There are so many institutions out there offering different MBA programs for the many others who want to enroll into them. The high demand for the course coupled with the fact that offering an MBA program requires fewer resources compared to offering a other courses such as pediatricians course, have made many colleges and university to offer this program.

It is therefore important that you take a look at various factors before settling into any MBA program around you. Here are four of them:

Reputation

Since a lot of people are offering MBA programs in the world, it is important that you identify only those that have a good reputation. For example, an MBA from Stanford or Oxford has a lot of recognition than an MBA from a starting university.

Relevance

When choosing an MBA program, you need to choose one that has got some relevance to your course. If the course will focus on an area of business that will be of little relevance to you, then you would rather go with a different course.  For example, if you are a Finance graduate who wants to learn more about finance, it is more advisable that you pick an Msc. Finance program than going ahead to do an MBA program which will only brush through it.

Cost

Another reason why you should go through the available MBA programs before picking or settling on one is so as to look at the different costs. If everything is fairly the same, only go for that program that cost you less instead of that which will cost you a lot of money. Expensive programs do not necessarily translate to more useful programs.

Time

Apart from the financial cost, you also need to take a look at the amount of time that you will spend pursuing the MBA program. Some courses take only one year and these are those that mainly seem to introduce people to business management and hence help them run better shows.

These four things are important indicators to pursuing the right program that will give you the best returns on your investments.

MBA programs all over the world offer more or less similar content to their students. However, these programs differ from one college to another mainly because of the prestige associated with them. Apart from the enormous resources that these universities can get and employ in improving their rankings, these universities end up recruiting the best students all over the world and hence continue to get the very important alumni that they have.

Since these rankings will differ from time to time, it is important that you pay great attention to the institution that does the ranking and ensure that the results are authentic and unbiased.  Here are the rankings according to the Financial Times.

London Business School

With an Average class size of 401 students and a GMAT score of 697, London Business School emerged as the top ranking institution according to the Financial Times rankings.

Wharton School of Business

According to the Financial Times ranking, the Wharton’s school of Business comes in second in regard to the best MBA programs. The school has got a higher GMAT score 714 compared to that of LBS, while it has an average class size of 800. According to the available statistics the school has an acceptance rate of 16% only.

In many US rankings however, you will see Wharton Business school as the best business school especially when it comes to entrepreneurship.

Harvard Business School

As one of the most known schools in the world, Harvard Business School comes in third in terms of the school with the best MBA program. The school has an average class of 900 students while at the same time it has GMAT score of 720. IT is best known for the number of executives that it has produced.

Stanford

Fourth on the list of Best MBA programs is the Stanford business school program. It has the least class size of 320 students compared to all the top four universities. This will probably explain why it also has one of the least acceptance ratios of 8% among the top four universities.

INSEAD School of Business

The INSEAD School of business which is found in France has the fifth best MBA program according to the Financial Times rankings. The school has an average class size of 887 students and a GMAT score of 700.

Though these rankings may differ from those which you might have seen somewhere else, they can give you an indication of how prestigious an MBA from any of these colleges might sound.

Whenever people see that their careers have stagnated and they are no longer getting salary increments as they used to, they always try to see what they can do so as to better their resume. One of the things that most people do is getting an MBA. This is especially true of those in the managerial or those aiming to be promoted into managerial positions. However, there are people who should get an MBA and some who shouldn’t. Considering that an MBA can be quite expensive, you need to ask yourself a couple of questions before you register for one:

Is It In My Career Plan?

An MBA is not simply something that will help you spend some time off life when you do not know what to do. You shouldn’t take one simply because every other person around you is taking one. If it falls along your career plan, you truly should take it. If it doesn’t, then you shouldn’t. This is because it will simply derail you from your plans and you will end up not getting any returns from your investment.

Will It Add Value To The Work I Do?

There is no need for you to take an MBA if at all it will not add any value to the work that you do. For example, if you are a doctor who wants to learn more about your field, there is little that you will gain from an MBA. You would rather spend that time and money developing your knowledge in the medical field. On the other hand, if you want to have a better understanding of business or you would like to get into the managerial ranks, it would be advisable that you take up an MBA.

Will It Lead To My Promotion Or Salary Increment?

There are some organizations that will increase your salary or promote you if at all you have more papers or an MBA specifically. If you are in such an organization and in a career that you would like to pursue for a long time, it is advisable that you take up an MBA course.

If your answer is yes to any of the three questions above, then you probably need an MBA for you to progress higher. However, you also need to consider the financial cost of the program, the opportunity cost, and the length of time it will take for you to earn that degree.

Whenever you want to pursue an MBA program, the first thing that you will always need to ask yourself is whether you want to pursue the program full time or part time. Both programs have their own advantages and disadvantages.

Length of Time

Since part time MBA programs only consume part of the day, they usually seem to be lengthier compared to full time programs.  For example a program which might take you 2 years to compete under the full time basis, may end up taking    2½  years if done under a part time basis. Therefore, you need to know whether you are willing to spend 2½ years pursuing an MBA through a part time program or spend 2 years pursuing the same program qualifications in a full time program.

Convenience

The reason why many people pursue part time programs is because they want something that might help them juggle work and education. This enables them to be a manager during the day, and a student during the night. Part time MBA programs offer convenience and flexibility which can only be wished for in the full time program.

Depth of Cover

Despite the level of convenience offered by part time programs, it is usually very hard to juggle between being a student, a manager, and sometimes a parent. For this reason, you might end up learning very little under the part time program because of the limited time that is available to you. On the other hand, a full time program allows you to take all your time to understand, ask questions, research, and learn more about your program.

Once you have looked at the four items when comparing a part time program to a full time program, you should be able to make sound decisions. In both cases, there is neither right nor wrong. It all depends on the circumstances and the situation that you are in.

Normally, an MBA program should take two years. True enough, many of them do. However, there is an increasing trend where Universities and colleges are offering one year MBA programs.

So, between the one year program and two year program, which one is better?

Well, before you start looking into which program is good, you need to understand the genesis of each.

The traditional two year MBA program was mainly there to satisfy the academic needs of those who wanted to pursue further learning in business. Experienced managers were also allowed to pursue a masters degree in business administration.

On the other hand, the one year program came in for two main reasons, the first one being to make more money for universities and colleges for the lazy guys who didn’t want to spend two years learning business but who wanted an MBA after their name. The second reasons was to provide a platform for managers who needed a basic understanding of business without having to spend a lot of time studying the various specialties such as Accounting, Finance, Marketing and many others.

From the reasons for their development, you can now tell the reasons why one would prefer to go with a one year MBA instead of a two year MBA.

You should choose to go with a one year MBA if at all you are experienced in business. That is the first thing that you must do. Secondly a one year MBA is also good for those people who would not like to pursue further learning in Business such as a PhD and so forth.

On the other hand, a two year program is a good one in most cases since it allows one to deal with both the basics and the advanced issues of business administration. It is therefore suitable for most cases. In fact, if you are thinking of pursuing an MBA program and you have the time and the money, it is advisable that you go with the two year program as it has got far more advantages.

Counting the Cost of an MBA Program

Truth be said, there are so many people who would love to get an MBA. Unfortunately, few people really take their time to look into the costs that they will be incurring for the program. It is therefore important that before you set out for an MBA program, you look at the costs and come to the conclusion that the benefits do outweigh the costs.

But what specifically are these costs?

Direct Financial Costs

These are the costs that you will incur directly because of pursuing an MBA program with any university. They include the cost related to the application process, the tuition fees, and any other costs that may directly arise as a result of studying for an MBA program.

Opportunity Cost

Apart from the direct costs that relate to studying for your degree, there are other costs that you will incur because you will forfeit doing other things during that time. For example, if you choose to quit your job so as to pursue a full time MBA program, the opportunity cost will be cost of the lost income and experience.

Personal Cost

These are the costs that will be as a result of taking an MBA program, but which cannot be measured in monetary terms. For example, juggling between work and school can take a huge toll on you. The stress that you will have will be a cost that you must take into consideration. Taking up an MBA program may also mean giving less attention to your family in order to devote more time to the education. This is a cost that both you and your family members must be willing and able to take up.

Understanding the costs of an MBA program is important as it helps you look at the project objectively so that you can actually determine whether it is worth it. It is only after you have looked at the costs that you will be able to determine what the real return on investment is.

Getting an MBA is a common desire among many employees, especially those who yearn to advance into managerial or leadership positions.

But should all employees get an MBA and is it worth it?

Well, here are a few reasons why one should get an MBA. If none of these reasons applies to you, then you probably shouldn’t be getting an MBA.

Greater Likelihood of Promotion

There are many reasons why organizations promote members of their staff. A good number of organizations peg their promotions on the level of education. This means that if you are looking for a promotion that is related to business management, getting an MBA should be a priority.

Increased Pay

Just like promotions, certain organizations peg their salaries on the level of education. This means that the more degrees you have under your name, the more likely it will be for you to get higher salaries. If you are therefore in such an organization, it is advisable that you get an MBA degree.

So as To Have a Better Understanding of Business

Nearly all organizations require some understanding of business, finance, and marketing for one to run them. Therefore, if started your engineering career with a degree in electrical engineering, it may be necessary for you to pursue an MBA so as to have a better understanding of business and how they should be run.

These three reasons form the basis of many people’s desire to pursue an MBA. However, there may be other reasons that may be unique to individuals. Since Business Schools can be quite expensive, it is advisable that you have a career goal if you want to pursue an MBA. The business school is not a place for you to chill out for two years as you “think” of what to do with your life.