Determine the MBA Value Proposition

If you are considering business school, then your  first assignment is to get clear on the MBA Value Proposition. Business school is a huge investment so it’s important that you know what the MBA will do for you and whether its worth the invest your time, money and energy.

• Step 1: Reflect on your goals and why you want an MBA

  Reflection A: what are your career goals? What do you want to do five, ten or twenty years from now? You don’t have to know exactly what you want to do, but it’s important to have a sense of where you want your career to go in the future. Reflection B: why do you want to or think you want to attend business school? Before you put yourself through the pain of the MBA application process and the bigger pain of business school itself (don’t worry, it’s a good pain!), get clear on why you are doing it. Keep a notebook or journal to record your insights and questions.

• Step 2:Conduct research to understand what others gained from the MBA

  Go on a fact finding mission to learn what others are saying about business school. Read the good, the bad and the ugly about business school – there are plenty of articles, blogs and books that discuss the value of business school. You will find every conceivable perspective on business school from those suggesting that an MBA is not worth your money or time to those to those who think it’s a important career-enhancing step. Your goal here is understand what the opportunities and pitfalls are as it relates to business school so you can figure out what is relevant to you, ask questions of others, and determine  how to navigate the business school journey if you choose to go in that direction. Once you have done your background research, it’s time to get out and talk to people about their experiences. This will also allow you to share how you plan to approach business school and get their advice and suggestions.

• Step 3: Determine who is in your network

  Consider the network of people that you currently know and that know you. Who holds an MBA degree? Who knows someone else who holds an MBA? Write a list of MBAs that you know, include any background information that you know about them (MBA program, undergrad institution, industry). If you are in a work setting where you don’t want the boss to find out that you are considering graduate school, tread lightly (but still leverage that network…you may have to be a bit more subtle in your approach.) You want to develop a list that includes as many types of people as possible: current MBA students, recent MBA graduates and more seasoned alumni.

• Step 4: Make the informational interview request

  Send a thoughtful request to introduce yourself (or if someone else is making an introduction, give them some information about your background so they can make a strong introduction). Use language that expresses your interest in learning about their professional experience including their MBA (versus learning just about their MBA) – remember the MBA is a career tool and you want to understand how they have used that tool. Don’t be afraid to follow-up after 7-10 days if you don’t get a response – be assertive.

• Step 5: Educate yourself before talking to others

  Before you conduct informational interviews (in which you are interviewing the alumnus about their experience), do your homework. It’s important that you put your best foot forward, show that you are serious about business school and show that you respect their time and advice. 45-60 minutes of prep time is sufficient to learn a bit more about the alumnus’ background, to spend a few minutes on the websites of their employer (to understand what they do) and business school (to determine if there are unique attributes).

• Step 6: Talk to as many people as you can

  Informational interviews are a great way to increase your knowledge, prepare yourself for what’s ahead and build your professional network. Until you step on campus, you should be conducting informational interviews of alumni, students, administrators and faculty (once you get on campus, your informational interviews will be more focused on career exploration). As you learning more about business school, your questions should become more specific and more sophisticated.