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Why the Top Business Schools May Not Be Right for You
Everyone, really, who is considering going to business school would love to be able to say that they had attended and graduated from Harvard Business School or Stanford’s School of Business. They’re the top-ranked schools, they have instant name recognition, and they look great on practically any resume. However, the top business schools just aren’t right for everyone. Here’s why:
Stanford only accepted 7% of the applicants to their top-ranked business program.
Cost. An MBA at a top business school can easily set you back $100,000. If you have that kind of money lying around, then there’s no problem. Otherwise you need to evaluate what kind of return on investment you will get for that kind of money. Having attended a top business school is no doubt an achievement, but is it one you really want to be paying back for years to come? You need to realistically evaluate the cost of the program and associated expenses versus how much you expect to be making once you graduate from business school.
This is the time to be honest with yourself. What do you actually want to be doing after business school? You must carefully determine if going to a top-ranked business school actually makes business sense for you. For some, spending that kind of money is worth it, hands down; for others, it’s definitely not.
They don’t want you. The business world is tough, but the world of business schools may be even tougher. Stanford, for example, only accepted 7% of the applicants to their top-ranked business program. That means a whopping 93% of applicants had to find other schools to attend or forgo business school altogether.
You may have been a top student in your undergrad studies, landed a great internship, even started your own successful business, and have been told on numerous occasions that you have great potential in the upper echelons of business. But that still doesn’t mean you can get into a top school. It’s possible, of course, but the numbers game says you won’t. This is not meant to sound harsh – just realistic. If you apply for a spot at a top business school, you need to be prepared for the fact that you may or may not get in. You need a Plan B. The top business schools are ruthlessly Darwinist, and that’s a fact.
Location, location, location. Are you ready to uproot your life? Leave your job? Leave friends and family behind? And if you are, do you want to get stuck in Ithaca or Durham? (No disrespect for these fine towns intended.) Do you want to work near where the business school is located?
The top business schools aren’t located in every city in the country and they simply may not be where you want to be. Of course location isn’t the only factor when looking for a business school (not by a long shot), but location should still be an important determining factor. (And then for the ultimate in location talk, there are online programs for you to consider.)
Wherever you ultimately decide to apply to business school, just make sure that you make your choices for the right reasons for you – whatever those reasons may happen to be.
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