Seven Worries That Get in the Way of B-School

1. Concern: B-school will require me to spend more money than I have.

Reality: A 2006 GMAC report shows you can’t afford to miss out on a graduate business education. The total return on investment “over 10 years, is 177 percent, or nearly 18 percent on an annual basis.” GMAC has also found that employed alumnae from the Class of 2009 were earning, on average, a mean salary of $61,978 on their first job after graduation.

Find out more about the short- and long-term gains made with an MBA degree.

2. Concern: The economy or job prospects are uncertain.

Reality: Business school is not a direct ticket to the job of your dreams, but it will likely give you an extra layer of protection in a down economy. Three-quarters of 2009 grads from full-time MBA programs who participated in GMAC’s semi-annual Alumni Perspectives research had a job when surveyed last September; 96 percent of survey participants who completed part-time MBA programs in 2009 said they were employed when the survey was conducted, and 85 percent of those who received other types of graduate management degrees during the year were employed at the time of the study.

3. Concern: I’m worried about my GMAT score.

Reality: Most business schools consider each applicant’s entire application, not just the GMAT score. If you’re not satisfied with your score, do some additional studying and sit for the exam again. Many schools will view this effort as your commitment to earning a business degree.

4. Concern: My undergraduate record isn’t strong enough.

Reality: Most schools gauge your academic skills by looking at your GMAT score and your previous academic record, including grade point average (GPA). If one is weak, the other needs to be exceptional enough to compensate. Be prepared to explain if you think your undergraduate record does not accurately reflect your academic ability.

5. Concern: B-school demands on my time or energy will be too great.

Reality: There is no doubt about it. Business school will definitely cut into your personal time. That’s why it’s critical to study at the right pace for your lifestyle. An intense, one-year program will impact your personal life differently than a part-time, weekend, or evening program will. The good news is that in the long term, alumnae are happy they went to business school. GMAC’s 2009 Alumni Survey found that 91% of women feel their degree is an outstanding, excellent, or good value.

6. Concern: I’m not sure what my future plans are.

Reality: In many ways, it doesn’t matter. Business school is a springboard to a wide variety of careers, and the skills you’ll acquire—especially in general management programs—are highly sought after by companies of all types and sizes, and applicable to almost any work you will do.

7. Concern: An MBA is best suited to those who want to work in a big company.

Reality: It’s true that many MBA graduates are successful executives in large corporations. But an MBA can help you to be successful in almost any organization—in a nonprofit, arts management, higher education, health care, or the military. Some people get MBAs so they can start their own businesses or manage a small family business. In fact, 38 percent of Class of 2009 management graduates surveyed just prior to graduation said they planned to work in organizations with fewer than 1,000 employees.

Myth: The business school culture tends not to be supportive of women.

Reality: There are big differences among schools, and some are better than others at attracting and supporting women on campus.

All businesses are not the same, and neither are all business schools. Talk to school representatives, current students, and alumni to see if the school offers the culture and kind of experiences you want.