Canadian-born Latifi, who started 61 F1 races for the British Formula One team, Williams Racing, made the call to pivot his career and apply for business school.
Latifi lost his F1 seat at the end of 2022 and, since then, has weighed up his career options, ultimately deciding to step away from racing.
His announcement came via Twitter and discussed the effort he put into his MBA application.
"This was not an easy process and took many months! Anyone who has experienced the journey of applying to a business school knows how difficult it can be," he said.
After he decided to leave racing, he researched the best programs and prepared his application before being accepted at one of the world's top business schools.
"After a five-month journey from starting the process, I am pleased to say that my candidacy was accepted for a place in the MBA program at London Business School (LBS), which I will be starting in August of this year."
Despite being dropped from F1, Latifi still had a number of racing options open to him. However, he decided an MBA would be the best step for his future.
"This decision may seem surprising to a lot of people. Transitioning to a different racing category might have seemed the most obvious move.
"However, I knew there would always be a life post-racing at some point, and I decided that now might be a good time to prepare myself for that."
He added that this decision is not a definite end to his racing career but, instead, a way he can discover new career paths.
"This is not necessarily a goodbye to the racing world forever," he said. "I felt like this year was the right time to explore and pursue other avenues in my life."