mba admission essay

mba admission essay

Pursuing an MBA: A Pathway to Success

1. Introduction

First and foremost, considering to take a higher education in the business industry one must take the opportunity cost into consideration. Is it time efficient and worth giving up a potential promotion, raise or other opportunity at your current employer? Most likely the answer to this question is no, but there is no better way to further your potentials in the business industry than to obtain a Masters in Business Administration. Wasted time on the other hand can be costly; one must also consider how soon these goals can be achieved. An MBA is a 2-5 year commitment, will there be an opportunity to quit and then return to schooling? For the opportunity cost is simply lost if one decides that he/she will not return. Another factor is the financial cost of going to school. If there is a family to support or other responsibilities, is it feasible to take out loans and quit your job? An MBA is said to further your potential and knowledge to increase future earnings, it is not a guaranteed pay increase. These questions and potential stresses can be overwhelming, but if there is a will to attain your end goals, taking small steps now to better prepare yourself can be guaranteed to lead to success.

Pursuing an MBA or a Master in Business Administration is not an easy task. Various factors should be taken into consideration if you are seeking a higher education in the business industry. An MBA can further your knowledge and potential with the right tools and resources. This path should not be taken lightly when making a decision as to whether you should obtain a higher education, the time and effort and cost should be considered. Will you have the resources available to make this commitment feasible? If it is, then going through with taking the GMAT, researching what schools have to offer, and making a choice whether a general MBA or a specialized degree is for you should be your next step. This entire process could be very time consuming and stressful, but with the right attitude and sufficient preparations your path to success is right around the corner. This thesis will discuss how by taking small steps to adequately research the GMAT, choosing the right school and determination to complete an MBA, it is in fact a pathway to success.

2. The Value of an MBA

Certainly, a primary consideration when making the decision to pursue an MBA is the anticipated return on investment. In a 2008 article on the Financial Times website, author Della Bradshaw cited a survey that reported the average payback period for an MBA degree to be 3.5 years. Also in this article, Peter Calladine, head of research and insight, AMBA, is quoted as saying “88% of students had achieved an ROI within 3 years”. This suggests that such a degree can be a good investment. There are three parameters to consider when weighing the value of an MBA. The first is the change in salary prompted by obtaining the degree. The Graduate Management Admissions Council (GMAC) conducted a Corporate Recruiters Survey in 2007, which discovered that the median starting salary for MBA graduates is $105,000 in the United States. This is significantly higher than salaries received by fresh graduates with other degrees. In a separate survey of alumni, GMAC reported that 52% of respondents stated their salary had increased beyond inflation as a result of having their MBA. The second parameter is the cost of obtaining the degree. According to this same survey, the median amount of money spent in tuition fees alone for a global MBA program is around $50,000. This does not include additional expenses such as administration fees, study materials or living costs. However, these expenditures are not made all at once – most students finance their degree using a combination of personal savings, loans, grants or employer funding, and many recover these costs shortly after obtaining the degree. The third parameter to consider is the opportunity cost of leaving employment to go back to school. This is an important factor for full-time students who are foregoing 1-2 years of work and an associated salary. With the prospect of increased salary in mind, it is relatively easy for one to determine whether or not an MBA is a good financial investment.

3. The Admission Process

On successful completion of your GMAT, you can apply for an MBA. Every institution has its own curriculum, but generally, MBA programs comprise the following areas: MBA programs are designed to familiarize students with different areas of business administration, such as accounting, finance, marketing, and human resources. Most students enter MBA programs after a few years of working following their graduation. For this reason, many MBA programs also prefer candidates with some working experience. High-quality MBA programs require experienced candidates, and it has become a parameter to judge the quality of the program. There are two types of MBA programs. The first type requires students to attend classes full-time. It takes 2-3 years to complete, and students get a chance to learn in a live environment. However, it is more costly, and students need to leave their jobs for 1-2 years. The second type is part-time programs. Many working students prefer MBA part-time programs, where they can continue their job and attend classes in the evening. The duration of the part-time program is generally 3 years. Executive MBA programs are for those who are already in some business or have significant experience in a particular field. This kind of program is mainly for enhancing their knowledge to give a boost to their careers. The eligibility criteria for part-time programs and executive programs are not very stringent, and admission is guaranteed many times.

4. Crafting a Compelling Essay

Another type of essay is the one that asks why you want to attend a particular program or school. The easiest part of the essay is to know that, by golly, you really want to go. Actually conveying that to the reader? Not so easy. The most generic thing to say would be that the facilities and faculty are great, but you want to stand out. Focus on doing research on the school or program you are applying to. Find out what sets them apart from other institutions and how this particular program will aid you in the future. Provide the reader with some insight as to how you came to the decision about what your goals are and why this program is the one to bring you success or help you reach those goals. Finally, the connections you have made from your previous experience to your decision about future goals should be showcased. These types of essays are usually mixed in with other essays and are often quite difficult, but when an essay is written with a well-thought-out clear plan, the results can be quite worthwhile.

Crafting a compelling essay – Crafting a well-written MBA essay is crucial to make your application stand out, and one that directs the admissions committee to accept you. One way to do this is by telling a personal story. In this sophisticated type of essay, you will need to specifically delineate a personal anecdote in a multifaceted, well-organized and professional manner. Ideally, the story will depict determination, grit, and perseverance in the face of adversity. The result of the story should show a solid resolution from which you benefited significantly. As the writer, you will need to detail those benefits showcasing your character and what you learned or how you grew from those events. Finally, the impact of the event on future goals and preparation for those goals will need to be explained. Personal development resulting from the event should coincide with the attainment of your goals in the long run.

5. Conclusion

After an extensive and thorough analysis, we propose that the MBA is a vital course to a variety of professions all over the world. The MBA provides a huge spurt to your career, the advantages may differ, yet they are precious. It prevails that people with an MBA earn higher salaries than those with no, throughout a range of industries. The only exception to this is for business owners, owning an MBA can be of some help to entrepreneurs, however is not the most important thing. The relationships formed in business school are valuable and can often manifest into joint business ventures. Regardless of what the future holds, you will have a firmer grip on business, a more sharpened analytical ability, and a greater capability of taking a big-picture view. This will lead to a more confident decision making and higher leadership effectiveness. Finally, the worldwide recognition of the MBA is a secure way to guarantee the successful career of your choice.