What to Look for in a Business School

A master's in business administration is an investment: you put in time and money, and in return you obtain knowledge of economics, accounting, administration, and other aspects of business—this valuable intellectual capital can be transformed into a job in a new field, or a better-paying job in the field you are already in. You also get introduced to people working in your field through internships, job fairs, professors, fellow students, and your campus career placement office. The skills learned and connections made in business school can be extremely valuable.

Which Type of Program is Best for You?

Important Factors to Research and Consider:

Which Type of Program is Best for You: Full-time, Part-time, or Online?

The first thing you need to know when choosing a good business school is what you want to get out of it. Do you want to start a new career, or do you want to advance in your current one? If you are looking to break into a new career, than you will probably want to attend a full-time school. Full-time MBA programs typically take two years and often include a summer internship. Full-time programs also tend to have more career placement resources, internships, after-class lectures, symposiums, and student clubs than part-time programs.

However, full-time programs are so demanding that students usually have to quit their job and move near campus, a decision not all students can afford to make. For students who want to continue working, part-time and online MBA programs are viable options. These programs can often take longer to complete, but they can be done while working and are often less expensive than full-time schools. For students who are using business school to advance within their current field, a part-time program is a good option. For those with little spare time, there are weekend and evening programs that can take anywhere from two-and-a-half to three years. Some large companies will even subsidize tuition for employees who wish to get a MBA while continuing to work.

If you are thinking about entering an online MBA program there are a few things you should consider before you do so. For example, course structure is an important factor for those considering online classes. Online curriculum may be provided in several different formats such as videoconferencing, email, intranet lessons, a DVD containing course material, or any combination of these. Due to the large variety of online class formats, this is an important thing to research. Some programs may allow the student to work at their own pace, while others will have a set time period for the completion of each lesson and assignments.

Another thing to consider when choosing the type of course structure that will work for you is how well you can work without direct oversight from a faculty member. With some options, there is relatively little interaction with the faculty. Some may prefer a more rigid class structure and faculty interaction in order to help them stay on top of their studies, while others prefer to study independently in a more flexible environment.

Once you've decided whether a full-time, part-time, or online program is best for you, you can start looking at what specific programs have to offer.

Legitimate Accreditation and Strong Reputation

One of the most important things to make sure with any degree program is whether or not the program is accredited by a legitimate accrediting agency. Accrediting agencies ensure that the quality of education or training offered by educational programs meets certain standards. Visit the Database of Accredited Postsecondary Institutions and Program to find out if the program you are interested in applying to is accredited. For more information about the different accrediting agencies, check out these informative articles.

Another thing to consider when looking at business schools is their reputation and ranking. Companies also court graduates of well-ranked schools more aggressively. Rankings can provide useful information about job placement records, median starting salary of graduates, class size, and other important elements of business education. You should also be sure to investigate the reputation of a school's different emphases and programs: just because a school's full-time program has a good reputation doesn't mean its part-time one does, and some emphases can be better regarded than others. For starters, check out these rankings from U.S. News and World Report.

Qualified Faculty

A good business school will have faculty who are experts in their field and who can teach you from their own experience. Research the quality of the faculty to determine if they are respected in the business community and among their peers.

Networking Opportunities

Many argue that the connections you make in business school are just as important as the classes you take. Just because a program is online does not mean you should miss out on this. Look into the networking opportunities your school offers. Also, if you are a part-time student planning to changing careers after graduation, you should make sure that the campus's career services resources are available to part-time students—some schools reserve the majority of their resources for full-time students.

Relevant Classes

Most business schools have a core curriculum consisting of classes in accounting, economics, corporate finance, management, marketing, organizational behavior, leadership strategies, and other subjects that will be useful in any area of business. Beyond this core curriculum, many schools will offer emphases in areas such as marketing, finance, international business, or corporate social responsibility. When choosing a school, you should check to see what emphases are especially well-regarded—many schools will excel in one or several areas of business education. Do more students specialize in one area than another? Do they go on to work in that area? The campus's career placement office should have detailed information on job placement. Take time to think about what type of program would best serve your interests and goals before applying.

Useful Internships

Internships are great opportunities to get work experience, and they can give you valuable first-hand knowledge of your field. Some internships may be paid, while others are done for credit. Any business program you apply to should provide you access to internships, which may lead to jobs post-graduation. Look into what your school offers and how easy it is to get an internship during your program.

Successful Alumni

Successful alumni are generally an indication that the program is worthwhile. Your school may keep a database of companies that alumni have gone to work for. Ask your school if you can access this list. It may be helpful to contact some of the alums who work in fields that interest you to see if they got what they wanted out of the program. Also, consider that these alumni will be a part of your network once you have your degree, so check to see if there are alumni in your area.

Admissions Requirements

For any school you apply to, make sure you meet the admissions requirements. These are usually detailed on the schools' websites, but you can call admissions to make sure you are not missing anything. Remember, you will likely have to take the Graduate Management Admission Test (GMAT) before applying to schools.