Are you planning on pursuing an MBA? Are you feeling overwhelmed with the choices of business schools? And are you confused as to how to make the right decision? Well, here are seven things to consider before applying to business schools. So keep reading!
What to Consider When Applying to Business Schools?
It is important to do a detailed research of the business schools you want to apply to before you begin your application process. Here are things you should consider before you apply to a business school of your choice.
Cost of the Program
Pursuing an MBA is an extravagant affair, whether you pursue it in India or abroad. The first and foremost factor to consider before applying for an MBA is the cost of pursuing the program. The average cost of pursuing an MBA can range anywhere between INR 8,00,000 to 90,00,00. While this is just the tuition fee, you will incur additional costs such as living costs, accommodation costs, and miscellaneous costs.
Returns on Investment (ROI)
Before you choose the business school you want to apply to, you need to have a look at their placement statistics. The placement statistics will depict the number of graduates employed, the sectors they are employed in, the companies that have recruited them, and the approximate salaries offered. An MBA graduate often yields higher pay than most other graduates. However, top business schools have a higher ROI, so make sure to keep this in mind when applying to the business school of your choice.
Business School Rankings
Most business schools have various rankings and have also acquired various accreditations. When you are applying to an MBA programme, make sure to check these rankings. These rankings act as an indicator of how the schools have fared globally. Some rankings to look out for are QS World rankings, QS Global MBA rankings, U.S. News and World Report rankings, Financial Times’ ranking, and Businessweek’s’ ranking. The Financial Times ranks the top global MBA every year whereas Business Week ranks the top 100 business schools all over the world. The U.S. News and World Report, on the other hand, ranks only the best graduate schools in America.
Duration
It is important to take the duration of the MBA programmes into consideration before applying to any of them. The duration of an MBA program can range from 12 months to 24 months. Most MBA programs in the USA are two years long whereas MBA programs in the UK and Europe are only a year long. If the program is longer, it means you have to spend twice the amount to complete it.
Scholarships Offered
If you are an international student, the tuition fee and additional costs are going to be higher when compared to fees that students residing there need to pay. A scholarship or a government-sponsored grant will help ease your financial burden. Hence, an important factor to look out for when applying to business schools is if they offer scholarships or grants to their international students. If they do, make a note of the eligibility criteria of the scholarships offered so that you know if you are eligible or not.
Programs Offered
Over the past few years, the demand for an MBA degree has increased exponentially. As a result, the MBA programme has expanded into various disciplines to offer niche specialisations. As of now, there are various MBA programmes offered with over 100 specialisations in different subject areas. You must look for the right kind of MBA that covers all the subjects you are keen on learning. An easy way to do this is to browse through the course structure that is available on the university website. This will give you an idea of the core subjects you have to take and the electives you can choose from.
Additionally, there are two kinds of MBA programs in terms of duration — full-time MBA programmes and part-time MBA programmes. It is important you understand the difference between as it does influence your choice. A full-time MBA program is designed for those who can devote all their time and energy to the program, for example, fresh graduates. A part-time MBA program, on the other hand, is specifically designed for working professionals who can only devote a part of their schedule to pursue an MBA programme.
Location
Last but not the least, the location you choose to go to is very important. Since you are already aware that pursuing an MBA can be expensive, you have to factor in the living costs of the place your preferred business school is located in. Make sure to do a thorough research of the living costs of the popular study hubs. Once you do your research, you will be able to identify which location is financially feasible for you. Another thing to consider is that top Asian and European business schools will cost you less than top business schools located in the USA and the UK. Hence, keep this in mind when looking for business schools abroad.
These are things to consider before applying to business school. So, make sure to keep these in mind.