A recent article in Poets & Quants, “42 Things We Wish We Knew Before Getting Our MBAs,” provides great insights—and hints of regrets—by current students and alumni of MBA programs. If you’re interested in another insider’s point of view, this time on the MBA administrative staff’s side, read on.
“1) I wish I had known the all-in cost, including the expenses while you’re in school (e.g., costs for trips, going out, clubs, etc.). There’s so much focus on tuition and opportunity costs but the other costs add up to a lot of money.”
The cost of an MBA goes beyond tuition and fees. Remember to factor in the cost of housing, food, and all the ancillary costs of going back to school, like books, travel to career fairs, and travel to interviews for internships and full-time employment. A woman who graduated from the Georgia FTMBA program and was hired by Abbott Laboratories in Seattle told me, “I’m working alongside top 10 MBA program grads in the leadership development program and we’re all earning the same salary—only they owe thousands in loans and I don’t have any!”
“2) I wish I had known that rankings are generally a bit overrated. The city your school is located may prove more important than a ranking when it comes to your job search.”
The rankings are not predictive of an individual’s success or salary post-MBA. There are so many other factors that contribute to one’s career trajectory and satisfaction when re-entering the world of work. Despite a school’s brand and reputation, every program has regional strengths when it comes to companies, relationships, and where the majority of its students find employment. Location will contribute mightily. Looking simply at the rankings’ post-MBA salaries, for example, can be very misleading. A $150,000 salary sounds fabulous to someone who was making half that before entering an MBA program, but remember, $150,000 in San Francisco or New York and the cost of living that goes along with it, is far different from a salary of $100,000 in Atlanta with its lower cost of living. The rankings use average salary and signing bonus, regardless of where employers are located.
“4) I wish I had known that you get out of your MBA what you put into it.”
The MBA degree or a school’s brand is not a magic wand that transforms you and your opportunities. Transformation is hard work and finding a program where it’s safe to try new things and even to fail is critical. It often requires guidance from alumni, peers, faculty, and career counselors versant in the finer details of MBA hiring, who can help tweak a resume for a particular job posting or do a mock interview to polish a student’s responses. Talking with current students or recent graduates of a program can provide a lot of insight into a program and the opportunities it offers to try something new. Often, students who are the least satisfied are often the same ones who spend the least time working with the MBA Career Management Center or, even worse, fail to follow the advice they’ve received.
“5) I wish I had known how to go about finding the right fit versus basing my choices on rank.”
Don’t be a “stealth candidate.” Build a relationship with a school’s MBA Admissions staff as you start your application. Just your interactions with the Admissions team can tell you a lot about a program. Moreover, it’s essential to visit the schools to which you’re applying. If your travel budget is a constraint, visit your top choices where you’ve been accepted. There’s nothing like seeing for yourself to measure fit, assess the program culture, and meet students who are in the process of making the same career changes and choices you hope to make. Hearing firsthand about student life, the workload, career services, and company or alumni interactions will enable you to make the best decision for yourself. Rankings and financial awards are far less important come graduation than they may seem when you’re deciding where to attend. At graduation, it’s the results that count!
“10) I wish I had known that networking is important while you’re in school.”
MBA students tend to underestimate the amount of work it takes to find a job. They have unrealistic expectations about how far their program’s brand reputation will carry them, and a naïve reliance on on-campus corporate recruiting for getting an internship or full-time offer. Networking is key. Networking, determination, and hard work wins in the end. We tell our applicants that they need to be 100% committed to partnering with our MBA career management center from even before they begin classes.
Read the full article on Poets & Quants: https://poetsandquants.com/2020/02/23/42-things-we-wish-we-knew-before-getting-our-mbas/
“1) I wish I had known the all-in cost, including the expenses while you’re in school (e.g., costs for trips, going out, clubs, etc.). There’s so much focus on tuition and opportunity costs but the other costs add up to a lot of money.”
The cost of an MBA goes beyond tuition and fees. Remember to factor in the cost of housing, food, and all the ancillary costs of going back to school, like books, travel to career fairs, and travel to interviews for internships and full-time employment. A woman who graduated from the Georgia FTMBA program and was hired by Abbott Laboratories in Seattle told me, “I’m working alongside top 10 MBA program grads in the leadership development program and we’re all earning the same salary—only they owe thousands in loans and I don’t have any!”
“2) I wish I had known that rankings are generally a bit overrated. The city your school is located may prove more important than a ranking when it comes to your job search.”
The rankings are not predictive of an individual’s success or salary post-MBA. There are so many other factors that contribute to one’s career trajectory and satisfaction when re-entering the world of work. Despite a school’s brand and reputation, every program has regional strengths when it comes to companies, relationships, and where the majority of its students find employment. Location will contribute mightily. Looking simply at the rankings’ post-MBA salaries, for example, can be very misleading. A $150,000 salary sounds fabulous to someone who was making half that before entering an MBA program, but remember, $150,000 in San Francisco or New York and the cost of living that goes along with it, is far different from a salary of $100,000 in Atlanta with its lower cost of living. The rankings use average salary and signing bonus, regardless of where employers are located.
“4) I wish I had known that you get out of your MBA what you put into it.”
The MBA degree or a school’s brand is not a magic wand that transforms you and your opportunities. Transformation is hard work and finding a program where it’s safe to try new things and even to fail is critical. It often requires guidance from alumni, peers, faculty, and career counselors versant in the finer details of MBA hiring, who can help tweak a resume for a particular job posting or do a mock interview to polish a student’s responses. Talking with current students or recent graduates of a program can provide a lot of insight into a program and the opportunities it offers to try something new. Often, students who are the least satisfied are often the same ones who spend the least time working with the MBA Career Management Center or, even worse, fail to follow the advice they’ve received.
“5) I wish I had known how to go about finding the right fit versus basing my choices on rank.”
Don’t be a “stealth candidate.” Build a relationship with a school’s MBA Admissions staff as you start your application. Just your interactions with the Admissions team can tell you a lot about a program. Moreover, it’s essential to visit the schools to which you’re applying. If your travel budget is a constraint, visit your top choices where you’ve been accepted. There’s nothing like seeing for yourself to measure fit, assess the program culture, and meet students who are in the process of making the same career changes and choices you hope to make. Hearing firsthand about student life, the workload, career services, and company or alumni interactions will enable you to make the best decision for yourself. Rankings and financial awards are far less important come graduation than they may seem when you’re deciding where to attend. At graduation, it’s the results that count!
“10) I wish I had known that networking is important while you’re in school.”
MBA students tend to underestimate the amount of work it takes to find a job. They have unrealistic expectations about how far their program’s brand reputation will carry them, and a naïve reliance on on-campus corporate recruiting for getting an internship or full-time offer. Networking is key. Networking, determination, and hard work wins in the end. We tell our applicants that they need to be 100% committed to partnering with our MBA career management center from even before they begin classes.
Read the full article on Poets & Quants: https://poetsandquants.com/2020/02/23/42-things-we-wish-we-knew-before-getting-our-mbas/
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