Being accepted into a top MBA program is a big achievement, given that the best business schools receive so many applications. And receiving multiple acceptance offers can be both a blessing and a challenge.
Applicants in this enviable situation will need to take a structured approach to make the best decision for their future.
First, experts suggest that you take time to evaluate your long-term career and personal goals. Reflect on what you want to achieve in your career, whether it’s switching industries, accelerating your current trajectory, or starting your own business.
And then consider your preferred geographic location for your post-MBA career, and how important networking opportunities, alumni connections and global exposure are to you. These reflections will help you prioritize the aspects of an MBA program that are most important.
“Revisit your original drivers for an MBA,” says David Simpson, MBA admissions director at London Business School. “Should have been on something of a journey of discovery about yourself through the admissions process, your aspirations may have changed, or you may be even more sure of your direction.”
He also suggests that you build your own list of criteria for a personalized ranking of schools. “Don’t just choose the school offering you the best financial aid,” adds Simpson. “Obviously cost will have an important impact on your decision, but as much as you can, think of the long-term returns – financial, network, the experiences you’ll have and skills and knowledge you will amass.”
Compare program offerings
Business schools and admissions consultants say it is, indeed, essential to compare the program offerings of each school. Each MBA has unique strengths, so it’s essential to understand how each aligns with your goals.
To do this, experts say you should look at the core courses and electives to ensure they match your interests. The reputation and rankings of the programs can also provide insight; consider both overall rankings and industry-specific reputations. Faculty expertise and research opportunities can also be big factors, particularly if academic research or industry connections are significant to you.
“Consider which school aligns best with your career goals and offers the most relevant resources, opportunities and networks,” says Nicole Tee, director of MBA programs at the National University of Singapore Business School. “Evaluate the culture and environment of each school to determine where you will thrive personally and professionally.”
She adds that it is important to know the different schools’ application and acceptance timelines. “If needed, respectfully request extensions for acceptance deadlines,” says Tee. “Many schools will oblige.”
Consider financial implications
Financial implications are another crucial consideration. Compare tuition fees and additional costs such as books, technology and travel, business schools say. Assess the scholarship offers and financial aid packages from each school, and calculate the net cost after accounting for these financial supports, too.
Evaluating the potential return on investment (ROI) is also essential. Look at post-MBA salary increases and career opportunities using resources like employment reports and salary statistics.
Assess location and lifestyle
Beyond that, the location of the MBA program can significantly impact your experience. Evaluate the campus facilities, resources and student services, along with the social life, extracurricular activities and support networks. Your personal preferences for climate, culture and lifestyle should also be factored in.
“Is one program in your desired city — or at least in the same overall region? Does one program have a reputation for helping its students land jobs in the area you want to live?” asks admissions consultant Stacy Blackman.
“If location isn’t a concern, then focus on what does matter most to you: recruitment stats for certain industries? Diversity? International opportunities?” she adds. “We know you reviewed all of this information when you were deciding where to apply in the first place, but now it warrants a second, closer look.”
Network with students
Networking with current students and alumni can provide valuable insights into each program’s strengths and weaknesses. Attend information sessions, participate in webinars and visit campuses if possible. “Spending time on campus and around current students and other admitted applicants will go a long way in helping you decide which program is the better fit,” says Blackman.
Additionally, the quality of a program’s career services can be important. So evaluate the availability of personalized career coaching and mentorship programs, access to on-campus recruitment events, job fairs and employer partnerships.
Experts also say to look at employment statistics such as placement rates, average starting salaries and bonuses and the distribution of graduates across different industries and functions.
Having multiple MBA acceptance offers is a desirable position, but it requires careful consideration and analysis. “Just the time it takes to compare and evaluate,” adds Blackman. “And have the peace of mind that you made the right choice.”
