Want To Pursue An MBA? Here Are Two Key Factors To Consider

Pursuing an MBA is neither a simple nor inexpensive feat. In fact, the cost for a full-time, two year MBA at a top B-School can cost over $200,000.

There are a number of important factors to consider when deciding whether or not an MBA is right for you. Fortune recently spoke to experts who offered insight into what every prospective MBA applicant should consider before applying to B-School.

KNOW YOUR “WHY”

Pursuing an MBA simply because it’s what your parents want you to do isn’t a good enough reason. Experts say that your decision to pursue an MBA needs to come from your own goals and interests.

“Sometimes students have to really kind-of be honest with themselves as to what they’re interested in, what they want to do, and really think about what’s best for them,” Jim Holmen, director of admissions and financial aid for Indiana University’s Kelley School of Business MBA program, tells Fortune.

DECIDE HOW MUCH TIME YOU’LL NEED

An MBA education takes time and effort. And prospective applicants need to understand how an MBA program will fit into their life. Experts recommend first deciding whether or not you want to pursue an MBA part-time or full-time.

“The working professional may face a greater challenge than a full-time graduate student because life gets more complicated,” Greg Beaver, executive director of the masters and PhD programs at Purdue University’s Krannert School of Management, tells Fortune. “But working professionals make great students because they bring real work experience into the classroom and that enriches the experience for all.”

Finding the right type of compromise is key, Beaver says.

“It is important that each student evaluate the amount of free time they have and set clear expectations with managers, friends, and family to gain their support,” he tells Fortune. “It is important to recognize there is seldom work-life balance, but rather work-life compromise.”

Sources: Fortune, P&Q

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