Sometimes ago , I wrote about going for Masters immediately after bachelors degree and why any Masters you intend to go for should add value to you as a person and to your career. Read the article here https://www.247insight.com/2018/07/25/just-before-you-go-for-that-masters-degree/
The post was viewed by over 100,000 people on LinkedIn with arguments for and against the line of thought.
The truth is Masters degree should not just be a tick the box project. You must be clear of what you intend to achieve after the Masters.
Your career plans and long term aspirations are part of the considerations in deciding whether to go for a research based Masters or a professional masters.
An MBA is a professional masters offered by Business Schools around the world. If you are not sure or you need some guidance on whether going to Business School may be the right option for you, consider the following;
1. You feel stuck in your career
We all get to a position in our lives , career or business where we feel we are stuck and we are not sure of what the future holds.
A good MBA will provide you with clarity on what other career options you may consider and how to move your business forward as an entrepreneur.
Whether you have 2 years or 7 years experience in a particular field, with an MBA you can start a new career and succeed in it.
2. You want accelerated Growth
If you want to achieve accelerated growth in your career , you may consider an MBA. A friend recently finished his MBA in a well ranked business school. He had about 3 years experience prior to his MBA in a Finance related field and upon completion , he got an offer as a Senior Product Manager with Amazon. That’s the type of edge a well ranked MBA will give you.
3. You want to work for an International Organisation
If you want to work for a company that has no presence in your country of residence , an MBA may be a route to do this. You need to check the schools you want to attend and see if that company recruits from any of the school.
You can also look out for alumni of those schools working in the company to ask how they got into the company.
4. You are tired of what you are doing
The moment you don’t enjoy your career again, and you feel tired, an MBA may be the next option for you. Whether you are a scientist, a medical doctor, a pharmacist , an auditor or even a programmer, you can move to a different career field upon completion of your studies and you are not starting from entry level.
5. You need valuable network of contacts that cuts across the globe
If you are an entrepreneur or you have big plans to change the world and you need contacts from North America, Asia Europe , Middle East and even Australia, you need to consider an MBA.
Your classmates will be drawn from different parts of the world and you will work together on different assignments and projects during the course of your study. Your faculty members who are well experienced with good access to an array of people may also be a good route to fulfill your plans.
Strong contacts is always a game changer in career and business. So it’s worth considering.
6. You want more money
If you want more money from what you are doing or from what you want to do, you may consider an MBA. The Return on Investment is usually huge depending on the school. Most schools show you average post MBA salary and most rankings also provide this information. You can check out Financial Times , US News and Economist MBA rankings to aid your research.
The time to take that bold step is now as applications have started opening for most schools.
Feel free to drop your comments in case you have any clarification.
Notes to Undergraduates: Why you must develop yourself
3 ways to Finance your MBA from a top ranked Business School
I recently wrote an article on why people should consider going for an MBA from a top business school, See here . Many people have reached out to say they would really love to attend a top tier business school but they cannot afford it.
The truth is going to business school is usually a big investment, and the return on investment is usually huge.
I have not seen anyone that got an admission to a top school in recent times without getting finance to attend such school. You need to focus on the admission while considering the options available.
I have identified 3 ways that you can use to finance your MBA.
Most business schools usually provide some sort of funding for their admitted students. Some scholarships may be in form of full tuition plus stipend, part tuition, teaching assistantships etc. Some schools give a merit based scholarship in which case all admitted students are considered for scholarships while some provide need based scholarship depending on your financial status and need.
For most merit based scholarships, your test scores (GMAT/GRE), essay, undergraduate grade point and other application materials are part of the things considered in giving scholarships. I know a number of people in business schools around the world that got 100% and part scholarships so it is very possible.
A very high GMAT/GRE score coupled with other strong application materials may give you a edge in securing scholarship from a top business school.
2. Student Loan
A significant number of students going to business school now use student loan to finance their MBA degree. There are organisations that give international students loan without a co-signer while some require a co-signer. For example Prodigy Finance provides student loans to international students across the globe without requesting for any co-signer. The major requirement for the loan is an admission letter from a participating school and the interest rate is mostly one digit depending on the ranking of the school. Loan repayment for Prodigy loans usually start 6 months after completion of MBA final exams and tenor can be between 7-10 years.
There are other student loan providers that different schools work with. MAke sure you research about the options available from the school you are considering and go for it.
3. Personal Savings/Family Support
This is the last preferred for me because it is difficult to finance a top school MBA solely from savings. There are instances where the financing institution will expect that you have savings for your cost of living while they pick up the tuition on your behalf. Some may request that you pay a certain percentage of the tuition yourself so be prepared for this as well.
In conclusion, financing an MBA is not your greatest challenge to fulfilling your business school dreams, scoring a high test score and securing an admission poses greater challenge and you need to give the preparation and admission process your best.
All the best and see you at the top.
After NYSC, What Next?
I must say congratulations to the all those that recently rounded up their NYSC or those that are rounding up. I can imagine what you have gone through within the one year of serving Nigeria. I know it is a mixed experiences for a lot of poeple.
The question a lot of you are asking is, what is next after NYSC?
I recently made a post about how the decisions you make post NYSC may affect your career either negatively or positively and why that decision may be one of the most important you will make in nyour life. You can read the post here https://www.247insight.com/2018/07/25/your-post-nysc-decision-may-make-or-mar-your-career/
Some of you have reached out with different options asking for guidance. I will be glad to give as much as my time can accommodate.
However, I believe the following may help you as you venture out:
1. Update your Cv and proof-read for typos and errors.
2. Reflect your NYSC experience as a full work experience especially if you were gainfully engaged during this period. Highlight the things you did very well, your achievements and your positive contribution to your place of primary assignment.
3. If your PPA offers to retain you, take it, even if it doesn’t align with your plans while you be on the look out for a better offer. Don’t reject the offer to go and sit down at home.
4. Reach out to senior friends about your need for job and ask if they can assist to submit your CV in your company..
5. If you need certifications , go for it rather than wasting time.
6. You need to have work skills such as computer skills (Microsoft Excel, Powerpoint and Word), communication skills, leadership skills and problem solving skills. If there is any you need to learn or brush up, please do.
7. Be strategic in your job search and believe there are jobs everywhere. Your mindset is everything.
All the best.
Please share to your social network or anyone just rounding up their youth service.