Believe it or not, if you are thinking of enrolling in an MBA program for the fall of 2019, now is the time to get the process started. However, many of you may be asking yourselves if it is the right time to apply for you!
Here are 4 key signs that it might be the right time to consider an MBA.
1) You already have 3-4 years of pre-MBA experience: The average applicant for most schools has approximately 5 years of pre-MBA experience at the time of enrollment. Once you have 6+ years, your chances begin to decrease, ever so slightly each year. Similarly, your odds of acceptance do not increase considerably between 4 and 5 years unless your role significantly changes. You should also consider the possibility that you may not be accepted the first time you apply if you reach too high (for instance only targeting Stanford). The longer you wait now, the more likely it is that you will run out of time to give your dream school one more shot by re-applying. At this stage in your career, now might be the time to pull the trigger.
2) You have reached a plateau at work: Have you stretched yourself as much as possible in your current role? Do you need an MBA or advanced degree to reach the next level? If you are bored at work and feel that you have learned all you can in your current role, this is a good sign that now might be the time to think about an MBA. If you feel you are close to plateauing, now might also be the time to apply. Keep in mind it will still be another 18 months until you are likely to enroll.
3) You are ready to switch careers: Switching careers while writing your business school applications can be tricky. While it works for some to change industries or functions pre-MBA, post-MBA is a great time to switch careers for most. If you know you want to move from banking to consulting or consulting to product management, why wait? In many ways the MBA is the great equalizer and post-MBA students often start at a similar level to each other. If this is you, think about applying today.
4) Your personal situation makes it a good time to become a student. Did you just cash out $1M in bitcoin and want a break from work? Is your partner going back to school and it will be easier to study together? Going back to school full-time is a major lifestyle change and your personal circumstance should be a key factor in your decision on when to apply. If late 2019 is shaping up to be a good time for you to become a student, it’s time to get your applications started.
As an MIT Sloan BS graduate and Wharton MBA grad, I have been helping candidates get into the schools of their dreams with a 96% success rate for over 10 years. Email me today at: email@example.com