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Step 1: Block out the Noise<\/b><\/h4>\nYoung professionals have always evaluated the worth of embarking on a two-year MBA program. This value analysis typically happens well before they commit to the MBA application process.\u00a0\u00a0<\/span><\/p>\n Media outlets from Forbes<\/em> to the Wall Street Journal<\/em> sometimes promote a one-size-fits-all approach when speaking about whether the MBA is worthwhile.\u00a0 Even Elon Musk recently got in on the conversation, criticizing the MBA degree to generate headlines or for virtue-signaling.\u00a0\u00a0<\/span><\/p>\n What Musk and the media writers often have in common is that they don\u2019t break down the MBA decision according to the individual\u2019s priorities, aspirations, and desired MBA programs. For example, an MBA from a random, unranked university has nowhere near the same value as an MBA degree from Harvard, HBS.\u00a0\u00a0<\/span><\/p>\n Most top MBA applicants are, by nature, diligent and analytical. So, logic suggests MBA aspirants would always calculate return on investment (ROI) based on costs, tuition, short-term salary potential, etc.\u00a0 Yet, in our two decades of experience, we see that top-tier MBA applicants usually do not run such calculations.<\/span><\/p>\n Here\u2019s why. So many variables of the \u201cIs the MBA worth it?\u201d analysis are qualitative. For example, you can\u2019t assign an absolute value or number to the networks and prestige afforded by an elite MBA brand.\u00a0\u00a0<\/span><\/p>\n In fact, the spreadsheets we have seen across thousands of applicants aren\u2019t about the ROI of MBA programs at all.<\/span> For example, applicants rank HBS or Wharton a \u201c10\u201d for career potential. Our client pool focuses much more on \u201cDo I have a chance of getting in?\u201d or \u201cWhat are my admit odds for a top 10 MBA program?\u201d They are not at all interested in a cost\/ benefit analysis of the MBA degree itself.<\/span><\/p>\n Most high-performing MBA applicants we work with are aspirational and focus on the qualitative upsides of the MBA experience.\u00a0 <\/span>\u201cI think the conventional reasons for getting an MBA are definitely beneficial,\u201d a recent Stanford GSB admit that we worked with says.\u00a0<\/span><\/p>\n \u201cBut I think I am just most drawn to the personal development I\u2019ll get out of the degree. As with many type-A students and high-achievers, we never stop to evaluate the reason why we work so hard.<\/p>\n The MBA program will be a great time to reflect on my sense of purpose and motivation for why I do things. Hopefully, that will also help me refine longer-term career goals.\u201d<\/p>\n<\/blockquote>\n Business school aspirants know that top MBA programs have a wealth of resources to ensure they will stay at the forefront of industry developments. \u201cMany MBA students have mesmerizing visions for their future,\u201d says Stacy Blackman, President of Stacy Blackman Consulting. \u201cAs such, MBA hard costs are truly trivial relative to their grand professional goals.\u201d<\/p>\n The face value of this degree is easily over $100,000, making the question “Is an MBA worth it?” a vital one. But, we recommend looking at adjusted costs after financial aid or scholarship. Let’s look deeper:<\/span><\/p>\n Costs vary by program and are adjusted once you factor in scholarships and financial aid. For example, <\/span>HBS emails this explainer to prospective MBA applicants: \u201cHBS offers admission to the strongest applicants without any knowledge of their financial situation. In return, students are expected to take responsibility for the expense of earning the degree and determine how best to pay for their studies. Taking the responsibility for the financial aspects of earning an MBA is a fundamental part of each student’s obligation.\u201d\u00a0<\/span><\/p>\n \u201cStudents are encouraged to draw on personal resources wherever possible to minimize debt,\u201d writes HBS admissions. HBS shared in an email to a prospective MBA student, \u201capproximately two-thirds of HBS students receive some assistance.\u201d\u00a0<\/span><\/p>\n Across our client pool, we have seen many applicants receive <\/span>full-ride scholarships<\/span><\/a>. Any scholarships extended along with the initial offer of admission are the best way to defray tuition costs.<\/span><\/p>\n Once you submit your application, it is automatically considered for a scholarship based on school-specific criteria.\u00a0 But fierce competition exists for these fellowship and scholarship dollars.\u00a0<\/span><\/p>\n The SBC team has former Admissions Officers (AdCom) from every top program, including HBS, Stanford GSB, and Wharton.\u00a0 We know how to help applicants build a strong pitch for <\/span>why they deserve a coveted spot in the program. That pitch should be clear and compelling enough to generate both an admit outcome <\/span>and <\/span><\/i>scholarship generosity.\u00a0<\/span><\/p>\n Is an MBA worth it? \u201cOur clients receive literally hundreds of thousands in financial aid every year,\u201d says Blackman.<\/p>\n \u201cWe hit close to $4.8 million from last season, and 25% of clients received scholarships last year based on the high quality of their applications.\u201d<\/p>\n<\/blockquote>\n Laura, a recent SBC client, shared her scholarship outcomes that resulted from an optimal application strategy.\u00a0 \u201cI am an international applicant with a non-traditional background. I applied to several programs last year but failed to get admittance. Before approaching SBC, I did not understand my strengths or feasible career goals because I didn’t know the vast MBA applicant landscape.\u00a0 Through the all-in engagement with the SBC team, I was admitted to two schools with a large amount of scholarship to cover 50-80% of the tuition,\u201d Laura says.<\/span><\/p>\n Lately, there\u2019s more emphasis on the MBA program\u2019s rank, especially within the traditional cohort of finance and consulting applicants. MBA demand has surged since the COVID-19 pandemic started.\u00a0 Opportunity costs have diminished in these tenuous economic times, and applicants have become more willing to leave their positions for reputable MBA programs.<\/span><\/p>\n A former MIT Admissions Officer on the SBC team shares, \u201c<\/span>Those top MBA programs will give the best and the brightest access to the top employers, top salaries, and fantastic networks. All of that is very valuable.\u201d<\/span>\u00a0<\/span><\/p>\n<\/blockquote>\n \u201cThere\u2019s no better example than one of our female candidates this past season,\u201d says Esther Magna, Principal at Stacy Blackman Consulting. \u201dShe received scholarship dollars to many top MBA programs, including a 100% scholarship to an M7 program. She declined the free tuition at two other programs ranging between $100,00-$200,000 and instead chose Wharton, where she will pay the full tuition. The Wharton brand, for her specific career path and ambitions, was that valuable.\u201d\u00a0<\/span><\/p>\n Blackman concurs, adding that \u201cMBA applicants are more focused on MBA program brand now than ever before. Brand predicts rigor of student peer group, enhanced legitimacy of the degree, and long-term professional networks.\u201d<\/span><\/p>\n The program\u2019s location should also influence your decision. \u201cGeography is key, especially for international candidates but also to an extent US candidates,\u201d says Christine Hawkins, a London-based Senior Consultant on the SBC team.\u00a0<\/span><\/p>\n Post-MBA career preferences should drive location choices. For example, a professional who wants to work in the US should focus on US MBA programs.\u00a0 Likewise, an applicant interested in the EU for post-MBA work should look into INSEAD and LBS.\u00a0<\/span><\/p>\n \u201cThink carefully about where you plan to be long-term.\u00a0 Consider the reputation and the network of each program in your target geography, both now and where you believe it will be in 10 or 20 years,\u201d Christine advises.\u00a0<\/span><\/p>\n<\/blockquote>\n Also, career location outweighs program length. Note that one-year programs often lack summer internships,\u00a0 so there isn\u2019t a \u201cbetter\u201d format between the one year vs. two years. Instead, it is about the individual candidate\u2019s profile and priorities.<\/span><\/p>\n \u201cWith our clients, we really dig into actual career goals in deciding which MBA program applications are worth pursuing,\u201d shares Caryn Altman, a Senior Consultant on the SBC team.<\/span><\/p>\n \u201cWe do an in-depth discussion of post-B-school location preference, as that can be a huge factor. We counsel our clients to network with those who have an MBA in the chosen field so they can frame not only short-term career placement but also longer-term career trajectory and the importance of a particular MBA program in their successes. Also, we encourage our clients to engage with current MBA students to define the MBA\u2019s value for their needs further.\u201d<\/span><\/p>\n If you have completed this checklist and feel inspired to embark on the MBA journey, then go for it! Contact us for a free candidacy evaluation here<\/a>.<\/span><\/p>\n <\/a><\/a><\/a><\/a><\/p>\n The post Is an MBA Worth It? Here\u2019s Your Checklist<\/a> appeared first on Stacy Blackman Consulting - MBA Admissions Consulting<\/a>.<\/p>\n Block out the noise See the big picture Consider your values Look at costs and financial aid Know that brand matters Adjust by location Define your priorities Step 1: Block…<\/p>\n","protected":false},"author":122,"featured_media":0,"comment_status":"open","ping_status":"1","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,749,775,243],"tags":[],"class_list":["post-50809","post","type-post","status-publish","format-standard","hentry","category-mba","category-stacy-blackman","category-admission-consultants","category-blog","entry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts\/50809","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\/122"}],"replies":[{"embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/comments?post=50809"}],"version-history":[{"count":0,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts\/50809\/revisions"}],"wp:attachment":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/media?parent=50809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/categories?post=50809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/tags?post=50809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Step <\/b>2: <\/b>See the Big Picture<\/b><\/h4>\n
Step <\/b>3: Consider Your Values and Aspirations<\/b><\/h4>\n
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Step 4: <\/b>\u00a0Look at Both Cost and Financial Aid<\/b><\/h4>\n
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MBA programs guide post-admit financial aid resources<\/span>. <\/span>To illustrate cost and aid scenarios, see the one-year cost analysis summary at the left from the HBS site<\/a><\/span>.\u00a0<\/span><\/p>\nGet the Insider Edge<\/strong><\/h5>\n
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Step 5: Know That Brand Matters\u00a0<\/b><\/h4>\n
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Step 6: Assess Worth by Location and Program Type<\/b><\/h4>\n
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Step 7: Define MBA Worth by <\/b>Your <\/i><\/b>Priorities<\/b><\/h4>\n
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\n<\/span>The MBA\u2019s worth depends entirely on your professional profile and career aspirations and what you do once you are at the program. Fit with and performance at the program are essential. For example:<\/span><\/p>\n\n
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