Having your MBA is a little bit like having a key. A key to what? – You may be asking. Well, a key to a higher salary, a more exciting job and a brighter future. Sure, there may be more responsibility, but having responsibility can be a lot of fun. If you are simply sitting at desk all day droning away on busy work and aren’t really going anywhere, it’s a little bit like trying to race to the top of a mountain on a stationary bike. With an MBA, you can actually be climbing to the top.
Before you choose an MBA program, you want to be sure that you do your research to find the best fit. You don’t want to close your eyes and choose a program based simply on the name of the program, a random anecdotal story from a stranger, or information you may remember from years past. Here are five important factors to consider when choosing an MBA program.
- Success rate of recent graduates.
The most telling statistic on graduate’s success is how many of those people are actually making it in their desired industry? While no program will earn 100% as unfortunately not everyone will succeed, a school should be making a point to prepare their students for a transition into their ideal career.
- Quality of the professors.
The quality of the professors is almost as important as the subject matter they are teaching. If the professors don’t have what it takes, you may want to move on. Great professors will not only offer the knowledge you need to succeed – they will also offer real world advice that can help you in your future career. There are many different online tools and resources to find out the quality of professors in a certain collegiate program.
- Program ranking.
There are a plethora of college and program rankings available based on the internet these days. Most rankings include objective data points in making their final determination, including average GMAT scores for admitted students, acceptance rate, and enrollment size. However, these scores are not one-size-fits-all and the components of an MBA program that matter most to you could be left out of the ranking entirely. So while these lists can provide insight into a program’s reputation, it should just be one factor when making your final decision on which program to enroll in.
- Your budget.
Of course, a key factor to consider is your budget. If you don’t have the budget for an MBA program, or the MBA program of your dreams, you may need to look into grants or student loans. If you do have the money saved up, then you are in the enviable position of being able to afford whichever MBA program you are accepted into.
- The college’s accreditation status.
College accreditation should be the only ‘deal breaker’ factor when considering which program to enroll. If the school is not accredited, your degree may not mean anything for your future career prospects. For instance, OU’s AACSB accredited online MBA program will help you earn a degree you can put into use. In the end, you want to be very careful not to waste your time or money on a program that does not meet the minimum academic standards for accreditation.