Having a basic understanding of business is an essential part of having a successful career. There are certain career paths that may even benefit more from more extensive studying of business management through a graduate business degree or an MBA. If you believe you could benefit from an MBA, you may want to ask yourself the following questions:
How will it affect your career?
Getting an MBA, while highly beneficial in most cases, is an expensive process. Before you make the leap to further your career, make sure you are pursuing a professional career goal that would require an MBA. If you are simply unhappy at your current job, it may seem like an MBA is the next step; however, it is important to have specific goals in mind. Author and founder of admissions-consulting company Accepted.com, Linda Abraham, said it is important to determine if the anticipated raise in salary will compensate the cost of education within a reasonable time period. The median beginning salary for an MBA alumnus who participated in a recent survey is $95,000.
Are you prepared to put in the school hours?
Getting an MBA is a huge time investment. The return to school will bring more reading, data analyzation and project presentation. Lisa Shacklett, associate dean of Lipscomb University’s College of Business in Nashville, said, “Before starting an MBA or any other graduate degree, one should be sure they are ready for the rigors of learning and managing multiple priorities and the time involved in doing so. Many students have been out of school for years and are now working, managing family or other relationships and often think that a graduate class will be just an extension of a professional development class or seminar. They have forgotten what it is like to study, and if they were like a typical undergrad student, their undergrad experience was an exercise in managing study and fun. Not so when going after an MBA.”
Which program is right for you?
It is important to choose the best program to pursue. There are hundreds of different programs offered around the world that will allow you to obtain your MBA. The flexibility that is available through these programs allows students to still work while pursuing their MBA. “There are the traditional two-year programs, part-time programs, accelerated programs -- typically 11-18 months -- and executive MBA programs,” Abraham said. “These programs are offered in a traditional classroom setting, online and in blended formats, but the traditional classroom is probably the most common."
Have you taken the time to prepare?
Once you have an idea of the program you’d like to pursue, you must take the admissions tests required. You can find out more about which tests are required by your school of choice by contacting the admissions office. "In addition to completing an application, most schools ask for letters of recommendation, an essay to assess writing skills, official transcripts from all universities attended and GMAT scores," Shacklett said. "Some schools require an interview as part of the process. A review committee selects candidates for admission, and then, the student is generally asked to make a deposit to reserve their spot in the class. Depending on the university, the application process can take a few weeks or several months."
If you have questions about obtaining your MBA in the Nashville area, call Lipscomb University Graduate School of Business today at (615) 966-1833!