Many undergraduates with an eye on business have to ask themselves the question “When should I study my MBA?”. They are faced with the decision of immediately entering the workforce (and potentially losing educational momentum) or continuing their educational pursuit into an MBA program.
Answering the question of which is better for you really relies on two primary factors: your goals and your business schools.
Your Goals
Articulating exactly what you want to achieve with your MBA will go a long way towards helping you decide which path is best for you. An MBA will likely increase your salary, and thus it is worthwhile to pursue early if you are looking to maximize your earnings over a lifetime of employment. Think of it this way, every year you work at a higher paycheck adds up over time. If you can earn that paycheck relatively quickly by attending MBA school early, then you’ll earn more throughout your life.
On the other hand, if you are continuing your education, that may mean sacrificing work while also building debt. To avoid accruing student loans, it may be best for your financial situation if you delay your MBA. Some people have the freedom to work and pursue their MBA at night or on the weekends. And some employers may actually pay for part or all of your tuition. In either of these situations, going for your MBA immediately after graduating is worth it if you can keep up with the work.
Your Business Schools
An often overlooked but very important factor in the decision of whether or not to defer your MBA till later is the schools that you are accepted to. Simply put, an MBA from a top school will benefit you more in a job hunt. Employers will desire to hire you if they can see you got your MBA at one of the most rigorous business schools in Australia.
Keeping this in mind, acceptance into a large amount of MBA programs rely on a certain amount of work or managerial experience. This could mean you might benefit more from entering the workforce, building experience, and then applying for one of the top schools. This allows you to build both an income and a network while also setting you up for future educational success.
We hope this guide has given you a better idea of when the best time to study an MBA is. If you think that now is the time for you, a good place to start is our database of almost 100 MBA schools.