Thinking of Applying for an MBA? Read This First!

Considering an MBA? You’re not alone Each year, 100,000 graduates, 37 percent of which are women, take the plunge and enrol in a Masters of Business Administration, or MBA, program. Because despite the rise of the self-made entrepreneur, in the tough world of business, that particular piece of paper still means a lot. No matter how committed you are, an MBA is no walk in the park. Start the hard work now, and give serious consideration to the following before hot-footing it back to grad school.

1) Is academia the right path for you?

To dispel a common myth right away, not everyone at the forefront of business has an MBA. Many senior business leaders have simply used their life experience and smarts to get ahead. While MBA programs are still incredibly popular, it’s worth considering which is more valued in your chosen field: time on the job or time in the classroom. Good MBA candidates tend to have at least 5 years’ experience in industry, specialist areas they would like to develop and, above all, are highly motivated to succeed.

2) Can you afford it?

MBAs don’t come cheap. The cost of enrolling varies depending on where you go. It has been reported that the average cost of an on-campus two year MBA is around $60,000 dollars, rising to $100,000 for the top business schools.  It is a significant sum, but on the other hand it is also a significant investment in your future – recent studies have shown that graduates of the full-time MBA course earn on average 50 percent more than they did before starting the program. Many women choose to complete an MBA part-time whilst working, over a number of years – a cost-effective option, particularly if you have other commitments such as work and/or a family.

3) Where to study?
Besides giving you fancy letters at the end of your name, the right executive MBA program provides you with bang up-to-date knowledge of the business world and relevant, practical work experience. Thus it’s all the more important to choose the right school. But with more than 2,500 MBA programs out there, where do you start? There are lots of factors at play here: where you want to live, whether you can relocate, as well as the reputation of the school itself. Some programs emphasise different aspects of business such as entrepreneurship, leadership, global markets and even social responsibility. Of course, you also have the option of completing an MBA online. Whilst this does require a great degree of self-motivation, it is usually cheaper and provides a flexibility that could be very attractive.

Do your research on the different types of MBA that are available as well as potential funding streams and scholarships. It’s also worth asking your current employer whether they might part-fund an MBA as part of your career development. Above all, keep your eye on the bigger picture. After all, a qualification that could help you move into management, become the next female business champion or start your very own firm is surely worth a little hard work.

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