MBA, is the buzz word. As the world economy is getting tougher, global-local companies are looking for employees with high educational qualification. Many of the mid-career professionals face the need to do an MBA for moving ahead in their career. Hence, here’s my five (5) checklist for choosing your MBA.
Checkpoint # 1: Complete your MBA within 1 year instead of 2 years
Getting back to studies after a long break is already quite difficult; moreover, if you plan to quit your job and pursue an MBA, try to find an university which offers an MBA, the program in 1 year instead of 2 years. That one year will be nothing less than a pressure cooker, but end of the day it will be worth it. End of the course, you will not only have your diploma in your pocket, moreover, you will save 1 year compare to other professionals.
Checkpoint # 2: Value for money
There’s one crucial reason why I am suggesting you to go for a one year program instead of 2 years, and that’s money. For example, a Full time MBA cost around € 28,500 for one year of Maastricht School of Management. Now, that’s just the study cost. You also need a place to live, eat and do social activities. Now let’s do a simple math comparison between 1 year and 2 years MBA program:
That’s just a rough estimate, but the main message is, you will be able to save € 7.000 – € 8.000 just by doing MBA in 1 year instead of 2 years. Even you can say Bye Bye to your student loans sooner.
Checkpoint # 3: World Class accredited
If you are investing your savings or even if your company is investing, make sure you get the best quality learning from your MBA. One of the ways to ensure that is to see whether the university you’re planning to pursue your MBA from is world class accredited. Why? If the university is accredited by a reputable organization, it ensures the quality of a business school. Accreditation organizations ensure the quality standards of a business school, faculties, teaching methods, student services etc. ACBSP, AMBA, IACBE, AACSB is one of the well-known accreditation authorities.
Checkpoint # 4: Learn more from people than from books
You are mid-career professionals, you know the basic of business or at least you know how things run in the business world. You know the basic ABCD of the business world, now you want to do MBA to take your career to the next level. You can’t do that alone learning from lectures and books. The best place to learn is from the people, the classmates, who have vast years of experience in different industries, in different countries. You will not only learn how to deal with people from different countries and different cultures, but also will gather a vast amount of knowledge how to do business in different countries.
From my personal experience, when I did my MBA from Maastricht School of Management, we have students from 30 countries out of 56 students. We called ourselves the UN. While solving cases, the practical ideas that used to pop-up were amazing, which a book will never teach you. So, have looked into the past alumni list of the university, check their experience level, country etc. Before jumping for an MBA.
Checkpoint # 5: Scholarship / Fellowship
Last but not least, look for the grants, scholarship for your country. Searching for a scholarship is time costly, but if you can find a good one, it will save a lot of your money. You might don’t even need a loan. Think about it.
Also, a lot of time universities have fellowships of their own. Be blunt and directly contact the Admission officer whether there’s such possibilities. Most of the time it’s competitive basis. If you have a good application, it’s a worth trying for.
From my personal experience, I had to compete for Maastricht School of Management Fellowship program, but at the end I got 50% fellowship. It’s not only prestigious, but saved a lot of cost. So, invest some time in searching a scholarship, you will definitely get the return on investment (ROI) for the time you will spend.