Brenda Berg is a professional with over 15 years of experience in business management, marketing and entrepreneurship. Consultant and tutor for college students and entrepreneurs at Oxessays. She believes that constant learning is the only way to success. You can visit her personal blog at Letsgoandlearn.com
Are you sitting on the fence while deciding whether it’s the right time to attend business school?
After all, no matter what stage you are at in your career—whether you’re still a student or working your way up the career ladder—this is not a light decision, and it needs a considerable amount of thought.
Some of the main concerns include putting on hold everything you’ve achieved in your career so far, investing a considerable amount of time into the course over the next few years and, of course, money.
Here are five questions to ask yourself before applying for an MBA.
1. Has It Worked for Others in the Past?
Of course, everybody in the world is in a different position, but considering other people’s experiences is a great way to see whether an MBA is right for you.
Search online for people who have followed a similar career path to what you want to do, and see whether it took an MBA to get there.
A great place to look is LinkedIn, or you could ask a researcher on Academadvisor. See what benefits the MBA provides, such as rapid career progression, higher wages, or better job satisfaction.
Of course, this means investing time into researching which business school would be suitable for you. If you plan on staying in the US, there are multiple schools and establishments to consider—like Stanford Graduate School of Business, or Harvard Business School. In the US alone, there are around 101 physical schools in which you can take an MBA.
You’re not just restricted to studying in the US either—there are around 95 schools that offer MBA courses in Europe, among them IE Business School, HEC Paris, and University College Dublin’s (UCD) Michael Smurfit Graduate Business School.
2. Are You Financially Stable Enough for an MBA?
For most candidates, financial repercussions play a key role in deciding whether business school is a viable option.
Can you fund yourself throughout your educational, or will you need to consider credit options, like Prodigy Finance—a fintech platform that enables financing for international students at business schools or postgraduate institutions?
3. Have You Considered the Social Aspects of an MBA?
To complete your MBA do you need to move away, or can you study in your hometown?
Invest time considering the consequences of your actions, and you’ll soon see whether an MBA is right for you at this moment in time.
It’s worth noting that an increasing number of people are looking to Online MBAs—such as the triple-accredited program offered by Birmingham Business School. This allows you to balance work and study, while maintaining and looking after your friends and family.
4. Is the Return on Investment of an MBA Worth It?
Perhaps one of the most important questions you’ll need to ask yourself is whether the return on investment after securing an MBA is worth it. The primary question you’ll want to ask yourself is what you plan to get out of your studies and what your end goal is.
Do you feel trapped in your current career or job placement? Are you aiming to improve your salary or rapidly climb the career ladder?
Whatever you plan on doing, it’s important that you consider the complete journey and how you’re going to use your MBA as a tool to achieve something greater, which might not always relate to financial gain.
5. Are You Able to Secure a Place?
First and foremost, seek an MBA evaluation to see whether you can secure a place in your chosen business school. For this, you’ll need to make sure that you prepare an application, along with all the relevant documents and forms.
Check your cover letter by running your writing through Grammarix, or by using writing services like State of Writing and Via Writing, to avoid any mistakes and typos.
The GMAT is an aptitude test that takes all your skills into account, including writing, verbal, and reading skills to see whether or not you’re suitable for an MBA. In fact, MBAs themselves claim that 90% of all MBA enrolments are based on a graduate admissions test. You can get started online today here, as well as learning more information about what the test is, what’s included and how it can improve your chances of securing an application.
The GRE® General Test is a more flexible alternative to the GMAT. Nearly 1,300 business schools accept GRE® scores for their MBA programs, including 92 of the top institutions on the US News & World Report 2018 Best Business Schools Ranking.
Candidates can use a GRE® score to apply for a wide range of master’s, specialized master’s, and PhD programs globally; not just the MBA. Candidates can take the test multiple times. And, after completing the GRE® General Test, a candidate’s score is valid for five years.