Investing in an MBA can be one of the most important academic career decisions a management professional can make, so choosing the right school and programme is critical. The process can be time consuming and expensive, so it's not for the faint-hearted. It is also a decisive time for students to review and plan so that their studies will enable them to fulfil their career aspirations.
Business schools stress the importance of matching a student's career goals and the MBA programmes on offer. They also recommend that, in addition to assessing reputation and class mix, students should also make sure the structure, delivery mode and curriculum meet their needs.
According to Professor Chris Styles, deputy dean and director at the Australian Graduate School of Management (AGSM), an MBA provides students with an opportunity to enhance their self-esteem and value as a result of the knowledge, skills and experience they gain. He says boosting earning potential is only one side of the coin.
'Other than salary, our students value the opportunity to engage in knowledge transfer, the emphasis on skills development, improving communication abilities, a rise in confidence and developing those all-important cross-cultural skills - these are integral parts of career and personal development' Styles says.
He adds that employees holding relevant MBAs can improve their own career prospects, and also add to the potential of their employers. Styles highlights job satisfaction - which can improve staff retention - and the ability to take on bigger roles, which can help a company expand or adapt in a challenging business environment.
'If individuals want to develop their careers, they shouldn't be looking for an MBA programme that simply gives them a tool kit to fix problems. Instead, the programme should provide them with the skills and knowhow to identify and work through a problem. And these days, companies are experiencing challenges and problems they have never encountered before, which makes it all the more important they have the people with the skills to work through these challenges.'