Check out the first part of our quick guide clarifying some of the strangest and most important MBA glossary terms out there.

So you're thinking about an MBA but have you nailed down the GMAT and picked your target b-school yet?

Easy enough, right?

Everyone knows the basics: MBA stands for Master's of Business Administration, and the GMAT, or Graduate Management Admission Test, is the exam you need to take to get into your business school (b-school) of choice.

But what if we told you that being part of a cohort does not mean you'll become a Roman legionary when you graduate? Unless fighting Hannibal and his army of Carthaginians is a career you're aiming for, a cohort is a term in the MBA glossary, which refers to MBA classes – the collection of MBA students grouped around shared characteristics, such as learning methods, curricular specialisations, or graduating class.

In this episode we'll introduce you to some of the most outlandish and confusing MBA terms out there, explained simply, with a bit of humour along the way!

► Get to know top MBA programmes to find the best for you.

GRE – Graduate Record Examination

The GRE is a postgraduate (or graduate, for our American-English readers) admission test, which is a requirement for entry into MBA (but also Master's and PhD) programmes at business schools around the world. Like the GMAT, it tests verbal, quantitative reasoning and analytical writing skills, and students need to show a high-enough overall aptitude to be considered for admission. The GRE has grown in popularity in recent years and is now considered a valid alternative to the GMAT, meaning most business schools will accept either as part of the admissions process.

The test itself has changed significantly in recent years: the GRE General Test now runs about 1 hour and 58 minutes - a considerable trim from the roughly 3-hour, 45-minute version it used to be. It's built around five sections (one analytical writing task plus two verbal reasoning and two quantitative reasoning sections) and no longer includes a scheduled break, so test-day stamina still matters, just for a much shorter stretch. It's delivered by computer, either at a test centre or at home, with a paper option available only in areas without computer-delivered testing. GRE scores remain valid for 5 years from your test date. The organisation behind the GRE is the Educational Testing Service (ETS), which also administers the Test of English as a Foreign Language (TOEFL) – one of the world's most recognisable English-language tests.

AMBA – Association of MBAs

AMBA is an accreditation provider for business schools and part of the "Big Three" of MBA accreditation bodies. Accreditations are an integral part of the education system and work as quality assurance for postgraduate institutions. Both business schools and would-be students look for accreditation, as it's a standard for quality, much like a degree is for employers. AMBA is based in London, UK, and now accredits over 300 business schools across more than 75 countries worldwide – putting the accredited group among the top 2% of business schools globally. Its stated mission includes raising the profile of business education and the MBA qualification, with particularly strong recognition across the UK and Europe. AMBA also runs a research and insight centre focused on global trends and thought leadership, and organises a range of student, alumni and faculty events.

READ: Top 5 Entrepreneurs with MBA Degrees

GEMBA – Global Executive Master of Business Administration

The GEMBA is part of the EMBA family of MBA degrees – tailored to more senior professionals with more work and managerial experience. Roughly speaking, if the average MBA student enters school with 5 years of work experience, the EMBA student will have around 10. The distinct advantage of a GEMBA is that it takes place across more than one campus, in numerous countries and often on more than two continents. The aim is to introduce executives to diverse environments, which comes in handy given that they often run, or are expected to run, multicultural teams in multinational companies. The profile of participants is very high – financial consultants, managers, directors and CEOs – and the auditorium often becomes a place for heated discussion rather than passive listening. The GEMBA sits at the peak of postgraduate business education – you simply can't go any higher than that.

Alumni Network

An Alumni Network is the network of graduates of a given school. These networks are facilitated by the school and are sometimes grouped by subject, depending on how old the school is and how big it's become over the years. More often than not, though, b-schools treat all their graduates as part of one alumni network, and instead of segmenting them, try to instil a common sense of pride and accomplishment through reunion events and newsletters full of success stories. Business schools see their alumni networks as one of their most crucial resources: their size is an indication of tradition, and their members' accomplishments are both a source of pride and a useful tool for creating added value. For graduates themselves, the most important function of an alumni network is the ability to connect with graduates from former and future classes who might offer powerful contacts, advice on a crucial deal, or even be passionate enough to team up for a start-up.

And if that's not motivating enough for you, consider that this is how hedge funds, investment groups and influential businesses are often born.

So if you're into that kind of thing – you know, business and management – tune in next time for second part of The Quick Guide to MBA Glossary.

 

Originally published: 20 October 2015

Updated: 4 August 2026