How To Begin Your MBA Search, Pt. 3: Recognizing the Best Resources
You can find the first and second installments of our ongoing “How To Begin Your MBA Search” here.
So, you’ve narrowed down the list of business schools to which you’re applying, keeping in mind location, student body make-up, potential networking opportunities, the return on investment, and your professional goals. But while there are an additional host of ineffable qualities that guide a prospective MBA to one program or another, you must also keep in mind the resources of the programs that make up your short list. The importance of these resources will certainly depend upon your own subjective needs, but most potential MBAs will find it necessary to consider the following factors before making decisions on program choices.
Money, Money, Money
Suffice to say, business school is not cheap. Tuition at some programs can soar north of $60,000 USD per year, and unless you are currently working and your employer is chipping in, you will probably worry about how you will pay for school (particularly if you’re out of the workforce). Thus, sussing out which schools provide merit, and finding need-based scholarships is a good method of finding which schools might make the top of your list. And while a significant return on investment is almost guaranteed with an MBA, it goes without saying that graduating with less debt is preferable to graduating saddled with loads of it. Luckily, according to U.S. News & World Report, many more schools are offering such financial assistance, so if you do your research and get busy applying for fellowships and awards, you might be able to lighten the dreaded b-school burden!
I Went Looking for a Job and Then I Found a Job
Hillary Schubach of Shine MBA Admissions Consulting says that potential b-school applicants should ask, “Are there campus resources, student organizations, and activities that align with your interests?” As discussed in the second part of our series on starting the MBA search, while building a network is important, a b-school’s career services resources are also well worth researching. Where are alumni placed? Does the career services office seem robust and well-staffed, and are the advisors in-house or outsourced? These should be pertinent questions to you and any future MBA.
Know Who You’ll Be Learning From
Finally, before settling on any program, identify the professors whom you’ll most likely be learning from, and maybe try to find out more about their teaching style. Stacy Blackman of Stacy Blackman Consulting suggests asking, “what teaching methods appeal to you? Are there particular teachers, courses, fields of study or extracurriculars that appeal to you at certain schools?”
While some of these questions might have been answered when you asked yourself questions regarding where you want to end up after graduation, it is worth reiterating that if you’re unable to learn in certain environments or within certain teaching styles, you won’t be able to achieve your goals as smoothly.
Schubach gives the following advice :
“Core classes and electives that fit your career goals are extremely important. Do your needs align with the academic strengths of the school? Are you looking for a general management program, or one where you can select a concentration in your target field?”
In other words, it isn’t just the professors, but the structure of the program itself that is worth looking at closely— are the core classes suitable to your end goals? Do you need more or less structure in an academic setting?
While it seems like there are an infinite number of factors to weigh when finding the right MBA program, remember that on graduation day, you will want to look back on your b-school experience as one that was well worth it, which makes the questions all the more necessary.
How To Begin Your MBA Search, Pt. 2: The Power of Networks
Read part one of our ongoing networking series here.
It is no secret that among one’s greatest assets is a robust personal and professional network, as it is through these networks that much gets accomplished in the business world.
Even with the power of digital networks like LinkedIn, there is much to be said for creating professional and personal relationships face-to-face. Take it from HR guru Alan Collins, who writes, “pulling together a good network takes effort, sincerity, and time.” Thus, it is unsurprising that time spent in business school is among the most fruitful in terms of building a good network, but there are a number of pertinent issues to consider when deciding which MBA program will help you build the network that you want and need.
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Forget the Rankings and Focus on Your Interests
In order to find the best b-school for networking purposes, you need to discern where your interests lie, and an important aspect of this process is putting aside rankings and finding the program that engages these interests. Otherwise, you might find yourself in a prestigious program, but surrounded by other future MBAs whose desired Rolodexes vary wildly from yours. “All schools have a different set of values, culture, and sense of who they consider a fit for their program. Research that carefully, and then take a step back and really internalize what matters to each school,” says Hillary Schubach of Shine MBA Admissions Counseling.
In other words, if the values and culture of a b-school don’t fit your own, then you probably won’t be able to build as decent a network there as you might in another program. Part and parcel of building that web of important relationships is collaboration, and as Schubach notes, some b-schools “incorporate a particularly heavy dose of team projects into their curriculum, while others are more case-heavy.” Thus, while working with others will always be an integral part of the business world, finding an MBA program where other students share your interests and values will aid in getting you to the point where you’ll have a degree as well as a rich, expansive complex of professional and personal links.
The Student Body and Meeting the “Right” People
While honing in on your b-school interests and personal values are some well-tested methods of assuring you will be able to scaffold a great future network, it is equally vital to do some serious searching as to the student body makeup of the MBA programs you are considering— after all, if you cannot make allies in the b-school setting, that doesn’t leave you with much of a network upon getting your degree.
As Paul Bodine of Paul Bodine Consulting/Admitify notes, “schools have personalities and social dynamics—to gauge your ‘fit’ with them, interact as much as you can with students, alumni, faculty, and administrators.” In other words, finding yourself in a compatible social atmosphere in b-school is almost as important as the material you’ll learn in your coursework.
Consultant Stacy Blackman advises asking yourself, “What type of culture will [I] feel most comfortable in?” Some follow-up questions might include: what do I value in professional and personal relationships? Do I prefer being a bigger fish in a smaller pond, or vice versa? In order to build that strong network while in b-school, Blackman also urges asking, “are there particular teachers, courses, fields of study or extracurriculars that appeal to you at certain schools?”
Relationships are built both in and outside of the classroom, and given that most MBA alums cite network-building as the biggest advantage of going to b-school, finding a program where you can foster such relationships is of utmost necessity!
How to Begin Your MBA Search, Part I
You’ve weighed your options, and it seems like getting an MBA might be the best route to attaining your professional and personal goals. You’ve considered the expense and the time spent away from the workforce that an MBA requires, and you’re finally ready to begin your MBA search.
You’ve even read Philip Delves Broughton’s advice against attending business school in The Economist, and still find yourself cracking GMAT Study Guides and searching ROI figures in U.S. News & World Report. But even if you’re the most motivated future MBA, it is of utmost importance to ask yourself a number of questions as you embark on the process of applying and gaining admission to business school.
“Understand Where You Want to End Up Before You Even Begin”
Those are the wise words of Jeremy Schifeling, the founder of Break Into Tech and a veritable guru on the subject of how to find meaningful work in the tech world without engineering experience. A graduate of the University of Michigan’s Ross School of Business, Schifeling also speaks to his experiences there, adding that “way too many people show up on campus just because other people are doing the same. And without a plan, they walk away two years later, six-figures poorer but not six-figures wiser.”
The end lesson from Jeremy’s advice? Suss out what you want to do with an MBA, and don’t just go into a b-school program to make a lot money, or because everyone else seems to be doing so. Make a plan, and even if that plan changes, you’ll still have a leg up on many of your classmates.
Figure Out What Programs Best Fit Your Plan
Let’s imagine that you know that you are interested in supply chain management. You could search around the web for schools that have special programs in logistics and supply chains, but that will only take you so far. Consultant Stacy Blackman notes, “some of our clients call up companies they are interested in working with to learn their opinions of target schools and where they recruit. If you are very specific about where you want to end up, this is a great idea.” Thus, if you’re certain about a career in operations and logistics, it might behoove you to contact companies like XPO Logistics or Werner Enterprises to see what b-school programs their management team recruits from.
If you’re not certain of exactly what career you want an MBA to lead to, but you have a general idea of the business field that you’d like to pursue, then it might be more reasonable to think about where you want to end up.
Location, Location, Location
Paul Bodine of Paul Bodine Consulting/Admitify says that it is absolutely necessary to ask yourself, “what geographies are essential to your post-MBA career and/or life goals?” The question can make all the difference in what schools you consider applying to—Bodine notes that “you can spare yourself the challenge of seeking admission to the top 10 schools if you have a defined region where you want to make your stand professionally and personally.” If you are wedded to working in traditional commodities markets (and bitcoin, surprisingly), then it wouldn’t make sense to stray far from the Chicago Mercantile Exchange, for example. If your search is geographically limited for reasons beyond your control, then find out which programs suit your needs best within that area. A tech business mind in the South might ponder schools in Knoxville or Atlanta, whereas a future lumber baron in the Pacific Northwest need look no further than Oregon State in Corvallis. There are opportunities everywhere, but it is up to you to find those that are most in line with your goals!
Stay tuned for part two of our series, coming soon!
