Lifestyle Considerations
Anyone considering an MBA should understand that completing this type of academic program requires serious commitment, Catania says. Enrolling in an MBA program isn't something you should do if you're unsure about wanting an MBA degree. "It's just going to eat up so much of your time, and all the (business) schools make it abundantly clear that this is on par with a job," he adds.
Catania urges potential MBA students to think carefully about whether they have a compelling reason to pursue an MBA. "I would advise a prospective student only to pursue an MBA if they can distill their intentions into a single, clear objective," he wrote in an email.
MBA professors and alumni say someone struggling to decide whether to pursue graduate business school should consider whether acquiring an MBA would be an academically and personally enriching experience.
"Chances are, if you're thinking about getting an MBA, you are an analytically rigorous person who's done the analysis on whether it makes sense to pay now for future gains in salary," wrote Phil Strazzulla, an entrepreneur and the founder of two companies in the software sector – Select Software Reviews and Next Wave Hire – who earned an MBA from Harvard Business School, in an email. "And, if you go to a top school, it undoubtedly is. However, the other way I'd recommend thinking about your decision is how it'll impact your overall happiness. For me, business school was easily two of the happiest years of my life. And in my opinion, that's worth a lot! ... It's a whirlwind of stimulation and stretch experiences that will change you for the better."
Siqi Mou, the co-founder and CEO of the tech-driven beauty company Hello Ava who earned an MBA degree from Stanford, says one of the key perks of attending a high-quality business school is that it provides exposure to a wide array of career opportunities.
"I would say the advantage of coming to one of these relatively prestigious business schools is that you have a lot of options that are open to you," she says. "You can go back into finance or consulting types of jobs, or you can also start something yourself."
Bruce Bachenheimer, a clinical professor of management at Pace University's Lubin School of Business in New York City, says that project-based learning activities in MBA courses allow students to practice solving real business problems. Ultimately, this can help students become more creative thinkers, and he says this type of education tends to have a lasting impact.
Bachenheimer adds that an MBA can offer a formative experience that helps a student shape his or her professional identity. "An MBA can be much more than the knowledge and skills acquired through coursework; it can truly expand you and your world," he wrote in an email.
MBA Concentrations and Specializations
MBA programs generally offer a range of concentrations or specializations that allow students to acquire expertise in a specific aspect of business, such as finance or technology.
Experts say MBA hopefuls should decide which topic to specialize in based on what skills would help them improve their work performance and which specialties are most likely to increase their job opportunities. MBA graduates with in-demand specializations are paid higher wages than their peers who focus on less-marketable disciplines, experts say.
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