Choosing to study an MBA course is a major decision and there are plenty of things to consider.
Here are 5 key questions give consideration to.
1. Can you fund your program?
An MBA is a significant investment as tuition fees alone can easily be around £50,000, and if you choose to study abroad costs could be even more. In addition to this, there is the year that if you choose to study the Masters of Business Administration full time you will be without a salary for a year, and you will have to fund your accommodation costs, food and travel along with all the extra things you spend money on. If you have dependents, then their costs will need to be thrown into the mix. There are plenty of financial aid plans, student loans and scholarships available, but it takes time to apply for these, so don't hang around. Prodigy Finance is a loans company that offers tailor-made funding for MBA students by assessing the students' future earning potential based on past achievements to determine your individual loan affordability. You can find out more about Prodigy Finance here.
2. What will it do for your career?
An MBA can really accelerate a career. You have to carefully consider if it is to your advantage to take the time away from your career and weigh that up with everything you will learn whilst studying. The managerial and other transferable skills will give you a fabulous advantage in any industry, but the majority of MBA students go on to work in the financial industries or as business management consultants. If you work in a company or business in another industry, then the in-depth understanding you will gain of how businesses run will be to your advantage.
3. Which study method is for you?
The vast majority of MBAs are on a traditional 1 year, or 9 months, basis so you need to carefully consider taking this time out from your career. However, many business schools offer the same courses over a 2 year period on a part-time basis. These courses will still require you to take time away from your work to attend classes, but many institutions are increasing offering courses online. An online MBA will require you to participate in classroom discussions via online video calling, so you need adequate access to the internet, but this is an excellent option for those who can't attend campus-based classes and want to keep working throughout their studies.
4. Is it the right time in your life for postgraduate study?
An MBA is a huge project to take on, especially if you are considering a full-time campus-based course, and you need to be sure that you have this time to spare in your life. It's best not to have any big life changes coming up, now is not the time to have a baby or get married! Make sure you have space in your life outside of your career to fit in an MBA.
5. Is this the right business school for you?
Don't forget about the location of the course. Some business schools have an intimate academic atmosphere and others offer a more collaborative student-centric environment. The atmosphere of the institution will have an impact on how much you enjoy the course and the amount that you get out of it. With a challenging and demanding course, you will want to have a supportive network around you to keep you motivated. It depends on your circumstances as to whether going off for a great foreign experience is right for you or if you need something closer to home.
Please note that the information here does not constitute financial advice. Prodigy Finance is one of many potential funding options for international MBA students. Other student funding options are available and Postgrad.com advises you to research all your options thoroughly before making such a commitment. Postgrad.com accepts no responsibility for your choice of loan and does not endorse or support Prodigy Finance. Prodigy Finance Ltd is authorised and regulated by the Financial Conduct Authority, and entered on the Financial Services Register under firm registration number 612713.