Your first requirement in picking a school is to know your objective. All told, there are probably four main reasons for enduring two years of study for the MBA:
•" You want to know how business works. The MBA has been described as virtually a prerequisite to being an effective manager of a commercial enterprise.
•" You want to advance your career. Most MBA programs equip their graduates to deal with many of the important questions that their organizations will be required to tackle over time, and that they will face in their careers.
•" You want to make an obscene amount of money. You have looked at what you're making now, and at the starting salaries of those MBA graduates, and you've decided you're in.
•" You want to teach. Teaching business administration is one of the most lucrative academic jobs one can get these days. Not many other university professors can earn in the low six figures as relatively junior faculty.
The next question is, what sort of program to attend. Broadly speaking, there are two options:
•" The full-time option. What full-time MBA programs offer through a total immersion process is unparalleled access to a wide range of faculty, speakers, contacts, recruiters, and alumni on a weekly, and even daily, basis. If you can afford to quit your day job, the experience is worth it.
•" Part-time, evening, and weekend programs. For those who have jobs that they either can't or don't want to surrender, there are other excellent options. Part-time programs generally allow students three to five years to complete the course work that a full-time program expects to cover in just two.
For more information on MBA school ratings see the BusinessWeek Guide to the Best Business Schools, published by McGraw-Hill.
Adapted from McGraw-Hill's GMAT, by James Hasik, Stacey Rudnick, and Ryan Hackney. Book-only and book/CD-ROM versions available wherever books are sold.
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