Which degree? All graduate degrees from the business school?
My guess is that it depends upon the degree. MBA programs typically prefer students with working experience as the MBA is a degree often pursued by working professionals as a credential for advancement into higher management.
But, a degree like Masters of Accounting would be different. Accounting students require 150 credit hours to get the CPA license in many states currently. Masters of Accounting often are awarded as part of a 5 year program. In fact, in some accounting programs across the nation, the five year program is mandatory.
If we're talking about a graduate degree in Business Analytics, I'm not sure why previous experience would be particularly critical. That's a program teaching methods of modeling and analysis to assist decision makers.