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A short list of frequently used acronyms and terms relevant to MBAs.

AACSB – Stands for the Association to Advance Collegiate Schools of Business International. The AACSB is a US-based non-profit organization that evaluates and accredits universities and schools, including business schools within and outside the United States.

AMBA – Also known as the Association of MBAs, a UK-based organization that offers accredits and approves high-quality MBA programs. The AMBA generally focuses on programs in the United Kingdom, but also evaluates international programs.
“B–School” – Often-used term to refer to business schools.

EMBA – Stands for Executive MBA, business programs that are designed for students with more business experience than students typically enrolled in traditional MBA programs.
EQUIS – The European Quality Improvement System (or Equis) is an agency that accredits European business schools. It is run by the European Foundation for Management Development in Brussels, Belgium.

ETS – Educational Testing Service, a US-based non-profit organization widely known for producing standardized exams such as the GMAT and TOEFL, which are common requirements for applicants to business schools in the United States and abroad.

FAFSA – Free Application for Federal Student Aid is a form submitted by students of US universities who are seeking financial aid from the US government. The FAFSA form centers around ascertaining a student's Expected Family Contribution (EFC), a figure that determines which need-based government grants and subsidized loans a student can apply for.

FIBAA – Foundation for International Business Administration Accreditation, a private German organization that rates and accredits MBA programs in the three German-speaking countries of Europe – Germany, Austria, and Switzerland.

GMAT – Acronym for the Graduate Management Admissions Test. Many business schools around the world require applicants to submit the results of the GMAT examinations as a criterion for admission to MBA programs. The test – composed of essay and multiple-choice questions – is administered by the Educational Testing Service (ETS).

GPA – Stands for Grade Point Average, the most common quantitative measure of overall undergraduate academic achievement.

IELTS – International English Language Testing System, a common, English-language proficiency exam. Many English-speaking universities and business schools in Canada, the United Kingdom, Australia, New Zealand, and South Africa request that non-native English speakers submit satisfactory IELTS results when applying.

TOEFL – Stands for the Test of English as a Foreign Language. The TOEFL is a standardized examination of English-language proficiency that non-native English-speaking applicants must often take before acceptance to English-speaking universities. The test is administered by the Educational Testing Service.