Thinking of doing an MBA? Wait! Here are the top-10 things to ask yoursel first to avoid it all ending in an expensive puddle of tears, writes Chris Dalton.
Why study for an MBA in the first place?
You’re on the right track if your answer is something like, ‘Because I want to develop as a person and manager; to stretch myself, expand horizons and contribute to my organisation.” But if your answer is ‘more money and a promotion”, there are probably easier ways to go.
Have I discussed this with my spouse or partner?
An MBA is not for the faint-hearted. Many hours of study are involved over long periods of time. You’ll have to make sacrifices, but so too will the people around you. Be certain that they understand the pressure you’ll be under and are prepared to support you.
Have I discussed this with my employer?
Employers also need to be briefed, especially if you’re intending to study part-time or by flexible learning. Some business schools, such as Henley, insist that projects and dissertations focus on organisation- specific issues. Check that your employer is willing to support you.
What about funding?
Vital! Will your employer help with funding, either fully or partially, and with what strings attached? If you’re funding it yourself, where’s the cash coming from? How will you pay other bills while you’re studying?
Which kind of MBA is right for me: full-time, part-time or flexible learning?
This depends very much on the circumstances of the individual. Some might welcome the opportunity to return to college to study full-time. Others with poor study habits might need the support and discipline offered by a part-time course. For many mid-level managers, often with young families, a course such as the Henley MBA by Flexible Learning is the only option available. Always ask the school about who else is on the programme. Do they have as much experience as you (will you learn from them and they from you) and do they come from diverse backgrounds (you are probably already an expert in your area)?
Which MBA gives most long-term value?
For most of the firms employing members on the Henley MBA by Flexible Learning, the fact that the MBA requires them to apply what they’re learning over three or four years in their actual workplace can have a huge impact and is very practical, producing benefits that a fulltime MBA cannot.
Is the MBA properly accredited?
Check that the MBA holds accreditation from all three of the main international accreditation bodies: AMBA, EQUIS and AACSB. Broadly speaking, each of these highly respected professional bodies operates in different parts of the world. Do not run the risk of being transferred somewhere your degree is not recognised. (Henley is the only MBA offered in South Africa that holds this status.)
Where do the international rankings fit into the picture?
When making your decision, you’ll need to look at the pedigree of the business school behind the MBA. How long has the course been on offer? What level of research backs it? Does the business school have a link with a major university? How global is the school and how extensive its alumni network? The answer to these questions is often reflected in the latest international rankings.
Will the business school I’m thinking about put me in touch with former or current students?
One of the best tips, once you have reflected on the first eight questions, is to talk to the people you know who are doing the degree or who have done it recently. Any good school should also connect you with current students. Always ask what the profile of the intake is and always try to reach the programme you feel will challenge you.
How extensive is the school’s alumni network?
Finally, the study period for an MBA is relatively short; its impact is with you for the rest of your working life. That’s why an extensive, global alumni network is vital to the degree’s long-term value.
Chris Dalton is director of studies of the Henley MBA by Flexible Learning. Henley has around 7 000 students from more than 140 countries and a growing alumni network of more than 30 000 members. For more information, go to www.henleymc.ac.za or call Vivien Spong at 011 575 4759