Choosing the Right MBA Program!
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Lesson Summary: |
What is an MBA?
The Master of Business Administration (MBA) is a graduate degree in business/commerce, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out scientific approaches to management. The MBA degree has since achieved worldwide recognition.
How
does Accreditation Work?
Accreditation
bodies exist specifically for MBA
programs to ensure consistency and quality of graduate business
education, and business schools in many countries offer
MBA programs tailored to full-time,
part-time, executive, and distance learning students, with
specialized concentrations. There are many national and
international accreditation bodies, and it's important to verify
that the MBA school you're interested in
is properly accredited.
Choosing Your MBA:
After deciding to get an MBA, finding the right MBA program is the second most important decision you'll make in your pursuit of the degree and the numerous opportunities that come with the diploma. There are over 500 accredited MBA programs in the U.S. alone and finding (as well getting accepted to) the one that will benefit you the most can be an overwhelming task.
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The approach that I took while looking for the program relied on several levers which, when adjusted properly to reflect an individual's strengths and goals, greatly help narrow down the list of potential schools. These "levers" or questions can be broken down into two categories:
- Your strengths and experience
- Your learning profile, goals and objectives
Your strengths and experience
Your academic and professional accomplishments prior to enrolling in an MBA program certainly tend to predict which potential business schools may be a good match for you. Ask yourself the following questions and then look for schools that are interested in candidates with a skill set similar to yours. Some things to consider:
1.
Full-time work experience - up until a few years ago, the
majority of top MBA programs in the U.S.
(say, top 50) either formally or informally required applicants to
have between 2-3 years of full-time work experience at the time of
application. This trend, however, has been reversing albeit slowly
and even top schools like Harvard may now occasionally offer direct
or deferred admission to a candidate with limited professional
experience. Naturally, the more experience you have the better your
chances of landing in a top program, so if your heart is set on a
certain school - make sure you inquire with the admissions on what
their requirements are with regard to work experience. If your
overall profile (recommendations, GMAT
scores, GPA) is strong than you should be
able to make a compelling argument in your application even with a
limited work experience.
2. GMAT Scores - the sad
reality of MBA rankings is that schools
do compete on the GMAT scores of their
incoming students, so naturally depending on where you land when
you take the test, some doors may open and others may close.
Knowing what your score is before you apply can be a good indicator
of where you are likely to secure admission. The beauty of
GMAT is that you can take it again and
usually the highest score will be considering in admissions. Plus -
most folks do better on their second attempt, so if you can - take
the test before applying and see where you fall. An average score
for a top-20 school is around 660-700 and you can find out more
information about individual school's benchmarks through published
rankings such as BusinessWeek.
3.
GPA - while past returns of the
stock market are not indicative of the future performance, your
GPA (percentage grades from your previous
Bachelor-level course) on the other hand will likely tell a solid
story about how you will perform academically in the MBA setting. Just like with the GMAT - see where you stand vs. the average reported
GPA from your desired school and whether
it's a concern or a benefit that will make your application stand
out.
Your learning profile, goals, and objectives
Do you learn
best by studying theory or by actively doing?
What are your goals and why do you want to get an MBA in the first place?
While answers to these two questions may seem simplistic - they are
crucial in determining which program will you suit
you best.
Two types of MBA programs
As a rule, MBA programs are divided into two groups:
- Case method schools that teach business principles primarily via the case method that relies heavily on analogies and your prior experience;
- Theory-based schools that rely heavily on the lecture format for teaching.
The case method schools tend to be best suited for individuals who may have some professional experience that they can leverage in class room discussions and assignments. Learning from your peers is a key component of any MBA program and naturally case method schools tend to admit students who will contribute their unique experiences to the overall discussions in and outside of the classroom. A perfect example of case-based school is Harvard Business School, where the case method was invented.
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On the opposite end of the case method schools are theory-based programs that may incorporate some case studies into the curriculum, but resort to the lecture format for delivering the business knowledge to students. Here, your work experience is not as important as at case-method schools, however your academic skills may be a stronger asset. A couple of examples of theory-based schools are Chicago GSB and Simon School of Business at the University of Rochester. Typically, applicants with technical backgrounds - such as engineers, physicists, programmers - who desire to get an M.B.A. would feel more comfortable at a theory-based school.
Importance of networking
One other item to keep in mind is that the value of an MBA degree is not only academic, but also professional. The network which you will develop among alumni and your peers is possibly the single most important asset you will take with you. Statistics show that while your first post-MBA job may come from an on-campus recruiter or a company directly, your second and third jobs come from the people you know - your connections and former classmates. When looking for a business school ask yourself whether your investment into the program will provide a solid return in terms of the network you will join.
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Your personal goals
While an
overall MBA ranking may provide a good
overview of how a particular school compares to its peers, you need
to look into each school's individual strengths to determine
whether or not it will be a good fit. For example: both Harvard and
Wharton are 'top 5' business schools, yet each has a distinct
strength and depending on your individual goals you may choose one
over another. Harvard is best known for its strengths in general
management, whereas Wharton would be better suited for someone with
a finance focus.
Knowing your individual post-MBA goals before you enroll is crucial
to finding the right MBA program and to
maximizing the value of your investment. The admissions committees
typically spend a good deal of time on trying understand how a
particular school meets the goals and objectives of each applicant.
If you don't have a solid understanding of your end-goal,
considering doing some soul searching before selecting which
programs would suit you best.
For Great MBA Programs, Click Here
About the Author:
Alex Okounev is a Business Development Manager. Alex is an MBA graduate with lots of experience in education, business, and marketing. Feel free to contact Alex through LearnHub for any questions you might have about choosing the right MBA program.
