Everything you should know before applying for an MBA program

Thinking about pursuing your MBA? Look no further! Read this article to know more about the  pros and cons, the types of options available, and more.

Aspiring to do an MBA? Dreaming of the day you will hold that degree? We’re sure you must’ve considered it a possible option at least a few times. Trust us when we say you’re not the only one!

Millions of students apply eagerly and appear for exams every year, hoping to soar to heights once they get an MBA. More often than not, that isn’t the case. Everyone from engineers, designers, musicians etc., is scrambling to apply and be a part of a prestigious B-school.

But how do you decide if it’s the right time to do an MBA? There are many reasons people pursue an MBA; it is imperative to weigh all the aspects and judge how vital this degree is to you and your career.

Master of Business Administration; an MBA, is a business degree that teaches students technical, managerial, entrepreneurial, and leadership skills. It provides valuable business insights, helps establish and expand your network, and creates a plethora of opportunities to explore. But when is it the right time to take up an MBA? It’s ideal to opt for one when you’re looking to accelerate your career, switch industries, or when you start on your own as an entrepreneur.

While MBA coursework typically comprises business-related topics like accounting, statistics, economics, communications, entrepreneurship, and management, they also prepare students for financial and managerial roles like a founder for a start-up. If you’re a great student, you have a solid foundation, but an MBA values a more real-world professional outcome. That is why relevant work experience is an essential prerequisite for many institutions.

In today’s age of technology and convenience, you can do an MBA sitting right at your desk. You can choose from a host of specializations that suit your area of interest the most. Following are five broad categories of MBA you can pursue:

Full-time MBA: Most full-time MBA courses span over two years from start to completion.

Part-time MBA: Designed specifically for working students based within the campus’s commuting radius, this course typically lasts about three years.

Distance MBA: Distance MBA programs provide more flexibility than a part-time program and generally last for about 2-3 years on the basis of speed and can extend to accommodate other important obligations in your life.

Executive MBA: If you have more than five years of executive experience, you qualify for an Executive program. This program typically runs on the weekends and evenings over the course of two years.

Global MBA: Global MBA programs are designed for executive and senior leaders. These programs usually last between 1-2 years, with a more significant focus on strategy and leadership skills.

Earning an MBA degree can enhance one’s career path or help one land a high-paying job. However, the expense is only offset if the degree is from a top-tier business school and if your career path is business or management-related.

Quick list of pros and cons of an MBA.

Pursuing an MBA right after graduation

If you pursue your MBA right after your bachelor’s degree, you might be able to cope with studying quickly as you’re already well-versed with the techniques and are in a particular flow. There has also been a higher demand for freshers for MBA programs in recent years. Placement opportunities for those with 2-3 years of work experience and freshers are more or less the same.

On the other hand, there are downsides to this glorious degree, especially when you lack experience. Although it may follow the same curriculum, the course material’s absorption capability and understanding will be lesser than those experienced. MBA makes a difference when done at a renowned institute. Better the institute, the more complex the exam and guidelines. These will require rigorous practice and training.

If you consider applying for an MBA right after your graduation, you must ideally start preparing in your second year of college.

Pursuing an MBA after a work experience

You already get bonus points! Most institutions prefer hiring those with good work experience, but it depends on where you’re applying to. You will be able to grasp lessons soundly as you will instantly think of the application and practicality in a work set-up. You also understand each member’s role in an organization, the corporate style, and other intricacies on the management end.

Companies also tend to hire a student with work experience for a senior or mid-level position and offer a higher CTA to MBA graduates who have solid work experience. Most institutions also offer lateral placements for those students who have work experience. Few companies will also be willing to sponsor your MBA, a risk-free option you can leverage from your company.

It’s natural to doubt your decisions regarding pursuing an MBA, especially if you’ve been working for several years. You might also be apprehensive about doing so because you may think you have too much or too little experience, but it all depends on where you are in your career.

An MBA from a good university can bring manifold opportunities and open avenues you thought didn’t exist. It’s imperative to understand where you stand and what your goals are. If you choose to pursue an MBA, you have an ocean of options to pick from and opportunities that await you, good luck!