If you're considering an MBA program, there are several factors you must keep in mind before you choose this challenging, yet rewarding career path. In our blog, we will help you reflect on whether a Master of Business Administration (MBA) is right for you!
Is an MBA program right for you?
A Master of Business Administration (MBA) is a lucrative opportunity that is highly sought after by the go-getters of the business community and the knights of the office. So how can you increase your chances of acceptance?
Before you even consider doing an MBA, you need to consider the investment of time and capital and the outcome you’re hoping to achieve, just like a business mind ask yourself this simple question: to invest or not to invest! At the end of the day your plan should be to maximize the return for your master’s degree!
Reports show that the average salary of an MBA graduate can range anywhere between $30,000 and $375,000. Even among the best schools (which by the way is where you should only look into if you have your eye on the corner office) there are many socially responsible grads that fill the low paid positions for the cause or pursue a low paying job at a start-up. This explains the gap in income, however if you are doing an MBA to grow your income, you need to get into a great school and the competition cannot be any more stiff.
To get into most MBA programs, you need a higher than average GPA, GMAT/GRE score and a splendid application which highlights you and your great accomplishments. The key is to avoid the “great law of mediocrity” which states: do what everyone else does, and you end up with the same results as everyone else!
GMAT is not as frightening as many make it sound, especially when a high school student can do the quantitative part. On the other hand, a high schooler can’t probably score significantly on the test since he/she does not have the proper preparation and prior knowledge. In a GMAT setting, you have a very limited time to solve each problem and problems get more difficult as you progress, therefore although knowing rocket science may not help you much, knowing problem-solving strategies can significantly increase your chances. Keep in mind that the median score for GMAT is around 540 and the average score accepted at most schools is around 670, so you can expect to see many applicants within the 90th percentile.
To your success,
Your friends at BeMo