What Is the Best Business School for You?

When is the last time you were faced with the (possibly debilitating) question, “Where do you see yourself in five years?” Was it at a job interview? A discussion with mom and dad about your academic or professional future? If you’ve ever had to answer this question in a high-pressure situation or when you were unprepared, you know how nerve-racking it can be.

But think about it this way: putting careful consideration behind this “where will you be in five years” question can actually help you eliminate anxiety when choosing the best business school program for you. It can help you narrow down the list of MBA programs you plan to apply to, and, as interviews approach, get an advantage over the competition.

There are hundreds of business schools in the United States (some of which we’ve profiled on our blog), and many of them offer the same types of MBA programs. So, where to start when determining the best business school for you?

There are several key factors to consider:

1. Program size and specialty

What will your cohort look like in the business school program you choose? Will it be a large program with dozens of other students, or a small program with only a few in the class? Will the students share similar specialties, such as a common focus on marketing, or will there be more diversity in the class—concentrations that range from i-banking and accounting to management?

You can also figure out what you need to know about your desired MBA programs by looking at their faculty. Are there specific professors in these program you want to work with? Perhaps you’re interested in participating in a particular faculty member’s up-and-coming research.

2. Ranking and placement rates

How is the program ranked? Will that ranking help you get recruited for a job down the line—academic or otherwise? Is the program widely adaptable across fields or particularly relevant to an esteemed few?

What about the school? How is the university as a whole regarded? Where are graduates of the program working, and how long to they typically stay on the job market before finding gainful employment? In other words, how good is the job market for your particular MBA program? Look into the percentage of graduates who are being placed within a year of graduation.

3. Funding

How will you support yourself in business school? Will you keep a full-time job and take classes at night and on weekends? Will your current employer contribute with a tuition reimbursement plan? How much educational debt do graduates of the MBA program have? Does this mean you will have to take out loans, or are you covered otherwise?

4. Location

Where are you going to be living while earning your MBA? A bustling city or a sleepy university town? Do you want to stay close to family and friends or cut loose and create a new social circle across the country? What are the opportunities in your new home for internships and research? How is the climate? Are you happier with drastically changing seasons (read: snow) or milder weather?

Questions like this may not seem initially relevant when considering the best business school for you, but remember that you are the one who has to live with your choice, day in and day out, for at least two years of full-time study—the duration of most MBA programs—and your performance can be heavily influenced by your frame of mind.

Put it all together

Feeling overwhelmed with questions? Not to worry! Once you start arriving at your answers, one by one, you can narrow your options down to a list of four to six schools, which is the number of programs that many experts recommend applying to.

If you have too many or too few MBA programs on your list, reach out to a trusted advisor—someone who knows you and your professional goals well. Not only might they offer valuable insights, but just talking through these considerations and discussing your future goals might help you solidify your thoughts and arrive at some decisions.

So get started answering the important questions, and get on your path to business school today. Check out Kaplan’s resources for prepping for the GMAT.

 

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