[转帖]Making the MBA Decision

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[转帖]Making the MBA Decision

从Wharton的网页上面COPY过来，真的很好的入门资料。对这学校再次景仰一把。原始链接：http://mba.wharton.upenn.edu/mba/admissions/why/

也许对大家也有帮助。

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Making the MBA Decision

An MBA is a degree appropriate for those involved in management or aspiring to management. Since management can be loosely defined as the governance of limited resources, whether human or financial, any type of organization (for-profit, nonprofit, family-owned, entrepreneurial, or government-related) may benefit from people with an MBA degree. It provides skills that allow you to take your career to the next level, or switch careers entirely.

Broadly speaking, the MBA program is relevant if you are a:

• Career switcher: You aspire to transfer from one career to another and need additional technical skills to do so.
• Career enhancer: You have experienced a slow down in your learning curve and/or have experienced an inability to move ahead within your current enterprise. The MBA can enable you to re-energize your growth with a new set of technical skills, a new professional network, and a new brand association.

Examples in recent years include:

• Engineers who want to broaden their career opportunities outside their engineering domain into the management of an engineering function
• Consultants who wish to develop from their analyst roles into team leaders and managers within the consulting environment
• Scientists looking to develop their careers beyond their traditional research fields
• Magazine editors who want to be publishers
• Civil servants wanting to bring a business mindset to government programs
• Entrepreneurs seeking to develop a business framework within which to grow their businesses
• Naval officers seeking to transition to civilian life

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Why an MBA
The MBA is not an end in itself, but a means to an end. It is a degree designed to give you the ability to develop your career to its fullest potential, at an accelerated pace.

What will you get out of an MBA? Aside from a powerful life experience, the MBA degree should supply three main value propositions: Skills, Networks, and Brand.

Skills
These include the "hard skills " of economics, finance, marketing, operations, management, and accounting and the "soft skills " of leadership, teamwork, ethics, and communication that are so critical for effective management. MBA students acquire these skills inside and outside the classroom. Since MBA programs often attract people from very diverse industries and cultures, a program should be able to leverage these differences and translate them into learning opportunities.

Networks
An MBA degree program offers access to a network of other MBA students, alumni, faculty, and business leaders. This network can be very useful when beginning a job search, developing a career path, building business relationships in your current career, or pursuing expertise outside your current field. For example, entrepreneurs need access to capital, business partners, vendors, and clients. Arts-related businesses need access to funding and strategic management in order to position themselves to be relevant in the marketplace. Global businesses need access to local business cultures as they expand their enterprises to new territories.

Brand
The MBA degree itself is a recognized brand that signifies management education. The particular school and type of MBA program you attend also have brand associations that can help open doors based on the school's reputation. The strength of a school's brand is based on the program's history, its ability to provide its students with the requisite technical skills, and the reach of its network. A powerful brand can give you the flexibility to make changes throughout your career.

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Which MBA is right for you?
Once you are certain that an MBA program is the right step, you need to understand the various options available for pursuing the degree. There are literally thousands of MBA programs around the world, and they are offered in many different formats to suit a range of needs.

Specialized Areas of Study
Two-year MBA programs typically offer a core selection of courses in the first year and the opportunity to study electives for the remainder of the program. Some MBA programs allow students to specialize in a particular field, or a major, while pursuing a general management framework. The ability to specialize may be important if you are interested in a particular field.

Full-Time Programs
Full-time programs are traditionally 2 years, or 21 months, long. There are also a number of 1-year programs, mostly in Europe. Two-year programs allow for a 10- to 12-week internship period between the first and second year.

Students in full-time programs can concentrate fully on the MBA experience, which can involve significant extracurricular activities, important for developing networks, career, and leadership opportunities.

The duration of full-time programs is typically shorter than of part-time programs. Speaking generally, full-time students may leverage the benefits of the degree faster. The attrition rate for full-time programs is low when compared to part-time and executive programs, mostly because full-time students make a significant commitment to an MBA program.

Most full-time programs assign significant resources to a career management effort. Understanding that their students are using the degree to develop their careers, they provide the network and contacts to interface with potential employers.

The opportunity costs of full-time study are high; you need to consider both the loss of income and giving up a job to participate in the program. These costs are reduced with the one-year model. Full-time students are not typically sponsored by their employers.

One Year or Two Years? The major advantage of a 1-year program is its length, which reduces opportunity costs. Two-year programs allow more time for extracurricular experiences and internship opportunities between the first and second years. When choosing between the two, see how schools balance these issues and create opportunities. Also make sure you understand how schools manage the entire curriculum during 1 year.

One-year programs may be suited for candidates further along their career paths, candidates with business undergraduate degrees, and those who are specializing in a niche, although some of the more prestigious 1-year MBA programs are essentially general management in focus. Two-year programs may be better suited to those looking for a complete MBA experience, including opportunities to get involved outside the classroom, and for those who want to gain experience outside of their current careers.

Also consider the relative prestige of the respective MBA programs. In Europe, 1-year programs have been very successful and include some of the region's most prestigious programs. In the U.S., this is not often the case, although programs may offer the flexibility to finish your academic studies early.

Part-Time Programs
While full-time programs may be suitable for candidates in a relatively early stage of their careers (average years of experience for full-time programs can range from 2 to 6 years for 2-year programs; longer for 1-year programs), part-time programs cater to students who are a little further along in their careers. If you have a reasonably clear career path and are planning to remain within the same company (or at least geographic area), the part-time option may be suitable. Overall, the risks of a part-time program are lower, since you are able to keep working and thereby reduce your opportunity costs. Many companies value the MBA and may offer financial support to employees pursuing the degree.

Part-time programs typically take longer to complete than full-time programs (3 to 5 years, and some schools do not apply an upper limit). As a part-time student, you may not have access to the career management resources that full-time students have, since demand for those limited resources is high. Inquire about career services support from the part-time programs you're considering.

Networking opportunities are typically more limited in part-time MBA programs, because students move through the program independently, as opposed to in a group as in full-time programs; and students are usually working, so they're very busy. Your involvement in extracurricular activities may also be limited, since classes typically take place in the evenings. Thus, your overall level of interaction with your fellow students is limited.

The term "modular MBA" is sometimes used for a part-time MBA format that offers classes over set periods of time (2-week increments perhaps), where the student is on campus full time and then returns to the workplace. This requires more commitment from your employer or good use of vacation time.

Other models for part-time education include corporate MBA programs, where a company will partner with a university to offer an MBA program exclusively to its employees (often using the part-time, evening class model). This type of program has the advantage of being able to tailor the MBA education directly to the needs of your company and your industry. It can also offer additional convenience to you, especially if the classes are offered in your company's facilities. Companies may also partner with other companies and a university to offer a similar experience, with the added advantage of cross-fertilization of learning across different industries or different aspects of a value chain within an industry. These types of part-time MBA programs are reasonably rare (although modular programs are a growing trend in the U.K.).

Applying to Part-Time Programs: For part-time programs, you may be limited to the geographic region within which you live. If your company does not offer a corporate-style MBA, they may send employees to certain part-time programs in the area. It is advisable to network within your company and find this out. Try to select programs that are accredited, as this will give you more mobility should you choose to leave your geographic region or your company. Look at the MBA alumni in your company and in your region to get a sense of which part-time programs are a good option. When selecting a part-time program, you are not likely to apply to many schools since distance from work and home is a significant decision factor.

Executive Programs
Executive MBAs offer some of the advantages as part-time programs in that you can continue your career while participating in the program. The Executive MBA program also has a shorter completion (similar to full-time programs), because classes are typically offered during the weekends. (Be careful: some part-time programs use the term "executive" in the name of the program, when they are in fact part-time programs for all intents and purposes.) Executive MBA programs often have minimum work experience requirements and target candidates with significant management experience.

The entire experience of an executive MBA program can be more intense than the part-time program, given that the degree is accelerated, although the number of classes required is the same (as it should be for all types of MBA programs). Executive MBA programs are usually offered in a "sectioned" structure, enabling students to get to know each other reasonably well, which helps facilitate networking.

The networking opportunities are fewer than full-time programs since extracurricular opportunities are limited and class sizes are typically smaller. Executive MBA programs are also more limited in terms of their ability to offer students specializations in particular functional areas; they are usually general management MBA degrees only. Many executive MBA students are sponsored by their employers, and some programs require employer support for admission.

Applying to Executive MBA Programs: The issues here are similar to those surrounding part-time programs, since you are still limited in terms of your flexibility. However, due to the weekend format, more prestigious programs do tend to draw students from a wider geographic base. (Some students fly to the program location.) You will need to investigate not only the programs based in your area, but also those programs that may be farther away geographically.

Distance-Learning Programs
Distance-learning programs (also known as "open-learning programs") allow the candidate the convenience of being able to complete the MBA degree from anywhere in the world. If you are considering one of these programs, investigate the style of the learning process and ensure that it is suitable to your needs and to understand how the format facilitates student-to-student interaction. Many programs will combine distance learning with "event-style" learning, which brings students together for short periods for additional learning opportunities.

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How Do You Research Programs?
For all types of MBA programs, consider a business school's accreditation. Is it accredited by a national accrediting agency? In the U.S., look for AACSB as a minimum standard for an MBA accreditation. In other parts of the world, you should look for the Association of MBAs (AMBA) and EQUIS (the European Quality Improvement System founded by the European Foundation for Management Development).

As you conduct your research, you should first determine which type of program you want to pursue (full-time, part-time, executive MBA, or distance learning) and then look at your options for applying to particular schools in terms of curriculum, career opportunities, student body, and reputation.

Key Issues To Research
Focus on how each of the programs you have selected fits your goals during and after the MBA program, in terms of networking, career building, industries, and geographic locations. Talking with current students as well as alumni will help you narrow your search. Since the quality of the student body will have a direct affect on the quality of the MBA experience and the alumni network, it is important to make sure the students are a good fit for you, and that you are a good fit for the student culture of the school.

Similarly, research the quality of the faculty. Are faculty members respected among their academic peers and in the business community? How accessible are faculty members, and what is the teaching style adopted by the program (case, lecture, teamwork)? Is this style appropriate for you?

To get a better sense of the educational environment of the school ask: Is the program a general management program, or does it have opportunities to focus on specific majors/concentrations? More importantly, are the classes the program offers suitable for your academic goals?

You should also consider whether you would be best served by studying in the U.S., Europe, or other parts of the world. This decision will be driven by your preference for employment opportunities, your desire for a particular kind of life experience if you plan to return to where you currently live, your geographic flexibility overall, the global perspective and learning environment of the programs, the travel opportunities within the program itself, and the overall reputation of the programs you are considering.

Rankings as a Research Tool
MBA candidates use various media rankings, including BusinessWeek (U.S. and Europe), U.S. News & World Report (U.S. only), Financial Times (U.S. and Europe), and Which MBA? (worldwide) as significant research resources. It is important to use rankings wisely and to understand the methodologies of each. Rankings can give you a sense of the type of people who attend the more prestigious programs (are their student profiles similar to your profile?) and to determine which of the programs may be a good fit for your profile and your goals. Once you have done this preliminary research with the rankings, you should move to other sources to decide where to apply. Also note that many of the rankings only cover U.S.-based MBA programs, while there are clearly prestigious MBA programs around the world.

From the rankings, you should now have a sense for the competition for admissions for the major programs, and you can determine whether those you're interested in are realistic to target. Make sure not to focus too much on average data points that are published, but also consider the ranges of those data points. If you fit within those ranges, you may be a good candidate. MBA programs make admissions decisions based on many factors (some of which are not evaluated in the rankings), so be careful not to disqualify yourself from these programs too early in your research.

Other Research Tools

Events: MBA programs send representatives to various cities throughout the world to highlight their programs and give candidates access to them at a local level. These events may be school specific or may involve multiple schools. GMAC sponsors the MBA Forums. Event organizers include Top MBA and the Association of MBAs. These events usually take place between September and December each year. Visit the respective websites of the event organizers (or schools) to learn about events in your area.

Guides: MBA guidebooks are available at major bookstores. Examples include MBA Casebook (Hobson's), MBA Career Guide (Professional Career Guides), Which MBA? (The Economist Intelligence Unit), BusinessWeek's Guide to the Best Business Schools (McGraw-Hill), MBA Programs (Peterson's), and The Official MBA Handbook (The Association of MBAs). These publications will list many MBA programs and highlight their characteristics. These are not ranking resources, and the copy is often written by the respective schools (Which MBA? is an exception here), but they serve as a good initial research tool. Many of these publications have associated websites, which may help with more targeted searches and comparisons. There are also a number of guides, books, and websites designed to help you to apply to MBA programs. These resources also offer information in terms of researching MBA programs. They include mbazone.com, infozee.com and mbaapplicant.com.

Test Preparation Resources: As part of applying, you will need to take the GMAT. There are many GMAT test preparation resources you may want to review (GMAC, which administers the GMAT, itself has a wealth of resources on its website: www.mba.com). Many test preparation companies serve as good resources in terms of understanding the MBA marketplace and therefore have developed their own resources that advise their "students" in terms of the various business schools. These include Kaplan and Princeton Review.

Websites: Various industry-related websites are available. These include BusinessWeek Online, vault.com, studylink.com, AMBA, and GMAC. There are websites for MBA research in almost every country in the world, and these will be an invaluable resource for local students. Some of the sites combine content with discussion boards that allow you to share your thoughts and concerns with other MBA candidates. Discussion boards (such as BusinessWeek Online) can prove very valuable in terms of understanding how prospective students perceive various business schools and for sharing application concerns.

Human Resources Departments: Since the MBA is designed to help you develop your career, be sure to research the career management offices of the programs you are investigating, but also contact the human resources departments of companies for which you may be interested in working after the degree. Find out where they recruit, and get their perspective on the various merits of MBA programs.

School-Specific Resources

Admission Materials: Once you have identified a group of schools that fit your needs, focus on resources produced by individual schools. You can find information on each school's website, and programs usually have print catalogues as well. These media products should provide a good sense of the types of programs each school has, the types of students within each of the programs, and the resources each program offers.

Alumni: If possible, try to interact with alumni of the MBA programs that you are considering. Alumni are typically closely connected with their schools. If you know alumni, they can prove to be a great sounding board, allowing you to discover more about the MBA experience and how this experience matches your goals.

School Visits: Visiting the schools to which you are interested in applying can be a tremendous benefit. Clearly, it is impractical to visit too many schools, so you want to do this once you have developed a short list of schools (perhaps four or five). A school visit may appear to be an expensive proposition, but it is clearly the most direct way of understanding the MBA program, the culture of the school, and the reality of what each program can enable you to accomplish, both during and after the program. Visiting a school will also give you the widest exposure to its student body. (Visit when classes are in session, if possible.) The school visit can also help you prepare your application.

Applying to Multiple Schools
Once you have completed your research, consider the number of schools to which you will apply. Some candidates apply to many programs to increase the chance that they will be admitted somewhere. This strategy, while successful for some, can prove counterproductive, as it may not allow you to focus significant time on any one application.

Consider applying to anywhere between one and six programs. Applying to one program can prove risky, since you may not be admitted. This may be fine if you have decided that the MBA program of choice is more important to you than beginning your MBA in a given year. In fact, many applicants will target a few schools, choosing to reapply if they are not accepted rather than attend a school that is not the right fit.

Another application strategy is to apply to a couple of schools that you consider a "good fit," a couple of schools that you consider a "reach," and a couple of schools that you consider "safety schools." This strategy works for those who have determined that they need to begin their MBA program right away and allows them to attend their best option (assuming they gain admission to at least one of the schools).

As you consider applying to multiple schools, recognize that timing and passion for the specific MBA program are possible factors with respect to admission. It may be risky to apply to your first choice early and then wait for the decision before applying to other choices. Often, by the time you receive your first decision, you are late for your other applications. (Of course, if you are admitted to your first choice, this is not an issue!) Another thing to consider is that as you apply to more business schools, you will develop a better sense for writing your essays (which are clearly very important), so sometimes your first application may not be your best.

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many thanks!