A simple framework for selecting the right MBA program
Do you know what’s the most (over)used word in the world of MBA admissions? Fit. No talk about the MBA application process is complete without abundant mention of the proverbial “fit”.
And do you know why the term is so ubiquitous? Because “fit” is indeed the most important part of the MBA application process.
This is the time of year MBA applicants are turning their intent into action and starting their MBA quest in earnest. This week’s Insights piece is about one of the cornerstones of your MBA admissions strategy – researching and targeting schools that are the right fit for YOU.
(Don’t forget that the first step is always to understand why, if at all, you need an MBA. That’s what was covered in last week’s How to know if it’s your turn?)
If you are firmly on the path of applying, creating a list of target schools is a must. Your MBA choice will impact your personal brand and your career forever. Programs come with different price tags and chances of a scholarship award. Getting it right has tremendous implications. So where do you start?
Focus on the three Rs: Reputation, Reach, and Relevance.
Let’s break each one down.
Reputation
Reputation is simply the perception of a program’s quality. Only there is nothing simple about trying to accurately assess it. Rankings have long been one of the ways candidates use to understand the packing order of MBA programs. Using rankings in your research is certainly recommended as long as you recognize it has flaws and limitations and should not be the sole foundation of how you select your consideration set.
First and foremost, use the rankings to understand how competitive a program is. This will help you start to determine your own odds. But don’t get stuck on some of the pervasive myths that the only programs worth enrolling into are the top 10 or top 25. I’ve seen hundreds of amazing success stories of graduates of “lesser” programs.
To more holistically assess reputation, check out faculty profiles, the companies that the program’s graduates land at, and speak with alumni.
Reach
For this part, think of a program’s ability to help you reach your goals along several dimensions.
Consider geography as it relates to where you think you will want to take your career, especially immediately after graduation. The most basic example here is don’t choose a program that is mostly regionally known if you will be moving out of that region upon or shortly after graduation.
Reach also relates to the size and location of a school’s alumni network. Sooner or later, chances are your career may take you to different parts of the country or the world. Is it likely your MBA brand will have some presence and a network there?
Finally, I like to think of reach also in terms of your ability to reach your desired job after graduation. Do the programs you are considering help you “reach” the right industries and positions? Do recruiters from your target companies come to campus?
Relevance
Relevance is where I lump everything that relates to your personal preferences and desires. Large city vs. small city is one of the considerations. Large vs. smaller class size is another. It can make a huge difference, depending on your personality and what environment you are most comfortable in.
The learning environment and academic structure are also important. Different programs have different degrees of freedom in course selection and areas of concentration. Competitive vs. collaborative environment. You get the gist.
Now that you have a starting point for creating a target school list, it’s time to get going. In next week’s post I will talk about how to decide how many programs to consider. A teaser: There is no universal answer but I tend to suggest you come up with a broad list initially.
Onwards and upwards,
Petia
Is this helpful? What else would you like to know as you work on your MBA application? Get in touch and let me know. I respond to all emails personally and promptly. And if you need me to be your second set of eyes, I have made appointments available every day this week.