How to choose an MBA program
St. Louis Business Journal
The first step for anyone interested in enrolling in a master's of business administration program is elementary: Do your homework.
Do as much self-analysis as you can to determine what kinds of skills you want to develop.
MBA programs range from part-time to full-time to executive programs geared toward the working professional. The content of the courses varies from those with a strong emphasis on research to others that stress "real world" experiences.
Not all MBA programs are created equal, and an MBA is not a union card. To some degree, though, an MBA is fairly generic.
It's essential to compare MBA programs to decide which one is the most appropriate for a student.
MBA candidates should do their research by going straight to the horse's mouth: MBA graduates or students at the school being considered. These contacts can shed light on the lecture style of the faculty and to what extent case studies are part of the curriculum.
Talk to the students. Ask what they like or don't like about the program.
Next, visit the school and ask the tough questions: How many students apply for the MBA program? How many are accepted? What is the placement record for graduates? What kind of financial aid is available? Is the program accredited, and how important is that to a prospective employer?
Employers may pick up part or all of an employee's MBA tuition. The cost to a full-time student ranges from $3,000 to $5,000 a year at public universities to $30,000 or more a year at private schools.
Before plunking down any money, a prospective student should consider some other questions: Is the MBA program largely self-directed? How much access do students have to faculty? Are the library resources up to date? What about computer availability?
There are 700 MBA programs nationwide. Of those, about 300 are accredited by the American Assembly of Collegiate Schools of Business in St. Louis.
It usually takes students two to four years to complete an MBA degree, but intensive one-year MBA programs are offered by some universities. And MBA degree programs have begun to surface on the Internet.
Numerous career opportunities are open to those who earn an MBA degree, according to the Graduate Management Admission Council, a McLean, Va.-based nonprofit organization of 121 graduate business schools worldwide.
These opportunities come in nearly every field imaginable, including accounting, finance, human resources, information technology and health-care administration.
Some graduate schools offer joint-degree programs, such as business and law or business and engineering, according to a council publication, "MBA Q&A," which is available to the public.
The council recommends that because of the processing time required, an MBA program candidate should apply six to 10 months before the school term is set to begin.
The Graduate Management Admission Test (GMAT), which is among the council's services, is required for admission to most schools offering an MBA degree.
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