So, you have decided to return to school to earn an MBA. Now what? As if deciding to go back to school wasn’t enough! The choices are just beginning my friend…
There are thousands of business schools throughout the world and many of them offer MBA programs. How do you choose which one is right for you? It is like trying on hats. Each one fits a little different, but which one fits just right while accomplishing the goals you setout at the beginning?
Before you begin it is important to look at what you want to get out of the program and which options will provide this for you. After eliminating the ones that aren’t an option, you have to narrow the field still more to ensure you are picking programs that will really “click” with your individual learning style, personality, and goals.
Below I have compiled some very basic information on MBA programs I found during my search a program.
I must pay credit where credit is due. The majority of this information was obtained from a online presentation given by Lori Garnier, the Associate Director for Queen’s MBA, during the Canadian Business Expo 2007. I knew it all from my research, but the way it was presented just really made everything click.
Types of Programs
Full-Time (Pros)
- Allows you to fully immerse yourself in your studies; can go deeper into subject matter
- Not distracted with workplace responsibilities
- Allows for greater access to faculty, administration, alumni, guest speakers, resources, and career management
Part-Time (Pros)
- Ideal for someone who is not in a rush to earn their MBA
- A flexible learning environment .evenings or weekend classes are sometimes possible
- A more risk-averse approach (keep working while you study)
Executive MBA (Pros)
- An experience-rich learning environment; executives bring their considerable experiences to bear in class
- Minimal risk .participants continue to work while completing MBA; many are sponsored by organization
Full-Time (Cons)
- Greater financial risk (lost wages during your studies, no guarantee of employment upon graduation)
- Must conform to class schedule
Part-Time (Cons)
- Could take 3 years or more to complete your degree
- A less rigorous learning environment than a full-time program
Executive MBA (Cons)
- Participants must juggle significant workplace and home responsibilities with their studies
- Participants must possess managerial work experience to be accepted into these programs
Teaching Methods
Traditional Classroom Teaching (Pros)
- Maximizes face-to-face interaction with fellow students and faculty
- Students are usually in the same building as program administration and career management staff
Distance Learning (Pros)
- A self-directed approach: learn what you want when you want
Videoconferencing (Pros)
- Technology allows for live interaction with fellow students and faculty despite physical separation
Traditional Classroom Teaching (Cons)
- Can be a challenge to be involved in your studies and interview for potential jobs
Distance Learning (Cons)
- Can take 3 years or more to complete your MBA
- Student/participant must exercise self-discipline
- Limited (if any?) opportunity to interact with professors
- Limited (if any?) opportunity to collaborate with peers
- Limited interactions with program administrators, guest speakers, alumni, career management staff
Videoconferencing (Cons)
- More limited interaction with class as a whole
- Possibility of technical glitches
Individual versus Team-based Learning
Individual Learning
- A more conventional way to learn
- May have had bad experiences with teams earlier in academic career
- Team-based model is not for everyone
Team-Based Learning
- Mirrors the workplace; students are asked to treat learning teams like a job
- Students/participants learn to function in a high-performance team setting
- Team facilitators monitor team’s interactions
- Learn valuable project lead, team-building, and conflict management skills
1 Subject versus Integrated Subjects
1 subject at a time
- More conventional method of learning; used throughout elementary, secondary, and most postsecondary institutions
- Can zero in on a particular topic
Integrated, cross-functional approach
- Most business decisions are complex, multidisciplinary considerations; shouldn’t management education reflect this?
Teaching Styles
Case-based teaching
- a useful tool to analyze business problems
- analyzes issues from a multi-disciplinary approach (e.g. finance+marketing+human resources)
A blend of teaching styles
- cases not well-suited to all subject matter; some courses require some theory up front
- we do not have the luxury of hindsight to deal with real-time business decisions
- business simulations can be effective means of exploring subject matter (e.g. .Beer Game that examines supply chain management)
International Exchanges
International exchanges can allow you to experience life in a different culture first-hand while getting an understanding of how business is conducted elsewhere in the world and increase your global awareness. Exchanges can also open door to career and networking opportunities abroad.
Electives
Specialize in an area that’s important to you since you probably will want to end up working in that aspect of business. However, you may need to be cautious when considering schools that offer too many different electives. They may be spreading their resources a bit thin and the result will hurt your education. Sticking to a solid core of four or five specializations (e.g. Entrepreneurship, Finance, Marketing, and Consulting/Project Management) allows a school to offer top notch instruction since they can devote more resources to them than if they were offer more.
Additional Designations
Many MBA programs are starting to offer the opportunity to students the option to earn additional credentials beyond the degree itself such as a Project Management Professional (PMP), Certified Management Accountant (CMA), or Certified Management Consultant (CMC) designation. You will need to consider if you want to try to take on this additional challenge and if it is important to you.
Coaching?
Some MBA programs are beginning to offer professional coaching and guidance to their students while they are in school. Why is coaching important? For the same reason coaching is important in so many other competitive venues it is can also play a key role in your MBA experience. Having someone there to assist and you in your “training” can allow teams to work more efficiently. A good coach can develop your leadership and interpersonal skills faster and beyond what you may have been able to achieve on your own. All this combined means having a really great MBA experience which will develop your confidence in your education and your capabilities. Therefore, access to professional coaching and guidance could be a part of which MBA programs to consider.
Play to Your Strengths
Although most MBA curriculums will emphasis areas as accounting, economics, marketing, and IT will be sure to address any of your weaknesses, what about areas of strength? In the end you not only want to reinforce your weakness, but you want to vastly improve your strengths.
Once you have taken it all into consideration you will have several schools to choose from. Narrowing that list down can be an even tougher task. Hopefully this information can help you pick out a few trees among the forest and make your decision a little easier.
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