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Choosing an MBA program isn’t easy. It’s a big commitment and you want to make sure you’re getting the most out of your degree without drowning in debt or being permanently handcuffed by homework.

We enlisted the help of five business leaders to share the most important factors they considered when they were choosing which business school to attend. As it turns out, gut instincts are important along with careful cost comparisons, and networking before you’re accepted is a great way to help you decide.

All of the business experts we spoke to have successfully completed MBA programs and used their degrees to advance their careers. The list of considerations they gave us is lengthy, but these insights are invaluable in your own MBA program search.

Choosing the Right MBA #1: Go With Your Gut

There are endless data points to consider when choosing an MBA program—cost, proximity, post-graduate salary, to name a few—but don’t discount the value of listening to your instincts and choosing the school that feels right when it’s time to make your decision. You’re going to spend a lot of time at this place and its reputation is going to follow you throughout your career.

“When I looked at getting my MBA, the most important criterion by far was how the current and prospective students made me feel when I talked to them in person,” says Phil Strazzulla, who holds an MBA from Harvard Business School and founded SelectSoftware. “At the end of the day, I went with a school that made me feel inspired and motivated by my fellow classmates to work towards my goals. I wasn’t peer-pressured into a typical career path, or made to feel like an outsider because I didn’t want to spend all my time partying.”

Like any other organization, colleges and universities—and the MBA programs they create—tend to have distinct cultures. A school’s culture can range from über-competitive to happy-go-lucky collaborative and anything in between. Culture is like the DNA of a school; it’s what makes up its identify and should not be overlooked.

“The best way to decide which business school’s culture is the best one for you is to visit campus, sit in on a class, and pay careful attention to how people within the MBA community interact,” says Tyler Cormney, co-author of “How to Apply for an MBA” and the co-founder of MBA Prep School. “Aim to build a ‘personality profile’ of the schools on your shortlist to determine which MBA program has a culture that makes you feel at home.”

Choosing the Right MBA #2: Weigh Cost vs. Benefits

According to Investopedia, the average annual tuition for a two-year MBA program is around $60,000. When added to the cost of rent, food, books, and overseas tours and internships (depending on your area of concentration) it’s obvious how expensive an MBA can become.

MBA holders from accredited institutions, such as Augsburg University in Minneapolis, often earn an annual salary of more than $100,000 (depending on the field) so it can be worth that initial investment. But, don’t make a decision that big without first doing your research.

“I did a fair bit of research on the cost of MBAs and found a staggering difference across different schools,” says Jacob Beckstead, director of marketing and technology at Bailey’s Holding Company. “Knowing that the material would certainly differ, I had to decide on how much I thought an additional dollar spent on an MBA program would really get me a ‘better education’ or ‘better prestige.’”

Beckstead grouped the schools he was considering into three buckets:

• Accreditation (i.e., is the school accredited by the Department of Higher Education?)
• Regular schools (i.e., the most common state and public universities)
• Prestigious schools (i.e., Ivy League and other notable universities)

Unlike some of his acquaintances who took two years off to focus on school full-time, Beckstead wanted to continue working while going to school. He ultimately decided on an online program that allowed him to do both, which helped offset the cost of the program and reduced his overall debt load.

Albert Ho is a project manager at Osler Health Systems and author of “Checkmate: How to Win the Sales Game in Healthcare.” He spent a year researching all 40 MBA programs in Canada and established strict guidelines to easily qualify or disqualify schools.

Ho immediately eliminated all schools that cost more than $50,000 and took more than two years to complete. “Students believe that every MBA must be expensive … this is not true. My tuition was only $22,000 for the entire program. I did not see the value of a high-priced MBA,” he said.

MBAs are valuable for both practical insights and long-term career rewards. Rahul Kashyap ’19 MBA, MD, says, “I was able to use valuable lessons from each semester toward my day-to-day roles in leadership at one of the world’s premier health care systems. The Augsburg MBA ignited a fire in me for innovation and entrepreneurial activities. I’m already rubbing shoulders with successful entrepreneurs.”

Choosing the Right MBA #3: Go With What You Know

Enrolling in an MBA program will be unlike any professional or academic experience you’ve undertaken in your life. You’ll be exposed to cutting-edge business theory, creative forms of entrepreneurship, and countless case studies of companies that have succeeded and failed.

The sheer volume of information and academic rigor will be challenging and unfamiliar. So, why not choose a program that builds on what you’ve already learned?

“I received my bachelor’s degree in economics … and really enjoyed the study of money and investing, the finance side. So for me, getting an MBA in finance was the perfect complement,” says Ron Auerbach, finance professor and author of “Think Like an Interviewer: Your Job Hunting Guide to Success.” “It best prepared me for working in banking, financial services, and Wall Street. And the concepts in finance were rooted in economics. So, the crossover between the two made it easier to comprehend.”

MBA coursework can be doubly challenging if you’ve never been exposed to the subject matter.

“If you were an undergraduate accounting major who is already fluent in the language of business, then a case study-based program might be perfect for you,” Cormney says. “But let’s say you were a liberal arts major who’s been working in public relations for four years and never touched a spreadsheet. In that case, you are probably better off at a business school that will begin by teaching you the ABCs of business.”

Choosing the Right MBA #4: Consider Your Career Options

Before you travel too far down the path toward applying to business school, think about your end goal. What do you want to do with your shiny, new degree once you’ve got it? There are plenty of benefits to earning an MBA but the work is only beginning once you graduate, so make sure to choose the school that will work hardest for you after graduation.

“Clearly defining your career aspirations is a precursor to choosing the schools that are best for you,” Cormney adds. “Business schools can’t be all things to all students so they tend to specialize in certain areas—entrepreneurship, marketing, finance, and so on … shortlist schools that offer courses that appear tailormade for your desired career.”

Auerbach agrees: “With a finance MBA, it opened the door to working in banks, corporate finance … personal finance, financial analysis, and investment banking. Thus, wherever I chose to live or ended up, there would be a need for somebody with finance training.”

Sometimes your MBA will directly affect your career path in the middle of the program. Augsburg graduate Mai Moua ’19 MBA says, “As a result of my MBA consulting project, I was offered a director position with the client. This opportunity is leading me into a new and exciting industry and role.”

Choosing the Right MBA #5: Leverage Your Network

It’s easy to think choosing an MBA program is a decision that rests entirely on your shoulders. In fact, most would-be MBA students think choosing the right path comes down to cost-benefit analyses, class-size comparisons, and online applications. But our experts agree that you have much more at your disposal.

After you decide which area of business you want to study, “find out where the thought leaders in your prospective industry teach,” says Cormney. “You’ll also want to talk to as many people in that industry as you can to find out what they perceive to be the schools with the strongest MBA brands.”

Albert Ho used the networking approach by talking to admissions counselors and attending 10 different information sessions at the schools he was considering. He also used the people in his personal network to help him make his decision.

“I talked to 30 friends and contacts that had already completed their MBA to learn about their experiences,” Ho explains. “These conversations helped me to understand the reasons for completing my MBA.”

Also consider what you want your network to look like once you’re in an MBA program. With a finance concentration in Augsburg’s MBA program, Lara Dreier ’15 MBA says, “My cohort was diverse in every aspect of the word, and came from all sectors and career stages, which meant I had something to learn from everyone. We were encouraged to support and lean on each other, and as a result I developed some lasting professional connections and friendships.”

The Bottom Line on Business Degree Programs

Choosing the right MBA program isn’t easy, but at least you’ve got some guidance from people who have been in your shoes, made the decision you’re considering, and succeeded where you hope to succeed.

Just keep in mind, choosing the right MBA program means it has to be a good fit—personally, professionally, and financially. Don’t take the decision lightly, do your diligence, and dive in. There’s no better time to start working toward the future you’ve always wanted.

Get professional opinions on choosing the right MBA for you and your career. Explore Augsburg University’s MBA program or contact mbainfo@augsburg.edu to talk with MBA experts today.

So, you’re thinking about earning an MBA. Maybe you’re looking to land that elusive promotion or strike out on your own and take the consulting world by storm. Either way, an MBA might be the first chapter in your success story—and now might be the perfect time to go after what you want.

Top business schools across the country are reporting a significant drop in applications, according to a recent study from Kaplan Test Prep. The primary reasons given for the decline in future business leaders include:

• Fewer international applicants (31%)
• Strong U.S. economy (30%)
• Cost of an MBA (17%)
• Value of an MBA (13%)

It’s difficult for business schools to control the strength of the U.S. economy or the number of international students who might be scared off by America’s unpredictable political climate. But, the cost and value discussions are worth examining further because they speak directly to how current and prospective students define the benefits of an MBA.

To that end, we enlisted the help of four business leaders who hold MBAs to dig deeper into the subject and get their opinions on whether or not an MBA is a worthy academic pursuit.

An MBA provides career mobility

Paige Arnof-Fenn is the founder and CEO of Mavens & Moguls, a global network of business consultants who provide strategic guidance to up-and-coming businesses.

“For me getting an MBA was definitely worth it. I went into finance right after college and realized I wanted to switch career tracks,” Arnof-Fenn says. “Going back to school allowed me to rebrand myself, try a new area as a summer intern, gain new skills, and build my confidence. For me it was critical for finding work I enjoyed and making the transition smoothly.”

In fact, earning an MBA can open doors to some of the most exciting business-related career paths out there. Coursework in statistics, economics, and entrepreneurship help degree holders establish themselves as business experts; while communications, management, and organizational behavior classes teach them to think critically and find innovative solutions to business problems.

“An MBA forces you to deep dive into topics and coursework that greatly broadens your business acumen,” says Shaan Patel, M.D., founder and CEO of Prep Expert. “By digging into case studies and working closely with peers, you are forced to develop skill sets and always question how businesses construct and execute their strategy.”

Arnof-Fenn and Patel both credit their MBA experience with helping them achieve the career goals they set out to accomplish.

Arnof-Fenn—who spent several years in corporate marketing, helped build multiple startups, and currently leads a global marketing firm—says earning an MBA helped her resume stand out and gave her “credibility as an entrepreneur.”

Patel turned his business vision into a successful bid on Shark Tank and now runs one of the world’s foremost standardized test preparation platforms. “For my own career, I found that the MBA experience shaped my understanding of strategy and how to execute longer term goals with actionable projects.”

Kevin Fleming ’14 MBA, MD, was thrilled with the career mobility afforded by an MBA from Augsburg University. “The Augsburg MBA enhanced my critical thinking process, business acumen, and leadership abilities,” Fleming says. “A few years after completing my MBA, I was selected to move to London as part of a new Mayo Clinic health venture in partnership with Oxford University. The Augsburg MBA program delivered!”

But, earning an MBA is a weighty decision

While it’s possible to create the next Fortune 500 company and make millions of dollars after earning an MBA, frankly, it’s unlikely. According to Poets & Quants, MBA holders generally earn a median base pay of around $125,000 and another $25,000 in annual bonuses. The potential to earn more is there, depending on your concentration—P&Q cited a few examples of MBAs who parlayed their academic prowess into starting annual salaries of more than $200,000—but the salary you might make after earning your degree shouldn’t be your only consideration.

The fact is, earning an MBA can be expensive. “MBAs, especially those who go to private business schools, can accumulate between $100,000 and $200,000 in debt and expenses in just over a two-year period,” according to Investopedia.

The average annual tuition for a two-year MBA program is just over $60,000, but add to that the cost of rent, food, books, and overseas tours and internships (depending on your concentration) and it becomes clear how the total cost of the degree could easily eclipse tuition.

“Business school is a daunting proposition—two years of lost wages combined with about $200,000 in debt,” says Alexander Lowry, professor of finance at Gordon College. Lowry holds an MBA from the Wharton School and knows full well the sacrifices it takes to attend one of the “elite” schools. “It took me three years to become NPV positive … and I was working on Wall Street!”

But don’t forget: financial aid and scholarships are available in MBA programs, including the Augsburg MBA, so you’re not having to pay the full cost on your own.

MBAs aren’t just about dollars and cents

Despite the tantalizing and terrifying realities of average salary and student loan debt, the benefits of an MBA may reach far beyond dollars and cents. The network you build among your peers and professors could benefit you throughout your entire career.

In fact, networking has become so important to business success that many MBA programs include skill-building courses and events in their curricula. And, if you consider the importance of referrals when courting clients or attracting top talent, your network becomes an invaluable tool. According to Business Network International, 98 percent of businesses rely on referrals to gain new clients and build new partnerships.

“It is a huge opportunity cost to go back for a degree so it has to be worth your while,” Arnof-Fenn says. “I do believe the degree is still relevant for the knowledge you gain but also for the contacts you make.”

Laurie Barger ’12, ’16 MBA, ’17 MAL says, “Rooted within the city, Augsburg has made its mark by fostering relationships and providing opportunities for the student population that go beyond classroom lectures. The MBA program brings together professionals from a diverse range of fields and industries, creating an environment cultivated for learning, building relationships and developing in ways that a typical, lecture-heavy program do not offer. With the professors drawing from their personal work experiences, they are able to cater the course to provide context that you can directly apply to your job, giving you the tools and resources to navigate your career.”

The bottom line on the benefits of an MBA

Earning an MBA is a big decision that should be carefully considered. While there are hundreds of success stories out there, plenty of money to make, and a countless exciting opportunities to build your network, it’s not for everyone.

Kenny Kline is an entrepreneur and managing partner at JAKK Media. He’s also a graduate of Columbia Business School who says an MBA is especially worth the time and effort if you fall into one of three camps:

• You want to work in consulting, banking, or big technology.
• You are sponsored and looking for a two-year [break] from your intense corporate job.
• You are looking to grow your network for a very intentional reason.

Be sure you know what you want from the program before you start. It’s a challenging road, but it promises payoffs—personal as well as financial—if you’re willing to work hard to reach your goal. Just remember: Academic adequacy isn’t enough. You need to prepare for true scholarly success.

If you think you’re up for the challenge, the decreasing number of applicants means your chance of earning a spot in a competitive MBA program is getting better all the time.

Are you up for the challenge of an MBA program? Explore Augsburg University’s MBA or contact mbainfo@augsburg.edu to talk with MBA professionals today.

You’re ready to advance your career by earning your MBA—now your only problem is choosing a degree program. There are plenty of options to consider, but one of the biggest deciding factors is whether you want to enroll in a part-time or full-time MBA program.

Both types of programs get you to the same goal, but there are some important differences between full-time and part-time MBA programs. If you want to find success as a graduate student, you need to choose the MBA program that fits your needs.

We’re breaking down the advantages and disadvantages of a part-time MBA vs. full-time MBA so you can make an informed decision. Take a look at this list of pros and cons to determine which type of MBA program will work best for you.

Pros of full-time MBA programs

Shorter completion time

You can usually complete a full-time MBA in four semesters, which is about two years depending on the university’s course schedule. This short completion time means you can be on your way to career advancement faster, with less risk of burning out on your coursework.

Dedicated focus on your studies

A full-time MBA allows students to focus entirely on their MBA studies without also juggling a full-time job. Depending on your learning style, having more time devoted to your coursework could be a big advantage. You’ll also be surrounded by other full-time students, putting you in a ready-made community of people all working toward the same goal.

Additional financial aid options

Both full-time and part-time MBA programs offer financial aid, but many programs limit fellowships and assistantships to full-time students only. Unlike undergraduate financial aid packages, these options usually include a stipend to help cover living expenses in addition to tuition. Some external grants and fellowships may also limit their eligibility to students enrolled full time.

Cons of full-time MBA programs

Heavier tuition burden

Full-time MBA programs may offer more options for tuition assistance, but that financial aid comes with a downside. With most full-time programs being completed in two years, tuition is due in a more condensed time period. Students hoping to save up enough money to pay as they go might find this to be challenging in a full-time MBA program.

Less flexible schedule

Full-time MBA programs are structured more like the traditional undergraduate experience. Full-time classes would most likely meet on campus during the day, as opposed to more flexible online or night classes (which the Augsburg MBA offers). Committing to this schedule makes it nearly impossible to keep a full-time job, and it might also be a struggle to balance family obligations.

Loss of income

You’re going to have to give up your day job (or delay starting one) if you want to earn your MBA through a full-time program. Don’t underestimate the cost of losing two years of your full-time salary, including lost interest gains from contributions to a retirement fund. You can work part-time while earning your MBA to offset this loss, but it will still be a significant drop in income. In the Augsburg MBA program, you can keep working full-time and attend class one night each week to earn your MBA.

Pros of part-time MBA programs

Easier scheduling for working professionals

Earning an MBA will always require a time commitment, but part-time MBA programs offer more flexible class schedules that make finding time for school an easier proposition. If you’re working full-time and don’t want to give up your job, you’ll want to find a part-time MBA program that offers classes during your available times, like nights, weekends, or online.

More affordable tuition

Part-time students might lose out on some financial aid options, but that doesn’t mean they can’t afford tuition. Professionals who keep their current job while attending a part-time program might find that their employer will foot part of the bill for a tuition reimbursement program. Having a steady paycheck and a tuition bill that’s spread over a longer period will also make it easier to save up money for tuition and books each semester.

Real-life experience

Part-time MBA students can apply a lesson learned in class Wednesday night to their work on Thursday morning. Not only will this practical experience help cement what they learn in class, but it can also lead to advancement opportunities in their career before they even graduate.

Cons of part-time MBA programs

Lengthy completion time

Part-time programs differ in length, but you can plan on taking two to five years to earn your MBA part-time. Some schools offer accelerated or go-at-your-own-pace part-time programs to cut down on the time to completion, so check into those options if a lengthy degree program is a deal-breaker for you.

Greater total cost

The cost of a part-time MBA may be easier to swallow when it’s spread over a longer period of time, but the grand total could be more in the long run. Students who earn their degree at a slower pace are more likely to see a higher bottom line. The loss of fellowships that are only available to full-time students is also a factor. Calculate the total cost of a part-time MBA program to make sure you’re getting your money’s worth.

Loss of motivation

Earning a part-time MBA alongside a full-time career and other obligations is like running a marathon. The longer MBA completion time means you might find yourself running out of stamina halfway through. Students who choose a part-time MBA need to be diligent to remember their goal and keep their motivation high—otherwise, they risk running out of steam before they have a degree in hand.

Choosing the MBA program that’s right for you

These important pros and cons will help you make the best choice when choosing a part-time versus a full-time MBA. Now it’s time to weigh your options and find the MBA program that fits your lifestyle, academic ambition, and budget.

Want help evaluating how an MBA can fit your schedule and your career? Explore Augsburg University’s MBA program or contact mbainfo@augsburg.edu to talk with MBA professionals today.

When applying for entry to a Master of Business Administration program, many candidates get nervous about the interview. You may have considered how to answer the questions the interviewer will ask. But what are the best graduate program interview questions to ask when the script is flipped? Knowing the questions to ask in this interview can help you get the information that equips you to make the best decision for your education and career plans.

What to Expect During the Interview

If you’ve gotten to the interview portion of the MBA admission process, you’ve reached the final step of the process. The university has determined you’re a prime candidate for the program based on your transcripts, essays, and test scores.

Now, they want to know a little more about you. This is also your chance to get to know more about them and show that you’re an inquisitive and motivated student.

The interview may be 20 to 60 minutes long. Make sure you’re punctual and allow yourself extra time at the end of the meeting. You want to be completely present, mentally and physically. If you appear rushed, you might give the impression that the interview isn’t important to you.

You may be required to visit the school for the interview. If you don’t live nearby, a faculty member, alum, or program director may interview you over the phone or online video conference.

Sometimes, there is more than one step required to complete the interview process. Some schools ask standard questions you can answer in a video recording before conducting an in-person dialogue.

You may even have to prepare a project or presentation for the day of the interview. Make sure you read all the requirements so you follow the interview process seamlessly.

What Questions Will They Ask You?

You’ll likely be asked questions similar to those you answered in the essays you already submitted for the application. Typical MBA interview questions include:

• Why are you interested in continuing your education?
• Why do you want to pursue an MBA?
• What types of MBA are you interested in?
• Why are you interested in this MBA program or university?
• What skills do you hope to obtain?
• What qualifications or experiences do you have that will contribute to the program?
• How will this program help you reach your goals?
• Tell us about a challenging situation, how you resolved it, and what you learned.

You might be asked some offbeat questions that force you to think critically. These questions—which differentiate the people who are willing to identify crucial issues and look at multiple factors to determine a solution—may catch you off guard:

• Why are manhole covers round?
• Why is the bus door located next to the driver?
• How many airplanes are flying over the United States right now?
• Do you consider yourself an ethical person?
• What are your New Year’s resolutions?

Even if you don’t know the answer to these questions, indicate that you understand how to find out the solution by asking strategic questions.

If you’re applying for an EMBA program, you will be evaluated differently than someone who is coming straight from college graduation. You’ll be asked questions about your résumé and career. Tell a brief story about yourself that summarizes your career trajectory, emphasizing recent positions. Include one or two points that demonstrate your strategic thinking or problem-solving abilities.

Interviewers also want to know how you’ll balance school with your job and personal life. Acknowledge that this can be a challenge, and give examples that demonstrate you can handle pressure and take on the additional demands.

Questions to Ask During an MBA Interview

The final question MBA interviewers usually ask is, “Do you have any questions for us?”

The MBA interview questions to ask your interviewer are just as important as your responses to their queries. Graduate schools want to know that you’re committed to this path. It helps when they see you’ve researched their school or program. They will also assess your level of curiosity and analytical skills based on the questions you ask during the interview.

The best MBA questions to ask can set you apart from other candidates who have skills and qualifications similar to yours. Your questions should:

• Highlight your strengths
• Demonstrate your career goals
• Show that you’ve looked into what the university has to offer
• Establish that you consider an MBA worth your time and effort
• Exhibit your passion for this program

Some of the best graduate school questions to ask include:

• What were some of your favorite classes?
• Can you tell me more about the specific program and concentrations available at this institution?
• What is the program’s biggest limitation?
• What groups or organizations can students in this program access or join?
• Do you have a study abroad program?
• Does your program use business simulations and experiential learning?
• What is the best advice you would give to an incoming student?

When applying for an EMBA, you’ve already been in the workforce for a while; you need to demonstrate the strengths and interpersonal skills you’ve gained. Don’t neglect to prepare EMBA interview questions to ask just because you have confidence and experience in an established job.

The Worst Questions to Ask in a Graduate School Interview

There are some graduate school interview questions you should never ask. Don’t waste the interviewer’s time by asking logistical questions already addressed on the school’s website.

These questions should be considered well before you start applying to business schools:

• How can an MBA help my career?
• What can you do with an MBA?
• What kind of salary can I earn with an MBA?

Tips for Acing the MBA Interview

1. Preparation is key. Go to the school’s website to find out if they tell you what to expect or what MBA-specific questions they will ask you. You might also search online for articles or forum posts written by previous candidates, which can give you an idea of what the process will be like.
2. Be authentic and honest. The school has already deemed that you look good on paper. Now, they want to see what sets you apart from everyone else.
3. Don’t lie or pretend to be perfect. Show you have an open mind and a willingness to learn.
4. Prepare personal examples to reference during the interview. Schools want to see you can apply in practical ways the knowledge you gain.
5. A strong first impression is crucial to succeeding during the interview process. Show you are unique, you will contribute, and you can adapt to a changing environment. Interviewers want to know about your strengths, weaknesses, and personal and professional accomplishments.
6. With this knowledge and confidence, you are prepared to make your mark in an MBA interview and advance your career.

Still unsure about your upcoming MBA program interview? Contact mbainfo@augsburg.edu to talk with Augsburg University’s MBA professionals who can offer advice from years of experience.

An Master of Business Administration is the most popular master’s degree in the United States. Whether you already have a solid career, you’re searching for a job, or you consider yourself an entrepreneur, you might wonder about getting an MBA.

Why earn an MBA? The degree is widely accepted by employers and opens doors to future advancement and promotional opportunities. Business education has adapted to stay relevant to current trends, including the globalization of business and the drive for innovation.

Why an MBA Is Important for Your Career

One of the best reasons to get an MBA is that you become more marketable to employers. Just scroll through the job listings on Monster to see how many have an “MBA preferred” indication.

It used to be that MBAs were the degree of choice for people going into finance. Today, all types of industries are hiring people with these degrees. Tech companies are getting business school graduates on board in order to stay competitive. Hot jobs for MBA graduates include mid-level management and executive positions.

Companies prefer hiring people who have earned MBAs because these students are usually better educated and positioned for roles in strategic thinking, problem-solving, and ambiguity management. An MBA program does more than give you specific knowledge; it provides experiential learning opportunities to help prepare and train students for the rigors and processes necessary to lead successful businesses.

How will the MBA help you in developing your skills? When you’re working toward this degree, you don’t just learn; you consistently use your knowledge. This is a vital characteristic of any leader, manager, or entrepreneur. You need to apply and interpret the data analytics in order to quickly transform ideas into profitable action.

From an employer’s perspective, an MBA graduate is likely to have the following qualities:

• Commitment
• Work ethic
• Critical thinking
• Business analytical experience
• Collaboration and a love of learning

Will an MBA Help My Career?

Many people ask, “Is an MBA worth it even if I’m already established at a successful organization?” We’ve examined how corporations benefit from hiring employees with MBAs. What are the advantages of an MBA for you?

Gain Knowledge, Skills, and Experience

On the most basic level, you will learn more with an MBA than someone who enters the workforce after getting a bachelor’s degree. Those students may gain real-world experience, but the entry-level positions they take don’t give them the advanced knowledge they need to understand the subtle nuances of business.

Move Up the Career Ladder

Continuing your education after an undergraduate degree prepares you to start at a higher level when you do get a job. MBA graduates often move into more challenging and prominent positions at an accelerated rate.

At the same time, many MBA programs look at applicants’ work experience during the admission process. Therefore, you might want to consider getting that entry-level position while you’re earning your bachelor’s degree to gain a competitive advantage.

Earn a Higher Salary

Why get an MBA if you already have a job and have started your career?

MBA graduates are often offered a higher salary than direct-from-industry hires and students who have just graduated with an undergraduate degree. Therefore, if you’re considering employment elsewhere, you’ll be likely to get a pay boost. Even if you stay at the same organization, you may see a salary increase after earning an MBA.

The average salary for MBA alumni is $142,000 per year. Depending on your lifestyle, you can pay off your student loans fairly quickly at that rate, making the investment financially lucrative. The average payback for an MBA is about four years. Plus, unemployment rates for these graduates are low.

Network

An MBA program gives you ample networking opportunities. This can help you make connections that will allow you to grow your current business. It can also give you the security of knowing you’ll have help and connections to a variety of companies and industries if you want to change careers.

Types of MBAs

A Master of Business Administration is not just a generic term for a business degree. There are a few different types of MBA and distinct concentrations to choose from.

The types of MBA differ based on the class format. Students can take MBA courses:

• Online
• On campus
• Full-time (completed in two years)
• Part-time (completed in two to five years)

An executive MBA, or EMBA, is typically a two-year program that’s directed at people with at least five years of managerial experience. This is ideal for people who have already started their careers.

A global or international MBA has a diverse student body. It exposes students to global policies and considerations and is ideal for people who want to work outside of the United States.

The most popular MBA concentrations include:

• Strategy – Explore a general knowledge base surrounding business theory and the factors that affect a company’s success or failure. This can help your career if you want a big-picture focus, have ambitious goals, and desire a versatile degree that can be used in many industries. People with a strategy MBA degree often go on to become executives, entrepreneurs, supervisors, and analysts.
• Corporate finance – Learn to maximize the value of an organization by understanding objective function, investments, financing, dividends, and valuation.
• Operations – Gain knowledge and experience in supply chain management or logistics. This involves facilitating production and manufacturing, managing company resources, and mediating relations with everyone involved in the process.
• Entrepreneurship – Prepare to develop and lead your own businesses. Students learn strategy, business ethics, social responsibility, and problem-solving.
• Management – Focus on allocating resources, solving problems, and working with people on various projects.

Careers for MBA Graduates

What can you do with an MBA? Graduates with this degree can get a variety of high-ranking positions in almost any industry.

People with a corporate finance MBA may pursue careers in venture capital firms, in commercial banks, and as chief financial officers at Fortune 500 companies. After earning an MBA in operations, many graduates get jobs as operations, supply chain, or logistics managers; consultants; and inventory control managers.

An entrepreneurship MBA can help you launch your own organizations or work in a leadership or management role within a company. Graduates with a management MBA can pursue positions as management consultants or managers or supervisors in any industry.

The only question remaining is: Where will you go and what will you do with an MBA?

Have questions about how an MBA can help your career? Explore Augsburg University’s MBA program or contact mbainfo@augsburg.edu to talk with MBA professionals today.

Earning a Master of Business Administration has become a rite of passage for business-oriented college graduates. Having an MBA announces your presence to the business world, and it says you’re committed to understanding the complexities and nuances of business across myriad industries.

Most MBA programs will ask you to choose a specialization. These typically include finance, management, marketing, leadership, strategy, entrepreneurship, data analytics, and a handful of other specific areas of study. The point of specializing is to graduate with an area of expertise that will allow you to hit the ground running and, frankly, add more value to the organization that hires you. Check out our list of MBA specializations to figure out the path that is right for you.

Before you get distracted by all the job prospects you’ll have after you graduate, let’s take a look at the requirements and some tips for gaining admission to the program.

As you’re reading through the information below, keep in mind: No one is going to gift you an MBA. It’s going to take hard work, dedication, and financial commitment. Nothing worth having is easily gained, but trust us—earning an MBA takes a special person who can focus on long-term goals and isn’t scared of a challenge. If that’s you, here’s everything you need to know to get an MBA.

BASIC REQUIREMENTS FOR GETTING AN MBA

Regardless of the school you’re hoping to attend, the basic MBA requirements are similar. Here’s an overview of the details you’ll find useful.

Undergraduate degree and work experience

First, you need to have earned an undergraduate degree from an accredited college or university. Your undergraduate degree can be in any major, but it is helpful to have a degree in a business-related field such as management, marketing, or finance. Moreover, most MBA programs require two to three years of work experience to be seriously considered for admittance. It’s also helpful to have some kind of demonstrable management or leadership experience on your resume. Volunteer, internship, or small team-leading—the specific role matters less than the experience, and admissions committees are looking to see if you can handle steering the ship before they consider giving you the keys to it.

Your transcripts

You’ll need to provide transcripts from every college or university you attended and any additional coursework you completed or certifications you’ve earned. Admissions committees are looking for patterns of academic success, and, while switching to and from a few different schools to earn your undergrad degree isn’t usually a problem, it’s important to show good grades followed you throughout your transitions.

GRE or GMAT

Usually, you have to have successfully completed the Graduate Management Admission Test or the Graduate Record Exam within five years of your application to the school. The GRE consists of three sections that are scored, and reported to schools, separately rather than cumulatively. Two sections are scored on a scale of 130–170; the third section is scored on a scale of 0–6.

The GMAT, on the other hand, is the more common B-school exam and consists of four sections that are equally weighted and scored on a scale of 200–800. However, most applications score between 400–600, according to GMAT data.

There are institutions that do not require the GMAT or GRE before pursuing an MBA, such as Augsburg University, but schools will often require you to complete MBA mathematics coursework in lieu of the exams. Check out our comparison of the GRE versus GMAT to know which exam makes the most sense for your academic path.

Application

It goes without saying that you’ll need to complete your application to the university and pay any appropriate fees associated with the application process. Application fees for MBA programs range from $100 to $300, which adds up if you plan to apply to several schools.

Also, fully prepared MBA applicants applying to three separate business schools spend no less than 154 hours crafting the core components of their applications, according to Poets & Quants.

Identifying strengths and weaknesses, crafting career goals, choosing a specialization, considering if a school “fits”—these are all components that shouldn’t be ignored. MBA committees see hundreds of applications, so it’s worth the time and effort to ensure yours sticks out among the pool of applicants.

The primary elements of most MBA applications include:

• Statement of interest
• Background information
  • Biographical information
  • Academic history
  • Professional history
• Answers to essay questions
• Letters of recommendation
• GRE/GMAT test scores
• English language test scores (if applicable)
• Current résumé

TIPS FOR GAINING ADMISSION

While each school’s requirements are different, there are some useful tips that can help distinguish you from the droves of other students applying to MBA programs.

Research each school

To understand which university is the best fit for you, you’ll need to understand what separates them. Pay close attention to the mission of each school and the clubs, organizations, and faculty at each school. Focus on schools that align with your goals and will help you reach those goals.

If possible, take the time to visit the top schools you’re considering. Most have programs in place that will expose you to life as an MBA student so you can make an informed decision about whether that school is best for you.

Display a global flair

In an increasingly global economy, admissions departments prioritize applicants who have some degree of exposure to the world on a global level. Some top-quality MBA programs even include international trips to offer hands-on experiences in global business. If possible, gain international work experience and knowledge. If that’s not possible, plan a trip abroad before applying for your MBA. Anything you can do to show admissions staff that you’re a member of the world on a global scale will be helpful.

Curate your references

Take special care when deciding whom to ask for references. Of course, your goal is to receive a glowing recommendation. But, you should also consider the impression your reference will have on admissions staff who review your application materials.

If possible, seek references from professional contacts who can speak to your business acumen and work ethic, and don’t reach too far back to get them. In other words, a reference from your current manager holds much more weight than a reference from a friend or old acquaintance.

Ace your interview

When it comes to the interview, admissions departments are looking for relaxed and confident people who can not only speak to the information on their application, but also to information not found in an application. This includes personal experiences, anecdotes, and knowledge of the school and its MBA program.

Don’t lose focus

The competition for admission to an MBA program is extremely stiff across every university in the country. If you’ve been wait-listed by your top school or you suspect you may be wait-listed, don’t lose hope or focus.

Instead, take this as an opportunity to learn and improve. Speak with the admissions department about why you were wait-listed or denied, and use that information to improve your application.

MBA PROGRAM FAQs

Who makes a good applicant?

In addition to ensuring you meet the requirements for an MBA program, most institutions favor applicants who demonstrate strong character and intelligence beyond the basic MBA degree prerequisite courses and requirements.

Meeting the MBA requirements and possessing a strong and diverse range of educational and extracurricular activities is the best way to distance yourself from the competition.

Can I apply without taking the GMAT or GRE?

Yes. While some MBA programs in the country require prospective students to have taken one of these entrance prerequisites, many institutions (including Augsburg University) have other criteria to weigh your application. While the scores are self-reported, the university will confirm your scores before granting admission to the program.

Can I apply with a three-year undergraduate degree?

Most universities are happy to accept qualified applicants who received accelerated degrees. While you may occasionally encounter a school that requires a four-year undergraduate degree, most have no issue accepting qualified applicants with three-year degrees. If you have a three-year degree, having at least two years of work experience will enhance your chances of being accepted into the program.

When will I receive a decision?

While each school is different, most schools strive to review applications and decide on admission within six weeks of receiving your completed application.

How can I schedule an interview?

Admissions interviews typically occur on an invite-only basis. These interviews represent the final step in the admissions process before you’re accepted to a program. If you’re contacted for an interview, it’s usually an indication that you’re strongly considered for admission into the program.

The Big Takeaway

If earning an MBA is still the path you want to pursue, be sure to heed the advice above. Getting an MBA shouldn’t be a decision that’s made on a whim. Applications committees are strict and they won’t waste time on applicants who are obviously only somewhat interested.

While the requirements for MBA programs differ for each institution, the minimum requirements are similar across the board. Spend more time than you think is necessary on your application. Be sure you have relevant and recent work experience. And, don’t waste your time if you haven’t earned a four-year degree from an accredited university.

Strong academics and extracurriculars aren’t just bonus points—they’re valuable components admissions committees use to determine whether or not you’re well-rounded and have some life experience.

At the end of the day, getting an MBA is an investment in yourself. It will take hard work but your determination will definitely pay dividends if you’re up for the challenge.

If you’re ready to take the next step, request information on Augsburg’s MBA programs to figure out if it’s a fit for you.