Whether you want to start a new business or switch gears in your career, a Master of Business Administration degree can give you a much-needed boost. If you think you're ready to embark on a postgraduate business degree, check out these dos and don'ts for choosing the right program.
Do: Evaluate Yourself
Since MBA programs can vary tremendously in terms of length, focus, program requirements, cost, teaching style, and curriculum, you must establish a few expectations upfront. Decide what size program you're looking for, how many years you can devote to study, whether you prefer traditional or online courses, and which area of degree specialization will best fit your goals.
Don't: Make Judgments Based on Cost
Don't let MBA sticker shock scare you away. Even the priciest b-schools usually have enormous endowments allowing them to offer generous financial aid packages. Furthermore, all MBA students are eligible for federal scholarships, grants, loans, educational tax credits (some states), and work-study programs. If cost is still a serious consideration-even with financial aid-think about attending school part time, taking out a private loan, or exploring tuition reimbursement programs.
Do: Research Programs Carefully
It's time to put the research skills you learned in ! Digging up a school's average GMAT? scores, acceptance rates, average class size, accreditation, job placement percentages, and notable alumni can tell you a lot about how selective the program is and how impressive the degree is out in the real world. Of course, there's no good substitute for visiting campus and speaking with actual students. Before you apply, ask to interview a few faculty members and first-year MBA students to get a better understanding of the program.
Don't: Forget the Perks
The non-academic perks of an MBA program-such as employment placement programs, alumni networking opportunities, internships, portfolio review sessions, career fairs, job shadowing days, study abroad, and international exchange opportunities-can seriously impact your classroom experience as well as life after grad school. Contact prospective schools' admissions and career development offices to learn more.
Do: Know Your Options
There's an MBA program designed to fit the needs of any student with the grades and drive to apply. Since MBA programs are often specifically tailored to a particular type of student or industry, be sure to check out what format classes are in, what type of work experience projects are required outside of the classroom, and the average age and work experience level of the incoming class.
Don't: Rely on the Reputations
While college rankings can give you a partial picture of how beneficial an MBA program is, they tend to overlook smaller, less flashy schools. The truth is, smaller schools with small class sizes and a low teacher-student ratio oftentimes provide a more personalized and meaningful educational experience than larger schools with big reputations. Take rankings with a grain of salt, and don't hesitate to explore all different kinds of MBA programs.
The full version of this article originally appeared in Hobsons' MBA Guide.
Christina Couch is a freelance writer based in Richmond, Virginia and Chicago, Illinois. She is the author of Virginia Colleges 101: The Ultimate Guide for Students of All Ages (Palari Publishing, 2008). Her byline can also be found on AOL.com, MSN.com, Yahoo.com, and Wired Magazine.
