So, you are considering applying to an MBA program this year but wonder whether the time, money, energy, and everything else involved in this endeavor is worthwhile. The easy answer is yes—go for it. Chances are high that you will make more money, have a better knowledge base that can propel your career forward, and make connections that will position you for future success. But an MBA is not for everyone, and especially not for anyone who is unsure what is driving them to pursue the degree. Before you dive in, think about why you want an MBA and where you want it to lead you.
If you are thinking about an MBA, then chances are, you are weighing the degree’s return on investment. You are certainly not alone. In fact, the Bloomberg Businessweek survey that informs the publication’s business school rankings revealed that in 2022, 73.3 % of the second-year student respondents at US programs indicated that increased compensation was one of the five primary factors behind their decision to earn an MBA. Well, the news is good on that front. That same survey found that in 2022, graduates gained a median of $85,000 in their first post-MBA role, compared with what they earned before entering business school. Getting an MBA also propels your salary higher than if you had merely a bachelor’s degree. A 2021 study conducted by data analytics company PaySpace for Poets&Quants found that graduates of the leading 50 U.S. business schools are expected to earn a median total of $5.7 million in cash compensation after 35 years of post-graduate work. That amount represents a premium of $2.3 million over what individuals who have only an undergraduate degree will earn.
In addition to boosting your earnings, an MBA can fuel your career trajectory. Learning to work in teams, solve complex problems, and strategically make decisions can translate into being an effective contributor—and hopefully, leader—in the workplace. Not only do you develop technical skills over the course of your MBA studies but you also learn the soft skills in management and leadership that can help you navigate complex challenges in dealing with people and projects. The professional development you gain through your MBA experience can last well beyond your initial roles after your graduate and extend throughout your entire career.
Attending business school helps you build your network, too. You meet students in classes, of course, but also during the significant amount of time you will spend on group work, volunteering, extracurriculars, study trips, and socializing. Given how global most MBA programs are these days—many have classes that are nearly 50% international—students are able to connect with classmates who come from different parts of the world, immediately expanding their global mind-set. In addition, business schools have vast alumni networks, allowing students to call upon such connections as needed throughout their career. Long after graduation, you might be invited to interview at a company, and a quick search of your school’s alumni database will give you the names of fellow graduates who work there. Bingo—you have contacts who can help you build your knowledge!
While these factors certainly play into why someone would want an MBA, you still have more to consider. Before applying to business school, really examine your career goals. The last thing you want to do is apply to a program that will not propel you to where you want to be after graduation. MBAs can generally be found working in every field, but doing some research to determine whether you will gain as much as you want from the degree for what you aspire to do professionally in the long term is definitely worth your time. Some things to look into are whether an MBA program has courses that relate to your area of interest and whether the school has any notable level of job placement in the industries you want to target. An MBA would not be worth the investment if you were to find yourself scrambling for work at graduation.
Another important factor to weigh is your finances. Sure, that median $85,000 gain in salary we noted at the beginning of this post sounds good, but not every industry or school will set you up for that kind of big number. Be real about your risk tolerance—are you in a position to take off two years for a full-time program, or would a part-time or Executive MBA program serve you better by allowing you to keep working? On the personal front, asking yourself whether now is the right time to go back to school is crucial. This question extends beyond just the financial aspect of pursuing the degree; ask yourself whether you have the time to dedicate to it as well.
As you consider whether an MBA is worth the time and other resources that earning it requires, do not be blinded by the potential gain in compensation. Think about what else the degree could change for you in the long term. If you feel that it will advance your career in terms of greater leadership abilities and potential, then you very well might be making the right choice about applying to business school.
Below Leap Quest’s lists a number of reasons you may not want to wait. If you have taken the GMAT/GRE (or think you could do so in time), for example, or you are feeling stuck in your job, consider starting your application process today!
But right now there is an additional—and greatly compelling—reason to take this courageous step: a recession is likely looming. Elon Musk is chopping jobs at Twitter, Amazon announced a corporate hiring freeze, Lyft is cutting 13% of its workforce, and others will likely follow.
While recession forecasting is not exactly down pat, teams of economists have been predicting a serious recession for some time—more than a year, in some cases—and many say we are already well into one. Many factors are propelling the downturn, including the withdrawal of catalysts that have been propping up the economy, such as easy access to low-interest credit. More interest rate hikes are likely to accelerate matters, further propelled by dropping consumer confidence ratings and rising inflation.
Potential MBA applicants can take steps to capitalize on the possibly transformative, life-changing opportunities provided by a looming recession. While a recession can be dangerous, it can also be accompanied by great opportunity: opportunity to reinvigorate one’s life with a transformative educational experience to match the opening doors post-recession. When the job market starts to bubble again, compared to others who have been sitting home watching Netflix or self-doubting, you will have improved yourself through a new degree, you will have new skills and interests, and you may even be prepared to launch into a new, burgeoning field.
Plus, applications to many top business schools are still down but are likely to rise in the coming year(s). Now is a sweet spot when you can apply during a slightly less competitive cycle.
While it is clear that now is a great time to apply to business school, you may be wondering if this is the best time for YOU to pursue an MBA. If one or more of the following rings true for you, now may very well be the time to start developing your MBA Application Plan!
- You are ready to switch careers: Switching careers while writing your business school applications can be tricky. While it works for some to change industries or functions pre-MBA, for most people post-MBA is a better time to switch careers. But if you know you want to move from banking to consulting or consulting to product management, why wait? In many ways the MBA is the great equalizer and post-MBA students often start at a similar level to each other. If this is you, think about applying today.
- Your personal situation favors the MBA choice: Do you want a break from work? Is your partner going back to school and it will be easier to study together? Going back to school full time is a major lifestyle change, and your personal circumstance should be a key factor in your decision on when to apply. If your circumstances feel right, consider it fortuitous.
- Career stagnation: Have you stretched yourself as much as possible in your current role? Do you need an MBA or advanced degree to reach the next level? If you are bored at work and feel that you have learned all you can in your current role, this is a good sign an MBA might be right for you. Even if you feel you are close to plateauing, now could be a good time to start researching an MBA program as it might still be another 18 months until you are likely to enroll.
- Close specific skill gaps: Gaining specific knowledge is one of the top reasons to get an MBA. While naturally MBA programs are great opportunities to strengthen core skills including finance, accounting and marketing, top MBA programs offer courses across broad industries and functional areas, allowing students to learn the fundamentals from industry experts.
In recent years, top MBA programs have begun to offer more unique courses. From Harvard’s Risks, Opportunities, And Investments In The Era Of Climate Change to Kellogg’s Influencer Marketing , MBA hopefuls have access to an array of classes in emerging fields.
- Develop soft skills: The “soft” skills that you will gain in business school are just as important as the technical skills you will develop (if not more important). MBA programs strongly emphasize skills including leadership, communication, and teamwork both in and out of the classroom. Naturally, these are all key skills for young professionals, preparing them to become future leaders.
On top of this, various volunteer programs and travel opportunities give students the chance to further develop personally and professionally.
- Explore career paths in an open and trusting environment: While Leap Quest advises all clients to apply to business school with clear MBA goals and future plans, no one will actually hold themselves to these goals. Instead, MBA programs foster a safe environment to explore classes or programs in other fields and intern with companies in diverse industries. This exploration can lead students to find new passions or solidify their desired career path.
- Receive a “holistic” business education: If you are wondering “Why should I get an MBA instead of a specialized master’s degree?” Leap Quest encourages you to think about your ideal career path. Although specialized masters’ programs can be a great way for folks to advance their careers, for those with broader aspirations, an MBA can open more doors.
For instance, a master’s in marketing might be ideal for someone who wants to focus on marketing expertise and rise via a narrower path. However, an MBA can teach the marketing skills needed to succeed in most companies as well as advanced leadership skills to help you assume higher level roles within an organization.
- Expand your professional network: Business schools provide students with stellar networking experiences on campus and beyond. While peers provide great learning experiences in classroom settings, alumni are also powerful resources, especially as students start the job search.
Alumni not only offer a wealth of insider information, but they also often extend a helping hand to fellow alums who are interested in their companies. Thus, these networks are another reason to get an MBA. Alumni can also serve as partners, mentors or even investors.
Harvard Business School is particularly known for its powerful alumni network. The school has 85,000 alumni in 173 countries, making the network a truly global resource. Many other top business schools have substantial worldwide networks as well. Wharton, for instance, has alumni in 153 countries.
- Switch careers: While some MBA graduates return to the same industry after their studies, pursuing an MBA is a great way to switch careers and break into a new field. Since post-MBA students often start at similar levels to each other, business school also can serve as an equalizer.
- Open a door to your dream job: Through alumni networks, career service departments and on/off campus recruiting programs, business schools play a key role in helping graduates find their dream jobs. This is particularly true for fields that rarely recruit candidates without MBAs.
- Increase your salary: If the question “Why should I get an MBA?” has still not been fully answered for you, the increased salary potential may be the most compelling incentive. It is no secret that MBA students receive high salaries after graduation. According to the Graduate Management Admissions Council, the median salary of MBA graduates ($115,000) is 77 percent more than those who have a bachelor’s degree ($65,000).
Of course, an MBA is quite costly. However, most candidates look at an MBA as an investment in themselves. Plus, on average, Leap Quest’s clients make money working with us since they receive far more in scholarships than they would on their own.
- Gain credibility and marketability: While Leap Quest does not encourage applicants to say in their MBA applications that they are applying to business school to “check the box,” it is no secret that having an MBA (particularly from a top program) will increase your credibility and professional marketability. In a strong job market, this may not be as crucial, but keep in mind the MBA is a degree you will have throughout your career. If you are looking for a job in a weaker market or after taking a break from the workforce, having an MBA will without a doubt make you a more attractive candidate.
Have you established your reasons to get an MBA but are not sure if now is the right time? To help determine whether now is the best time to apply to business school, ask yourself if one or more of the following rings true for you.
The Hard Truth of MBA Admission Process
Though you have the checklist of required document list for admission process at your target admission schools & basic explanation of the requisites, figuring out the perspective of the admission officers is not less than a challenge while coming to your resume and list of recommendations. Each university has its distinct angle of consideration and motivation though it is minor. Don’t keep yourself away from your dream by doing anything without proper clarity, with a lot of random information loaded here and there. We pride ourselves in keeping abreast of the nuances of each business school’s admissions requirements, adding context in respective to their perspectives by helping you to understand why they want it and how you can make it at the best
Get Help from Leap Quest for your MBA/MS Applications!
An early start gives us enough time to approach the process in a more meaningful manner which has constantly fetched us results which is why we’re writing to you. We would be more than happy to help you through this process.
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