Definition: MBA is a master's degree in a business field, awarded a School of Business (typically a school within a larger university). Students specialize in an aspect of business, such as management, finance, and accounting, for example. Full time, an MBA requires about 2 years to complete. Many students attend MBA programs part-time while they work in the field. To apply to MBA programs, take the Graduate Management Admissions Test (GMAT), submit a transcript, personal statement or admissions essays, and usually 3 letters of recommendation. Most MBA programs prefer applicants with some business experience.