5 steps to choose the right MBA program

In order to choose the right MBA programme or specialisation, a candidate should have clear answers about two important questions: Why do want to pursue an MBA and why do you want to pursue it now?

Is it because you want better pay, senior position/promotion or simply because you are expected to do it? If your answer is yes to one or all of the reasons, you could be in trouble!

Some candidates have a natural aptitude for business studies. An MBA makes sense for them. Others should identify or at least strive to define the purpose and need of a management degree. Do not equate MBA with high pay packages or promotions. These should not be the primary reasons of pursuing an MBA.

Secondly, why do you want to pursue an MBA at this juncture in life? MBA is one of most expensive career investments you’ll make. Apart from being certain about ‘Why MBA’, you also need to answer ‘Is it the right time to pursue an MBA?’ It is better to take the decision wisely than hastily.

Once you answer the above answers, venture out to select the right MBA course. Here are five tips from Shiksha.com to choose the right MBA program:

1. Work-experience
A few years of work experience can contribute towards understanding the industry and market dynamics. Experience helps a candidate value the skills that an MBA can provide. It can also help zeroing in the MBA specialisation. With experience you know what the market expects from you. The objective of an MBA is to bridge the gap between market requirements and skills offered.

While work-experience is not compulsory, it certainly has its benefits. In case of fresh college pass out, adequate market research and alumni feedback can help in selecting the right course.

2. Define your career goals
What do you want to do after an MBA? Continue in the same industry, take up a new domain or start your own venture. What you end up pursuing depends on what you want. Keep a clear and focused view while looking for apt courses and colleges. Work-experience helps a candidate define their career goals.

Every specialisation requires different skills and traits. What course requirement suits your personality the most? Where do you see yourself ten years down the line? Answers to these questions can resolve your queries to quite some extent.

3. Two-year (regular) or one-year (executive) MBA
Next big decision is which MBA do you want to pursue – a regular two-year course or one-year executive MBA? The chief factors one should consider here are course affordability, peer age group, learning experience and future career plans. A two-year MBA provides a much more in depth course of study and learning experience. However, if you have more than five years of work experience and are certain about the continuing in the same industry, a one-year MBA will be more beneficial.

4. Feedback and Research
Valuable feedback and research are great tools to compare MBA courses, schools and specialisations. Alumni, college faculty, networking, placement statistics are some of important aspects while deciding a course. It’s important to get feedback from current students and alumni. To help with your research, Shiksha.com has launched Alumni Salary details and Campus representatives. Alumni Employment Stats has two key data points – (i) average salary by work experience and (ii) employment details by specialisation.

Aspirants should also research future market potentials, research the key and emerging areas, along with the volatile aspects. There is no point is select an outdated MBA course or specialisation when the market demands different. Apart from the above factors, a candidate should also check the viability of the course and return of investments.

5. Interest & Aptitude
As discussed above, why do you want to pursue an MBA is becomes a crucial point here. What are your strengths and weaknesses? Are you a team player or individual contributor? Are you comfortable with extensive travelling? Each specialisation requires a unique set of skills. What is the best fit for you?

One must also be clear about the difference between MBA and PGDM. If you want to pursue further studies abroad, getting an MBA degree is necessary. However, top institutes offer PGDM (Post Graduate Diploma in Management) which may not be accepted internationally.