By Mike Ferrigno
The idea of earning your Master of Business Administration (MBA) can certainly be exciting. An MBA is a well-respected degree that can help you change your career trajectory, break into a new field, or prepare you for life as an entrepreneur. However, it’s not the only way to succeed in business. In fact, the Financial Times reports “traditional MBAs cater to only a small pool of managers with significant resources — leaving a vast gap in the provision of training for the rest.”
If you’ve decided you want to pursue a career in business, here are four things to consider.
Choosing an MBA: Degree or Program?
Perhaps the biggest decision you will face is choosing the format of your MBA program. A full-time MBA could be right for you if you want a fully immersive experience and have the time and money to commit. But if you need flexibility or don’t want to give up two years of salary and career progression, there are many other options you should consider.
Forbes recently featured The 12-Week MBA for its flexible program options and focus on the fundamentals rather than niche trends that will become irrelevant after a few years.
If you are set on a particular concentration like marketing, operations, or entrepreneurship, factor that into your decision. However, if you’re looking for general business knowledge and practical application, an alternative program like The 12-Week MBA may fit your needs and offer more flexibility post-graduation.
Consider How You Will Balance Your Time
Before choosing an MBA program, you need a clear idea of how to make the space in your schedule to attend class, work on group projects, and study. As you begin your MBA or mini-MBA program, you may even need to brush up on skills you’ve already learned or revisit topics that you may not use in your day-to-day life, like accounting or math.
If the idea of a multi-year commitment in a traditional MBA program seems overwhelming, consider alternatives where you can learn the same skills you’d pick up in a more traditional MBA program. Mini-MBA programs specifically are designed to be completed while participants work full-time.
Prepare for Academia
Many business schools require applicants to take a standardized test to apply. The Graduate Management Admission Test (GMAT) is the most common, but some MBA programs allow applicants to take the Graduate Record Examination (GRE) instead. However, there’s some good news for prospective students who want to avoid test taking. Some schools allow prospective students to point to their professional experience as a predictor of their classroom performance and skip tests altogether. Programs like the Invited MBA defer testing requirements in favor of practical experience.
Whether you take an entrance exam or not, MBAs of all types are designed to be challenging. And if you’ve been out of the classroom for a while, you’ll want to revisit your test-taking strategies and learning styles. That might mean planning your approach to studying throughout the semester, getting better at taking notes, or looking for peers to study with as a group.
Keep an Eye on Your Post-Grad Goals
Whether you want to start your own company, earn a promotion at your current organization, or level up your skills to be more confident in your current role, success isn’t automatically achieved once you’ve completed your business program or MBA. Before beginning your education experience, envision your goals and strategize how to get there. If you’re considering a part-time program, talk to your manager about your goals – there may be professional development dollars available at your company.
Aligning your goals with your actions in your MBA program will help you get the most return for your academic effort.
Congratulations on deciding to pursue a business education! It’s not an easy road. But with the right preparation, you can ensure the effort, time, and money you invest is well worth it.
Learn about The 12-Week MBA, a part-time and fully-virtual business program that covers the essentials of business in 12 weeks.
