Every MBA students faces the daunting task of selecting the right business school. Many students look at glossy brochures and inflated salary figures to decide which schools they should apply to! Do not fall prey to the marketing gimmicks of business school and take an informed decision while selecting right MBA college for yourself.
Some of the factors that you could consider are –
Location – Location of a business school is of prime importance if you are considering specific career options after MBA. For example if you are planning to get into finance after MBA then staying close to North America will help you. This is because a majority of finance firms are located in North America. Similarly for IT executive in India, it is important to stay as close to Bangalore or Hyderabad as possible.
Electives – Every MBA candidate decides which institute to select depending on her likings and career aspirations. If one wants to get into technology businesses then selecting a school that offers many electives in technology will help.
Placements – Though placements are very important do not worry too much about this one factor. While checking placements ensure that the business school that you target attracts recruiters from your area of interest. Do not forget to check the positions these companies visiting the school offer. Further, do check median salary instead of average salary.
Cost of education – Do not choose a school only because it costs less. Top school generally charge higher fees and it makes sense to pay these fees if you can flaunt that brand on your CV. So do not compare the fees in isolation. Do take into consideration the brand value of the school and the degree. But do have a plan in mind how you would raise finances for education. If you are a foreign student and do not have easy access to student loans or other such source of finance then select those institutes which charge reasonable amount of fees.
Alumni – Do not underestimate the importance of alumni. Alums are an important element of your MBA program. Select a school which has strong alumni base in your target career area. E.g. Michigan Ross school of business has consistently placed large number of students in consulting firms. So if you are targeting management consulting then Michigan Ross offers a lucrative opportunity. You can get help of your alums to understand the selection process for you target recruiter.
Other factors that you can consider are faculty profile, infrastructure of the school, teaching methodology and reputation of the school. Give appropriate weight to each factor before you decide to apply to your dream school.