If you have a established family business which is not solely dependent on you, you should take time off from it and enroll in a full time MBA program. Meanwhile the family or your employees can look over your responsibilities. You may decide on a one year or a two year format for a fully immersive experience.
My reasoning is: you are too early in your career to rush through your MBA. Besides the academics and networking, a b-school is a place where you make lifelong friends (who also form your network), build connections with peers and professionals and learn from their experiences. Its possibly the last time you will be back at school, so enjoy the experience both academically and socially.
For an entrepreneur/ family business candidate, a one year MBA could be sufficient time to achieve these outcomes without being too long away from the business. Think INSEAD, CBS J term (takes older class profile), Kellogg 1 year MBA (takes older class profile), Oxford's Said, Cambridge Judge and IMD.
A part time MBA, on the other hand, is for older applicants. I am not so convinced you should go through the juggle of managing both full time work and a rigorous MBA course, unless you have some other constraints and this is the only option available. In case you go ahead with a part-time, you can manage the networking and academics alongside your work, but its all upto you on how much time you spend on it. The program will not deliver this, but you have to be self driven (even in a 2-year MBA) and work towards creating that network or leveraging any other networking opportunities that full time students are likely to have. Different part time MBA programs vary in how they support students / how they compare to their 2-year versions, so research every single target program well.
Talking about whether CBS is necessary for you- this is a matter of personal choice. You alone can decide which programs to aim for as there is no right answer here. Many candidates want to go to top ranked MBA programs only, whereas many others are more flexible. what are your reasons for thinking about CBS in the first place? How much are you willing to compromise or let go off those reasons?
The GMAT score can be a deterrent in getting admitted to a top program, but you can prepare harder/ take the test more than once /push your plan to R2 applications if you dont get the perfect score before R1 deadlines.
Hope this makes sense.
Namita Garg,
Founder, MBA DecoderEmail:
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