Each year, thousands of students enroll in master of business administration (MBA) programs around the world. Business school can be an immensely rewarding experience; it’s an opportunity to advance your academic capabilities, professional career, expand your horizons, build valuable networks, and raise your earning potential throughout your career.
COST AND BENEFITS OF BUSINESS SCHOOL
The benefits of business school can include:
- An increase in salary and rank/title within your field.
- A boost in credentials for your resume and career pathways.
- A leg-up with regard to management and leadership opportunities post-business school.
- Intellectual stimulation and growth.
- Lifelong connections with some of the most renowned scholars, teachers, and researchers in the world.
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However, these significant benefits come at a cost. They require immense commitment to your studies over (usually) multiple years, a considerable change in your distribution of time (you will have little time for social engagement outside of your department, and top programs often intentionally design the first part of their programs to be this way). Plus, there is a high financial cost. Even funded business students often have high living expenses, not to mention the “course materials fee” for printouts, PDFs and pricey e-book rentals.
HARVARD BUSINESS SCHOOL EXPLAINS WHY (THEY THINK) AN MBA IS WORTH IT
On their website, Harvard Business School does a pretty great job of relaying the reasons to pursue business school and jump on an MBA pathway. Of course, this is a touch ironic, as they’re not exactly hungry for applicants given that they sift through 8,000+ applications each year and only accept 9.2% of them. Harvard Business School notes their program aims to help students become more effective leaders, increase job prospects, boost earning potential, gain big picture perspectives on the business world, and make an impact. Who doesn’t want all of that? But before launching into the business school admissions process, it’s a good idea to do a bit of self-reflection.
IS BUSINESS SCHOOL RIGHT FOR YOU?
Ask yourself:
- What draws me to the idea of business school? What concerns me?
- What do I hope to get out of an MBA program?
- What is my dream career and does it require a career pivot from where I am now?
- What are my goals post-business school?
- Has my career hit a roadblock? Is an MBA the next needed step to advance?
- Does my current home/family life and financial picture support an MBA pathway?
If you do decide to move forward and apply to an MBA program, you will need to start collecting these items to build your admissions portfolio:
- Four-year undergraduate degree and transcript(s)
- GMAT or GRE
- Personal Statement (and some programs have added supplemental essays such as diversity essays)
- Letters of recommendation
- Resume
- Application Fee
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ARE YOU A HIGH SCHOOL STUDENT INTERESTED IN BUSINESS?
The allure of an MBA doesn’t begin after college graduation. Many high school students we work with have their hearts set on undergraduate business schools or know they will want to pursue business school post-grad. Our advice to these students is similar to those we counsel in graduate school admissions:
- Maintain Strong Academics and Secure Strong Test Scores
- A solid (rigorous) academic foundation is required for business school. Strong grades in all classes are needed but especially in math, economics and any other business-related course. If your school offers AP-level courses in these subjects, it’s important to take advantage of these more advanced classes.
- Develop Leadership Skills
- Business schools value applicants who demonstrate leadership potential and work well in a team. They also want to see demonstrated entrepreneurial achievements, for instance recognition in the Conrad Challenge or the Diamond Challenge.
- Develop Strong Communication and Critical Thinking Skills
- Hone your writing and public-speaking skills, as well as your critical thinking (and listening) and problem-solving talents. These skills will benefit you in business school and in life! If it’s available in your community, you might join the International Economics Olympiad to deepen these skills from a business perspective.
- Keep Up on Business Trends
- Demonstrate your genuine interest in the field by staying on top of business trends and developments. Consider business-related enrichment, such as this free online Coursera UPenn Wharton Business Foundations Capstone class.
- Do Your Research
- Just like you’ll research your undergrad to ensure you’ve found the best “fit” so shall you research for business school.
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