UPDATE: This article was originally posted on May 28, 2018. It has been updated with new information and tips below. 

Are you between MBA programs? After admissions decisions are released, many candidates find themselves in a wonderful position — having to choose between multiple admits. If this is you, congratulations! 

But after the initial euphoria of receiving multiple offers passes, the reality of having to make this difficult, life-changing decision sinks in. How do you really choose the best MBA program for you and your goals?

This time of year, I have the pleasure of working through this process with clients. Recently, I helped a candidate looking to break into tech make a tough decision: Berkeley Haas or MIT Sloan?

The candidate had managed to obtain her “holy grail” of getting into MIT, yet Haas’ location in the heart of Silicon Valley was a tempting offer. Through many conversations about a wide array of factors that were important for her, we were able to ensure she found her perfect fit. 

As our methodology focuses a great deal on coaching to make sure our clients create careers and lives they love in parallel with the MBA, we believe deciding where to go is essential to reach short-term and long-term personal and professional goals. To help you choose the school best suited to your personal needs, we have developed a few guiding questions designed to help you reflect on what matters most to you.

 

Guiding Questions You Should Consider

 

1. How important is ranking to you and to your future goals?

2018 Business School Rankings, Photo courtesy of US News and World Report

Though we encourage students to apply for schools that are in line with their values, as well as with their objectives, there is no denying that brand matters. 

However, it tends to matter more in certain contexts than others. If you want to pursue a bulge bracket financial institution or a top consulting firm, having a top brand on your CV will help you during the recruiting process. 

If you work in your family business and are going for the experience, on the other hand, brand may be less important. 

Not sure where your target schools rank? Check out the most recent Financial Times and US News and World Report rankings. 

 

2. Where do people from each program end up industry-wise and company-wise? 

Schools release employment reports each year, which detail the industries and jobs their graduates pursued after graduation, as well as the salaries and bonuses students in each of these areas received.

For example, though Columbia Business School is famous for its Finance program, the school sent 37.1% of the Class of 2017 into the Consulting industry last year. 

Or, if you’re interested in Entrepreneurship, MIT Sloan, with accelerator programs like delta v, might be best for you. 

In short, if you are targeting a particular company or industry, it is a good idea to check different programs’ employment reports to see what kind of access you will have to the companies you are interested in. 

 

3. Is one school financially more viable than the other?

Scholarships are powerful motivators, and schools know they can use scholarships to convince students who would normally go to a competitor’s school to attend their program instead. 

If finances are a big concern for you and you do not see yourself going into an area that will allow you to pay back your debt comfortably, going to a school that offers you a scholarship could be an excellent move. However, if the scholarship is very small or if you are in a position where ranking is a key factor, scholarships could and perhaps should play less of a role in your decision. 

Curious which schools rank among the most generous? Poets & Quants has a great article on the best MBA programs for scholarship seeking students. Check it out here.

 

4. Do you have a geographical preference?

If relocating to a new country is a key priority for you, it is a good idea to consider the visa policies in different target countries. Countries like Canada and Australia make it much easier to obtain work permits post-MBA than the United States, for example. 

On a more local note, it is also a good idea to check into the connections your programs have with the community. If you are going to rely on the school’s help getting a local job, this should factor into your decision. 

 

5. Are you looking for a stretch experience or a community of like-minded individuals?

As you likely discovered during your research and application phases, each school has a different community and different values. This is the all-important “fit” you so carefully showed in your applications. Since not every school is the same, our clients are often unsure how to choose between very different school cultures. 

That was an issue our client Pedro recently faced when choosing between two finance powerhouses: Chicago Booth and Columbia Business School. Pedro had built a very successful finance career on the strength of his networking and communication skills. After visiting both campuses, he felt much more at home at Columbia, where networking both inside the classroom and in New York City are at the core of the MBA experience. However, he truly respected Boothies’ dedication to academic achievement and felt he could build many new skills while at Booth. After discussing his goals, we determined that having a strong network would be more of an advantage when attempting to land his “dream job” than sharper technical skills. In the end, Pedro happily enrolled at Columbia. 

What we usually recommend is to decide if you are looking for a stretch experience, or for a community of like-minded individuals. 

If you are looking for a stretch experience, perhaps choose a community full of people whose strengths are different from yours, as this will give you a great chance to grow. If you prefer to find your “place” and interact with people who are similar to you, choose a school where candidates share many of your strengths. 

 

6. Think critically about program flexibility

Many of our clients begin the MBA application process seeking out a two-year program, but aren’t 100% convinced that spending such a long time out of the job market is the best option for them. Especially for those in or seeking to join the tech industry, two years can end up being a long time. 

If this sounds like you, you may want to opt for a program with a flexible duration. The most popular in this category are London Business School, which allows you to finish your degree in 15, 18, or 21 months, and IESE Business School, which recently launched a 15-month option. The advantage to both of these programs is that you don’t need to decide until you’ve already started your MBA! 

 

What if you’re still not sure?

Even after doing your homework and spending a great deal of time reflecting, you may still be in doubt about which business school to call home. If you find yourself in this situation, there are additional measures you can take to help yourself make this all-important decision. 

 

Visit campus or attend admitted student weekends on campus

Photo Courtesy of Harvard Business School

Visiting campus is a step we encourage all candidates to take at some point during their MBA application process, as often what looks one way on paper is totally different on campus. If you were not able to visit previously or if you are still not sure about what to do, many schools offer admitted student weekends on campus that bring together a large group of your potential future classmates. It is a great way to evaluate (or revaluate!) how you like each school’s campus and is an excellent chance to see the types of professionals you will be studying with after arriving. 

 

Attend meet-ups in your area 

Even if you have already visited or intend to travel to campus for an admitted student weekends, try to visit admitted student meetups in your area. Especially for international students who are not able to visit the schools personally, this can be a great chance to get a feel for what kind of professionals you will be studying alongside and will give you a sneak peek of the network you will have post-MBA in your area. 

 

Speak to as many students and alumni as you can

You likely already spoke to many students and alumni during the research and application periods, but do not stop now! Ask contacts to put you in touch with their friends and with their contacts inside the school. Talking to a large group of students and alumni will give you more insights into the school, its pros, and its cons, which is essential information as you make this decision. 

 

Make a list of what differentiates the programs you are deciding between. 

It may sound silly, but actually sitting down to put pen to paper and writing down what you like and dislike about each program can make things much clearer and concrete. 

 

Talk to a recruiter in your desired industry

You may also want to speak with headhunters or hiring managers who work in your target industry. If you plan to use the MBA to change careers, this can be a particularly important step, since these types of experts can give you insider knowledge on how different programs are seen by the companies you hope to work for in the future. 

You can also reach out to current students or recent graduates to discuss their recruiting experiences, as they can often provide you a “behind the scenes” look at what the recruitment process at a certain school is really like. 

For example, they may tell you that almost everyone who attempted to get an internship in the tech industry was able to get one. As such, getting the backstory to those glossy job reports, as well as many helpful tips and tricks, can be very helpful in understanding if a certain program will really help you reach your goals. 

 

Try to negotiate a better deal

Though receiving a scholarship is always an honor, if you’re relying on scholarships to help make your dream of attending a top business school a possibility, a minimal scholarship can come as a disappointment. If you were hoping for a scholarship and didn’t receive one, it can even put a damper on the great news that you’ve landed a spot at your target MBA program. 

The good news is that everything is negotiable and you have nothing to lose!

To start off the process, we suggest sending a polite email to the school. The letter should reinforce your interest in the program, thank them for any scholarship offer they did make you, and ask if you can be reconsidered for any scholarships, given the fact that you are very interested in their program. While you wait for your answer, consider any elements of your profile you think are particularly relevant in convincing them to increase your offer. 

Check out more tips on how to negotiate your way into a better scholarship here. 

 

Trust yourself!

At the end of the day, it can be a great idea to follow your intuition. As you research and talk to people, you are intuitively forming a gut opinion about the school your head may not have realized yet. Trust your instincts!

 

Get an expert’s insights

Sometimes, having an expert–or experts–weigh in makes all the difference.

In general, skilled MBA consultants can be a great resource in helping you understand the differences among business schools, as knowing what schools offer and what kinds of candidates “fit” certain programs is at the core of our work. 

That’s why here at Ellin Lolis Consulting, we are so focused on offering a personal touch that ensures each of our clients is happy with their MBA decisions and outcomes for years to come. 

Because we know an MBA is not simply a gamble, it’s an investment in your future. Our commitment is to get you the best possible results and help you take your career and life to the next level.

So whether you’re struggling to decide which school to attend or are just starting the MBA process, get in touch with us to find out how to put our hands-on approach to work for your maximum success.