Choosing an MBA Program

Business school is a large decision, but deciding to go is not the only decision. Deciding where to go is just as important. If you are about to put aside the time and cost of a graduate degree in business, you want to make sure you choose the best option for your needs.

Accreditation
One important consideration is the accreditation of the school. There are two types of accreditation to look at. The first is the university overall, and the second is the business program.

Check if the schools you are looking to attend are accredited by a recognized institution. If you choose an unaccredited university, the quality of the education is unknown. Unaccredited schools range everywhere education that is just as good as any accredited school to "buying" a degree where you can receive the MBA for nothing more than a few thousand dollars and no study time. Because there is such a wide variety of education, and no standards, employers are hesitant to consider a degree from an unaccredited school as proof of knowledge of the material. It would also be difficult or impossible to transfer the credits if you ever attended another institution. If you do want to attend an unaccredited university, research it extensively online and through alumni to ensure that it will be able to meet your needs.

In addition to the university accreditation, the Association to Advance Collegiate Schools of Business accredits specific business departments. They have their own set of standards that the courses and faculty must meet. Like the universities, accreditation of the programs ensures that a certain quality of education will be received through that program. Sometimes it does make sense to attend a business school that is not accredited by the AACSB. That may be the case if you are looking to advance only within your current job and the company recognizes a degree from a local unaccredited school. It may also be acceptable if you plan to go into business for yourself rather than work for an employer. If you are not in one of those two situations, or just wish to leave more options open for your future, then consider sticking to AACSB accredited schools.

Cost
The cost of attending school is one of the foremost in many people's minds. There is the cost of attendance, the cost of living while attending, and the opportunity cost.

The cost of attendance not only includes the tuition and fees, but also includes the scholarships available. If you choose an expensive private school, but get scholarships to cover most of the cost, it will be cheaper than attending a lower cost school with no scholarships. Don't rule out a school strictly because of tuition rates, fill out the application and find out what types of scholarships they offer. Also consider whether tuitions are charged per credit, or per semester if a certain number of credits are taken. Tuition rates can be reduced a lot by taking enough to reach the per semester rates.

The cost of living depends on the area in which the school is located. A school in an area such as New York or San Francisco it will cost a lot more than one in Iowa or Nebraska in terms of housing, gas, food, and other general living expenses.

The opportunity cost must also be considered. Will you be able to finish the program in a year and a half and then get a decent paying job, or will you be tied up for three or more years before earning your degree? Will you be able to continue working full time at your job, take a lower paying full time job, switch to part time, or not work at all? All of those options will have an impact on your financial situation while attending school. A higher cost of living area with a full time salary may be better than a lower cost of living area with no salary.

Location
There are MBA programs all over the world. If you are settled in with a family you may want a school that's local to you, while someone single could move anywhere. If you like large cities you might look for schools in New York or Boston, while someone that likes rural living might look in Montana or Wyoming. If the tropics are your thing look towards Florida, southern California, or Hawaii; however, if you like snow look at Minnesota or Alaska. If you need an ocean, don't look for schools in Oklahoma. Some people choose to do an MBA abroad, which means considering the culture and language of the country you choose. Enjoying your surroundings can make the entire degree experience much more pleasant.

Qualifications
When considering a program, you must consider where you can get accepted. Some schools require three years of professional experience. Some schools require five years. Letters of recommendation are used by most schools, so you need to consider who you can get a recommendation from, which may be an issue if you are not ready to inform your boss that you are going to be leaving in a few months. Personal statements are common, and some schools require as many as four different essays as part of the application process.

Two of the biggest factors in admission are the GMAT and GPA. The undergraduate GPA is considered, and any graduate work completed may be taken into account. The GMAT is the exam taken to measure aptitude for business school. Most schools publish the average GPA and GMAT of admitted students, but if you are unable to find it, contact the department and they will have that information available. Consider schools where you fall within or above the averages. If you really want to get into a better school, don't hesitate to apply for one where you are on the lower boundaries, but keep some backup options, as well.

Ranking
Two of the most popular rankings of business schools are Business Week and US News. Going to a top ranked business school may be important if you want to get into some of the best firms in the largest cities. On the other hand, if you intend to go into business for yourself, or will be advancing within your current job, the ranking of the school may not matter at all. Decide what your goals are, and talk to people within that industry to find out how important the rankings are considered.

Schedule
If you will continue working while working on your degree you may want a part time program with evening classes. If you want to finish as quickly as possible and will not be working you might want day classes with a full time schedule. Review when classes are offered at each school, and whether they expect students to attend part time or full time, and how much flexibility there is within the program. Find a schedule you can fit your work and family life around.

Size
The number of students in programs varies. Large programs have the advantage of being able to offer more choices of elective classes, because they can easily fill the classes. They will also have more faculty which will increase your chances of finding one you work well with. However, smaller schools will offer more opportunities to get to know your professors and fellow students. Decide which environment will match your needs.

Specializations
MBA programs offer a wide variety of specializations. If you have a specific area you are interested in, find a school that offers that option. Some of the common specializations include
• Accounting
• Entrepreneurship
• Finance
• Information Systems
• International Business
• Management
• Marketing
• Specialty areas such as health care, real estate, or technology

Overall, finding the right MBA program is about finding something that matches your needs and desires. There is no single program that's right for everyone. Consider all the options, and find the best fit for your individual requirements.