Several of our clients either have completed an MBA or are looking at completing one. A frequently asked question is "how do I choose an MBA program when there are so many available?" With approximately 900 MBA programs offered throughout the world and around 80 in Australia, it makes it very difficult to choose the right MBA program that suits your personal needs and preferences. Here are our thoughts about this question:-
While each individual will have their own reasons and requirements in pursuing an MBA program, whether it be for increased earning capacity, to expand networks or increase career opportunities; a quality program will broaden one’s horizons, challenge assumptions, extend knowledge and develop personal skills.
The following guidelines may help you to select an MBA program that meets your needs:-
1. Gather information on courses available
2. Decide what your personal objectives are. What do you want to learn? What outcomes do you want?
3. Consider your family commitments to determine what time you have available and whether potential study will impact upon this.
4. Consider your study options. Courses are offered in full-time, part-time, evening, distance-education and online options. Do you want to study at home, or attend classes? It is best to undertake a course that will fit in with your life.
5. Subject choice – determine your preferred subject choice or specialist stream.
6. Consider location and flexibility of the program – does it suit your requirements?
7. You may also want to consider whether you can receive recognition of prior study.
8. Research the reputation and quality of the program.
9. Cost considerations – fees for MBA programs can vary from around $14,000 to $70,000. You may want to enquire regarding methods of payment, refund policies or scholarship opportunities.
10. Now analyse your options by ranking each one of the above criteria in order of importance. A decision matrix can help you to make an informed decision.
The following resources will also assist you:-
The MBA Guide allows you to search MBA programs by location, study mode, specialisation and fees.
The Good Universities Guide rates each MBA program by many measures, including a measure of return on investment.