Are You Ready For An MBA? Ask Yourself These 4 Questions

It’s a new year and time for a fresh start. Maybe you’re thinking this is the year you’ll jumpstart your career and go for your MBA degree. 

If so, kudos. It’s a laudable goal — and an investment in yourself that will certainly pay off in your career. It’s also the start of a journey that will lead to immense personal growth, perhaps in ways you can’t even envision yet. 

It’s also a journey that requires a great deal of time, energy, and hard work, not to mention significant expense. It’s not a journey that should begin with a clear sense of your destination.

Fortuna Admissions’ MBA insiders have coached thousands of prospective MBAs through the process of preparing standout applications that got them accepted to their dream school. Our coaches advise that the process starts with some self-reflection. They recommend that you start your MBA application planning by asking yourself some key soul-searching questions to be sure you are ready for this step. Your answers will define your process and position you for a compelling and competitive application. 

Why do I want an MBA? 

Give this some serious thought, because it’s a question every business school will expect you to answer on your application. They will want to see a clear career goal and vision for where you want to be in five to 10 years. 

Do you need broad-based business knowledge and management skills that will elevate you to higher positions in your company? Do you want to boost your leadership skills? If so, earning an MBA is likely the right step for you. 

Are you dreaming of starting your own business? An MBA can give you the analytical and strategy skills you’ll need to succeed — and if you pick the right program, it may also give you valuable experiential skills, resources, and a network of contacts to jumpstart your venture. On the other hand, a formal MBA is not the only path to launching a company.

If you feel you are stuck in your career, or you want to make a change and pivot to a new industry or role, consider whether an MBA is the best way to make the change you seek. Sometimes more focused short courses, micro-credential programs, or good old-fashioned networking can help you build the skills and contacts you need to make a move into a more rewarding position. For guidance, see Fortuna’s advice on how to craft short- and long-term career goals and a career vision.

What kind of an MBA do I need? 

MBAs and management degrees are now offered in a veritable smorgasbord of formats and flavors tailored to an ever-broadening student pool. For example, Wharton offers more than 15 different MBA options when counting all the possible joint degree options. Top-ranked Chicago Booth just launched a Master of Finance degree and a Master in Management, an accelerated 10-month program that offers a choice of five specializations:  analytics, entrepreneurship, finance, marketing, and strategic management.

This is where that key first step of defining your goals comes in. Ask yourself what best fits your needs, career goals, and lifestyle. Are you planning a career change and looking to take advantage of the networking and career search opportunities you’ll find in a two-year full-time program? Do you want a degree that’s tailored to the industry you aspire to: finance, health care, technology? 

Do you want exposure to global opportunities and network and the change of scene that you’ll find in an international MBA? Do you want to limit your time out of the workplace (and the salary you’ll give up) with an accelerated one-year program, which is common in Europe and increasingly available in the US.

If you prefer a part-time or online option that will let you remain in your job, consider your learning style. Are you a self-paced learner who will flourish in an online program, or would you benefit from interaction in an in-person or hybrid part-time program? 

Do your research to understand your options and find your best fit. You may even decide a few targeted micro-credential courses will build the skills you need to get where you’re going. (Learn more about choosing the program that’s right for you.)

Are you ready for the rigors of an MBA?

Getting an MBA is a tremendously enriching and transformative experience that will pay lifelong dividends. One reason it’s so rewarding is that the learning experience can be quite demanding..  The application process alone will require significant attention and effort over the course of months.

You can absolutely do this — but first it’s smart to be sure that now is really the right time to take on all those commitments. Are you in a position to step out of the workforce for a time, or devote a large chunk of your personal time to classes and program requirements? Have you considered the demands that will place on your lifestyle and your relationships? How will you finance your program? 

Aside from these personal considerations, are you ready academically for an MBA? WIll your grades and test scores hold up competitively in the applicant pool of the schools that interest you?  Schools look at much more than your GMAT or GRE, but scores do matter, because they correlate with academic success in B-school.

Average scores of admitted candidates have been rising steadily for 15 years, so it’s important to prepare efficiently for these exams and perform well. We strongly recommend doing some test prep over at least a three month period to familiarize yourself with the format and content and learn where your weaknesses are. If you identify areas where you haven’t performed well in the past and might struggle in the program, now is the time to consider taking a course or two to refresh or bolster your skills. 

What will you contribute to your MBA class? 

MBA admissions committees want to know who you are and what you will contribute to the admitted class. Aside from grades and test scores, they look for evidence of leadership and impact. Do you have an outstanding and memorable profile of experiences, values, activities, and interests that will demonstrate that you’ll be a worthy member of the class? 

If not, now is the time to burnish your resume and your personal brand. If possible, show initiative by taking on a new project at work or put yourself forward for a new role or experience. Suggest new ideas or process improvements and push them forward. Look for opportunities to demonstrate that you are an inclusive leader who can inspire and motivate a team.

At the same time, consider your activities outside of work. Business schools seek well-rounded individuals and look for evidence that you have outside interests and are engaged in your community. Hobbies, sports, volunteering, and activism are also arenas where you can demonstrate your character, commitment, and impact, so review your profile to see what your activities say about you. It’s a good time to ramp up your engagement in the things that bring you joy and fulfillment – but be aware that schools can be skeptical of a sudden uptick in activity in the months before you apply, especially if it’s something you haven’t been involved in before. 

If all this sounds overwhelming, remember that every journey of self-improvement and reinvention starts with a single step. Investing time in some self-reflection and preparation as your first step will make every step to follow a bit easier, and position you for success.  

Also, you don’t have to make the journey alone. There’s plenty of advice out there, and Fortuna’s team of caring and dedicated former MBA admissions professionals have the expertise to guide you every step of the way and help you truly shine in your applications and interviews. You’ve got this!

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Judith Silverman Hodara is a Director at MBA admissions coaching firm Fortuna Admissions and former Wharton head of Admissions. For a candid assessment of your chances of admission success at a top MBA program, sign up for a free consultation.

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