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Once you have decided that an MBA is right for you, you will then need to research and choose the business schools and MBA programs to which you want to apply. There are many factors to consider: so where do you start, and how can you usefully differentiate between schools and/or programs? |
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Evaluating MBA Programs
If you were to imagine your ideal MBA program, what would be the defining factors that make it so attractive? Everyone will have a different opinion on this, so you need to decide what is important to you, e.g:
- Where do you want to study? How about multiple locations?
- In what sort of learning environment do you thrive best?
- Are you giving up work to pursue your MBA, or do you need a program with a flexible schedule?
- How much of a workload do you think you can handle, and how long can you put your earnings on hold to study?
You should take a number of factors into account when assessing which MBA programs fit your wants and needs. Consider concentrating on the following:
- Reputation and ranking of the university and school
- Strengths in specific subject areas (e.g. finance)
- Teaching and learning methods
- Country and location
- Cost
- Class size and profile of students
- Student culture
- Internship opportunities
- Career placement
- Average starting salary
Do Your Research
Where can you find the most up-to-date and reliable information about MBA programs and how should you start the research process?
- Business School Rankings are numerous and varied, and provide detailed information about many schools at once. Most rankings are available online (eg Financial Times) and there are numerous websites providing general information about business education, including Financial Times, QS TopMBA, The Times Online, Business Week, and GMAC's own website.
- Individual school websites will provide you with a wealth of in-depth information about their own programs, including the application process for that school.
- Attending MBA fairs, such as those of the World MBA Tour, provide an opportunity to meet representatives and alumni of many MBA programs from around the world, all at one venue.
- Visiting the school, if possible, is a great way to learn more about the program, the location, the culture, and the faculty.
- Speaking with students and alumni is a vital part of the research process, as only the students can tell you what it is really like to attend that program. If you don't know any, just ask the admissions office of the school if they can put you in touch with a current student or alum.
Using Business School Rankings
Various publications issue rankings of MBA programs, and these are generally updated every 1-2 years. The most well-known in the UK and Europe include The Financial Times, and The Economist, and in the US, U.S. News and World Report , Business Week and the Wall Street Journal.
If you are considering an MBA, rankings can be useful to compare information on various programs. However, it's important to recognize the various limitations of rankings and put them into proper perspective. No matter how sophisticated the system, ratings cannot capture the full measure of worth of a program (and the issuers of these reports are generally the first ones to point this out). Rankings can give you an idea of how different schools perform in certain categories compared to each other, how selective they are, and how they change over time.