At some point in your recent past you have decided to consider business school. There could be several motivations for your interest. Most prospective business school students I have met have told me that they believe earning an MBA will greatly enhance their knowledge, skill set, career progression, financial situation, and professional network.
Having served as Dean of Admissions at Chicago School of Business for eleven years, I can attest to the fact that in most all cases, the benefits I just mentioned are realized, regardless of what continent students choose for their studies and their careers.
Ultimately, you may or may not end up moving in the direction of an MBA, but for now it is on your mind. Before going any further, ask yourself the following seven questions:
There are many reasons. Here are some:
— For further thought: What are my honest reasons for pursuing an MBA? Do these reasons make sense?
— For further thought: Why do I want to pursue an MBA now? Do my reasons make sense?
– For further thought: How do I feel about managing all of these?
Perhaps you have always wanted to live in another part of your country or go abroad for business school. Knowing what you are thinking as to location will help guide your search. However, at this early stage be careful not to rule out a certain location completely. During the search process, you may find that an option emerges in that geographic region that may be worth a closer look.
— For further thought: Where would I like to study?
Do you prefer an environment in which faculty and students have an interactive learning approach? Are you more comfortable with lecture style? Do you enjoy a lot of social interaction with fellow students outside the classroom? Are you going to focus primarily on your coursework? Are you interested in a more research-oriented program? Do you lean toward a public or private institution?
— For further thought: What type of learning/student experience do I want?
Students with partners/children have an additional responsibility/added dimension when thinking about business school. All are impacted by the experience. Adjustments need to be anticipated, discussed and managed. Please do not leave this important part of your planning unattended. Building a sense of consensus and excitement with all involved in the experience will reap huge dividends when the inevitable rough spots appear on the journey. To that end, it is important for you to consider the next question.
— For further thought: How am I involving my loved ones in my plans?
There are pros and cons for each of these options. Enrolling full-time means finishing more quickly, but also means a possible change in employment status and income. As for the student experience, full-time students tend to develop more of a social network, which translates into continued personal and professional relationships after graduation. Part-time students are usually juggling the demands of their studies with employment obligations. This does not allow as much time for socializing and networking. However, the benefits of employment tend to lessen the pressure of finances. Completing an on-line program allows for the most flexibility in terms of course scheduling, and may cost less. However, there will most likely be less contact with professors and fellow students, and little assistance in the career advising/placement process.
— For further thought: What program format would be most ideal for me?
Having considered these questions, you are now ready to start gathering information about the various options available to you. Allow time for your search. Business school is not something to take lightly. As we have just observed, it involves a major investment personally, intellectually, socially, emotionally, and financially. Be sure to allow yourself enough time to do your “due diligence” and get all of the information you want and need. It is wise to take about a year to do your research. If you are considering starting your MBA study in the fall, you will benefit by starting your search two years ahead of time. Why two years, you may ask? Typically, graduate schools start accepting applications just under a year before the intended start date. In order for you to have time to thoroughly review all of the necessary information, you will need at least a year before applying to gather that information.
