The decision to earn your MBA is a great career move, but all programs are not made equal. Business schools vary significantly by size, specializations, faculty, and much more. Choosing the right school ultimately impacts your future job opportunities, so you can never be too detail-oriented. To help prospective students make the right career choices, here are five questions to ask yourself before you apply to a business school.
What are my future goals?
Some people feel like they have to earn a master’s degree in business because it’s the only way to advance in their field. This is why it is essential to create a career plan for yourself. While having an MBA will qualify you for more positions, ask yourself, “do I want them?” Managerial or director roles may not be in your plans, so if they align with your ambitions, another degree may not be worth your time. Instead, you may look to taking individual courses or certification programs that help you develop new skills without demanding so much of your time or finances.
With that said, it is still important to note that MBAs are not solely for people who aspire to be directors or CEOs. You may have entrepreneurial aspirations that can benefit significantly from a master’s in business. You can even earn an MBA in entrepreneurship to gain the skills required to develop, launch, and lead successful companies post-grad.
What do I want from my professors?
Are you interested in lectures rooted solely in theory and principle, or do you want a bit more pragmatism from your instructors? While some faculty have excellent academic credentials, they may not all have the same level of real-world business smarts. This can drastically impact you as a learner, especially if you come into the program with expectations. You’ll be learning from seasoned working professionals. Suffice it to say that discounting a person with an MBA or Ph.D. isn’t the purpose of this question; instead, it’s essential to consider your ideal instructors and the type of knowledge you want to walk away with.
What opportunities does this program present me?
Business school should give you more than a degree, and it should open the door to new networking connections, job opportunities, and personal development. Look closely at not just the degree but the community itself. What are the alumni like? You may reach out to some on LinkedIn and ask them a few questions about their experience. Did they find their degree pivotal in reaching their current level of success? How did the staff and students impact their professional opportunities? Building a network is vital for anyone who wants to succeed in business, mainly if you still haven’t found your company yet. This is why a close-knit alumni network and student body are so crucial.
Will I earn as much as I spend?
Business school is expensive, but it is an investment in your future. Perform a cost-benefit analysis before you even apply by considering the impact your degree will have on your earnings over the next five years. If you don’t see any clear indication that an MBA will boost your salary, how could you change that? The issue may not be the degree itself but how you intend to apply it. For example, by switching to a different company, you may earn nearly double what you do now. It’s all relative, which is why professionals have to be so vigilant about comparing employers and looking for new opportunities.
The cost of your education may seem like a hefty expense, but there are ways to avoid significant debt or financial strain. For starters, you can look into student loans. There are federal and private options equally worth your consideration. Personal student loans can be ideal for professionals who want more flexibility from their lender. Post-graduation refinancing and consolidation can make the cost of your MBA even easier to afford.
How does this school connect with my industry?
Where you go to school can be equally as important as what you study. The location of a business school impacts the types of industries it connects with the most. For example, earning your MBA in Silicon Valley is great for someone who wants to work in tech. New York City is the mecca of, well, everything, but each school will have its own specializations and connections. Once again, using the internet to reach out to past graduates can be a precious career strategy. By asking them how their experience at the school affected their job prospects, you can get a better idea of what you may have to look forward to.
You should also consider the student population itself. What types of people will you get to connect with during your studies? Because you are paying for an experience, you should choose a school that values and uplifts diverse perspectives. People from various ethnic, socioeconomic, and professional backgrounds help you develop more overall.
