Everything You Need to Know About an MBA
Are you thinking about continuing your education, specifically to pursue an MBA? Abound wants to simplify the process for you by answering all of your burning questions! Before you decide whether or not you want to apply (and if so, where), we may be able to shed some light on a few areas for which you might need a little clarification.
What is an MBA, and who is it right for?
Let’s start at the beginning. An MBA, or Master of Business Administration, is a graduate degree specially designed for those who want to pursue an entrepreneurial future or a career in business management. Many high-level executives started their journeys to success by attending business school, so an MBA could be a good next step for you if you are looking to move forward in your current career (or switch paths entirely). The skills refined and knowledge gained in an MBA program could help catapult your career to the next level!
Are there different types of MBA programs?
Whether you are planning to focus on your degree full time or part-time; have one year to commit or longer; or are looking for an online, on-campus, or blended program—there are all sorts of choices and combinations available to you. In addition to variations in duration and location, many business schools also offer unique specializations, such as finance, marketing, and technology. Whether you have already considered the pros and cons of all your possibilities, thorough research can help you make the best decision for your needs.
How much will an MBA cost?
Full disclosure: attending graduate school can be very expensive. The best way to figure out how expensive it will be for you is to inquire about the specific programs that sound interesting to you. Remember that in-state tuition will often be more affordable than out-of-state options. You should also keep in mind that, like undergraduate school, there are financial aid and tuition assistance programs available to you—some or which are generalized, the others of which are specific for women, minorities, students with high financial need, etc. Dedicating significant amounts of time for research could mean the difference between financial freedom and a mountain of student debt.
Many employers also offer incentives like employee assisted tuition to people who show promise in their careers and are wanting to take the initiative by furthering their education. There are options out there, but getting ahold of one takes patience and perseverance!
How should I prepare for business school?
Many programs prefer candidates who have exceptional experience in the workforce. In other words, you may have an advantage—even if you’ve been out of college for a while—having gained significant years of experience. Don’t count yourself out if it’s been a long time since you were in a classroom setting! In addition to having relevant work experience, you’re going to get the most out of your degree when you have clear and reasonable expectations about how an MBA will help you achieve your goals.
How do I Know if it’s worth it for ME?
While there is a general understanding a graduate degree typically translates to more opportunities and increased earning potential, every student and situation is different. It is important that you weigh your options and make a list of pros and cons based on your personal circumstances. We have outlined some clear benefits of earning an MBA, but it is up to you to decide whether the time, energy, and investment are necessary for your career goals.
Abound is here to help!
We’ve already done a lot of the hard work for you. As you are considering an MBA, take a minute to read through the advice we have for prospective students like you. And if you want to start researching schools or are ready to apply, we’ve compiled all the research you need in one helpful place. Don’t let a lack of understanding or unanswered questions be the reason you don’t pursue a Master of Business Administration degree!