With the gender pay gap still a prominent issue, business education can be a way to address the lack of women in leadership roles.
Deciding on the right MBA programme is no easy feat, especially given the many options available. Here’s what you should be considering before committing to a graduate business degree.
What type of MBA programme is best for you?
A first big step is to decide which type of MBA programme you’d like to study, and which institution is right for you. Consider schools and institutions that offer grants, those that offer Executive MBAs, and those like Hult International Business School, which offers a flexible range of courses, including part-time programmes. If you are an entrepreneur looking to sit an MBA for greater knowledge of how to start your own business, many institutions offer opportunities for entrepreneur funding, and fast-track programmes to large consulting companies.
Where do you see your career heading in future?
Think about your professional goals and how an MBA fits in with these. Spend some time researching your dream career and the job that you’d like to do, or a particular industry you’d like to go into. If you are still thinking of what to do, talk to others about their career paths, or speak to an institution that interests you and visit an open day to discuss your options and professions you can specialise in after studying for an MBA. This can help you to shape your own aims and targets for the future.
Studying for an MBA at a business school can help you figure out the career you’d like to pursue simply in itself. An MBA course offers a student plenty of options so that they can customise their studies. Many institutions will understand if you are unsure at this point of which company you’d like to work for, or the job you’d like to do. However, you should go into an MBA programme of study with a vague idea of what you’d like to use your degree for. This will make your application process easier, and will also prevent you from being overwhelmed with options later down the line.
How will an MBA help you to achieve your career goals?
After you have thought about what you’d like to do career-wise, you need to figure out how your MBA will help you to achieve your goals. If you require an MBA for your intended career, what are you hoping to get out of the programme of study? Are you looking to sharpen up your business skill set? Do you want to develop new leadership skills and experience because this is lacking on your CV? Are you wanting to make a career change? Or even start your own business as an entrepreneur? Know exactly what you want from your MBA, and check that it will deliver on your expectations before you apply.
How much will your MBA cost, and can you realistically afford it?
Formal business education is very expensive. Consider tuition fees, housing and living costs, and consider whether you can realistically afford an MBA before taking that big step. Make sure that you are comfortable with the financial and personal sacrifices that you will need to make in order to afford your degree. Would it be better to study a full-time programme, or a part-time programme so that you can still work while studying and earn a wage? Consider how much you’d need to earn in order to pay back your tuition fees. Conduct some research on post-graduation MBA salaries to make sure that the industry you have chosen (and will qualify for) pays a salary in line with your expectations. Many business schools publish reports on salaries from varies industries that their graduates have gone into.
Should you attend extra courses?
Consider whether you need additional skills in business before applying for your MBA programme. This could be helpful to those applying for an MBA who have come from completely different backgrounds, such as the creative arts or sciences. This could assist you in achieving your career aims, and will look very positive to a potential employer on your CV. For instance, you might decide to take additional courses in marketing, entrepreneurship, or a very general business course to help you adjust to a new industry more quickly.
What should you prepare for the application?
When you have chosen the right programme and business school to apply to, it is time to prepare your materials for your application. The institution you are applying to will typically want your GMAT scores, undergraduate transcripts, recommendation letters, CV, job experience details and examples of leadership. Many schools will also want you to have strong quantitative reasoning skills. Ensure that you have good letters of recommendation from senior people who have managed or worked with you, who can honestly vouch for your professional job experience. If you do not have much job experience, try a business internship or take up some voluntary work to increase your levels of experience.
