Get Started: A Guide to MBAs for Military Veterans
You may not realize it, but going from the military to an MBA is a fairly well-trodden path. Studying an MBA is relatively common among veterans. According to the recent GMAC Application Trends Survey data, around 10% of US MBA applicants have a military background and there are a few reasons why.
Firstly, while an MBA teaches generalist business skills such as marketing, finance, and accounting, it also teaches a range of transferable skills that are relevant to both business and the military. These include leadership, management, communication, and teamwork. Veterans are therefore likely to be at a natural advantage in these areas.
Plus, an MBA has long been used by students as a springboard into a new career. More than one-third of applicants intend to change job function or occupation after their MBA. Some even attempt a so-called “triple jump”—changing industry, function, and location.
“Similar to how the military provided basic and advanced training within my chosen field, I have found the MBA to be a great launch pad for the transition back into civilian life,” says Benjamin T. Faw, US Army Captain and member of the Harvard Business School Class of 2014.
If you’re considering an MBA after military service, there are plenty of things to think about before applying.
What is an MBA?
An MBA (Master in Business Administration) teaches you the fundamentals of business. It prepares you for senior-level and management roles within an organization—or to start a business yourself.
The three most common industries for MBA graduates are consulting, finance, and tech. Salaries for MBA graduates in these sectors can exceed $200,000, so the financial appeal of an MBA is obvious. But you should factor in more than money when it comes to choosing the right program.
What are popular formats for an MBA?
An MBA can be studied in a range of different formats:
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Full-time, normally over two years (but one-year programs are becoming more popular).
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Part-time, which can take anywhere between two and six years to complete.
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Online, often with the option of attending in-person meetups and trips.
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Hybrid, a combination of online and in-person study.
You may also come across executive MBAs, targeted at more senior professionals, and dual degrees, where you study an MBA in conjunction with another subject (most commonly law, as part of a JD/MBA).
What are the top MBAs for Veterans?
We have chosen a list of the best MBAs for veterans. It factors in things like the number of veterans in the program, financial aid opportunities, and quality of education. Here are five of the schools we included in the list:
U.S. News and World Report also has a ranking dedicated to the best Online MBAs for veterans. Here are the top five, according to that list:
To be eligible for the U.S. News ranking, each program must have enrolled at least 10 veterans in the most recent academic year. The school must also be certified for veteran financial aid such as the GI Bill and the Yellow Ribbon Program (more on those later).
It’s always advisable to combine these rankings with your own research to find the right program for you.
Cost of an MBA for Veterans
The total cost of some of the leading MBA programs in the world, including Wharton, Stanford, and Stern, can exceed $250,000. That figure refers to the overall cost of the program including accommodation and living expenses. Try not to be put off by the price or prestige of these programs. Some of the leading MBAs in America have a decent proportion of veterans enrolled in the program, including Fuqua (11%), Darden (10%), Foster (8%), and Harvard (5%). You’ll also find plenty of more affordable MBA programs in the US and beyond. For example, MBA tuition fees for in-state students at Florida Warrington, Georgia Terry, and Wisconsin all come in at under $30,000. If you’re open to studying outside of America, tuition fees in Europe and Asia tend to be lower. But many veterans won’t need to cover the full costs of their MBA. That’s because there are a range of military scholarships available.
Financial Aid for Veterans
Some of the federal financial aid options for veterans include: The Post-9/11 GI Bill, which could cover the full cost of tuition for eligible students. The Yellow Ribbon Program, which could pay tuition costs that the GI Bill doesn’t cover. The Montgomery GI Bill, which could pay up to $2,518 each month of study. It’s worth noting that these scholarships also cover the cost of foreign study, in case you’re thinking of studying an MBA abroad. Most business schools will also offer their own military-specific scholarships, so it’s worth researching your target schools to see what’s available. “Many vets do not take advantage of the opportunity that the military offers in terms of financing higher education. This is one of the best deals the military offers,” says Brooks Abramson, Staff Sergeant in the US Marine Corps and University of Illinois graduate.
The MBA Admissions and Application Process
One of the first things you should consider doing before applying is attending one of our MBA events for veterans. They’re a great chance to connect with other veterans, meet business school representatives, and start narrowing down your list of programs.
You’ll also need to take an entrance exam before applying. The most widely-taken is the GMAT, which is accepted by over 2,400 business schools worldwide. Although your GMAT score alone won’t determine whether or not you’re accepted, it is an important part of the admissions process for schools.
Because you can check the average GMAT scores of most MBA classes, it’s a useful way of assessing how likely you are to be accepted. Your score is also a strong indicator of your academic performance in the first half year of your program. We would advise starting your GMAT preparation at least 12 months before the start date of your program - and ideally before.
Then, it’s a case of further researching your financial aid options and applying for your target MBAs. Good luck, and see you in the classroom.