The choice to pursue an MBA is a life changing decision. The MBA is a serious investment from many angles including personal financial impacts, career path shifts, and changes in personal relationships, just to name a few. As with any life changing endeavor, the more time you put into to thoughtful preparation, the more likely you are to experience positive outcomes.
If you survey MBA alumni, you will find that a key difference between those individuals who view the MBA as one of the best investments they’ve made, and those who end up feeling it was a waste of time and money, is how much effort the individual puts into preparation ahead of time. With proper preparation you will get great professional and personal return on your MBA investment.
The following is a set of tips to help you as you begin your MBA application preparation.
Know your core values
Developing a true understanding of yourself and your values will provide you a sturdy framework by which to navigate the MBA admissions process. As you research MBA programs, you can use this framework to determine the MBA environments where you will be happiest and experience the most personal and professional growth. You can also use this to craft sincere and compelling admissions essays and answers to interview questions. It is obvious to admissions staff when candidates are being genuine versus telling the story they think the school wants to hear.
Develop a realistic career plan
Take the time now to craft a realistic career plan. Use all resources available to you, including online research and your personal and professional networks. Develop a clear understanding of what day-to-day life is like in your preferred career field(s), both as a new MBA graduate and 5 to 10 years down the line. Evaluate your findings against your core values and success criteria. It is important to do this now, before you start your MBA program. Once the program begins, life moves very quickly and can become overwhelming if you have not already established your career direction.
Understand why a MBA is a right path for you now
You will be competing against a group of highly motivated and talented individuals for a select number of spots in the top programs. If you can clearly convey not only what you will take from the MBA, but also what you will bring to the MBA experience, you will be in a more competitive position. First, identify your true motivation to pursue an MBA at this point in time. Then, understand the specific elements of the MBA program that will allow you to meet your goals. It is equally important to identify your unique life experiences that will bring value to your peers, the classroom and the MBA program overall. Being able to articulate your “value proposition” as an MBA candidate will help you stand out in the applicant pool.
Create a set of criteria that define the ‘right fit’ for you
You will get a good education at any top MBA program. By evaluating the specific elements of each program against your values, you will determine where you will be happiest and excel, both personally and professionally. Consider the following criteria:
Location — The atmosphere and daily life at a school in a small town is much different than in a major metropolitan area.
Size of the program — A small class size allows for more personalized attention and personal relationships with everyone in your class. On the other hand, a larger class size may provide more opportunities for a variety of course options and access to a larger alumni network.
Faculty— If you are interested in a specific area of focus, faculty reputation/expertise may be an important factor in your decision.
Rank and Reputation —You will be forever linked to the brand of the MBA program you choose. This can impact your opportunities throughout the rest of your career.
In choosing to pursue an MBA degree, you are deciding to embark upon a powerful and life changing experience. Spending time now to better understand who you are and what you want out of an MBA will help you more successfully navigate the admissions process, and tell a more compelling story to secure a spot in a top program. The preparation you do now will also enable you to make the most out of your chosen program by having well-defined personal and professional goals.
Caprice Lumphrey |
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