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<\/p>\nChoosing an MBA program isn\u2019t easy. It\u2019s a big commitment and you want to make sure you\u2019re getting the most out of your degree without drowning in debt or being permanently handcuffed by homework.<\/p>\n
We enlisted the help of five business leaders to share the most important factors they considered when they were choosing which business school to attend. As it turns out, gut instincts are important along with careful cost comparisons, and networking before<\/i> you\u2019re accepted is a great way to help you decide.<\/p>\n
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All of the business experts we spoke to have successfully completed MBA programs and used their degrees<\/a> to advance their careers. The list of considerations they gave us is lengthy, but these insights are invaluable in your own MBA program<\/a> search.<\/p>\n There are endless data points to consider when choosing an MBA program<\/a>\u2014cost, proximity, post-graduate salary, to name a few\u2014but don\u2019t discount the value of listening to your instincts and choosing the school that feels right when it\u2019s time to make your decision. You\u2019re going to spend a lot of time at this place and its reputation is going to follow you throughout your career.<\/p>\n \u201cWhen I looked at getting my MBA, the most important criterion by far was how the current and prospective students<\/a> made me feel when I talked to them in person,\u201d says Phil Strazzulla<\/a>, who holds an MBA from Harvard Business School and founded SelectSoftware<\/a>. \u201cAt the end of the day, I went with a school that made me feel inspired and motivated by my fellow classmates to work towards my goals. I wasn’t peer-pressured into a typical career path, or made to feel like an outsider because I didn’t want to spend all my time partying.\u201d<\/p> Like any other organization, colleges and universities\u2014and the MBA programs they create\u2014tend to have distinct cultures. A school\u2019s culture can range from \u00fcber-competitive to happy-go-lucky collaborative and anything in between. Culture is like the DNA of a school; it\u2019s what makes up its identify and should not be overlooked.<\/p>\n \u201cThe best way to decide which business school\u2019s culture is the best one for you is to visit campus, sit in on a class, and pay careful attention to how people within the MBA community interact,\u201d says Tyler Cormney<\/a>, co-author of \u201cHow to Apply for an MBA<\/a>\u201d <\/i>and the co-founder of MBA Prep School<\/a>. \u201cAim to build a \u2018personality profile\u2019 of the schools on your shortlist to determine which MBA program has a culture that makes you feel at home.\u201d<\/p>\n According to Investopedia<\/a>, the average annual tuition for a two-year MBA program is around $60,000. When added to the cost of rent, food, books, and overseas tours and internships (depending on your area of concentration<\/a>) it\u2019s obvious how expensive an MBA can become.<\/p>\n MBA holders from accredited institutions, such as Augsburg University<\/a> in Minneapolis, often earn an annual salary of more than $100,000 (depending on the field) so it can be worth that initial investment. But, don\u2019t make a decision that big without first doing your research.<\/p>\n \u201cI did a fair bit of research on the cost of MBAs and found a staggering difference across different schools,\u201d says Jacob Beckstead<\/a>, director of marketing and technology at Bailey\u2019s Holding Company<\/a>. \u201cKnowing that the material would certainly differ, I had to decide on how much I thought an additional dollar spent on an MBA program would really get me a \u2018better education\u2019 or \u2018better prestige.\u2019\u201d<\/p>\n Beckstead grouped the schools he was considering into three buckets:<\/p>\n Unlike some of his acquaintances who took two years off to focus on school full-time, Beckstead wanted to continue working while going to school. He ultimately decided on an online program that allowed him to do both, which helped offset the cost of the program and reduced his overall debt load.<\/p>\n Albert Ho<\/a> is a project manager at Osler Health Systems and author of \u201cCheckmate: How to Win the Sales Game in Healthcare.\u201d He spent a year researching all 40 MBA programs in Canada and established strict guidelines to easily qualify or disqualify schools.<\/p>\n Ho immediately eliminated all schools that cost more than $50,000 and took more than two years to complete. \u201cStudents believe that every MBA must be expensive \u2026 this is not true. My tuition was only $22,000 for the entire program. I did not see the value of a high-priced MBA,\u201d he said.<\/p>\n MBAs are valuable for both practical insights and long-term career rewards. Rahul Kashyap \u201919 MBA, MD, says, \u201cI was able to use valuable lessons from each semester toward my day-to-day roles in leadership at one of the world\u2019s premier health care systems. The Augsburg MBA ignited a fire in me for innovation and entrepreneurial activities. I\u2019m already rubbing shoulders with successful entrepreneurs.\u201d<\/p>\n Enrolling in an MBA program<\/a> will be unlike any professional or academic experience you\u2019ve undertaken in your life. You\u2019ll be exposed to cutting-edge business theory, creative forms of entrepreneurship, and countless case studies of companies that have succeeded and failed<\/i>.<\/p>\n The sheer volume of information and academic rigor will be challenging and unfamiliar. So, why not choose a program that builds on what you\u2019ve already learned?<\/p>\n \u201cI received my bachelor\u2019s degree in economics \u2026 and really enjoyed the study of money and investing, the finance side. So for me, getting an MBA in finance was the perfect complement,\u201d says Ron Auerbach<\/a>, finance professor and author of \u201cThink Like an Interviewer: Your Job Hunting Guide to Success<\/a>.\u201d \u201cIt best prepared me for working in banking, financial services, and Wall Street. And the concepts in finance were rooted in economics. So, the crossover between the two made it easier to comprehend.\u201d<\/p>\n MBA coursework can be doubly challenging if you\u2019ve never been exposed to the subject matter.<\/p>\n \u201cIf you were an undergraduate accounting major who is already fluent in the language of business, then a case study-based program might be perfect for you,\u201d Cormney says. \u201cBut let\u2019s say you were a liberal arts major who\u2019s been working in public relations for four years and never touched a spreadsheet. In that case, you are probably better off at a business school that will begin by teaching you the ABCs of business.\u201d<\/p>\n Before you travel too far down the path toward applying to business school<\/a>, think about your end goal. What do you want to do with your shiny, new degree once you\u2019ve got it? There are plenty of benefits to earning an MBA<\/a> but the work is only beginning once you graduate, so make sure to choose the school that will work hardest for you after<\/i> graduation.<\/p>\n \u201cClearly defining your career aspirations is a precursor to choosing the schools that are best for you,\u201d Cormney adds. \u201cBusiness schools can\u2019t be all things to all students so they tend to specialize in certain areas\u2014entrepreneurship, marketing, finance, and so on … shortlist schools that offer courses that appear tailormade for your desired career.\u201d<\/p>\n Auerbach agrees: \u201cWith a finance MBA<\/a>, it opened the door to working in banks, corporate finance \u2026 personal finance, financial analysis, and investment banking. Thus, wherever I chose to live or ended up, there would be a need for somebody with finance training.\u201d<\/p>\n Sometimes your MBA will directly affect your career path in the middle of the program. Augsburg graduate Mai Moua \u201919 MBA says, \u201cAs a result of my MBA consulting project, I was offered a director position with the client. This opportunity is leading me into a new and exciting industry and role.\u201d<\/p>\n It\u2019s easy to think choosing an MBA program is a decision that rests entirely on your shoulders. In fact, most would-be MBA students think choosing the right path comes down to cost-benefit analyses, class-size comparisons, and online applications<\/a>. But our experts agree that you have much more at your disposal.<\/p>\n After you decide which area of business you want to study, \u201cfind out where the thought leaders in your prospective industry teach,\u201d says Cormney. \u201cYou\u2019ll also want to talk to as many people in that industry as you can to find out what they perceive to be the schools with the strongest MBA brands.\u201d<\/p>\n Albert Ho used the networking approach by talking to admissions counselors and attending 10 different information sessions<\/a> at the schools he was considering. He also used the people in his personal network to help him make his decision.<\/p>\n \u201cI talked to 30 friends and contacts that had already completed their MBA to learn about their experiences,\u201d Ho explains. \u201cThese conversations helped me to understand the reasons for completing my MBA<\/a>.\u201d<\/p>\n Also consider what you want your network to look like once you\u2019re in an MBA program. With a finance concentration in Augsburg\u2019s MBA program<\/a>, Lara Dreier \u201915 MBA says, \u201cMy cohort was diverse in every aspect of the word, and came from all sectors and career stages, which meant I had something to learn from everyone. We were encouraged to support and lean on each other, and as a result I developed some lasting professional connections and friendships.\u201d<\/p>\n Choosing the right MBA program isn\u2019t easy, but at least you\u2019ve got some guidance from people who have been in your shoes, made the decision you\u2019re considering, and succeeded where you hope to succeed.<\/p>\n Just keep in mind, choosing the right <\/i>MBA program means it has to be a good fit\u2014personally, professionally, and financially. Don\u2019t take the decision lightly, do your diligence, and dive in. There\u2019s no better time to start working toward the future you\u2019ve always wanted.<\/p>\n Get professional opinions on choosing the right MBA for you and your career. Explore <\/i>Augsburg University\u2019s MBA program<\/i><\/a> or contact <\/i>mbainfo@augsburg.edu<\/i><\/a> to talk with MBA experts today.<\/i><\/p>\nChoosing the Right MBA #1: Go With Your Gut<\/h2>\n
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<\/div>\nChoosing the Right MBA #2: Weigh Cost vs. Benefits<\/h2>\n
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Choosing the Right MBA #3: Go With What You Know<\/h2>\n
Choosing the Right MBA #4: Consider Your Career Options<\/h2>\n
Choosing the Right MBA #5: Leverage Your Network<\/h2>\n
The Bottom Line on Business Degree Programs<\/h2>\n
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