Frequently Asked Questions (Choosing an MBA)

Updated on: Monday, November 02, 2009

An MBA is a tough, expensive but potentially lucrative undertaking and prospective MBAs have so many relevant questions that entire books could be written on the subject. Here, we filter down the most commonly asked questions for those in the first stages of considering whether or not to do an MBA.

How much experience should I have before applying for an MBA?
An increasing number of graduates are applying for MBA courses immediately after their first degree. However, the best advice is to gain at least four years in the workplace. Sej Butler, Recruitment Manager of IBM Europe advises, “Before that I don’t believe you are getting the most out of your MBA as you are still too junior in your career.”

How do I select the right Business School?
There are hundreds of B- schools around the world, and more than one ‘right’ school for you. We recommend short-listing five schools, two that are your dream to get into, but where you will face stiff competition; one that is a prestigious ‘evens bet’ and two that you have a good chance of getting into.

When should I apply?
Early. Find out if your school has a rolling admissions process — they take applications all year round — or if there is a specific date deadline, and aim to get your application in some weeks before it. However, it’s vital that you provide everything you need. A forgotten GMAT score or letter of recommendation is enough to see your precious application moved to the bottom of a growing pile.

Does it matter where I study?
Not as much as it used to, as business continues to globalise. Narrow down your locations first. The US and UK MBAs earn the highest average salaries but the costs of undertaking such courses are commensurately high. There are prestigious and cost-effective courses in Australia, Europe and Asia. If you want to develop your career in Asia, for instance, Australian courses and businesses have close Asia-Pacific links; a course in Spain may not have the same links in Asian circles but will be beneficial if Latin America is your aspiration.

How important are league tables?
Debate continues about rankings. John Seybolt, Dean of Melbourne Business School, says, “League tables are still critical to students’ choices, but can be fickle, especially on how they get their data. Students need to look very critically at them.”

What is Return on Investment and how important is it?
Return on investment (RoI) is a method of comparing the post-graduation salary of an MBA course against the costs involved in taking that course. However, there is evidence that MBA salaries are converging as multinational companies benchmark salaries on a global rather than on a national scale.

Should the cost of an MBA be an important factor in my decision?
Yes. An MBA is a full-time commitment and you are unlikely to have the time or energy to earn a salary as you study. Try and get a realistic appraisal about the costs of living in your host area. The host institution’s International Office should have the expertise you need. Don’t forget travel costs, in the host country and home again. And include any other miscellaneous costs.

How will I finance my MBA?
Most B- schools will have some kind of contingency in place to help with some or all of your tuition fees or living costs, even when studying in a foreign country. We know that hundreds of thousands of dollars worth of scholarships or other financial aid goes unclaimed every year so spend as much time as you can discovering what funding is available and how to put yourself in the driving seat to secure it. Look closely at scholarships and loans but be prepared to have savings enough to look after yourself in difficult financial situations.

Are scholarship applications quite rigorous?
Some scholarship applications can be quite straightforward; others, especially those of higher value or prestige, have a process as involved as your MBA application. Learn as much as possible about the institution offering the scholarship and the qualities they require candidates to have.
The author is with the TopMBA Career Guide

Frequently Asked Questions (Choosing an MBA)

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