How to Find the Right MBA Program
Choosing a business school can be a tough decision. Yet, experts say there are a number of considerations applicants should look at when deciding.
Stacy Blackman, a contributor at US News and founder of Stacy Blackman Consulting, recently discussed several ways applicants can use MBA rankings to come up with a list of target schools.
Overall Quality
Blackman says the first factor to consider is overall quality of a school. Fact is, the school name matters for a number of reasons.
“Higher-ranking business schools can provide peace of mind as far as the quality of the education, career opportunities and networking potential are concerned,” Blackman writes. “Fair or not, employers often judge potential hires by the perceived quality and value of your education.”
Return on Investment
In a recent P&Q article, we used three-year data provided by SoFi to determine which schools offers the best return on investment. This year, the University of Wisconsin’s School of Business offered the biggest bang for the buck. Notably, Wisconsin grads pull down an average salary for of $122,532 against an average debt is $52,568
Blackman recommends that applicants examine a number of specifics when looking at return on investment.
“For example, review cost-related data, such as tuition, required fees, average indebtedness of students and percent of graduates with debt,” Blackman writes. “Then, take a look at factors related to career and salary, like percentage of graduates employed at graduation and three months after graduation; average base salary; and average signing bonus.”
Strength of Specializations
Specialization rankings offer a clear picture of quality programs if you know what you intend to study. Top b-schools offer highly-regarded programs in nearly every specialization; however, a number of lesser-known schools also offer strong niche programs.
For instance, according to a P&Q article, The University of South Carolina’s Darla Moore School of Business (ranked No. 65 overall) was recently named No. 1 in International Business, according to 2019 U.S. News & World Report MBA rankings. Similarly, Michigan State University’s Broad College of Business (No. 37) offers the highest-ranked Supply Chain/Logistics program.
Recruiting Opportunities
In an article for P&Q, Zach Mayo, COO of RelishMBA – an MBA recruiting and networking platform – says recruiting starts on the first day of business school.
“Even at schools with moratoriums on recruiting early in the first semester, students are well-advised to start the exploration and discovery process as early as possible,” Mayo writes. “Consulting and investment banking tend to have the earliest timelines (and are the most competitive recruiting tracks) with resume drop deadlines in early December.”
If you want the best odds when it comes to recruiting, you’ll need to find a b-school that offers a number of recruiting opportunities. Blackman says applicants should consider looking at how well alumni are represented in your target industry.
“The network you build with your cohort during business school, plus the alumni network you’ll gain access to, is one of the most powerful and attractive components of the MBA,” Blackman writes. “Finding out how supportive the alumni are can speak to what level of job hunting help and mentoring you might receive in the future.”
Sources: US News, Poets & Quants, Poets & Quants, Poets & Quants
Attending an MBA Program in Europe
Last year, US News reported that European MBA program may cost less to attend elite US b-schools. For students who seek a shorter path to the MBA or simply want to experience life outside the US, a European MBA seems like a great option.
Benefits of European MBA
What can Americans gain from a European MBA? Well, for one, cost is a big factor. According to US News, an MBA in Europe can range from $73,000 to $95,000 for one-year programs to just over $100,000 for two-year programs (not including room and board). In the US, a top 20 MBA program ranges from $120,000-$160,000.
In contrast, tuition and fees for a number of top-20 U.S. MBA programs in 2017 ranged from roughly $120,000 to $160,000.
At Harvard Business School, where the average starting salary for 2016 grads was more than $150,000, the return on investment takes a bit of time. Harvard tuition for the 2016-2017 school year was $63,675. And that’s only for one year. According to US News, average debt for a 2016 grad from HBS was $86,375.
Aside from cost, experts say that a European MBA may offer additional benefits, such as international experience – something recruiters seek.
“The top U.S. companies are international themselves and need people who have the ability to work across borders,” Caroline Diarte Edwards, an MBA admissions consultant, tells US News.
Karen Marks, president and founder of North Star Admissions Consulting, says European MBAs offer a diverse student body, which may benefit the international experience.
“While both domestic and European programs draw students from all over the world, the top European programs have an eclectic, diversified student body (At Tuck, for instance, around 33% of the class is international, while at London Business School the average is 89%),” she writes in a P&Q article. “Students in European programs benefit from learning and building relationships in a global community. Schools like London Business School, INSEAD, HEC and IESE also have global brand recognition, which can help graduates find employment both domestically and abroad after graduation.”
So, which European b-schools are a good fit for American students?
Arlene Weintraub, a contributor at US News, recently shared a few European MBA programs that offer unique experiences for Americans.
University of Oxford Saïd Business School
The University of Oxford Saïd Business School offers a 1 + 1 MBA, a two-year program that also gives students a master’s degree from one of 14 other departments, including medicine, history and music, according to US News.
Ian Rogan is the MBA program director at Saïd. Rogan tells US News that entrepreneurship is one of three broad themes that make up the Saïd MBA curriculum.
“We teach students to think broadly about entrepreneurship and how they can apply what they learn broadly across all organizations,” Rogan says.
At INSEAD, 8% of the 1,000 students who enter the program one during its two intakes come from the US, according to US News, come from the US.
INSEAD’s international campuses also allow students to work directly with big name American companies trying to establish themselves abroad.
Google, according to US News, requested INSEAD students in Abu Dhabi to create an open online platform for news organizations in Africa.
In addition, INSEAD students have the opportunity to customize their experience and even intern at places like the World Bank in Washington DC.
LBS is the number one school to admit more American students than any other country in Europe. According to US News, in 2017, Americans made up 16% of the total student body of 431 at LBS.
Every student at LBS partakes in the “Global Business Experience” – an immersive one-week exchange program in countries including South Africa, Israel, China, Peru and Myanmar.
LBS also has over 75 campus clubs that specialize in niche markets including finance, retail and luxury goods, and technology and media.
For students who seek global experiences, cheaper tuition, and shorter time invested in an MBA, a European b-school may be the perfect choice.
“I definitely encourage my clients to consider applying to European MBA programs,” Marks says. “Depending upon your profile, goals and priorities a European program may be the perfect fit.”
Sources: US News, US News, Poets & Quants
Crypto in Business Schools
A number of top business schools are racing to adjust their programs to include two new subjects.
Digital currency and blockchain technology are among the latest subjects to be added at schools such as Stanford Graduate School of Business, Wharton School of the University of Pennsylvania and Georgetown University’s McDonough School of Business following last year’s bitcoin craze, CNBC reports.
“We’re at the point where there’s a critical mass to teach this domain,” Kevin Werbach, a professor at the Wharton School of the University of Pennsylvania, tells CNBC. “There will be a real phenomenon in business for the foreseeable future. And five years down the road, there won’t be too many major business schools that don’t offer similar classes.”
Simply a Fad or Relevant to Business?
Werbach, who will teach a class in the fall of 2018 called “Blockchain, Cryptocurrency, and Distributed Ledger Technology,” says there’s no question about student demand for the subjects. The important distinction to be made, he tells CNBC, was whether the demand was merely a fad or if it was actually something that could be relevant to business students.
John Jacobs is a former Nasdaq executive who’s now the executive director of Georgetown Business School. Jacobs tells CNBC that Wall Street recruiters seek out job applicants who are well-versed in cypto and that he constantly gets recruiters calling and saying, “We need people to understand how to apply blockchain technology.”
Student Interest in Crypto
At Stanford, a new course called “Cryptocurrency” will be introduced in May 2018.
Itamar Orr is a second-year MBA student at Stanford. Orr tells CNBC that the new course will help students when they enter the workforce.
“Many of us will have to discuss blockchain at our jobs. It makes sense to teach it,” Orr says. “It gets you a competitive advantage; it’s an extra hammer in your toolbox.”
Susan Athey, a professor at Stanford Business School who’s on the board of Ripple, tells CNBC that the course came following student curiosity regarding the subject.
“The fluctuations in the prices have everyone mesmerized: Just how did this happen?” Athey tells CNBC. “Many people have gone boom or bust and that’s, of course, exciting, attracts a lot of interest and motivates people to understand what’s going on.”
Sources: CNBC, CNN
Work Life Balance for the EMBA
The executive MBA is a great option for mid-career executives looking to build their business acumen while maintaining a stable career. However, it also comes with its challenges. For one, an EMBA program can be tough place to balance with a full-time career and a family.
Finding a Support System
When the times get tough, it’s okay to reach out for support. And this is especially true for EMBA students.
Jackie Dawson, who recently graduated from the University of Pittsburgh’s Katz EMBA program, tells Poets & Quants for Executives that it’s important for EMBA students to reach out for help.
“There will come a time, probably more than once, when you will need help in understanding an assignment, meeting a deadline at work, or meeting your family obligation,” she writes. “Use your support system. Do not be afraid to reach out to professors, co-workers, and family members to enlist them to help you to be successful.”
Sebastian Cerezo Montañez, who recently earned his EMBA degree from the University of Chicago’s Booth School of Business, says EMBA students need to have a proper support system in place and that your employer knows your challenges.
“[Make] sure your bosses share the value of the program, understand your reasons for taking the MBA and will respect your out-of-the office weeks are of essence,” Montañez says. ”Additionally, building a strong team to back you in your study weeks is also a pivotal aspect.”
Kevin Zhang, an EMBA alumni of Stockholm School of Economics, tells The Local that being open with your employer is crucial.
“You have to be open with your employer. I explained I needed to work part-time while I studied. That support was very important,” he says.
How an EMBA Can Pay Off
An EMBA is tough, but it can pay off if you make it work.
Karin Ebbinghaus enrolled in the EMBA program at Stockholm School of Economics in 2014. Ebbinghaus tells The Local that having her husband and her mother help out with her children was a huge benefit. Additionally, Ebbinghaus would spend days away from her family to travel to Stockholm from her home in Southern Sweden to attend school.
“If you’re living away from home during the programme weeks, that can be really beneficial because you are really just in the MBA bubble. You can focus fully on that which is a luxury,” she tells The Local.
Now employed as an investment manager for a green tech fund, Ebbinghaus says her EMBA has paid off.
“I don’t think I would have got this position otherwise,” she tells The Local. “The MBA was a real benefit and enhanced my chances of getting hired.”
It was a tough challenge, but Ebbinghaus says the EMBA can certainly pay off if you put in the work.
“If you want to do it, do it,” she tells The Local. “You will find the time, you will find the finances. Just don’t overthink it and take one week at a time. Everything will sort itself out.”
Sources: The Local, Poets & Quants for Executives
The post How To Find The Right MBA Program appeared first on Poets&Quants.
from Poets&Quants
via IFTTT
No comments:
Post a Comment