Whether you're a new graduate considering specialized business skills or a business professional looking for a path to the C suite, a Masters of Business Administration degree can be the ticket to advance your career in today's highly competitive workplace. MBA skills are applicable to a wide variety of situations from entrepreneurs, to leaders in all sectors of business from energy, banking, technology and construction to public service and non-profit.
MBA students can learn a variety of essential skills from marketing to finance so choosing the right program for you and your career path needs to carefully consider a number of factors.
In Canada, MBA programs range from executive programs that can be completed in a year to part time programs that can be completed in 4 years. Tuition can also vary from $20,000 up to over $80,000. Cost for top tier international business schools can top $170,000.
Salary implications for grads from an MBA program can be significant. According a study by The Financial Times, FT Business Education Global MBA Ranking 2015, they found that three years after completing a full time MBA program in 2011, grads earned an average of 92 percent more than they did at the beginning of their program.
In choosing the right business school for you, there are a number of factors that you need to consider. For instance you should consider the school's alumni network and how active and widespread it is. Contacts in this network can prove to be very advantageous for career opportunities. What is the reputation of the school and it's professors in the business sector that your are pursuing? Learning from those who have done what you would like to do is critical. What will the class profile and composition be like, as you will be learning from your classmates as much as from textbooks. Exposure to different ideas and cultural perspectives can be a career changer later on. What is the teaching method and program format? Compressed one year programs can be taxing on your personal and professional life. Are you able to pause your career for that type of commitment or will your personal life accommodate that.
Bottom line is, a commitment of some type needs to be made and you need to factor all of the elements in making that final decision that best for you.