Many believe that an MBA degree could be one of the tickets to career success. Well, they’re not wrong. In business schools, students are honed and equipped with skills that would be necessary for dealing with the real world. MBA degree holders are presented with many privileges and career opportunities. Below are some things you need to know about the MBA degree:
Where MBA degrees lead you?
If you are equipped with an MBA degree, companies and corporations would prioritize you over non-MBA degree holders. This is because companies know that MBA schools train the students to develop the necessary skills that would help them survive and obtain success in the corporate world. If you are an MBA degree holder, you can explore more career opportunities.
What are the hassles in pursuing MBA education?
A bright future awaits those who pursue MBA education. However, pursuing MBA education is not an easy task. There are lots of things that could hinder one’s success in obtaining the degree. One of the hassles in pursuing MBA education is the tuition. A master’s degree would really cost a great deal, especially if you are going to study in a prestigious university. But if you overcome the obstacle, you will see that your efforts will be worth it. An MBA school could also be demanding. Because of this, you really have to learn how to balance your academic and personal life in order to survive in MBA school.
Are you clear about your goals and know how to achieve them?
An MBA degree could only be your ticket to success if you have clear objectives. Why do you want to pursue an MBA study? What are your plans for your career? How can an MBA degree help you achieve your goals? These are just some of the questions you have to ask yourself before you decide on pursuing MBA studies.
Before you start making preparations for your MBA admission, you have to consider the things mentioned above. These can help you determine if an MBA degree can be a real ticket to career success.
Related links:
MBA Application Checklist – All about applying to MBA school
Top MBA Programs – All about MBA programs and application
Choosing a Program – Top considerations in choosing an MBA program
MBA Applications – Discussions on MBA school applications
MBA Essay Tips – All about applying to MBA school
Getting an MBA degree is one of the best steps to take toward opening up bigger and better career opportunities. One obstacle that people often encounter when looking into getting an MBA education is the financial aspect. Because MBA programs often cost a lot of money, getting an MBA degree can be difficult to cope with. The best solution to this problem is to seek some financial aid. When you write your MBA personal statement and apply to the schools of your choice, be sure to look into getting one of the financial aid programs mentioned below.
MBA school scholarships
Perhaps the most convenient financial aid option would be to apply for financial aid or scholarships at your school. This will help you consolidate your finances with regard to schooling. Remember that not all schools offer scholarships or financial aid programs. Try to find out if the schools you are applying to have such programs and see if your are eligible to apply for them.
Reimbursements from your company
If you are working, try to ask if your company has any tuition fee reimbursement programs for employees who decide to enter into an MBA program. Companies usually recognize that MBA degree-holders have the knowledge, training, experience, and skills that are needed to aid the company in their development and progress. For this reason, many companies sponsor employees who enter into MBA school by paying for part or all of their tuition.
Financial aid from the government
Federal loans are another common option for those seeking financial aid for their MBA education. The advantage of getting federal loans is that they often have low interest rates as compared to private loan options. Be sure to check whether or not you are eligible for receiving federal loans.
Loans from the private sector
Another MBA financial aid option would be to check with financial institutions, banks, organizations, and foundations that offer loans. Some of these institutions have special deals for those seeking financial aid for education. While institutions that have these loans often have higher interest rates than federal loans, they often accept a wider variety of applicants. Included here are the many organizations and institutions that offer financial aid for those who are Native Americans, Africans, Hispanic, or Asians. These organizations, mentioned below, have numerous options as well, including scholarships and grants.
1. The Thurgood Marshall College Fund
2. The National Black MBA Association
3. National Society of Hispanic MBAs
4. The Consortium
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Business schools have varying procedures for applying to their MBA programs. There are however, common requirements that almost all admissions committees of business schools look for. These include your academic records, resume or CV, letters of recommendation, and your MBA personal statement. So before you worry endlessly about how to write your MBA personal statement, it would help to have a checklist of the other requirements you need to submit.
Application form
A common tendency among applicants is to dwell too much on their MBA personal statement that they don’t give ample time to fill out the application form properly. Your application form should be neat, and contains clear and complete information. A helpful tip is to photocopy the original form and fill out drafts. Double check the contact details you write so the school will know how and where to get in touch with you.
Resume or Curriculum Vitae
If the school you’re applying to requires a separate CV, make sure it is typewritten and includes concise information about your experiences and achievements. It would also help to include some interesting topics which you can elaborate on in your MBA personal statement or during your interview.
Letters of recommendation
Take time to think about who would be the best reference persons to comment on your character. It helps to get someone with a recognized title in the academe or business industry, but this title would be of no use if your reference person doesn’t even know you. Pick someone who’s had an impact on your life, this can also be a topic you can use in writing your MBA personal statement.
Transcript of records, and test/exam scores
Most schools require applicants to submit their GMAT scores and/or TOEFL, if applicable. Having a low GMAT score won’t necessarily lower your chances for admission, as you can explain and justify this in your MBA personal statement. Print a few copies of your transcript before submitting it, just in case your original copy gets lost.
MBA personal statement
The MBA personal statement is perhaps one of the most important requirements in applying for an MBA. Your MBA personal statement should have a central theme that reflects your career goals, as well as who you are as a student and as an individual. The MBA personal statement is also a chance for you to discuss inconsistencies in your academic and professional records.
Some business schools give specific questions for their MBA personal statement. If this is the case, make sure you answer all the questions given and comply with the set specifications like margins, word limit, etc. Your MBA personal statement should also include your reasons why you chose the specific institution and how you aim to contribute to the school and academic community using your MBA education.
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Writing an Excellent MBA Personal Statement Can Be a Ticket to the Big 5 MBA Programs
Although it is not the only important basis for choosing an MBA program, students are still advised to look at a program’s ranking and prestige. Interested students must have their MBA personal statements ready to be submitted to any of the top-ranking MBA programs. Before writing your MBA personal statement, however, you must inquire at the Programs of your choice whether they have specific content requirements. Universities want your application essay to respond directly to any questions they have posed.
The top 5 MBA programs in the United States as of January 2008 are 1) Penn, Wharton, 2) Columbia, 3) Stanford, 4) Harvard, and 5) MIT Sloan. To be accepted to these programs, you need to have a good combination of a decent Graduate Management Admission Test (GMAT) score and a well-written MBA personal statement. Your preparation should begin months before you apply. You have to prepare thoroughly in order to score more than 700 in your GMAT. Your MBA personal statement must also be perfectly-written to show a high degree of competence. Your hard work on your MBA personal statement essay will later on be rewarded with an excellent MBA education. This in turn means being qualified for high-paying positions and exposure to lucrative business leadership opportunities.
It has already been established that an excellent MBA personal statement can help you get into Wharton, Columbia, Stanford, Harvard or MIT Sloan. Whether you are enrolling into a top 5 program, or to a relatively “less prestigious” one, you must always present the best side of your work and life experiences in your MBA personal statement. MBA personal statements are important to these universities that have to pore over thousands of applications that have attached excellent GMAT and academic records.
Wharton’s MBA Program has the best reputation and boasts of more than 250 faculty members. If you have applied to Wharton before, you may have to submit a statement of purpose specified for re-applicants. Stanford’s MBA Program meanwhile has been around since 1925 and continues to promote innovation in teaching. Fortunately for applicants, Stanford does not have a minimum GMAT requirement. It does ask for an MBA personal statement that answers two specific questions. From 1916 to 1952, Columbia’s Business School accepted undergraduates. Since then, it solely focuses on graduate programs. Your MBA personal statement will truly play a big role because Columbia is looking for MBA students who have strong characters. Your statement of purpose must also convey that you can be both a team player and an independent achiever. MIT Sloan is looking for strong individuals as well. The business school has been catering to top students from more than 60 countries. Harvard, on the other hand, boasts of its Leadership and Organizational Behavior course for freshmen. There is no doubt now that your MBA personal statement must confirm that you are capable of handling Harvard MBA.
To get into any of the top 5 MBA programs, you must take the application process seriously and prepare accordingly. Arm yourself with the personal statement that the program is specifically asking for. The MBA personal statement must adequately demonstrate your strong characteristics. Interviews will not give you as much opportunity to “sell” your strong suite as a well-written MBA personal statement.
The top 5 MBA programs in the US live up to the hype. They are not only popular targets of MBA applicants but the MBA degrees they confer do deliver highly coveted career opportunities. Some also offer the desired executive MBA programs that working students will definitely need. These night classes enable existing business leaders and officers to combine work and school. Remember that your MBA personal statement is your ticket to a top program. Not many get the chance to have such a prestigious education. Use the opportunity wisely.
