require a working knowledge of business math.
It is for these reasons that any traditional or online MBA program will have a significant math component. Without business math, you will not be able to measure profits, analyze finances, predict product demand or do any number of other things expected of someone who has graduated from an advanced business degree program. In short: it will be difficult to succeed as a business professional if you do not understand business math.
What Is the Business Math Like in an Online MBA Program?
Mathematical aptitude is important, but it is not necessary to possess unusually high skills in math in order to succeed. Essentially, business math involves basic arithmetic and the ability to comprehend statistics. It is more about developing intuition for finances than understanding calculus. Of course, the better you are at math, the more comfortable you will be in your quantitative courses like statistics and accounting.
You Will Need Business Math for the GMAT
Business math is important even before you take an MBA class. You will need fundamental math skills to get a strong score on the GMAT. A good GMAT score will show school admissions staff that you have the quantitative and qualitative skills necessary to excel in an MBA program.
You Will Need Math for Your Courses
And what are the classes that will prepare you to succeed in the modern business world? MBA programs include in-depth study of finance, economics and accounting, which together are considered the quantitative backbone of the entire degree.
You Will Need Business Math for the Real World
Finally, you will need basic math skills to remain competitive in the business world throughout your career. Your mathematical skills will help you understand choices and lead to better overall decision making. Honing those skills can help you remain competitive among your peers, setting you up for further career success.
Learn more about the University of Tennessee Chattanooga online MBA program.
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