administer their own in-house exam rather than a standardized test. Honor societies Honor societies recognize individuals for high achievement in MBA programs. These honor societies include: Beta Gamma Sigma - membership requires one to be in the top 20% of their program's class after completing half of the program. Delta Mu Delta - membership requires one to be in the top 20% of their program's class and have a GPA of at least 3.6 after completing half of the program. Financial Management Association - membership requires one to have a 3.5 overall GPA, or a 3.5 GPA in finance and finance-related courses, after completing half of the program. T10 - membership requires one to have scored in the top 10% in the country on a national comprehensive MBA exam. Careers An MBA prepares individuals for many types of careers. According to a survey by the Graduate Management Admissions Council, 64% of year 2012 MBA graduates used their MBA to change careers. Some of the more common jobs an MBA prepares one for include: Business analyst or strategist Business development analyst, associate, or manager Market research analyst Managing Director (of a department) Investment banker Entrepreneur/founder Financial analyst, associate, or manager Management consultant Marketing associate, analyst, or manager Portfolio manager Healthcare administrator, analyst, or manager Project analyst or strategist Product analyst, associate, or manager Program analyst, associate, or manager Operations analyst, associate, or manager Europe History In 1957, INSEAD (French name "Institut Européen d'Administration des Affaires", or European Institute of Business Administration) became the first European university offering the MBA degree, followed by EDHEC Business School and Antwerp Management School in 1959 and ICADE in 1960 (who had started offering in 1956 a "Technical Seminary for Business Administration"), ESADE and IESE Business School (first two-year program in Europe) in 1964, UCD Smurfit Business School and Cranfield School of Management in 1964, Manchester Business School and London Business School in 1965, Trinity College Dublin, the Rotterdam School of Management in 1966, the Vlerick Business School in 1968 and in 1969 by the HEC School of Management (in French, the École des Hautes Études Commerciales) and the Institut d'Etudes Politiques de Paris. In 1972, Swiss business school IMEDE (now IMD) began offering a full-time MBA program, followed by IE Business School (in Spanish, Instituto de Empresas) in 1973, and AGH University of Science and Technology in Cracow, Poland in 1974. In 1991, IEDC-Bled School