I just uploaded a list of the top 15 full-time MBA programs on the MBA Rankings 2011 list.
Remember, a full-time program is one in which you attend classes during the day. You aren’t working a full-time job and then taking the classes in your full-time MBA usually. If you are looking for night-school possibilities, stay tuned for a future post.
As a preview to the list, the top three programs are:
- Booth (University of Chicago)
- Harvard University
- Wharton School of Business (University of Pennsylvania)
For the rest of the list, click the link below:
MBA Rankings 2011
Your MBA Salary depends largely on the school you attend. This comes from the “shouldn’t shock anyone department.”
MBA graduates from the best MBA schools make more over the course of their lifetime than those from other schools. Bloomberg Businessweek recently compiled research that indicated those graduating from a program like Harvard or Stanford stand to make $126,000 when starting out. Those with MBAs from lesser programs, however, stand to make much less.
This adds up over the course of your career. Graduates from the top 57 programs made $700,000 more over the course of their lifetime than graduates from the University at Buffalo. The contrast is even starker when compared with graduates from Harvard, whose graduates earn around $3.6 million, almost $2 million more than our University at Buffalo MBA grads.
Based on expected annual MBA salary alone the top schools were:
- Harvard University ($3.6 million over a 20 year career)
- University of Pennsylvania’s Wharton School ($3.34 million over a 20 year career)
- Stanford Graduate School of Business ($3.29 million over a 20 year career)
Of course expected pay shouldn’t be the sole arbiter in choosing your school. One should consider the ease of entrance, convenience, and the school’s overall reputation, among others.
Read more on the affect of your school on MBA salary at Bloomberg Businessweek.
To get into a quality MBA program, you’re going to have to take the GMAT. You can get a good score with good preparation. Here are some quick tips to help you with that.
1. Set aside at least 8 weeks to prepare.
You can’t just cram the night before the test. You have to put in some time to prepare properly. Spend time on each of the two multiple choice sections: Quantitative and Verbal, as they are the most important part of your GMAT score.
2. Buy a good preparation guide.
Without a good preparation guide, you don’t have a prayer at high scores in the quantitative and verbal sections. The guide will not only give you a good feel for the structure of the test, but it will take you through the types of questions you’ll receive and the justification for the correct answer. I recommend The Official Guide for GMAT Review, 12th Edition.
3. Get your free practice tests from MBA.com.
The software comes with two practice tests that are frighteningly accurate–to the point where you can predict your actual GMAT score. Don’t waste them because retakes don’t really help you out much. I’d space them out like this: after going through the preparation guide take a practice test. Then focus on your weaknesses. A week before your exam, take the second test as a final moment of truth.
4. Practice Practice Practice!
Keep track of the questions you miss and why. Continually review your list of missed questions so there will be no surprises on test day.
5. Don’t spend too much time preparing for the Analytical Writing until the end.
The analytical writing section doesn’t actually apply to your official GMAT score. If you score a 0 on it will you be denied admission to a top school? Maybe, but that’s unlikely. Just set aside a week or so before the test and spend a few hours working on structuring a 3-5 paragraph answer to a complex problem. Remember to present each side of an issue, use connecting words, and then a conclusion. You should be just fine.
I was able to score a 700 on my GMAT. If I followed these tips more closely, I know I could have done better!
Perhaps you’ve asked, “why get an MBA?”
There are many reasons. Salary is the big one of course–studies show that graduates with an MBA start out at a salary of $11,000 more than those who do not have an MBA.
But you also must consider how your communication will improve. Not only because you will be trained on how to better communicate with your peers, but also because you will understand the business. When you understand the business better, you will be better equipped to ask your boss for a larger budget for a aspect of your team.
You most likely have a university in your area that offers a part-time MBA program. A program which allows you to take classes after work. I’m currently going to school once a week, 6:00 PM to 9:30 PM at an accredited university with an excellent reputation. My classmates are intelligent working professionals who are great to network with.
Perhaps you live far from a university offering a part-time MBA program. It’s never been easier to get an MBA with so many online MBA programs available.
Read more on why you should get an MBA.