Getting a college degree is still a fast track to success and higher earnings, as indicated by research carried out by the University of Ottawa. The findings from the research revealed that the higher the degree attained, the higher the income the student received, as bachelor’s degree holders tend to record higher earnings compared to associate degree holders.
Even more are the financial advantages when the student registers for graduate courses. This article focuses on those interested in applying for an MBA.
Applying for an MBA is a career path chosen by those who want to complement the knowledge acquired from undergraduate courses, regardless of field of study, with applications in business and management. An MBA offers the student even more opportunities, and could open the doors to lucrative positions at prestigious organizations. The knowledge gained from your MBA would also reflect on your PhD thesis introduction, if you choose to pursue a PhD.
Have you decided to apply for an MBA? Good. Let the tips below give you some guidance to selecting an ideal college.
Identifying the reasons behind getting the MBA
Choosing a college to study for your MBA is no mean feat; thus it has to be tied to the primary reasons you aim to get from the experience. There are the default benefits, like the additional knowledge and skills, the expected increase in earnings, and in most cases, the collaboration and networking that could arise from the classroom and the school environment. Similar to placing orders for a custom assignment service, it stands to say, that you would be better off, identifying the more important reasons for your MBA program, rather than dwelling on generalizations.
Let the following questions trigger some ideas:
- What are your long term career objectives? Where do you ideally see yourself, 3, 5, 10 years from today?
- Is the motivation to study for an MBA so you get an earned rise in your paycheck?
- Or, do you crave the skills and know-how that could be transferred to several areas?
- Or, do you think an MBA would give you added recognition in the workplace?
- Would earning an MBA increase your value in your current workplace, and open you up to new opportunities?
- Do you see yourself working in a different industry in the coming years?
- Would you like to serve on several platforms, transferring your skills from one industry to another, without creating a disconnect with knowledge needed to function in a new industry?
- Does entrepreneurship or owning your company attract you?
- Do you want to experience the hands-on, grueling work that could be required to found and build a company from the ground up?
- Do you have ideas for products or services in a particular niche, that could be better than the current products or services existing in the marketplace?
- Is one of the attractions of the MBA the partnerships and networks to be gained from the program?
Answers to one or more of these questions would reveal the true reasons you desire an MBA, and the benefits you stand to gain from earning one.
Locating the Ideal College
After running through your main motivations to getting an MBA, it is pre-emptive that you would be selecting the school based on the following factors:
Cost
It is generally assumed that students interested in an MBA program have carefully thought through the costs, with high profile schools like Harvard Business School, London Business School and University of Pennsylvania, Wharton, posting tuition fees of $146,880, $120,000 and $153,160 respectively. However, these are so called ‘prestigious’ schools, and entry into these schools should not tagged ‘mandatory’ unless the funds are readily available, and you intend to gain some additional benefits apart from the obvious.
With other MBA schools posting an average of $70,000 for tuition fees, there are several more affordable options. It is important though to evaluate the quality of education offered, school’s location, and if the school’s offering completely meets the objectives toward your getting an MBA.
Added perks
In addition to the basic benefits - knowledge, esteem, a wider network reach, one gets from an MBA program, some do in-depth benefits like specialized knowledge, prestige, global reach, location etc.
Applicants looking to gain expertise in a certain area should look up schools reputed for having these expertise. Applicants who rank prestige as high up their list, considering the impression MBAs from these institutions would have on employers, associates and partners, should consider schools with prestige. Applicants who place global reach as a premium could be considering schools located in domestic terrain, but possess the reputation for global knowledge and network.
Evaluating college location
Location of the school should also play a large role in your selection. Most MBA schools offer pristine and conducive environments for study. However, some interesting points to look into when selecting one are:
- Is it located in surroundings where you'd have access to firms in the field you're interested in?
- Are there seasoned professionals in this locale, you can meet with and learn from?
- What are the accommodation and travel costs like?
- Is it convenient to the lifestyle or interests you want?
Schedule: Full-time, Part-time or Online
The basic education and most immersive plan for MBA programs could be the full-time. The student gets to stay within the campus grounds, attend regular lectures, interact with other participants, and gain maximum benefits from taking the program. However, the profile of those taking the program range from newly graduated students, individuals in the workforce and other professionals.
The group most likely to benefit from the full time program are new graduates, who are unencumbered from any commitment or responsibilities, i.e. those who haven't picked up employment somewhere, and thus can commit to the hours necessary. Those already working, who decide to pick up the full time option, would have to decide whether to let go of current jobs as well as earnings.
Part-time MBA programs were created to meet the study objectives of this second group. With the inclusion of online MBA programs, applicants can easily select a program that can be accessed anywhere and works around their schedule.
However, if you opt for a part-time or online program, it is important to consider what you could be missing from the full-time program. Lastly, you should be able to exhibit the discipline required to study without external motivation.
Conclusion
Opting to earn an MBA as well as picking an MBA college to attend are based on personal choices and preferences. Go through the above information, tweak the options based on your interests and preferences; and when you've made a decision on the school to attend, inquire from past students on the experience, and if convenient, visit the school to get a feel of its surroundings.
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