Things to Consider Before Getting Your MBA
Since the world is moving towards an increasingly corporate and service-based economy, obtaining a Master of Business Administration (MBA) is an excellent way to ensure that you will be not only employed, but employed in a constantly developing and consistently vital field.
Businesses are impressed by candidates with MBAs and what they have accomplished. An MBA is now a symbol of prestige in the world of business; and employees with MBA degrees enjoy increasingly higher salaries.
Interestingly, part-time/distance-learning students who are looking for upward mobility within their jobs, to change careers, or to start their own businesses compose two-thirds of all MBA recipients. With the development of the Internet, distance (or online) learning has become much more common, and has made obtaining a degree, in any field, more convenient for students.
Whether to get your degree online or on-campus is only one of the many issues you will have to consider before enrolling in an MBA program. Below is an outline of a few more important decisions that you will need to make if you are looking to start your classes soon.
1. Specialized vs. General Degree
Both a specialized and a general degree will teach you with the basic business principles that you will need (i.e. finance, economics, marketing, strategic planning, etc.); but, if you know which field you are interested in, a specialized MBA will allow you to learn the specifics of business with a concentration on that particular field.
This means that you won't just learn marketing, but marketing for the automotive industry (or whatever your interest happens to be), which can make you more marketable to automotive companies. However, this can be detrimental if you eventually decide to switch fields.
2. Low Cost vs. Higher Cost
The total cost of an MBA can range from about $5,000 to $100,000 depending upon the type and location of the school you are attending. An important thing to remember is that the price of an MBA does not correlate directly to its worth; a better degree is not necessarily going to be more expensive.
You must do a cost-benefit analysis of the schools you are considering. This includes factoring in the time lost from your job for attending class and the time you'll be spending away from your family. If these issues fall into your costs category, you should think about getting your degree online, or through a distance-learning program. These programs can be just as effective as traditional on-campus programs, but they tend to be less expensive and, maybe most importantly, less time-consuming because you can learn at your own pace.
3. Low vs. High Interactiveness
Depending on the MBA program you choose, you can earn your degree without ever talking to another person, you can be in a traditional classroom setting, or you can find something in between. There are even a variety of options within online programs: students may have to meet and chat online, on the phone, or meet with other local students a few hours a week to discuss class issues and ask and answer questions.
However interaction does not only refer to other students; you need to decide whether you need the supervision and encouragement of a professor or if you are able to get things done on your own and at your own pace.
4. Exams: Many, Few, or None?
There are a number of MBA programs that offer a variety of models when it comes to grading and exams. Some schools will put less weight on exams and focus more on term papers, interactions with faculty and other students, and quizzes. Other schools will have one big exam at the end of the course to evaluate what you have learned. Assess where your strength lies, whether it be taking exams or presenting projects, etc., and look for that from your school.
5. Time Involved in Obtaining Your Degree (8-9 months or 3+ years)?
Many MBA programs take two academic years to complete. However, there are a number of programs that can be finished in a year or a year-and-a-half. Evaluate your needs and find a program with an appropriate duration. There are many online programs that offer students part-time options as well. These programs allow you to stretch the course of study out so that it won't conflict with work and family, or, conversely, to take many course as once and finish your degree more quickly.
