Deciding whether to obtain an MBA can be difficult. It is a rewarding experience that can allow you to improve your job prospects, expand your network, and learn all about business. But, you also need to study for the GMAT, leave your current job, and possibly relocate to a new state.
If you decide to purse an MBA, one of the most difficult decisions is picking the right university. There are thousands of MBA programs offered all around the world, and you need to decide which one is best for you. It is a decision that extends beyond the rankings of US News or Financial Times.
If you want to make the most of your MBA experience, these are the four factors to consider when determining your future program.
1. Composition of the student body and alumni
You always hear this and you will keep on hearing it – your network is your biggest asset. It is not so much about what you know, as it is about who you know. Hence, when you are checking out target universities make sure you check out the Student Composition facts. How many international students are there? From which industries? What is the average age group? How many countries are represented? There is no right or wrong answer to these questions – it all depends on what you are looking for.
Moreover, you can use LinkedIn to search for alumni who graduated with an MBA from a given university. Find someone with a similar career path to you and look at how the MBA helped them further their career. This can tell you more than all the school rankings combined. If you have a specific company or job that you are targeting post-MBA, see if there are any alumni from the university you are checking out. It will be much easier to build connections with staff who graduated from the same MBA program and to get referrals for a role.
2. Tradeoff between cost and reward after graduation
MBA programs are costly in three respects – money, time and energy. When you are doing your research make sure to check out the cost, length of study, and curriculum. Cost is a big decision criterion since MBA programs are notoriously expensive. In order to make the best-informed decision, you also have to weigh those costs with the benefits. You can do this by looking at statistics regarding the career paths of graduating classes. Most universities measure the success of their classes and make this information public on their website. You should be able to find out the average salary of the class divided by industry, location, and other related factors. This will allow you to make a more informed decision.
3. Location, location, location
Another important factor is location. During your MBA you will be engaging in a lot of extracurricular activities, informational interviews, and meetings. Hence, you want to make sure that the university is located somewhere that suits you. If you choose a rural campus this might make it harder for you to interact with people and expand your network.
Moreover, location can help your chosen career path. If you are looking to work in finance, universities in New York would be a strong choice. Whereas, if you want to do federal consulting, you might want to choose a school in Washington DC. This requires thinking ahead, but it will help you to narrow down your search and pick an MBA program that is right for you.
4. Extracurriculars outside the classroom
Check out the activities that the university offers outside the classroom. This includes clubs, consulting projects, study abroad programs, career guidance counselors, mentors, and the profile of their professors. These will affect your experience outside the classroom, and hence they are important factors to consider when choosing your MBA program. You want to enroll in a program that allows students to forge strong bonds and elevate themselves, not just with academic knowledge, but with practical tools as well. Extracurriculars are one of the best ways to achieve that.
Final thoughts
All of this information can be difficult to assess online. Hence, a further step you can take is to reach out to alumni who already graduated from the university and ask for a 15 minute phone call to hear about their experiences. Make sure to ask about the four points mentioned above as well as other questions you may have.
Overall, getting an MBA is tough but rewarding. You want to choose the best program based on your needs and that will require self-reflection, time, and effort. Researching ahead of time and carefully selecting your target universities will make writing your application essays and studying for the GMAT much easier.
Tringa Krasniqi holds an MBA degree from The George Washington University. She is the founder and consultant at Ivy Journey, an educational consulting firm for gaining admission to universities and winning scholarships.
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