7 Questions to Ask Before Starting an MBA
Deciding to undertake an MBA is a decision that requires forethought, strategy and enough understanding about the disruptive but necessary changes it may require you to make. In this article, we discuss 7 questions you should ask yourself before choosing to pursue an MBA. These will help you be more strategic in your choice of business school, and timing,
1. What is your motivation behind pursuing an MBA?
Your reason for seeking an MBA is the most significant factor in deciding if it is the right step for you at the time. Increase your market knowledge, such as how to handle people and develop competitive advantage; extend your professional contacts and business network; and open doors to new opportunities are just a few of the “right” reasons to pursue an MBA. Bear in mind that an MBA does not guarantee success. An MBA from a reputable university, on the other hand, will provide you with the networks, advanced knowledge and skills you need to advance your career.
2. Is the thought of (possible) relocation feasible?
Often, the MBA program of choice will be in another country. The positive thing about relocation is that you will gain global exposure from both your classmates’ and your personal global exposure. From a business angle, this helps you to tap into new markets and new perspectives.
3. How will you prepare for GMAT/GRE & tackle the application process?
The MBA application process is often long, arduous and challenging – as it has many moving parts. Such as selecting the school, sitting for your GMAT/GRE, writing the essays, networking with alumni and current students and attending the interview if your application is successful. However, with It must not be as hard as some perceive it to be as long as you are prepared and know what you expect. The GMAT is a structured entry examination that assesses applicants in terms of quantity and qualitative ability.
4. How Many Schools Should You Apply to?
While school rankings also matter when it comes to selecting the business schools to apply to, realise that the latest business school rankings won’t always tell the whole story. It is also important to look at the whole picture which includes the calibre of teachers, off site learning (what does this mean?), content of the subject matter, the networking opportunities and curriculum that best suits your needs.
5. Is the timing appropriate?
Many people begin their MBA journey later than they should. Often before their journey begins in June/July, their GMAT or the requisite research for their choice of school has not been done. At this point, applying the next year can be the best option. You can take GMAT in the fall before, research in the winter, go on spring visits and take GMAT again in the summer if necessary, will be the best scenario. You really should consider waiting for a whole year and invest in making yourself a more successful candidate if you have not got the best profile while applying.
6. How is the Return on Investment (RoI)?
People find an MBA desirable career development and financial stability reasons. When you return to the workforce, you’ll want to know if your MBA will provide you with a decent return on investment.
Many business schools issue graduate employability reports detailing the latest data on the most recent graduate students, which can be a clear predictor of what the MBA can do for you. Therefore, make sure you look at these reports.5
7. Paying plans for MBA & Application fee?
This is certainly one of the most difficult MBA questions. Hopefully, your stellar resume would land you a wonderful scholarship or fellowship, but if not, how do you plan to finance your MBA? For the application fees, attending your preferred school’s webinar events can aid in waiving application fees but this not always the case.
The MBA will allow you to leap from a middle level role to a management role from a career perspective, and should therefore not be taken lightly.