Is an MBA the right choice after all?
When choosing the right MBA, one should ask themselves whether an MBA is a suitable choice for them. It must be remembered that before applying, most MBAs require previous business experience. Given their intensiveness, MBAs require a lot of commitment and hard work. One should ask themselves whether the MBA aligns with their goals. Students who do not aspire to managerial roles which foresee more than a 40 hours week schedule should reconsider their desire to acquire an MBA.
People considering obtaining an MBA should consider what experience they currently have, especially when they do not have a solid business-based background. The skills they are seeking and where they see themselves in 10 years are also factors to look at. Moreover, one should take into account the time it takes them to pay off their degree. If it takes too long and they do not feel strongly motivated after answering the previous questions, an MBA is probably not meant for them.
But, if one thinks that the reasons for such as professional development and potential earning or change of career and salary raise are strong enough, they should obtain an MBA. Thus, the first things that one should consider are what they want to specialize in and which MBA program they should choose. The latter are two important career-shaping factors. Other considerations to make are:
The MBA should have a proper accreditation – it shows that an MBA is trustworthy and certified. Accredited institutions must follow standards stabilized by commissions that evaluate the institutions’ teaching approaches and facilities. Moreover, certified institutions properly prepare their graduates for after-college employment.
One should check the admissions policy. Higher education institutions accept less than 10% of candidates and others in which the percentage is higher, approximately between 35 and 50%. Work experience, letters of recommendation and personal statements are common to the admissions process. But let us not forget scores of official exams such as GMAT and, eventually, GPA requirements. Even if not all schools require GPA and GMAT scores, one should check if they do.
Most MBAs start in the autumn semester, but some may vary; this applies mainly fully online taught programs. The length often depends on the full-or part-time frequency of attendance. Even if the average is 20 months, the length may vary from 10 months to 4 years. Anyway, one should also consider the speed of re-entry into the workforce.
The community and the institutions’ recruitment ties and reputation are somehow connected to their location. Moreover, one should consider whether to attend an MBA in-person, to choose a fully online taught or a blended study programme.
Networking is essential when it comes to business and also to MBAs. Many programs might have a good reputation in specific areas such as technology, luxury goods, finance or entrepreneurship. Therefore, one should consider partners and collaborators that the institution and its MBA have.
Career opportunities are the most important thing when it comes to an MBA. One should talk to alumni to find out their career opportunities and how they got to where they are right now. Moreover, it is also a good idea to review institutions employment and career reports.
ROI and costs
MBA is an investment in one’s future. This is why, before making the final choice, one should calculate the return on investment (ROI) and the overall cost of the course. ROI should result higher than the cost of the MBA.
Prestige and culture
What is the overall vibe of the higher education institution offering the MBA? And how prestigious is the institution? What are their partners and collaborators, and how do they treat their students? What about the overall student experience? The latter are some factors that have to be considered when deciding on the right MBA.
In other words
The choice of the right MBA depends on several factors such as prestige, ROI, accreditation, admission policies, career opportunities and so on. The most important thing, however, is to know whether an MBA suits one’s goals or not.