You’ve finished your GMAT and now you’ve got to figure out the tricky process of applications. You might start by calling up old recommendations, brainstorming topics for application essays and signing up for a few new extracurriculars (1). Whatever your plans, you probably know your top and alternative choices for schools – but how did you finalize your decision? We detail ways to pick an MBA program (2) (and a few you might not have considered.)
Rankings. Rankings have been the de facto method of determining the ‘best’ schools for years – based on average GMAT scores, among other factors. Forbes(3), Economist(4), and other publications provide rankings and annual reviews of MBA programs to help students in the selection process. Some, like Forbes, measure average 1st year salary for MBA graduates versus average debt incurred to consider return on investment, if money is your big motivator. Rankings like these give the average person a good sense of the most prestigious schools, but can cause you to overlook schools that might have an offering aligned to your goals just because it seems to have a lower rating.
What’s the goal? Institution websites can be less than helpful for program selection. Often filled with generic descriptions about growing your management and entrepreneurial skills, you won’t get a true sense of a program from reading the website. Instead, consider what you want out of your MBA program. Are you looking for a career change? Do you want to change job function or industry? Answering these will give you a better sense of how to your achieve your ‘education-meets-career’ goals, and which school will fulfill them.
What do you need & want? You might have limitations or requirements that your school/program needs to meet(5); location, cost, part-time options, and other necessities. These vary by school, but don’t fret if your dream program doesn’t meet your needs. Talk to a counselor and verify any of your concerns. A school might not offer a part-time program, but it could offer night & online course options that work with your schedule. Most MBA programs tend to be accommodating, due to the fact that many students are coming back from the workforce. A school might not be your first choice academically, but could be better for you if the city it’s in is also the hub of your industry.(6) (Ex: MBA programs for a career in silicon valley) (7)
Atmosphere. Good ambiance is an undervalued, key component of any MBA program. When you applied for your undergraduate, you might have cared more about play than work. For an MBA program, you better believe you’ll want to at least consider how you’ll de-stress in your new environment. While you might not party as much, a good student community is going to help you relieve stress and offer you group support throughout your career. (8)
Whichever what school you pick, make sure it meets your long-term goals. Even if you’ve taken the GMAT, you might want to take a year off before picking school, if nothing seems to match your needs. There are plenty of institutions outside of the top 10 that offer a great experience. Just remember, MBA programs are expensive – you don’t want to look back in a couple years and wish you’d focused on manufacturing instead of healthcare.
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