Okay, so you’ve decided you want to go to business school. Now what? This blog entry and the following seven will build and flesh out a “To Do” list for you, helping you find answers to questions from “What should I study?” to “How can I get financial aid?” Each entry will focus on one step of the process so that you know where to start and what to do next.
I strongly recommend starting this list a year before you plan to start business school, but this can definitely be done in six months or less; you’ll just need to be more resourceful in some steps. Here’s a good ordered list of things to do to get yourself started (we’ll fill in notes on each step in this and subsequent entries):
1. Research
2. Manage the application process
3. Prepare for and take the appropriate test(s)
4. Get your transcripts sent.
5. Solicit and obtain letters of recommendation.
6. Write your application essays.
7. Complete and submit your application(s).
8. Apply for financial aid and scholarships.
“But how do I dive into this list?” you ask. Well, let’s start at the beginning:
Step 1: Research.
Before you do anything else, do your research. Make sure you investigate each of the following points:
Research which MBA programs of study may be right for you. Identify people who are in positions you’d like to obtain, and find out their educational backgrounds. Ask them, ask co-workers, and check company websites.
Research what MBA program formats are available and appropriate for you. Once you’ve identified the program(s) you wish to pursue, research the different program formats offered at different institutions. Many MBA programs now offer many alternatives to traditional full-time studies. Look into part-time, fully-employed (weekend), and “virtual” (online) options that could allow you to continue working while you’re in school or enroll in courses at a non-local institution. Many employers will even contribute to tuition for such programs!
Find out which schools offer your intended program(s) of study in your desired format(s). You may want to start with nearby institutions or with those with name prestige. U.S. News and World Reports publishes (in print and online) annual rankings for MBA programs—and breaks them down by specialties, even—as do countless other organizations. Google “business school rankings” or “cost-effective MBA” and see how many results you find.
Determine the costs associated with business school. Using the schools’ websites and other published resources, figure out annual tuition and expenses (books, parking, etc.) and, if you’ll need to relocate, expected cost of living. You can use a cost of living comparison tool, which you’ll also easily find online.
Figure out the reasonable expected Return on Investment for your graduate studies. Many published rankings’ sources and school websites offer average starting salary for graduates of each particular program. You’ll need to be a bit more persistent in your research, but different schools offer different options. A strong alumni network, high rankings, and reputation are just a few factors that may impact graduates’ starting salaries. Before you hand over much of your hard-earned (and, likely, hard-borrowed) money, pick the best investment… because that’s exactly what you’re doing: investing in your future.
Research the schools and their surroundings. If you’ll need to relocate for school, you’ll want to make sure that the city in which your program is located is, in fact, a place you can live comfortably. Research the size and demographics of the towns, check message boards, and visit the campus and city if you can. In addition, many schools place recent graduates best locally, so it’s definitely wise to make sure you like the area before you commit to two or more years there.
Once you’ve gotten a handle on your program and school research, you’re ready to start applying. In my next blog entry, we’ll focus on how to properly manage the application process.
The MBA applications season has only begun and judging by the number of phone calls we are receiving, this year will see a lot of B-school applicants. I recently spoke with two MBA aspirants. Let us call them Mr. X and Mr. Y for want of better imagination on my part. Both Mr. X and Y come from fairly similar backgrounds. Both are engineers, both have more than 5 years of work experience, both are applying to the same set of schools, both have GMAT scores that range between 710 to 730, both communicate effectively, and interestingly enough both think that the MBA would be a ticket to their career transition. There is however a subtle difference between Mr. X and Y. While Mr. X has been in the IT industry for much of his professional life and is looking to move to management consulting, Mr. Y has consciously striven to move away from software programming to the finance industry by taking certification courses in finance and getting involved in IT projects that require insight into the workings of the financial markets.
