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Is
there an MBA in your future ?
LatinAmericanJobs.com - the #1 employment site in Latin America, in association with ForeignMBA.com - the #1 online community for MBAs from all over the world, is proud to present a quick reference guide to everything you need to know about the MBA. We have organized the information as Frequently Asked Questions (FAQ): |
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MBA stands for Master of Business Administration, a postgraduate business degree, usually lasting 2 years (full-time), which has become the most popular master's degree in the world. Currently, over 100,000 people get their MBA each year, only in the US.
To be accepted in an MBA program, the only requirement is to have a college degree (a 4-year program). There are no limits in terms of you background, major, age, or any other restriction. However, an MBA is not for everybody. In order to get an MBA at one of the most important Business Schools in the world, you will have to quit your job for two years and spend a considerable amount of money. That is your decision to pursue it should be carefully analized and justified. Some of the most frequent reasons why people decide to get an MBA: - The position you dream of requires it: typically, big consulting firms (McKinsey, Bain, Andersen, etc) require Senior Consultants to have an MBA. Likewise, large Investment Banks (Goldman Sachs, Morgan Stanley, Chase, etc) require it for certain key positions. If your career goals include any of these, you need an MBA. - You want to broaden your geographic horizons: in the most prestigious Business Schools you will find students, professors and executives from all over the world, with a wide array of experiences and knowledge. Being there will automatically expose yourself to interestinf and influential people, to whom you probably do not have access now. This is highly benefitial to your career, as it gives you the opportunity to widen your contact network, which at the same time will allow you to find better job and business opportunities. - You are stuck in your current job: if you believe that not having a master's degree is keeping you from advancing your career (either at your company or elsewhere), an MBA can certainly help. - Career change: if your current position is highly specialized, or if you want to change completely your area of expertise, an MBA is maybe the bes way to achieve that. If fact, a high percentage of MBA students are getting it to change careers (e.g. from Marketing to Finance, or from Technology to Marketing) A few of the reasons why you should not get an MBA are: - You want to learn more about... (finance, accounting, and so on): short courses or an internship in that department accomplish this better. - You want to earn more: as a general rule, an MBA will certainly increase your income. However, you have to keep in mind that the payback time for an MBA is usually between 3.5 and 5 years (it varies wildly depending on the school and your current job). - Everybody is doing it: most of those doing it have a very good reason. You should have one too. In summary, you need to do your research and self-assessment before deciding on pursuing an MBA.
Given the MBAs popularity, the number of program offerings is huge (and constantly growing). The number of options you have can be summarized as follows: Top 10 - The most widely recognized schools in the world (generally, but not necessarily, the best ones), located in the US and Europe. If you can meet the academic and economic requirements, they are definetely worth it. Although very expensive and highly selective in their admissions process, the benefits you get with a Stanford, Harvard, or similar diploma deserve it. Top 100 - Less known, high quality schools. Included here are many Latin American programs (although there is no comprehensive regional ranking). The MBA experience is similar to that in the Top 10. Regional - A growing number to universities across Latin America no offer MBA or similar Business programs. Many of those are of good quality, and their cost-benefit ratio makes them a desirable option. The post MBA job offering is usually limited to the local market, so they are usually benefitial to those who want to keep working for the same company or those looking to start a local business. Local - Small Colleges and Universities, with a limited local scope. They usually cover the necessary business curriculum, but lack many of the services found in bigger schools. Non traditional - The include distance, on-line and executive MBA programs. Designed with student's convenience in mind, but are not necessarily inexpensive. Given their limitations, the experience is quite different from the traditional MBAs. However, new technologies and methodologies make them better every day. If you are planning on pursuing an MBA at the regional, local or distance level, the best advice is to contact each program directly for additional information. Each programs has a different academic term, different admissions process and are completely different from each other. The rest of this guide is devoted to the most popular and recognized programs, like the major Business Schools in the US and Europe. Choosing the right school is no easy task. Some of the major criteria to consider: Rankings - Maybe the most widely used criteria, but not necessarily the better suited for you. Prestigious publications like Business Week, US News & World Report y Financial Times publish the results of their Business School research, directed at identifying the best among them. There are dozens of different rankings, and many critize their methodologies or their validity. At ForeignMBA.com you can 1) read about the rankings 2) read a summarized ranking listing or 3) download this listing. Academic - Although the curriculum and study methodology is quite similar among major Business Schools, there are some important differences. Among them, there are different levels of competitiveness (e.g. Harvard is highly competitive, while NorthWestern or Michigan are more cooperative), their use of case method Vs traditional methods (e.g. Virginia and Harvard use the case method exclusively, while others mix case studies with traditional teaching and practical experience). Specialties - Some schools are better in certain business areas. If you have a clear idea about which area you wish to concentrate, is important to choose a school with a good ranking in that ares. Usually, a good reputation in a specific business subject means better job opportunities in it (e.g. if you are attracted to Investment Banking, Wharton, Columbia, Chicago y New York University should top your list). Other - Other criteria to consider are: how much support does the school offer for student's job search, how do you like the city/campus, how well known is the school in your countru (or whatever the country you want to work is), the international environmente, and others. Program selection should be very careful - your choice can have positive or negative consequences for the rest of your life. Fortunately, the Internet and ForeignMBA.com make extensive research possible and easy. It is extremely important to talk to alumni from those schools you are considering. Nobody can provide a better assessment about the environment and the quality of the program. Alumni are usually delighted to share their insights with prospective students.
How much does an MBA cost, and how to pay for it ? An MBA can cost anywhere from US$50,000 to US$200,000 (depending on the school, your forgone salary, moving, and so on). The availabililty of financial aid for international students is quite limited. Over 70% of foreign students pay their MBA from their own pockets. These are some of the financial aid options available:
Once you have selected a small group of schools to apply to, you need to contact them and request international student financial aid information. Other frequently asked questions: Can I work during my MBA ? It is generally not recommended to do so. Ideally, you should devote all of your time to studies and related activities (like job search and social activities). However, you can work if you like. You can work at the school (as research or teaching assistant), or at any other campus location. As an international student, however, you should not depend on this income to pay for tuition and living expenses. It is common for MBA students to work during the summer, between your first and second year - the Internship. These days, many MBA students (including foreign students) get highly paid internships, which can significantly contribute to your expenses.
How to apply to an MBA program ? The application process is long and complex - it is the first barrier to entry, filtering those who seriously want, and can, to pursue an MBA. It is thus important to start the process early (at least 1 1/2 year before you intended beginning date). The process includes:
Other frequently asked questions: Are TOEFL and GMAT courses useful ? the usefulness has not been scientifically proven. However, you can be sure that: 1) Prepartation can only help and 2) It is very important to practice and to understand clearly how the tests work (structure, type of questions, and so on) - so you don't spare any time when the time comes. Is there any help for essay writing ? Essays have to be written by you, carefully and making sure you highlight your strong points. It is not advisable to have someone else write them - if found out, you could be disqualified. What is advisable is to have others read, coment and make corrections on them. There are specialized services that will do just that for a fee, like EssayEdge. Is it possible to apply online ? Yes. Not only will you save time and money, schools will too. Check the admissions section of the schools you are considering for further help.
Where can I get additional information ? ForeignMBA.com is the most complete independent site on the Internet to get MBA information. Additionally, is the only one targeted specifically at International students. Some useful sections:
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