Choosing a Business School

No two schools are identical, and choosing the right one for you can be time-consuming and difficult. The school you attend will greatly impact your future and your career. It is essential to consider some important factors that should be the focus of your decision-making process in choosing a business school. Doing so will ensure that you'll be happy with your ultimate decision and that you'll emerge equipped and ready to face your future career head on.

Cost
In these difficult economic times, the cost of attending graduate school is an especially important factor to consider. Schools vary greatly in their tuition costs and other expenses, and some can be quite pricey. Investigate what types of loans, grants, and scholarships you can apply for to ensure that you'll be able to afford two or more years of schooling.

In addition to the actual cost of schooling, you'll need to consider its impact on your lifestyle. Will you be financially able to quit your current job if the demands of your schooling require it, or will you have the time and energy to do both? Attending school can also take a toll on your personal and family life. Think carefully about what benefits and possible negative repercussions may result from the additional burden of your specific program or school.

Distance
As you consider different schools, you will want to determine whether the structure of the school suits your individual preferences and needs. If you prefer working alone, you may want to consider a distance learning program through an online college. On the other hand, if you could benefit from the support and guidance of professors, you should probably attend a brick-and-mortar institution. You'll need to factor in the time you'll spend traveling to and from school as well as the time investment required for studying and homework. Depending on your time flexibility, you may need to focus your decision on schools that are close to home.

Programs
You'll need to determine whether your target business school offers a program that is specialized enough to help you enter the industry of your choice. Different schools also offer various amounts of real-world experience. Some provide internships or networking opportunities. Others focus on providing additional training to those who have already been working in the world of business.

Ranking
As you narrow your field of potential business schools, it's important to learn whether the school has a good reputation in regard to both its programs and its graduates. To help you determine this information, you can investigate the schools ranking.

Each business school is reviewed and awarded a specific ranking. The ranking of the school you select will have a huge impact on the jobs that are available to you upon your graduation. A typical university ranking is based on many factors. Is the school regionally or nationally accredited? What is the schools job-placement success? What is the average starting salary of the schools graduates? How does this salary balance with the tuition cost for the schooling? What are the average test scores of graduates? How do peers and recruiters rank the school?

All of these factors and more may be considered in the ranking of a business school. Informing yourself about the schools ranking will help you decide whether that school would be a wise choice for your future.

Choosing a business school can be difficult, but focusing on these factors will make it less overwhelming. Consider each school in the light of your personal goals, and you'll be able to determine which school is the best option for you.

School Accreditation

Getting a business school education requires a serious investment of your time and money. Before you commit to a specific business school, it's crucial that you check its level of accreditation. Attending a school that is not accredited can not only prevent you from achieving your goals, but it can also make you ineligible to receive financial aid. Generally speaking, a business degree from an unaccredited school isn't worth the paper it's printed on.

What is Accreditation?
Proper accreditation is basically a stamp of approval that the school receives from a legitimate accrediting agency. Business schools voluntarily submit to a process of review, which ensures that they hold to high quality standards based on current research and professional practice. Schools that seek accreditation must continue to update their curriculum and training so that they meet the latest standards and requirements.

In addition to ensuring that the school will provide you with the tools you need to enter the business world, accreditation opens the door for students to participate in federal and state financial aid programs. These programs require that the school is accredited by an accrediting body accepted by the U.S. Department of Education.

In a competitive job market, you want to make sure that you have every advantage available to you. Some employers will only hire or promote graduates from a regionally accredited school.

Levels of Accreditation
Business schools can either be nationally or regionally accredited. The following institutions offer national accreditation:

Association to Advance Collegiate Schools of Business (AACSB International) its accreditation is considered the highest mark of approval available at a business school
Association of Collegiate Business Schools and Programs (ACBSP) accredits business schools that grant degrees focused on teaching
Council for Higher Education Accreditation (CHEA) a large association of schools that focuses on holding to a standard of excellence
Distance Education and Training Council (DETC) accredits distance learning and online schools

There are six widely accepted regional accreditation agencies:

Middle States Association of Colleges and Schools
New England Association of Schools and Colleges
North Central Association of Colleges and Schools
Northwest Commission on Colleges and Universities
Southern Association of Colleges and Schools
Western Association of Schools and Colleges

Checking a Schools Accreditation
The easiest way to discover a schools accreditation status is to check it using the website of the accrediting agency. Most of these organizations keep updated lists of the schools that are currently granted accreditation.

Rankings

As you wade through pages of information about business school, you will probably see the phrase “Ranked third in the nation! or something similar. What does it mean if a business school is ranked? It may not be obvious that a high-ranking business school is the best place to invest your time and money in pursuit of a business degree. Lets unravel the mystery of business school ranking.

What is Business School Ranking?
A few major publications rank business schools according to certain criteria that they deem important to the success of students. These publications include Business Week, U.S. News and World Report, The Princeton Review, Hispanic Business, Entrepreneur magazine, and Financial Times, among others.

In todays economic climate, generally the best business schools are the ones that land students in gainful employment. Not only does a degree from a higher-ranked school carry more clout, but that school is more likely to help place you in a job following graduation.

Another related factor often involved in business school ranking is the ratio of return on investment. Ranking agencies calculate the salary you'll receive after graduation minus your tuition and the salary you lost while you were attending business school. Many times, programs that you can complete in one year rank higher than two-year programs, simply because you lose far less salary while attending school.

Business school ranking agencies gather their data by surveying several thousand business school alumni. Graduates were asked questions about their current employment, including wages and benefits. The results are compared with the cost of attending school. Adjustments are usually made for cost-of-living expenses and other factors.

The results of these rankings demonstrate to you as a potential student what your risk and potential gain are if you attend a specific school. A degree from a higher-ranked school is far more likely to land you a good job with a high starting salary.

To find out if the business school you are considering is ranked highly, you can pick up a copy of the ranking issue of the publication, or you can visit the publications website. Some good resources include U.S. News & World Report's “America's Best Colleges", Business Weeks 2010 online rankings of undergraduate business specialties, and The Princeton Reviews “Best 301 Business Schools."

Applying to School

After you've narrowed down your target business schools to a short list, it's time to apply. The application process is very important. Every year, many students who hope to earn business degrees are not admitted to school. While some may not have been qualified, others could have joined the student body if they had only understood the process better. Remember, you are competing with hundreds, or possibly thousands, of other applicants. What will make your application stand out? What are the key things business schools examine when they consider admitting you?

To successfully apply to business school, you need to do your research. If at all possible, visit the school in person. Attend a few classes, and talk to the faculty and the students. This will help you determine whether the program is a good fit for you, and it will help you formulate your admissions strategy.

In general, admission to any undergraduate program, including business school, is based on your high school GPA, college admissions tests such as the SAT and the ACT, your application, an essay, and letters of recommendation.

If you want to maximize your chances of success, you should apply to your school of choice as early as possible. You may notice that most business schools offer a few application deadlines. You want to apply in the first round to increase the chance that you will be accepted. The earlier you apply, the more slots are available. If you wait until the last round, you may be competing with many potential students for the few remaining slots.

Keep your applications to a reasonable number. Apply to at least four business schools, but avoid applying for more than six. If you apply for too many, the quality of your applications may suffer.

Business schools consider your GPA when they are reviewing your application. The average GPA for applicants to top business schools is about 3.5. However, you wont necessarily be excluded if your GPA falls below that. You will just need to make sure that the other parts of your application compensate for your GPA. Find your strengths and capitalize on them.

Your scores on tests like the SAT or the ACT are also important. Perhaps your GPA is a little lower than desired, but you did very well on your achievement test. This may help to tip the balance more in your favor.

In the process of applying to business school, you may have to write several application essays. These essays usually range between 2,000 and 4,000 words. Do some research on what makes an effective college application essay. Then write and edit your essay carefully. Essays are another chance to persuade your desired business school that you would be a great student.

Finally, many business schools require that you provide letters of recommendation during the application process. Generally, you are asked to supply at least two of these letters. Exercise care when you select the people who will write your letters. For maximum effectiveness, choose people who know you very well and who are articulate and persuasive.

In addition to these factors, some business schools may require a personal interview. Prepare for your interview carefully. A good interview may guarantee that you will be accepted, but a poor interview will almost certainly result in dismissal.

Applying for business school is a long and challenging process, but it doesn't have to be overwhelming. If you pay close attention to each part of the application process, you will maximize your chances of being accepted at the business school of your choice.