Tips To Prepare For The Major Field Test For Mba

The Major Field Test (MFT) is the only comprehensive national exam to obtain a Master of Business (MBA) Degree. Studying for it is quite comparable to studying for a bar exam in that you are going to have to somehow sort out several years of knowledge into a condensed, well-organized format to review. Doing so is definitely possible since thousands of students every year successfully complete it, but you do not just want to barely scrape by, you want to ace that test! The only way to do so is to create an organized study plan, and below are three core competencies that should be part of that study plan.

1. Link Back to Salient Business Concepts

Practically every piece of information in the MBA program can fall back in one way or another to a corresponding salient business concept. The entire business plan from acquisition through production and then sale to the consumer involves one or more principles (e.g. mission, business model, competitive advantage, branding, customer experience, quality, and customer needs). By dividing up the content into more easily digestible chunks, even if you get stuck, you can fall back and think about how the concept relates logically to a corresponding principle. Any of the questions on the MFT have a basis in one of the salient business concepts so you can build a study plan around theses.  You should study hundreds of business concepts (e.g. balance sheet, supply chain, and competitive strategies) and how they translate into real-life business practice to do well on your test.

2. Practice Using Formulas and Ratios

On the MFT, the exam is going to be very problem scenario heavy with lots of formulas you are going to have to memorize and apply without a second thought; all without the use of a calculator or notes. Making matters more complicated, the entire test is going to be scenario driven so you are going to need to be able to read it and pick out the useful information. The variables and what you need are not just going to be handed to you and a formula sheet is not provided. You are then going to have to use the information you found useful and then correlate that to the proper formula. In order to adequately prepare, it is essential to rework old homework, spreadsheets, and quizzes so you can get a feel for knowing which formulas to use. Better yet, getting a good study guide might be helpful since it would provide a fresh set of problems and new ways to look at the same problems so you do not get pigeon-holed into a certain way of thinking.

3. Practice Sample Questions

At the end of the day, the number one way to prepare for the MFT is by completing practice sample questions. Practice makes perfect! You need to practice the most common kinds of questions to build muscle memory so that you can easily recognize patterns and do not waste time trying to figure out which formula to use or what variables you need. The Educational Testing Service for the MTF provides a limited number of practice questions, but those are simply not enough. To fill in this gap, a study guide is a great resource since it has a full-length practice exam that serves as a great reference no other study guide offers.

Conclusion

To successfully prepare for the MFT, it takes a lot of time and effort to condense several years of knowledge into a comprehensive study guide. By categorizing all of the knowledge into salient business concepts is a great way to start. From there, breaking down all the formulas and their supporting concepts helps group information even better. Lastly, it is all a matter of taking practice MFT exams under comparable conditions to the real test. This study guide is a great comprehensive companion that not only gives you over 230 business concepts you should know, but business formulas and ratios, and a practice exam with over 120 questions and answers with explanations.  It has the essential elements to supplement your study plan all in one place, at your fingertips.

Good luck with your MFT!