Crucial Advice For The Accepted

Geography: There are two realities to be aware of with business schools. One, the top MBA programs have global reach and alumni all over the world.  Two, the brand value and alumni are often concentrated regionally. Want to prove it to yourself? Look at the school Employment Reports which indicate the location of graduate full-time positions. This should by no means be a deal-breaker, but it can be either an obstacle or an advantage given your objectives.

When I was at Chicago Booth, I visited a number of West Coast investment management firms with our students. The firms were clear about wanting students with West Coast roots or connections. They had learned it was challenging to transplant someone from the East Coast (better weather does not make for professional happiness). I also saw this with consulting (where about 25% of MBAs land post-MBA). It is much harder to get to New York or San Francisco from a Midwest school and vice versa.

Your considerations should be where do you want to put down roots (in the short-term and long-term) and what efforts will you need to take to pursue opportunities in geographies beyond the school’s core reach.

Conducting Due Diligence Before School Selection

How do you get at the level of detail you need to think about the considerations outlined above? You can do your homework – research, conversations, campus visits, etc.  Here are a few specific actions you can take:

  • Probe more into course offerings – review the syllabus for cases, guest speakers, and research.
  • Assess faculty research – where faculty research, they often teach and build corporate relationships.
  • Look at school fundraising – fundraising filters back to faculty and identifies current or future areas of focus.
  • Check with career offices – where students are going, where alumni are, and where corporate relationships are being built also indicate school focus.
  • Investigate student group activities – what is on their programming agendas, what are the topics for conferences, is there growth and/or a critical mass of students with similar interests to yours.

Before You Go, Make Sure the MBA Makes Sense (Decision 2)

When I started thinking about this topic, I was focused on school choice. As I talked to Amika and Dena, our conversation extended to another choice: Choosing to go to business school. Now, you are beyond the hypothetical – you have been admitted. So, take a different angle on your hypothesis that getting an MBA is optimal for your career. Take the time to prove this. Especially if the school(s) where you were admitted fall outside your top choices.

Amika gave several insightful comments on this decision. “Going to business school should not be a given,” she stated. “You should really ask yourself if going for an MBA with all its opportunity costs is better than the alternative of doing something else. Are you at a point in your career where getting more education is necessary or mandatory and you will maximize the benefits of business school?”

Added Dena:  “I only applied to schools where if I only was admitted to one school, this was the best school possible for me. My thinking was that if I could not get into that school, it would be better for me to continue working and apply again next year.”

Before you decide and commit to a school, ask yourself these key questions:

  1. Do I need this education now?
  2. Did I get into the best school possible for me?
  3. Is the opportunity cost worth it?

The MBA experience is a truly fantastic one.  I know mine was – even though it was incredibly challenging. It has a way of transforming you and your career. I actually went to the University of Chicago intending to focus on finance and to build a career to become a corporate Chief Financial Officer. My first finance courses at Chicago were a bust – I realized the focus was much more on financial markets – not my interest. However, my attention was captured by strategy and economics courses – eventually leading to a career in management consulting. I’m not sure added due diligence would have changed my decision to attend Chicago, but it may have altered my class selection and better managed the transition of my professional goals.

Take this opportunity to solidify your decisions (both of them) and to benefit from the hindsight of the MBAs who traveled before you. Again, congratulations and good luck!

Pam Schilling is an executive and career coach, and founder of the Career Advisory Services practice with The MBA Exchange, which serves pre-MBAs through MBA graduates, particularly those focused on career change and pursuing career passions. Formerly, as associate director of career management at The University of Chicago Booth School of Business, Pam guided hundreds of students and alumni on their job searches. She holds an MBA from Chicago Booth and has 17 years experience in management consulting and financial management. She also serves as a faculty member at North Park University’s School of Business and Non-Profit Management in Chicago.Pam Schilling is an executive and career coach, and founder of the Career Advisory Services practice with The MBA Exchange, which serves pre-MBAs through MBA graduates, particularly those focused on career change and pursuing career passions. Formerly, as associate director of career management at The University of Chicago Booth School of Business, Pam guided hundreds of students and alumni on their job searches. She holds an MBA from Chicago Booth and has 17 years experience in management consulting and financial management. She also serves as a faculty member at North Park University’s School of Business and Non-Profit Management in Chicago.

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