Should I Get an MBA?X420 Discussion Session # 70

Is it worth it?What will I learn?When should I start?Will I be accepted in a program?Which type of program?What schools are right for me?How do I begin?

MBA Trends1965 -

Where do MBAs Work?ManufacturingService IndustriesGovernment

What do MBAs do?AccountingCorporate financeInformation systemsFinancial institutionsMarketingConsultingPersonnelGeneral management

Starting Salaries

$70k - $90k+Signing Bonuses

Why Get an MBA?To open new career opportunitiesPersonal development intellectual stimulation, self-confidenceShift from individual contribution to managing othersTo further your career stay competitiveTo increase salaryPotential to networkCompany advice or requirement

Why NOT to Pursue an MBA!Looking for a silver bullet for successSomething to do while looking for a jobUnhappy in current job without knowing why

Typical MBA Student ProfileMid twenties to early thirtiesGood academic background with solid work experienceAmbitious and determinedStrong idea of career direction

What You Get with an MBABoot camp training for managementA focus on all specialist areas of managementCombination of technical and soft skillsIn-depth focus of a particular discipline, if desiredCredentials

Choosing a ProgramCurriculumTeaching methodsDelivery methodsSchools

CurriculumTraditionalBegin with functional core courses finance, marketing, accounting, macro and micro economics, operations, IT, human resources, quantitative analysisGeneral management themes legal, social, ethical and technological issues; change management; organizational theory and behavior; strategic managementAdvanced courses or electives in a core area leading to major concentrationVariationsIncorporate softer skills leadership, negotiation, teamworkInternationalize their focus

Teaching MethodsTheory method lecture/discussionCase methodTeam projects and presentationsComputer simulationIn-company projects

Delivery MethodsFull timePart timeExecutiveDistance learningFlexible MBA

Full-Time ProgramsTypically two yearsSome work experience required (typical age 27)Advantages:High interaction with other students and professorsAbility to take numerous elective coursesAppropriate for career changersDisadvantages:Long time away from workExpensive

Full Time Degree Cost Analysis

Part-Time ProgramsTypically four years (night classes)Students tend to be older with more work experience (typical age 33)Advantages:Continue to work while attending schoolEmployers more likely to provide tuition reimbursementUtilize what you learn on the job as you learn itOngoing work experience may enhance your performance in the programDisadvantages:Time is limited which places strain on job, studies and familyCompany may not like subordinating work effortPromotions and/or raises may not be automaticDegree may not be viewed as prestigious as full-time degree

Executive MBAsWeekly one-day classes or biweekly weekend classesTypically two yearsStudents tend to have seven or more years of work experience and already in a management roleAdvantages:Company-sponsoredContinue to work while attending schoolApply learning immediatelyClassmates provide excellent networking sourcePrograms are lucrative so schools provide perks and top facultyDisadvantages:Limited choice of courses/majorsTime is limited which places strain on job, studies and familyLimited exposure to classmates

Distance Learning MBAsMost coursework taught and completed onlineTypically three to five years depending upon student intensityAdvantages:Enhance cyber skillsFreedom to work at own paceLess expensive than other programsLocation is not an issueDisadvantages:High drop out rate hard for some to stay motivatedFew companies will sponsor this degreeLimited physical interaction with other students and facultyFew fully accredited programs

Flexible MBAsDerivative of Distance Learning MBACombines classroom with online coursesAdvantages:Many of same advantages as Distance LearningMany fully accredited programs are some online coursesCan meet with classmates and facultyCan accelerate the degreeDisadvantages:Cost and time of attending class at the school

Timing

Selecting a SchoolSelf analysis reasons, personal strengths and weaknessesAccreditation American Association of Collegiate Schools of Business (AACSB)Suggested criteriaReputationSizeLocationTuitionSchools missionSpecializationTeaching methods and environmentPlacement services

Selecting a School (cont.)Research Schools to find a fitPublications MBA Casebook, The MBA Career Guide, The MBA Advantage, Which MBA?Business Publications Business Week, U.S. News & World ReportGet information from schoolsPersonal visits and MBA forumsRankingsMany different ranking methodologiesShould influence decision, not be sole factorSchool rankings do impact recruiting companies

AdmissionSelf-managed application with essaysAcademic record (transcripts)GMAT scoreManagement skills work experienceLetters of recommendation (specific)Extra-curricular activities and community involvement for leadershipPersonal interview (possibly)

Financial AidMerit scholarshipsPart-time employment graduate assistantsLoans

SHOULD IGET ANMBA?

EVALUATION QUESTIONSUSE: a. Strongly agreeb. Agreec. Disagreed. Strongly disagreee. Dont know

1. I found the presentation material easy to understand.

2. This discussion session increasedmy knowledge of the subject presented.

3. I will be able to use some of the information from this session in the future.4. The presenter was well prepared for this discussion session.

5. This presentation should be repeated in future semesters.