You don't need to emerge from b-school as an expert in any one area. Indeed, many schools require no concentration. But this doesn't mean you should flit from subject to subject and expect to be able to pick and choose your dream job once you graduate. Know what you want so you can go after it. If you hope to break into a new field or industry after graduation, you'll want to choose a school that will let you direct your studies and internships toward achieving that goal. If you aren't a quant jock, don't go to an school known for being enormously quantitative. If you aren't sure what you want to do after graduation, look for schools that will let you experiment and that offer a broad-based curriculum.
The clearer your goals and objectives, the more you will get from business school. But the benefits are two-fold. You'll be happier at school, but you'll also increase your chances of admissions. Admissions committees favor applicants who can present themselves well and know what they want from the school.
Getting into b-school is becoming much more difficult. If you plan on applying to one of the most competitive programs this year, be sure you're one of the most competitive students. When the degree is in demand, the competition is fierce. And remember, choosing the best MBA program involves a lot more than looking at a school's average GMAT scores. On the one hand, just because a school has an average GMAT score that resembles yours doesn't mean that it would be a good place for you to attend. Schools have different strengths and weaknesses (yes, even the best schools have weaknesses). Plus, GMAT scores and other quantitative measures are only part of what admissions officers consider. If your background and goals don't fit in with those of the school, they're probably not going to admit you even if your numbers are impressive.
An M.B.A. will most probably be one of the single biggest investments of your life. You've got to fork over an average of $25,000 for tuition and fees, in addition to more money for room, board, books, a computer, travel and some spending money for fun.
For students who enter b-school after several years in the work force, the greatest shock isn't the studying, the lack of a paycheck every two weeks (unless they're lucky enough to have their employers pick up the tab).
The real costs of school are much more astounding than most students ever imagine, and seeing them is a bit discouraging. But remember, your education is an investment. So when looking over your top choice's tuition prices, try not to get too discouraged-there is always financial aid.
Too many applicants rely on the magazine rankings to decide where to apply. But this is usually a mistake. Benjamin Disraeli once said, "There are lies, damn lies, and statistics." Today, he'd probably add b-school rankings. Why? Statistics rarely show the whole picture. When deciding on the validity of a study, it's wise to consider how the study was conducted and what exactly it was trying to measure. In many cases, the answer is magazine sales. Relying on narrow criteria to evaluate subjective components fails to capture the true strengths and weaknesses of each school. Don't buy into any "bests." Simply seek out the program that is the best for you.
Create your own rankings to decide what you're looking for. If selectivity is what you seek, check out a school's acceptance rate. If the highest job-placement rate is most important to you, identify that school. And if it's the school with the graduates who have the highest starting salary, by all means, locate it. If you're looking for the best program in all those areas, don't be surprised if you can't find it. The No. 1 school in any ranking is not No. 1 in every area. No school is. The best way to pick a program is to do your homework and find your match.
You also need to consider your personal style and comfort zone. Suppose you get into a "top-ranked" school, but the workload is destroying your life, or the mentality is predatory. It won't matter how prestigious the program is if you don't make it through. Do you want an intimate and supportive environment or are you happy to blend in with the masses? Different schools will meet these needs.
Get a feel for the spirit of the student body at prospective schools. Even more so than undergraduates, business students stick together and rely on one another inside and outside the classroom.
You won't be spending every night in a bar or club, but rather spending evenings at the library, computer lab or someone's apartment putting together team projects and presentations. If you aren't comfortable with your classmates, you'll be lonely.
Employ the same strategies you used when you applied to undergraduate colleges: talk to students, alumni and teachers; visit campuses; sit in on classes and meet professors. It's actually more important that you make these initial contacts in business school. The benefits you draw from b-school are part educational, part networking. If you're able to establish a relationship with a professor, it may help you in your job search down the road.
There is a wide array of factors that contribute to a school's academic credibility. If you're undecided on your concentration or want to make educated comparisons between schools, there are many things to consider. Of course, first and foremost, you will want to inquire about the school's academic reputation and the type of curriculum it offers, in addition to any specialties is has. Also, find out about the renown and availability of professors, as well as their primary teaching methodology. If you are interested in international business, make sure to examine the international reputation of the school's program and opportunities for foreign study.
Finally, there are many basic factors to consider, such as grading and probation policies, student and academic support systems, the average workload of a student, class sizes, the emphasis on teamwork and, of course, pressure and competition.
These are things you can find out only by talking to students and professors in each program, so make sure to contact many people from your top choice schools. Also, request a handbook from the school's admissions office in order to get a sense of the school's philosophies and policies.
The placement office's track record is vital information to you. Inquire about summer and full-time jobs and the number of companies recruiting on and off campus. Also, be sure to ask about the placement rate, the average starting salaries of graduates, their salaries after they've been in the work force for five years and what kind of career support the placement office offers.
Lastly, find out if the school coordinates career- and resume-planning workshops or taping sessions for you to practice your interviewing skills. If so, the school may also ask executives to visit the campus or act as hosts at cocktail parties for networking, which are extremely valuable to b-school students.
If you have a family or a spouse, you'll have to choose which schools to apply to by selecting programs in communities where your family will feel comfortable. Research the availability of support programs or groups on campus for spouses or partners of current students. Also, make sure that your spouse will be able to find a job in that area. If you have kids in school, it would be beneficial to seek out a b-school in a community that has an excellent school system.
Business schools don't have to operate under quotas--governmental or otherwise. However, they probably try harder than most corporations to recruit diverse groups of people. Just as the modern business world has become global and multicultural, so too have b-schools. They must not only preach diversity in the classroom but also make it a reality in their campus population and, if possible, faculty.
Schools with diverse student bodies tend to be proud of that. They tout their success in profiles that demographically slice and dice the previous year's class by sex, race and geography, including international residency. Prospective students can review this data and decide whether the school will provide them with the experience they desire.
All of this means that careful research is essential for maximizing your chances that you will be admitted to a MBA program and that you will like the school once you're there. Princeton Review Online has several resources that can help you make these decisions. Check out our Advanced Search tool to find a business school; compare your top choice schools, or simply browse an alphabetical list of b-schools in the country.
