The Pros and Cons of Going to Business School in the US
If you’re debating whether or not to go to business school in the US, you probably have many questions and concerns. What’s the difference between an MBA and an MBS? What do I need to do to get into Harvard? Will I be able to get a job after graduating? In this article, we’ll discuss all of these questions, as well as many others that are on your mind. We hope that by the end of it, you’ll feel more confident about how to best go about getting your MBA in the US and what your future might look like after you graduate.
Advantages of business school
If you go to a top-ranked business school, you’ll be studying alongside some brilliant students from across numerous industries. You’ll be able to network with hundreds of recruiters from all sorts of companies. And you’ll graduate with a degree that typically carries more weight than an undergraduate one does – particularly if your undergrad institution isn’t well-known. If your undergrad degree is good but not great, it could be worth going on to get a master’s degree. You can use it as extra evidence of your ability to do really complicated things, like solve really complicated problems or manage really complicated processes (in other words: run a company). Or maybe you just want to check off get MBA on your bucket list; there are worse reasons for doing something!
Disadvantages of business school
A lot of money – According to The Economist, the average cost of an MBA at a business school…in America is more than $100,000. You’ll also have to take out student loans to pay for your classes; at a 6-7% interest rate, that’s close to $10,000 you’ll owe just for tuition alone.
Should you go to business school?
Just because you can get into business school doesn’t mean you should go. For some people, it’s an excellent decision. For others, it’s a big waste of time and money. When deciding whether or not to go to business school, here are some things to consider Is there one particular skill that I want to learn that a class will help me develop? Will I be more employable after getting my MBA? If so, how much more valuable am I than someone with just undergrad degrees? Is it worth going into debt for one additional year of learning? Is there any way I could learn what I want in less time at lower cost (or even free)? Can’t my employer pay for me to go through their training program if they think it will benefit me?
How much will it cost?
The cost of attending business school is a huge factor for many people when making their decision about whether or not to apply. The price tag for getting an MBA can vary widely depending on which program you choose. For instance, an online MBA program with Southern New Hampshire University costs around $36,000 while Harvard Business School’s two-year executive MBA program is worth more than $94,000/year. In general, you should expect tuition and fees to be between $15,000 and $90,000.
Getting In
The first step to getting into a business school is usually your undergraduate degree—but that’s just one piece of your application. Admission committees are looking for well-rounded students who display strong communication skills, perseverance, creativity, leadership abilities, critical thinking skills and more. A high GPA can help strengthen an application (usually around 3.5+), but it won’t carry you if you don’t have a solid foundation for how you managed your time as an undergrad. Do some research on what graduate programs are looking for before diving in, so you can understand what they want to see when they read your application. If you think grad school is right for you, start by taking some courses at a local university or community college—these classes can improve your graduate admissions profile and set up summer internships or part-time jobs. Finally, be prepared to pay: Most US schools charge tuition between $45k – $90k per year. Don’t forget about the standardized tests as the GMAT or the GRE.
Where should you apply?
Since you’re embarking on a new career path, it’s important that you first consider how an MBA can help advance your goals. For example, if you want a job in finance or management consulting, then an MBA will certainly benefit your application. That said, other industries may not value an MBA as much—such as IT, teaching or health care—and in these fields it might be better to pursue graduate-level coursework (or even just additional years of experience) rather than commit thousands upon thousands of dollars and time to earning an MBA. In sum: know what you want out of your graduate education before choosing between schools! Also worth noting: program length varies considerably by institution.
Acing your applications (optional)
Doing well on your admissions applications is important if you want to get into a good school, but it’s not strictly necessary. That said, there are a few reasons why you might want to put some extra effort into getting accepted: 1) Prestige 2) Connections 3) Funding. A degree from a top school opens doors that may otherwise be closed. If you can secure scholarships or other funding, applying and attending business school can be worth it despite these costs. And, of course, for some entrepreneurs going through admissions offers one more valuable skill set for building their future companies—learning how to persuade people. (Doing an MBA at Stanford led PayPal founder Peter Thiel to ponder whether he should actually stay with his then- company.) In any case, don’t take no for an answer when it comes to getting into a business school—go ahead and try! You never know what opportunities may come your way after doing so…
Deciding Between Schools (optional)
Researching specific business schools can help you determine which school is best for you. Different programs cater to different types of students, so deciding between schools should be one part research, one part intuition. For example, an MBA from Harvard has a certain prestige and will open more doors than a similar degree from your local state university; but some people just want a degree from a top-tier school, even if it means studying somewhere they don’t love.
Where To Live And What To Do (optional)
When it comes to living arrangements, you can either live in an on-campus dormitory or rent an apartment off campus. Dorms are typically more affordable than individual housing, but they may also be less comfortable; a few dorms are co-ed (with guys and girls sharing a common bathroom), while others are single-sex. Each has its own pros and cons, so consider which would be best for you based on your interests.
