Are you a job-seeker who is looking for more responsibility and pay, seeking more leverage in obtaining a work/life balance, or contemplating a move into management — and are considering returning to school to get your MBA? Or perhaps a job-seeker exploring changing careers by going back to school for your MBA? Or perhaps a consultant looking to add a credential to your dossier. Or perhaps a college junior or senior contemplating going straight through and obtaining your MBA right after your undergraduate degree?

 

Regardless of your reasons, if you are contemplating attending graduate school to obtain your MBA, you should read this article before you make your final decision. This article will take you through all the important issues you need to contemplate before making your decision of whether — and when — to obtain your MBA.

 

What is an MBA? It’s a Master of Business Administration degree, granted after one to two years of graduate-level university study that provides training in the theory and practice of business management. The MBA is basically a document that certifies that you have a general competency in all the major functional management roles you’ll find in the modern corporation. An MBA is a career accelerator across a number of industries and MBA graduates can usually command higher salaries.

 

Ideal Time to Get MBA

When is the best time to enroll in an MBA program? The obvious answer is to enroll at a point in your career when the MBA is necessary to take your career to the next level, but the choice is never that simple.

 

For the college undergrad, the biggest question you need to ask yourself is why — why are you interested in going straight through and getting your MBA right after your bachelor’s degree? The top-ranked programs will not even admit you if you don’t have at least several years of experience, and a freshly minted MBA with little or no job experience is often in a much tougher job hunt than a recent college grad with little or no job experience.

 

For the job-seeker, the question about getting your MBA involves how as much as when. Will you keep working while earning your MBA in a part-time program or do you have the financial resources to quit your job and return to school full-time? Will your current employer help finance your MBA? Do you need the MBA as part of a career change — and if so, how are you going to do it?

 

Finally, there is the question of the economy. Some people think it’s a good hedge to get an MBA during an economic slowdown — a safe haven — rather than face the tough job market; however, when the economy is bad, even having an MBA is no guarantee of obtaining a lucrative job offer. The best advice? Talk to recruiters and MBA career placement counselors — and read the current trends in magazines such as Business Week, Success, U.S. News and World Report.

 

MBA Enrollment Trends

The number of MBA degrees conferred annually has seen explosive growth over the last few decades, going from under 5,000 MBAs in 1960 to more than 100,000 MBAs in 2000 — and now averaging more than 150,000 annually. Enrollment is also influenced by the economy, and as the economy turns toward a downturn, both recent grads and displaced workers head back to earn their MBAs.

 

Because of the growing number of graduate business programs that confer more and more MBA degrees, the degree itself is not as special or highly-valued as in the past. An MBA alone will not be the magic key to the door of career and job-hunting success.

 

Types of MBA

One of the questions you’ll need to answer is whether you are interested in a general MBA, which is often shorter in duration, or a specialized MBA, which may take longer but make you more marketable.

 

Regardless of the type of MBA, the core topics you’ll encounter include:

  • Accounting
  • Economics
  • Marketing
  • Organizational behavior

 

Specialized MBAs offer more advanced study in a particular area of business (such as marketing) or a particular industry (such as higher education).

 

Finally, you’ll need to determine the value of the “name” of the program you are considering. If you are searching for a big push that fast tracks your career, snagging an MBA from one of the top schools in the country may be the ticket. But, if you’re looking to simply get ahead and move your careers along, don’t discount the many MBA programs that are unranked but that offer you the degree and value you need.

 

 

Pursuing an MBA is expensive and time–consuming. Are you ready for the commitment?

Most full–time programs last two years, while part–time programs can take three or more years to complete. Tuition can run to the tens of thousands of Rupees.Even applying is expensive–you’ll probably drop hundreds on application fees and the GMAT, not to mention sending score reports and Eam Fees Etc.

Yet for many b–school students, the pay–off–from higher salary to better career opportunities–is well worth the investment.

Before you commit, however, you need to know why you’re going and what you hope to get out of your b–school education. Knowing what you want doesn’t only inform your decision, it also affects your candidacy; admissions committees and Interviewers will always favor applicants who have clear goals and objectives.

Here are some questions to help you clarify whether an MBA is the right choice, right now:

What s the GoaI behind Learning MBA ?is a career in business what you really want?  Business principles are useful in any and Every field, but MBA programs are designed for students who come from–and plan to return to–the business world.

What do you want the MBA to do for you?  You may be looking to accelerate your career at your current job, gain expertise in a new area or move into a new job or industry. Remember, while there’s no correct answer you should be able to articulate solid reasons.

If you want to move into a new job or industry, is an MBA essential to making the switch?  Certificate programs offer specialized training at a fraction of the time and the cost. These might be all you need to give your career a boost.

What is the outlook for newly–minted MBAs in the job market now, and what is it expected to be in two to three years? This can vary based on the industry you hope to enter, as well as your school’s reputation.

Is it the right time in your career to get an MBA?  If you are advancing within your company, an MBA may be unnecessary. It might also make sense to wait if you haven’t been in the workforce for very long–firsthand experience can enhance your b–school education (and your application).

There’s no question that an MBA program can prove to be a valuable and worthwhile experience. The skills you acquire and the connections you make will impact your professional life for years to come. However, it is a large (and at times daunting) undertaking. You owe it to yourself to fully consider your options and weigh your concerns before leaping back into school.

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Bhaven Shah