Let’s say you’ve decided to go back to school for your MBA. You’ve already made the most difficult decision, right? Unfortunately, no. Choosing to get your MBA is just the first step. The hardest decision is choosing which business schools to apply to.
Choosing the right MBA program isn’t like picking your favorite milk at the grocery store. Your choice will have far-reaching consequences that will affect your career, your family, and your personal experience. Think about choosing your MBA program like you would a new car.
Why You Have to Choose the Right MBA Program
Okay, so why is choosing an MBA program like the purchase of a new car? Well, just like a car, business schools are not one-size-fit-all. Sure, technically, you could buy any car on the market, but closing your eyes and pointing to any model at random could leave you in a world of hurt.
- Ratings: Just as certain cars are known for being more reliable than others, some MBA programs are better than others. And, just like with a car, choosing a highly rated school can ensure you have a better experience during the program and after. There are three primary ranking systems that you should always check: U.S. News, Economist, and Bloomberg.
- Fit: Not every business school or MBA program will offer the attributes you want or will be rated highly in those attributes. For example, if you’re interested in a career in consulting or an internship at Amazon, then you’ll need to go to a program that is best suited to help you reach your goals.
- Cost: You wouldn’t buy a car that’s out of your price range, so why would you go to a school that is too costly? However, it’s not that simple when it comes to an MBA. Cost isn’t just about the price of tuition; it should also factor in time commitments, opportunity, and overall benefit. It might cost $107,922 to go to the Wharton School for a two-year MBA, but getting an MBA from a prestigious school like Wharton could be the correct choice if your job offers tuition reimbursement, or your goals match the school.
How to Choose the Right MBA Program for You
Okay, so now you know why it’s so important to choose the right MBA program, but how do you make that choice? It’s not like you can go to a dealership that offers every MBA program available and test-drive each. If only! It’s a little more complicated than that, but it doesn’t have to be impossible. You might not be able to attend every program you want for a few hours, but you can make a plan and weigh your decision.
We recommend following these five steps.
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Think
Before you start looking at potential MBA programs… Before you start making a plan for your applications… Think about where you want to be in five years. While fit might not be the most important aspect of your MBA program, it does play a significant role. You won’t know what type of school you need if you don’t know what you want. You need to be able to answer a few questions:
- Why do you want an MBA? Are you looking for a career change? Do you want a leg up in your industry? Do you want to change your industry or job function?
- Where do you want to work? Do you have a dream company? Is there an industry or job position that you’ve always wanted to try? What city or country do you want to call home?
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Choose Your Program Type
The Full-Time MBA isn’t the only program available. There are three common programs offered at most b-schools, and before you start deciding which school is for you, you need to figure out the type of program you want.
The three main types are:
- Full-Time MBA: The Full-Time MBA is for professionals with two to five years of experience. With this type of program, you’ll need to quit your job, stop earning a salary, and go back to school full-time. It takes two years to complete.
- Part-Time MBA: These programs typically offer evening or weekend courses and are for working professionals in the middle of successful careers who want further advancement. Students are generally 27-32 years old.
- Executive MBA: The EMBA is designed for executives and entrepreneurs who are already in higher management and want to take their career to the next level. Students are typically 33 – 40 years old.
Other MBA types include the Online MBA and Flex MBA.
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Research
Now that you know who you are, it’s time to start figuring out the programs. There is one BIG KEY you have to remember. Get into the BEST program that you can get into. Yes, the fit is important and so are your goals, but getting an MBA from Harvard or Stanford will always serve you better in the long run, even if it doesn’t completely match to your goals. So, the key is to research the best programs available and then narrow down your choices from there. Not only should you use the rankings mentioned above, but you should also rank each school based on a few key attributes:
- Quality of student life
- Prestige
- MBA starting salary
- Teaching methodology
- Faculty and teaching reputation
- Net cost
- Location
- Program size
- Facilities
- Culture
- Career services
- Internationalism
- Return on investment
Do as much research as possible. Visit the programs during on-campus events. Don’t be scared to dig in. It will serve you in the long run.
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Be Realistic
Once you’ve done your research, it’s time to narrow down your top list with some realism. If you only have two years of work experience, a 3.0 GPA from undergrad, and a 650 GMAT score, getting into one of the top-tier b-schools could be difficult. Don’t sell yourself short, but also understand where you stand at each school. For MBA programs, you compete against your fellow applicants, so it’s a numbers game. Just because you don’t fit the profile doesn’t mean you won’t get in, but if you’re too far off, you could be wasting your time.
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Cast a Wide Net
Don’t just apply to one or two programs. Make a list of around five to seven schools in a variety of ranges. Based on your research and your desires, choose:
- Two schools that are your ideal fit. These schools should be the best schools you could possibly get into. These are your dream programs. These are your sports cars.
- Three schools that are mid–range. These programs shouldn’t be too big of a stretch to get into, and they should satisfy most of your criteria and be as prestigious as possible while still being realistic. These are your mid-sized sedans.
- Two safe schools. These schools are your commuter cars. They’re safe, reliable, and you’re almost guaranteed to get in and have a good experience. These are your fall back schools in case you don’t get your ideal or mid-range fits.
At the end of the day, our best advice is to aim as high as you can when applying for an MBA program. You want a school that is ranked well, and that will provide you with the most prestigious degree possible. The truth is that prestige can overcome a lot of other considerations, so reach for the stars.