A 10-point check list before deciding on an MBA programme
As a working professional, your work day will be choc-a-bloc busy. However you may feel the need to invest your time, money and efforts prudently to pursue your higher education goals simultaneously.
This is no easy decision considering so many factors to be kept in mind amid a lot of flux in the industry and the economy. Here are a set of important points to be kept in mind to help you take a well-informed decision regarding your MBA degree.
Convenience of pursuit:
Time is money. You should be looking at the amount of time you will be channeling towards your academic goals. It is no doubt a burden on your productive time if you choose to do a conventional on-campus MBA. Look at the amount of time you will spend commuting back and forth and you will realize online is the way to go.
Relevance to the industry:
MBA for the sake of an MBA is not going to fetch you much. Do your research and homework and see what is most appropriate for the industry that you are in. You have a plethora of options to look at with varied core and elective subjects. Make sure you pick something that you can leverage the most out of.
Scope for growth:
You are already climbing up the proverbial career ladder. Ask yourself –why an MBA? And why now? Envision where you see yourself in the company, the responsibility you want to assume, and the role you want to be playing in the organization. Ask yourself: do I want regional or functional mobility? Across portfolios or consolidate in the current team. Your decision will be better aligned to your goals.
Staying abreast with market trends:
Your MBA should help you enhance your competencies and your prospects in the job market. The market requirements are constantly changing. Make sure your MBA exposes you to a wide and varied range of topics that keeps in mind the current milieu and future forecast.
The bottom line. One of the main reasons, among others, that you are working on your academic credentials is to boost your pay packet. You have to take into account the fee structure of the course. Make sure you pursue something that is economically viable.
Today, you are spoilt for choices with the specializations on offer. Ask yourself whether you are enjoying what you are doing. If the answer is affirmative, then go ahead and look at complementary specialization along those lines. If not, this is your chance to start from scratch. Look at different programs that can aid your entry into other fields and portfolios and stride ahead.
Return on investment:
You are going to be investing all you can into this. Every minute you spend away from work should be productive. Since you will be working simultaneously you need to look at the payoff as well. The fees that you will be paying should be reaped back in terms of an elevated compensation in the near future; think along those lines in terms of the prospects of earning.
Ideally, an MBA should be just the right amount of practical exposure backed by supporting theory. You should look at the kind of subjects offered, the marking scheme etc. before you go ahead.
Credibility of program:
There is a multitude of institutes offering MBA courses. You need to zero in on those that are accredited by the governing authority based on the facilities available. This is a crucial aspect that you need to look into, as it will reveal the benefits that you can expect.
The very essence of an MBA is the industry exposure that it offers you. Scrutinize the profiles of the faculty. Have they been published? Have they made their mark in the industry? The business acumen that comes with experience in a particular field is unparalleled.
Having looked at these pointers, make sure you commit to an MBA only if you are absolutely sure. The best decision will be to take into account your jam-packed schedule and work around it. Pro tip: your ultimate MBA is closer than you think! Make sure you delve into the virtual sphere to kickstart your journey!