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. But what if we told you that getting ready for a CAT does not mean you'll be adopting a fluffy feline companion as part of your business school application? Unless a cat-centric start-up is what's brought you to entrepreneurship, and you think you can convince your admissions officer of that, CAT stands for "computerised adaptive testing."

In fact, that's what the GMAT is - a test that uses an algorithm to select each next question based on how you're performing in real time. The Quick Guide to MBA Glossary is a series of blog posts that breaks down some of the most outlandish and confusing MBA terms out there, explained simply, with a bit of humour along the way.

READ: Top 5 Entrepreneurs with MBA Degrees

GPA – Grade Point Average

The Grade Point Average is an essential index for MBA candidates wishing to study in the US. The GPA is a grade figure derived from converting non-US grades into the US education system's scale. The conversion takes several factors into account, but at its core it's a translation of academic performance from one country's system into the US standard. Simply put, if you were an excellent student with excellent grades in your home country, it's reasonable to assume you'd be a "straight A" student by US standards. The organisation behind this conversion is World Education Services (WES), a non-profit that promotes international education and helps people from other countries study and work in the US and Canada. WES offers a free iGPA calculator on its website that gives you an estimated GPA conversion based on your grades and country of study – useful for a quick benchmark, though the official evaluation (based on a full transcript review) is what schools will rely on.

EQUIS – EFMD Quality Improvement System

The EFMD Quality Improvement System (what a tongue-twister!) is an internationally recognised accreditation, part of the "Big Three" alongside AMBA and AACSB. Unlike programme-specific accreditations, EQUIS evaluates a business school as a whole – its curriculum and teaching quality, but also its research output, e-learning provision, and community outreach. Schools need to be genuinely focused on management education to be eligible. The organisation behind EQUIS, now branded EFMD Global, is based in Brussels and has grown into a network of nearly 1,000 member organisations across more than 90 countries. Alongside EQUIS, EFMD Global also issues the EPAS (programme accreditation) and BSIS (business school impact) certifications, among others.

READ: The MBA as a Bridge to the Real Business World

EMBA Employer Endorsement

Getting your employer's endorsement to pursue an Executive Master of Business Administration (EMBA) is a key part of the EMBA admissions process. EMBA programmes are time-consuming, and that inevitably takes a toll on work and family life. Since EMBAs are aimed at senior managers, schools assume candidates carry real responsibilities at work that still need covering while they study. Employer Endorsement is essentially a guarantee that the candidate has their employer's full backing - or, put simply, that they won't lose their job over the time spent studying. It works both ways: schools don't want to be the reason someone's career takes a hit, and employers want reassurance that their senior people stay on track. Business schools require this endorsement, and it can range from a formal signed document confirming the employer's agreement, to a simple statement of intent to sponsor part of the fees. In most cases, consent from the employer is the only strict requirement, while financial sponsorship falls into the much-loved "strongly encouraged" category.

We "strongly encourage" you to make the necessary arrangements to secure Employer Endorsement if you're planning on doing an EMBA.

READ: The MBA Journey of Self-Discovery

Graduate Assistantship

Graduate assistantships are a form of financial aid given in exchange for helping out a university's faculty. Graduate assistants are postgraduate students who take part in research, support professors during and outside lectures, and sometimes even teach classes themselves. You'll often find them leading introductory courses for first- and second-year students – and just as often mistaken for undergrads themselves, given how young they tend to look. Technically, though, that's exactly what they are: students, just more privileged ones. Nearly all universities worldwide offer graduate assistantships, though competition for them tends to favour a certain level of academic aptitude. Most assistants are aiming for an academic career, but even if that's not your plan, it's still worth trying to secure one – if only to ease the strain on your budget. You won't get a full salary, but your finances will be in noticeably better shape.

And if that's not motivating enough, consider that a year or two spent teaching younger students helps build the soft skills and leadership experience that will serve you well later as a manager.

So if you're into that kind of thing - you know, studying and management - tune in next time for another episode of The Quick Guide to MBA Glossary, Part 1.