A Comprehensive Guide for Prospective MBAs

Pursuing an MBA is a big decision. But how do you know if that decision is right for you?

Study International recently published an article that outlines factors that prospective MBAs should consider before pursuing the degree.

PAYING FOR THE DEGREE

The financial cost of the MBA is perhaps the biggest factor that prospective MBAs should consider.

According to Top MBA, the average cost for a two-year MBA program often tops $60,000. For top b-schools, you can expect to pay $100,000 or more in tuition and fees.

That’s a ton of money. And, experts say, it’s critical that prospective students look at cost and how they’ll pay for the degree before making their decision.

“It’s best to explore your financing options early on,” according to Study International. “This could include scholarships from the university, student loans or even sponsorship from your employer.”

When it comes to employee sponsorship, industries like the government and consulting lead the way in funding MBA costs.

If you can’t find a way to pay for the MBA or get funding, you may want to reconsider shelling out thousands of dollars over the degree.

“Students who can’t afford to quit their full-time job in pursuit of an MBA will need to do so part-time, which warrants strong self-discipline and time management skills to balance work, life and study commitments,” according to Study International.

YOUR SPECIALIZATION

It’s also important to look at whether or not you want to specialize in a certain field with the MBA.

“You don’t have to specialize your MBA degree, but it is highly recommended for those looking to land a job or internship in a specific industry, as recruiters want to see demonstrated focus on a particular field or functional area,” Stacy Blackman of Stacy Blackman Consulting writes. “In today’s competitive job market, listing a concentration on your resume helps you stand out from the crowd and shows a keen interest in that specialization, which you’ll ideally also bolster through your internship or other extracurricular activities.”

FIT

Program fit is another critical aspect to weigh when considering the MBA.

The MBA is more than just access to business education. Each school cultivates a unique culture predicated on values that resonate with certain types of students. Even more, programs provide access to business networks. Experts say the people you meet, from professors to students, will inevitably influence where you end up after graduation.

According to LinkedIn, 80% of professionals consider networking important to career success, and more than 60% of professionals find that their professional network gives them more opportunities.

That’s even more reason why it’s important to look at fit when considering an MBA. When it comes to fit, prospective applicants should consider both the duration of the program and location.

“The duration of your chosen program sets the pace of your studies, as well as the speed of re-entry into the job-market,” Caroline Diarte Edwards of Fortuna Admissions writes. “In terms of intensity, you can expect to spend roughly six hours a day in class during accelerated programs, and roughly half that in standard ones.”

Location comes into play when considering what kind of industries you want to access.

“It’s no surprise that London Business School and Columbia enjoy excellent reputations in finance,” Edwards writes. “Schools in California benefit from being immersed in the tech and startup scenes in Silicon Valley. Programs in Asia and Latin America are on the doorstep of the globe’s most dynamic, growing economies, while Europe offers a gateway to fields like biotech, luxury brands and aerospace.”

When it comes down to it, the amount of research and thinking you put in before attending an MBA will influence how your MBA plays out.

“It’s about envisioning the professional you want to become and defining the qualities you care about most in a business school,” Edwards writes. “Your discerning approach and careful research ensure you’re spending your time and effort on schools that will be the best fit for you. Ultimately, the better you get to know the MBA programs of your choice, the greater your chances of acceptance.”

Sources: Study International, Top MBA, Stacy Blackman Consulting, Stacy Blackman Consulting, Poets & Quants

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