{"id":44824,"date":"2019-03-07T06:00:29","date_gmt":"2019-03-07T13:00:29","guid":{"rendered":"https:\/\/gmatclub.com\/blog\/?p=44824"},"modified":"2019-03-04T02:13:06","modified_gmt":"2019-03-04T09:13:06","slug":"top-10-or-bust-dispelling-2-mba-myths","status":"publish","type":"post","link":"https:\/\/gmatclub.com\/blog\/top-10-or-bust-dispelling-2-mba-myths\/","title":{"rendered":"Top 10 or Bust: Dispelling 2 MBA Myths"},"content":{"rendered":"

\"Top<\/p>\n

Here are two comments that I get all the time from applicants \u2013 two related MBA myths that absolutely require busting:<\/p>\n

Myth #1: Once you attend an MBA program outside the Top 10, it doesn\u2019t matter which school you attend, so you may as well go to the cheapest one you get into.<\/strong><\/p>\n

Myth #2: It doesn\u2019t pay to get an MBA outside the M7\/Top 10.<\/strong><\/p>\n

When asked my opinion of these MBA memes, I politely explain why I think they are utter nonsense, the product of lazy minds. Nothing more. The reality is much more complex.<\/p>\n

Applying to Schools Outside the Top 10<\/h2>\n

Schools inside and outside the Top 10<\/a> vary in terms of their approach to management education and their strengths. Some schools outside the Top 10 may be excellent for a given specialty. For example, Smeal and Broad are generally not in any overall Top 10 ranking. However, both programs are in the U.S. News<\/em> top five for supply chain management and logistics, and Broad is #1. They may be excellent choices if that\u2019s your interest. Babson is renowned for teaching entrepreneurship; it is usually in the bottom half of the top 100 overall. For those specialties, these schools may be better programs than programs ranked overall in the Top 10.<\/p>\n

Obviously there are a lot more schools outside the Top 10 than in it, and there are many differences among all the schools. When you apply, you need to understand those differences and seek schools with the curricular, extracurricular, and career management strengths to help them achieve their goals. Then you can compare costs and anticipated return. If applicants choose a school based on Myth #1 and without the analysis I suggest, applicants are simply basing a major investment in time and money on folklore.<\/p>\n

\"View<\/a><\/p>\n

Determining ROI & Career Satisfaction<\/h2>\n

Whether it pays to get an MBA at School X, regardless of that school being in the Top 10, Top 20, or Top 50, depends on both the school and on you<\/strong>. Here are a few questions that you need to answer:<\/p>\n

    \n
  1. How much are you making currently?<\/strong> (That will determine your opportunity cost if you are considering a full-time program.)<\/li>\n
  2. What is the cost of attendance?<\/strong> That is your out-of-pocket cost of going to business school. I wouldn\u2019t include housing and food because you will have those expenses regardless or whether you go to b-school or not.<\/li>\n
  3. What is the typical salary of MBA grads from your target program who found a job in your area of interest?<\/strong> (Overall school averages are much less worthwhile.)<\/li>\n
  4. Is there a non-financial benefit that you seek in addition to classic financial ROI?<\/strong> (Moving into a job you will enjoy, for example.)<\/li>\n<\/ol>\n

    While it is true that average salaries at different schools tend to decline as you go down the rankings, for the overwhelming majority of MBAs, ROI is positive<\/a> and MBA alumni satisfaction per GMAC surveys is overwhelmingly high despite two recessions in the last 15 years. And that data includes survey responses from non-Top 10 schools.<\/p>\n

    Compare your anticipated benefit and cost to determine if pays for you<\/em> to earn an MBA from the programs that have admitted you or that you are considering applying to.<\/p>\n

    Bottom Line<\/h2>\n

    Don\u2019t trust myths<\/strong> about rankings to determine where you invest your time and money. Don\u2019t rely on fable and fantasy<\/strong> to make a major life decision. Do your homework<\/strong>, learn about the schools<\/a>, and don\u2019t focus on their ranks.<\/p>\n

    Assess your needs. Determine your investment including opportunity cost. Evaluate probable return \u2013 both financial and non-financial \u2013 at schools that meet your needs.<\/p>\n

    Then, and only then, decide whether your MBA is worth the cost and which ones are right for you.<\/p>\n

    Do you need help choosing the best b-school for you, and then applying successfully so you get accepted? Our expert admissions advisors can guide you through every step of the MBA application process. Contact us and we\u2019ll match you with your personal consultant today!<\/a><\/strong><\/p>\n


    \n<\/em>\"LindaBy\u00a0    Linda Abraham<\/a>, president and founder of Accepted and co-author of the definitive book on MBA admissions,\u00a0MBA Admission for Smarties: The No-Nonsense Guide to Acceptance at Top Business Schools<\/a>.<\/a><\/em><\/p>\n

     <\/p>\n

     <\/p>\n

    Related Resources:<\/strong><\/p>\n

    \u2022 The Ultimate Guide to Becoming a Competitive MBA Applicant<\/a>, a free guide
    \n\u2022\u00a0    Are You a Competitive Applicant at Your Dream School?<\/a>, check out Accepted's MBA Selectivity Index
    \n\u2022     3 Ways to Determine Which B-Schools Are a Good Fit for You<\/a><\/p>\n

     <\/p>\n

    This article<\/a> originally appeared on blog.accepted.com<\/a>.<\/em><\/p>\n

    Applying to a top b-school? The talented folks at Accepted have helped hundreds of applicants get accepted to their dream programs. Whether you are figuring out where to apply, writing your application essays, or prepping for your interviews, we are just a call (or click) away.<\/em><\/p>\n

    Contact us, and get matched up with the consultant who will help you get accepted<\/a>!<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

    Here are two comments that I get all the time from applicants \u2013 two related MBA myths that absolutely require busting: Myth #1: Once you attend an MBA program outside…<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,939,775,113,243],"tags":[1262,1053,1295,2172,2058,1702],"class_list":["post-44824","post","type-post","status-publish","format-standard","hentry","category-mba","category-accepted","category-admission-consultants","category-applications","category-blog","tag-choose-mba-program","tag-mba-myths","tag-myths-about-applying-to-business-school","tag-research","tag-roi-of-the-mba","tag-top-business-schools","entry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts\/44824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/comments?post=44824"}],"version-history":[{"count":2,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts\/44824\/revisions"}],"predecessor-version":[{"id":44827,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts\/44824\/revisions\/44827"}],"wp:attachment":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/media?parent=44824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/categories?post=44824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/tags?post=44824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}