Are you Ready for an MBA? Here are the Signs to Look for

The benefits of pursuing an MBA are well documented. Graduates can expect to see significant salary growth, will spend time networking with top professionals in their field, and have the opportunity to travel internationally.

All of this contributes to high graduate satisfaction. In a recent survey, 73 percent of MBA graduates reported being either very or fairly satisfied with the impact their program had on their careers.

But how do you know if an MBA is right for you at this moment in your professional career?

Considering the high cost of an MBA and the various alternatives available (including business masters), it makes sense that you may be wondering if pursuing an MBA is the right decision.

If you’re unsure, here are some signs you’re ready for an MBA.

1. You’re eyeing a career change 

Have you been considering switching industries, or even countries, in your professional career? Do you feel like it’s time for something new, even if you’re not sure what that is?  As a broad Master of Business Administration, an MBA can help you change industry, job function, or location—or all three at the same time, in a so-called “triple-jump”. Career and leadership coaching is a core component of an MBA curriculum, so the degree can also benefit professionals who are unsure about their next steps.

If you’ve always wanted to pursue a career abroad or wish to move into a sector that better aligns with your interests or values, those are signs that you’re ready to take the leap into an MBA. 

2. You have at least two years’ work experience

An MBA is designed for professionals with at least two years’ work experience, although the average MBA candidate typically has between three and five years’ experience. This isn’t to say that if you’ve only been working professionally for a year you can’t apply for an MBA.

However, given the advanced nature of the degree—and the number of hands-on experiences you’ll have—you may not benefit fully from the program until you have a bit more management experience under your belt. 

3. You’ve plateaued at work 

Do you enjoy your career, but feel like you lack the personal and professional development opportunities to climb the ladder further? It’s a common concern; 36 percent of prospective students say they’re pursuing an MBA to secure a senior-level position.

An MBA will sharpen your knowledge across a range of business areas, including finance, sales, and marketing. However, it also offers numerous opportunities for you to develop advanced leadership skills, such as through group projects, real-world consulting experiences, and lucrative internships. 

Whether you’re targeting a more senior role in your current organization or want to explore opportunities in a different company, an MBA can jump-start your professional development.  

4. Your personal circumstances make it possible

There are lots of personal variables to consider when deciding if you’re ready for an MBA. You may have the requisite professional experience, but can you afford to take one or two years off work to study? You may be ready for a career change, but do you have family commitments that prevent you from relocating abroad? 

For starters, an MBA represents a substantial financial investment. The average cost of an MBA, including living costs and tuition fees, is US$205,763, and almost half of applicants say that cost is a barrier to attending business school. 

While total MBA fees can vary depending on where you study (for example, if you have visa costs or can take advantage of favorable currency exchanges), the bottom line is that cost is an essential consideration when deciding if you’re ready for an MBA. 

Some of the most common methods of financing an MBA include:

• Loans
• Personal savings
• Personal earnings
• Employer sponsorship
• Parental support
• Grants, fellowships, and scholarships

If you think your employer would be open to sponsoring your MBA, this is an excellent way of attending business school without the financial burden. But if you want to move abroad or switch sectors, consider whether you’re in a position to support yourself through an MBA right now. 

A full-time MBA is also a considerable time commitment. A traditional MBA program typically takes two years, but accelerated programs are available that reduce the duration to 11–16 months. During that time, you’ll be expected to attend classes on campus. 

If taking up to two years off work isn’t possible for you, whether because of personal commitments or for professional reasons, then you might look into a part-time MBA or an online MBA.

5. You know why you’re getting an MBA 

Given the cost and time involved in obtaining an MBA, it is essential to be clear about your goals and program requirements. Plus, as part of your MBA application, you’ll have to explain to admissions teams why you’re the ideal candidate for an MBA. If you can’t, that’s a telling sign that you’re not ready. 

So, why do you want an MBA? Your reasons may not be identical to those of your coworkers or alumni of your preferred program, but as long as you know why you’re doing it and what you stand to gain from it, you’re probably ready.  

Are you ready to start applying to MBA programs? Find out more about how to take the Graduate Management Admission Test™ (GMAT™) exam, the number one entrance exam for business schools.

Alternatives to an MBA

An MBA isn’t the only pathway for professionals seeking to enhance their skill set and advance to senior-level positions. If you’re not sure if you’re ready for an MBA, here are some alternatives to consider.  

Business master’s 

A business master’s program is a one-year program designed for graduates and professionals with limited work experience. It’s typically more theoretical than an MBA, but it suits those who want to follow a particular study path, such as a Master of Finance. 

Additionally, while a business master’s may include some leadership courses, the focus is on equipping you with core knowledge to succeed in a specific role or sector. 

New job

The number of students considering a new job over pursuing graduate management education has increased this year. If you’re confident in your management skills already or don’t have the financial freedom right now to pursue an MBA, finding a new role in a different sector or location may be a better decision.

However, if you find that many of the senior management roles that you’re interested in say an MBA is preferred (or required), then consider if it’s worth putting your career on pause to attend business school.

Executive programs

Many business schools offer executive education programs for experienced professionals who want to broaden their skills without the time and cost commitment of an MBA. These programs may be taught on campus or online, and may offer additional specializations depending on your sector or industry. 

Compared with an MBA, you won’t get the same leadership coaching or networking opportunities, but if you’re looking for a more accelerated skills acquisition route, it may be a good option.

Other MBA types

The traditional full-time program isn’t the only option if you want to accelerate your career with an MBA.  As we’ve already mentioned, a part-time or online MBA may be more suitable if you have responsibilities that prevent you from attending a full-time program. Another option is a hybrid or blended program that combines on-campus and online teaching. 
Do you have more than 10 years’ work experience? You may be a suitable candidate for an Executive MBA, a high-level, part-time program designed explicitly for senior-level candidates. If you’re aiming at C-suite positions in your current organization, an EMBA will give you the relevant skills to take that next step.

Getting an MBA: next steps

Did you answer yes to all of the signs above? Then it might be time to start thinking about your MBA application.

Begin by researching the various MBA programs available. All MBAs will follow a similar curriculum based on foundational business knowledge, but electives, specializations, and networking opportunities can differ between schools, and these can significantly impact your MBA experience.  

You should also begin preparing for the GMAT exam. A high score on the GMAT can significantly improve your chances of being accepted by the world’s top MBA programs. 

Considering attending business school but unsure which program is right for you? Try GMAC Advancery, a free tool to help you compare programs and make your business school decision with confidence.