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Business School Can Lead to Career Change

If you’re applying to business school because you want to make a career change, you are not alone.

In a recent survey of MBA applicants, nearly half those applicants — 48 percent — said a desire for a new career was one of their primary reasons for pursuing an MBA, according to the Association of International Graduate Admissions Consultants.

MBA students often use business school to catapult into a job unlike any they’d had.

[Know four reasons getting an MBA might make sense.]

According to a 2017 study from the Graduate Management Admission Council, 52 percent of MBA alumni work in a different industry or job function than they did before business school, and two out of five work in an industry they hadn’t even considered before business school.

U.S. News asked MBA graduates who switched careers to explain how business school helped them transition to a new industry.

Discovering a Passion

Satish Selvanathan spent six years trading mortgage-backed debt in the investment banking industry during the years leading up to the Great Recession.

“In 2006, I saw the writing on the wall and knew very clearly that my industry would not be the same for much longer,” he said in an email. “At the same time, I felt I had lost touch with the reality of owning or operating a business. Mortgage-backed debt is a product created by statistical modeling; it is not something you can feel or touch or relate to.”

[Navigate a job change while applying to business schools.]

He applied to business school hoping that MBA would lead to a fulfilling career.

Selvanathan is now a private equity investor and a co-founder of Spotlight Capital, a turnaround investment firm.

He says Columbia Business School taught him how to analyze and improve companies. The MBA program helped him find his true calling: reviving troubled companies.

“Business school was very meaningful for me, because I fell in love with a topic, which subsequently became a beautiful career,” he says.

[Use an MBA to change careers.]

Tapping Into Creativity

When Shelly Sahi applied to the Ross School of Business at the University of Michigan–Ann Arbor, she was a business analyst at Ford Motor Company, and she was eager to learn more about business strategy so she could contribute to strategy discussions at her company.

But during her MBA program, Sahi realized the idea of starting a business excited her.

She decided to use her materials science background to build a cosmetics company. Her longstanding interest in the industry stemmed from the years she spent blending foundations and lipsticks designed for people with European ancestry to match her North Indian complexion.

“In the back of my mind, I always knew that I wanted to be in the fashion and luxury goods and beauty world, but this was my chance now to explore whether I could do this,” she says.

Sahi visited the Zell Lurie Institute at Ross to ask its professors and entrepreneurs-in-residence for advice. She says they encouraged her and provided her with vital guidance on how to execute her vision. Officials at the Zell Lurie Institute told Sahi about potential funding sources and connected her with alumni who are successful entrepreneurs, she says.

Sahi is now the CEO and founder of SAHI Cosmetics, which she says probably wouldn’t have happened without the support of her business school.

“It is tough to be a sole founder so if you can put yourself amongst other entrepreneurs and bounce ideas off of one another, it really helps you succeed,” she says.

A Moment of Self-Discovery

Marketing and brand consultant Jeff Magnuson says business school was a turning point.

“I didn’t think I would be a career switcher until I went to business school,” says Magnuson, a 2011 MBA graduate from the Kenan-Flagler Business School at University of North Carolina–Chapel Hill.

Before business school, Magnuson spent eight years working on Wall Street, including five years with Goldman Sachs Group, but decided to switch to marketing in his first year of business school.

His change of heart came after a trip where he and other students attended information sessions with Wall Street employers.

“It was all very positive, and everyone was very helpful, but I just knew in my heart that was it,” he says. “I didn’t want to go back. Eight years was enough.”

Magnuson had a friend with a marketing background and asked her to tell him everything she knew about marketing, and he liked what she said. So he went to his school’s career center and asked for advice on how to pursue a career in the field, and eventually signed up for multiple marketing courses.

Magnuson says business school provides a unique opportunity for career exploration. “It’s basically like coming to a point in the road where you can choose one of eight directions to go in,” he says.

Searching for a business school? Get our complete rankings of Best Business Schools.

More from U.S. News

4 Key Career Benefits From MBA Programs

Explore 5 Hot Jobs for MBA Graduates

Learn From an Accepted MBA Applicant’s Resume

Business School Can Lead to Career Change originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

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Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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