How to Decide if An MBA Program is Right For You
In 1965, fewer than 10,000 students in the United States earned MBAs. By 1998, that number had risen to 94,000. Despite the degree program's popularity, it is certainly not the best option for everyone. Whether or not it's right for you will depend not only upon the particulars of your career goals, but also quite a bit upon your career background. Completing an MBA program requires much sacrifice in the way of time, money, energy and commitment -- and should thus be considered very carefully.
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Instructions
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Be honest with yourself about why you want to earn an MBA, and what you expect it to help you achieve. MBAs are best for students who have long term rather than short term goals in mind, so such a program may not be best for you if you have not yet developed a career plan.
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Research to determine whether your expectations align with realistic possibilities. Inquire with MBA graduates you know, look into graduates of MBA programs that interest you and consult with people in the field you're aspiring to gain a place within.
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Assess your work experience. Simply earning an MBA will not lead to employers clamoring for you to work for them upon graduation. Employers usually like to see practical work experience in conjunction with stellar academic credentials on your resume -- so it is probably not a good idea to return to business school simply because you're having trouble finding a job after graduating from college, for instance. If you do gain admission to an MBA program -- which usually requires such work experience from applicants to even be considered as a candidate -- the result could wind up that you accumulate much more debt only to graduate without becoming much more competitive on the job market than when you had begun.
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Evaluate your timing. Determine whether now is really a good time -- for financial or other reasons -- to leave the work force or your own business for two years to attend school full time. Or, ask yourself if you will realistically be able to handle the demands of continuing to work full time while pursuing an MBA as a part-time student.
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Consider the prospective debt. According to a 2006 Forbes article, the cost of earning an MBA is at least $100,000 -- not including the loss of salary while attending school. Brainstorm ideas for alternative practical methods of realizing your big picture ambitions without the degree, in order to decide whether the expense of earning an MBA is actually necessary to achieve your career goals. Speak to people who have advanced within the field that interest you, for their perspectives on alternative approaches -- such as investing that money in starting your own business or pursuing a more specialized (but less expensive) one-year master's degree program.
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Tips & Warnings
If you're interested in a specific realm of business, such as economics or finance, then a general business management degree like an MBA may not be targeted enough for your concerns -- and may cost more than you really need to invest.
References
- Degree; 11 Things to Consider When Considering an MBA Degree Program; February 2010
- "Forbes"; M.B.A. Reality Check; Tara Weiss; August 2006
- MBAs; Deciding Whether To Get An MBA Or Wait; August 2010
- WetFeet; Who Should Get an MBA--and Who Shouldn't; Eric Wilinski
- Bschool Now: Why Should You Get an MBA?
- Photo Credit Comstock Images/Comstock/Getty Images
