What MBA School to choose?

Choosing a business school is a very serious decision that can determine your future career. Going to the wrong school not only wastes massive funds, but it may also stunt your growth as a professional. There are so many things to consider when weighing your options, but finalizing your choice is only half the battle.

CRITERIA

There are nearly as many choices to be made, as there are MBA programs available. Since there is no ultimate program that addresses everyone’s needs, it is easier to look for a school that best suits your needs and preferences. Still, it doesn’t hurt to make a list of important factors during the selection process.

Reputation

No matter how much people undermine the importance of prestige and reputation, school rankings matter. It’s like weighing a recommendation letter between a CEO and a mid-level employee. Even if both of them work as hard, employers are more impressed with the commendation given by a high-ranking official.

A better-ranked school gives you more options after graduation, which means a better career and a higher salary; however, the quality of education between business schools in the upper tier doesn’t vary much. You may still carve out a profitable career even if you come from a lower-ranked academe.

People

One of your main concerns when looking for a business school should be the list of professors on board. After all, they will be your primary source of learning throughout your stay in school. Even schools that are equally prestigious may have drastic differences between their faculty members.

Similarly, your interaction with other students will also affect the amount of useful information you pick up while in an MBA program. Diversity is important, but it is more beneficial to be around people with similar experiences, traits, education and even age.

Location

Although it is worth relocating to enter an elite school, it is common for MBA students to pick a school near their area of residence. Since social life and peer connections are vital ingredients in learning, the location of a school can affect the appeal of being in a hectic program.

If you intend to do some part-time work, location becomes an even bigger factor. Your school’s location determines your access to networks and career opportunities. It may not seem like a big deal at first, but being far from your comfort zone can affect your performance when the schedule starts to intensify.

Cost

If you are fortunate enough to get a sponsorship or scholarship, then you have one less thing to worry about. The tuition fee of an MBA degree alone may cost as much as a year’s salary and you still have to pay for lodging, books and travel, among other expenses.

Look into schools that are within your financial means and inquire about scholarship openings. Decide how much you are willing to shell out, even if you have obtained financial help from your employer or loan provider. You need to have enough cash to last the entire school year, especially if you exchanged your job to become a full-time student.

Degree

There are plenty of topics touched by an MBA program besides economics, business and marketing. These include accounting, management, e-commerce, economics, entrepreneurship, finance, human resources, information systems and marketing, to name a few. Similarly, there are different types of MBA programs to choose from depending on your needs and preferences. The most common are online, traditional, accelerated and executive MBA programs.

The curriculum of each program is now multi-faceted as well. The first phase of MBA courses are often focused on general concepts and strategies in business management and administration. Afterwards, you get to focus on your specific field of interest through tougher exercises and training schemes.

ACCREDITATION

This requirement is perhaps more valuable than an MBA ranking because it certifies that the school meets all formal official requirements of the governing body. Rankings should be looked at as an optional prerequisite, while accreditation is mandatory. As online programs continue to proliferate and ascend in popularity, accreditation assures students that they are entering a legitimate school that provides quality and proper education.

There are three primary accreditation bodies for MBA schools, namely The Association of MBAs (AMBA), The European Quality Improvement System (EQUIS) and The Association of Advance Collegiate Schools of Business (AACSB).

The Association of MBAs

The AMBA was founded in 1967 mainly to encourage management education in the United Kingdom. This London-based group has fewer requirements compared to the two other accrediting bodies. It particularly accredits specific MBA programs instead of entire institutions.

Unlike the AACSB and EQUIS, the AMBA accepts membership applications from individuals studying in any of their accredited business schools. In exchange, members are given access to a wide network of business and educational contacts. Currently, the AMBA has accredited 140 MBA programs in over 65 countries worldwide. AMBA looks at an MBA program’s faculty, admission process, curriculum, international profile and assessment scheme before deciding whether to certify it or not.

The Association of Advance Collegiate Schools of Business

The AACSB was formed in 1916 and is currently the oldest, as well as the largest accrediting body among the three. It is mostly made up of business schools from North America, with less than 10% of its member institutions coming from other parts of the globe.

Traditionally, the Florida-based group has been very stringent in giving its seal of approval. It has very rigid criteria with strict regulations, particularly on faculty and curriculum content; however, the AACSB has become more flexible with its requirements in recent years. It has accredited over 500 schools with less than 50 coming from outside North America.

The European Quality Improvement System

EQUIS was created by the European Foundation of Management Development (EFMD) in 1997 and is the youngest among the three accrediting bodies. It has also accredited the least number of schools among the three with roughly 100 MBA institutions from 31 countries worldwide. To obtain an EQUIS accreditation, a business school must have international standards of quality, significant levels of internationalization and a program that discusses business world needs.

The Belgium-based organization has made a huge impact in the business industry with its demanding accreditation process, even though its criteria are fewer than the AACSB and AMBA. So far, all business schools fully accredited by EQUIS, that have applied for an AACSB certification, have succeeded, but not the other way around.

CHOOSING A SCHOOL

Shopping for a school can be very time-consuming. You should exhaust all viable possibilities so you won’t regret your choice in the future. All of those efforts will become worthwhile once you complete the program and earn an MBA degree.

Gather Information

Making a list of factors for choosing the best MBA program is a necessity, but this task usually isn’t enough when browsing for schools. You must still gather comprehensive information about the programs you intend to take up. For starters, research about a school’s program details or check to see if it has produced a famous person or two.

Visit Schools

Once you narrow down your list, you can visit the campus itself and look around. Try talking to some graduates and current students about their experiences in school. Compare career opportunities between each school. If you intend to meet with some of the school’s officials, arrange a meeting ahead of time. Make a list of questions that will help you decide which school is best for your needs.

Weigh Options

After doing an extensive research on all the schools you are interested in, review your criteria because they may have changed during the selection process. Consider all your options and alternatives. One of the biggest questions you have to answer is whether you should sacrifice quality to save money. Once you finalize your school of choice, the real application process begins.

Choosing a school is perhaps the hardest part of the application process, considering its massive possible ramifications towards your future plans; however, all your difficulties will be generously compensated once you obtain an MBA degree.