Top Questions to Ask if You’re Considering an MBA

An MBA can be a life-changing decision for many. It could mean a new career, a next chapter, or a life-long connection. But that decision has a hefty price tag too—an MBA from one of the top 26 B-schools in the U.S. exceeds $200,000.

Patrick Mullane, Executive Director of Harvard Business School Online and Harvard Business School Executive Education, recently highlighted questions that every prospective MBA should ask themselves.

WHY AN MBA?

For many, the answer to “why do you want an MBA,” is “career advancement.”

But Mullane says this isn’t enough reason alone to pursue an MBA.

“…there are many ways to advance without an advanced degree,” he says. “In fact, most people advance in their careers no matter their education. Admittedly, that advancement may be slow and could have a cap on it (you aren’t going from cleaning hospital rooms to becoming a doctor without going to medical school). Nonetheless, advancement happens.”

Looking beyond simple career advancement, Mullane says applicants should take time to think carefully about why they really want an MBA.

“You’re motivated already,” Mullane says. “Otherwise, you wouldn’t be considering a graduate degree. Is that motivation enough to get you where you want to go without an MBA? Think this one through. The costs of going are substantial, and the risk of wasting your time and money is great. Clearly understand how your trajectory will be materially different if you get the degree.”

LOOKING FOR A CAREER SWITCH?

An MBA is ideal for those looking to leave their current role and pivot into something new.  If you are looking for a career switch, Mullane recommends considering a full-time MBA program.

“A full-time program facilitates this better than other options because it allows a clean break from the past and grants you the time and opportunity to investigate something else,” he says. “More importantly, you’ll be surrounded by a cohort of other young professionals doing the same thing. This creates an energy and synergy that fosters connections that will last a lifetime. You’ll learn from each other. You’ll share leads. You may even develop entrepreneurial ideas and find partners to join you in a startup. These things may be harder to do in part-time or fully online programs.”

DOES THE MATH ADD UP?

An MBA isn’t cheap. And it’ll likely only get more expensive in the years to come. Thus, it’s critical to get a clear picture of your debt and understand what kind of earning power an MBA will provide you.

“Investigate the median salary of graduates by industry and compare that to what you’ll pay earning the degree,” Mullane says. “The overall median may be skewed by higher-paying sectors, so be sure to focus on the industry you’re likely to enter upon graduation. Many people think education at any cost is worth it. It’s not.”

Sources: Forbes, P&Q

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