After yesterday’s post on calculating ROI for various business schools, a reader contacted me and asked if there are other variables that I might include in an informal “calculation” of either whether to attend business school at all or when deciding between programs. It’s a good question.
In thinking about four additional factors I would consider in the ROI:
- The program's reputation: I am a big proponent of the idea that you should care more about fit that ranking. But, if you’re thinking about post-graduation employment, connections, and success, reputation does matter. As such, consider whether the program you're thinking about will provide you with the contacts and credibility you need to thrive in your chosen sector.
- Is it Well-Tailored to Your Interests? The program's emphasis and curriculum should match your professional objectives because different MBA schools have distinct foci and curricula. Choose a program that provides classes and chances for experiential learning in the industries or career types that interest you.
- The program's adaptability and format: Full-time, part-time, and online MBA programs are all offered in a range of configurations. Think about the structure that will work best for your particular personal and professional situation. For instance, a part-time or online program could be a better option for you if you work full-time. Note that this will also alter the actual ROI calculation that you perform because it might delay the professional boost or reboot you get from an MBA but also allow you to keep working and earning while pursuing your degree.
- The school's networking and career support options: To be honest, this variable is likely baked into the school’s employment statistics, but it is important to think of nonetheless. The reason is that a more complete and nuanced dive into the nature, location, and kind of network connections the school has will give you a better appreciation of where you’ll be in the years after you graduate. Search for a program that provides career guidance, job placement assistance, and chances to network with alumni and other experts in your industry.
Overall, earning an MBA can be a wise investment in your future, but before making a choice, it's crucial to thoroughly weigh all of these aspects and to couple this less quantitative aspects and considerations with the ROI formula provided in the link above and also lifestyle considerations (will you actually like living there for two+ years?) Spend some time investigating and contrasting several programs before selecting the one that will provide you the training, assistance, and networking opportunities you require to be successful.
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