Making the Most of Your MBA: Part 1
Let’s be honest, if you’re going to pay $110,000 over two years to get your MBA, then you want to make sure that you receive the greatest return on your investment. While getting the biggest bang for your buck starts with attending the right program, that’s just the beginning. Once you’re accepted into your MBA and classes begin, that’s where the real value lies.
Getting an MBA is not like attending undergraduate school. You don’t get points just for showing up and graduating. To make the most out of your MBA, you need to be prepared to look for and utilize every opportunity that comes your way.
We recently spoke to Graham Richmond, a co-founder of Clear Admit—a leading independent resource for top-tier MBA candidates—and an education consultant with more than 20 years in the industry, including time as an admissions counselor at The Wharton School.
In this two-part series, Graham provided seven tips that every MBA can use to not only succeed but flourish during their MBA program.
Have the Right Mindset
Remember, you are going back to school. You need to leave the mindset of the corporate world and start thinking like a student again. You’re not going to be able to do everything that you did while earning a full a full salary. You need to make your money last.
Graham Richmond
“Most business schools cost quite a bit of money, and when you factor in that, in some cases, you won’t be working while you attend business school, it adds up,” Graham reminded. “You have to figure out how much money you will need to go to business school and then look into the loan offerings, whether it be from private institutions or the government. Then, start living the life of a student again.”
The head of financial aid at a top business school once spoke to Graham about watching MBAs waste money. She was astounded that so many students took taxis everywhere when there was a subway and bus right on campus. The issue she saw was that students were stuck in their past lifestyle and then they were shocked when their money ran out. Having the right mindset of a student can save you a lot of stress in the long run.
Have a Game Plan
A common pitfall for MBAs is the misconception that they have plenty of time to figure out what they want to do after graduation. The truth is that you only have two years and it’s over before you know it. Most people line up their summer internship in the winter. You literally have just a few months after classes start to interview and select your summer internship, and that internship is typically a gateway to your post-MBA job.
“The single most important thing is to show up with a game plan, an idea of what interests you,” shared Graham.“That doesn’t mean that you need to know every detail, but, at minimum, you should know your desired field, rather than trying to do it all. You get more out of the program if you have a sense as to where you want to go because then you can orient your education toward your goals.”
Listen to Your Classmates
One of your most valuable resources in business school is the people who surround you. MBA programs are packed to the rafters with a diverse group of students from various backgrounds, experiences, industries, interests, and skillsets. Just as your professors will provide you with knowledge and expertise that will carry you far in your career, so too will your classmates.
“Many individuals who go to business school talk about the fact that they learned a tremendous amount from their peers just by listening to them in the classroom,” stated Graham. “There’s a lot of learning that happens as people share their own experiences. So, keep your ears open and make sure you’re listening to your peers. They have a lot to offer.”
The key is to pay attention to the student on the other side of the classroom who happens to have worked in a factory in China and soak up their advice. Then, ask questions. In the end, after you graduate, your colleagues will be very important to you when you’re looking for your job and using your network. They’re an invaluable resource.
Tune in later this week for part 2 and learn how to get out of your comfort zone, focus on learning, participate in activities, and expect a career change.
About the Author
Kelly Vo
Kelly Vo is a writer who specializes in covering MBA programs, digital marketing, and personal development.
