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Going to business school to achieve an MBA is not a decision to be taken lightly. Every pro and con must be weighed in order to make this decision – it is your education and career, after all!
Although earning an MBA offers a variety of benefits, many people put it off for far too long. Whether it be out of fear, lack of finances or time – there’s always an excuse to make it easy to say, “I’ll apply next year.” So how do you know when it’s time to ignore the doubts, take the plunge, and go back to school?
Ask yourself these three questions and let the decision make itself.
1. Do you feel you’re ready for your next challenge?
To say business school is challenging is an understatement. However, if you’re at a standstill in life, continuing your education may be a smart move. This is especially true if you’ve set career goals that require an advanced degree.
Going to business school will give you the knowledge, training, and skill set to help you conquer some of life’s greatest challenges. If an MBA is a dream or goal of yours and you feel you’re determined enough to complete it, it’s time to start applying to MBA programs.
2. Are you looking to take your career to the next level?
Some careers and specific employers require you to have an MBA before they even consider hiring or advancing you to a certain position. Financial managers, management consultants, and investment bankers are just some of the careers that call for an MBA degree. This is because planning and leadership training are a necessity in these occupations, which you will learn in business school.
There’s also the issue of happiness. If you’re not satisfied with your current position, achieving an MBA will open doors and help you find career prospects in line with your passion. MBA programs offer real-world learning and exposure to various industries, so you can get the experience you need to take your career to the next level.
3. Do you have the time, finances, and energy?
You know you’re ready for an intellectual challenge. But going back to school to achieve an MBA requires time, finances, and energy. Going to graduate business school is a large time commitment – especially if you’re already working a full-time job. If this is the case for you, look into part-time Toronto MBA programs, such as The University of Toronto’s Rotman School of Management, that offer some flexibility for your busy schedule.
When it comes to finances, business school is expensive. However, each MBA program offers different scholarships and bursaries, which is another reason to apply early. The return on investment (ROI) is also a crucial element to consider when thinking about pursuing an MBA. Try not to let the price deter you from applying, as the benefits often outweigh the costs. These benefits include a higher salary, a more satisfying career, and a network of influential contacts. If the cost continues to bother you, try to think of an MBA program as an investment in your future.
Only you know if you are ready to go back to school. But if you’ve answered “yes” to these three questions – most top b-Schools require a GMAT score as part of your application package. Achieving your ultimate GMAT score will help you get into the MBA school of your dreams, and then it’s all up to you whether it’s time to go back to schools.
Are you thinking about taking a GMAT test prep course to achieve your best possible score on the GMAT and to help you get into the business school of your dreams? Learn more about Quantum Test Prep and see our GMAT Toronto Prep Courses.