Congratulations! As ironic as this may sound, you're currently experiencing the perfect MBA candidate's nightmare—meeting the admission requirements of your preferred college. What a high-quality problem to have, right? Well, the truth is, this can be a blessing and a curse. This is because now, you're stuck with having to make a decision you'll not regret in the future.
People go to business school for different reasons. Some go into it to add an extra certificate to their undergraduate degree or master's degree, others to gain management skills. Whatever your reasons may be, here are three tips to help you pick the right MBA degree program.
1. Identify your career goals.
A key part of selecting your Master of Business Administration degree is having career goals and knowing all the different places you want to work. You then have to compare this with what the different schools have to offer. For instance, if you see yourself working as a financial analyst or financial manager, you might want to consider what cities in the United States (or in the country you'll be studying in) have a base for these markets.
A good starting point is researching the median salary of an average MBA graduate in these cities. Additionally, you can also confirm to see if the Accreditation Council for Business Schools and Programs (ACBSP) accredits the schools' programs to avoid the regret of taking up an unaccredited program.
To sum it up, you can narrow down your choices using the industry you aim to work in and your field type. So, if financial planning or information systems is your thing, then go straight ahead for cities that have high demands and job prospects for people in this area of specialization.
2. Calculate your possible return on investment.
Except if you have a scholarship or financial aid, the million-dollar question on your mind right now is, "How soon you can get a return on investment?" Fortunately, the ROI for an MBA degree is considerably high and rapid, as many graduates receive their return in an average of three to six years.
This can be attributed to the change in the job market climate. Human resource managers are starting to place more preference on hiring people with MBA certificates than a mere bachelor's degree. The Financial Times does an excellent job in ranking global MBA programs by their salary, percentage increase, overall value for money. So, you might want to use this as a guide.
3. Evaluate the program length and structure.
MBA programs are notorious for being demanding and stressful as they tend to push students out of their comfort zone. They do this by saddling them with loads of coursework. So, if you ever thought getting your undergraduate degree was difficult, you might want to give that a second thought.
It takes someone who has the time, energy, and dedication to commit to the many requirements of an MBA program to excel. This means, if your current schedule doesn't permit you to meet these requirements, you'll either have to defer the program or look for a university that offers a flexible structure that meets your needs. Fortunately, some universities offer flexible structures, including full-time or part-time MBA programs and online MBA programs. This affords people who plan to work and study the opportunity to combine the two.
However, you must note that a part-time MBA program can stretch the duration of your degree completion. For instance, if the MBA is set to be completed in two years as a full-time student, choosing to take it part-time would mean you may end up spending three years or more.