No. The BIOS just loads the bootloader in the first sector and doesn't care about whatever format the drive is1. Therefore technically you just need a bootloader that supports GPT in order to boot from a GPT drive in BIOS. You don't need to update the BIOS (in fact updating the BIOS does nothing to address the GPT problem). However Windows bootloader doesn't have this capability so you must boot from a MBR drive if you're using BIOS/legacy mode
If your mainboard uses UEFI then it already supports booting from a GPT drive. So you don't need to update the UEFI firmware either
Note that in general you can't update the BIOS to get UEFI, since the UEFI firmware is a lot more complex and bigger than BIOS and won't fit in the BIOS chip. You can install a software UEFI though
Since your M5A88-M doesn't have UEFI support, you can only install Windows on a MBR disk. If you want more space you can install additional GPT disks for data and leave the MBR disk as-is. If you must install Windows on a GPT disk without a MBR HDD then you have several options
- Use an external MBR flash drive for storing Windows boot files
- Install a software UEFI implementation like rEFInd or DUET, but this is no easy task for non-techies, and boot up time will be slower
- Install Linux on GPT and run Windows inside a virtual machine if you also need Linux
For more information read
1Although there are buggy BIOSes that eagerly check the MBR signature or the active boot flag and refuse to boot on such drives