Should I get an MBA?
Every year, it’s the same story with many early and mid-career professionals thinking about getting an MBA. Now with COVID-19 pandemic, a stalled job market, and a growing global recession, many are wondering if this is the right time to step out of the workforce.
Entering a full-time MBA program with a stellar reputation for academic excellence and strong alumni network, such as Stanford, Harvard, CBS, Kellogg, NYU Stern, Chicago Booth, and MIT Sloan, can offer outstanding career return on investment. However, the timing has to be right—what looks like the best time for you can be different for someone else.
Here are some questions and considerations to help you make an informed decision:
What are your career goals? Is your career trajectory on track?
Some questions to ask yourself:
How will an MBA help my career: Would an MBA now help me get to my career goals, faster and better?
Have others in my position achieved success with an MBA in terms of higher compensation, more responsibility, promotions, and more?
Has my career stalled?
Have I stopped learning on the job?
Is my current job situation tenuous due to recession? Or the global pandemic?
Do I want to switch careers or industries?
If you answered “yes” to any of these questions, keep reading.
Are you in a position to step out of the workforce? Are you prepared financially?
Not only is an MBA expensive but the opportunity cost can be high, especially for a two-year full-time MBA program. You need to decide if you are in a position to absorb these costs with sound personal finance plans. There are MBA scholarships and loans that can help fund your education but there may be other reasons—such as family obligations—that might make it difficult for you to pursue an MBA right now. Make sure you think hard and honestly.
Am I a good MBA candidate: Can you put your best foot forward today?
Top MBA programs are seeking the strongest applicants. Take a step back and reflect on your career and the impact you’ve made on your community. Have you made a positive impact at your company and with your colleagues? Do you have a track record of being active in your community? Applicants who have demonstrated their ability to make an impact—both professionally and personally—are most attractive to admissions officers. We can evaluate your career trajectory and activities and help you strengthen your application profile.
How have you dealt with the global pandemic?
We’ve heard increasingly from admissions officers in top MBA programs such as Stanford GSB, Kellogg, and MIT Sloan, that they want to see how applicants have managed pandemic-related challenges in their companies and communities. We’ve entered uncharted waters and organizations are seeking leaders who can lead their organizations with empathy and make effective decisions despite imperfect information in an ambiguous environment. Admissions officers are empathetic and know that things are out of your control but they will want to see how you’ve risen to the challenge.
Applying for an MBA as an international student?
With travel restrictions, visa concerns, and more, there has been a drop in international students to the U.S. If you are willing to tackle these challenges head on, you will find that you may have a better chance of admission. Top MBA programs seek to build a diverse and robust student body and international students play a key role. Know that the MBA programs are putting in more time to cater to international students and provide assistance to help get you on campus.
At this point, take the time to carefully consider if you want an MBA. If yes, or if you’re not sure, My Elite Prep is here to help you—whether you want to apply now or take the time to build up your resume. We can help you think through your next steps and assist with your admissions journey from test prep to MBA program targeting, activities development, essays, interview prep, and waitlist strategy. We are here to help!
