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Early Career Applicants: Know the Right Time to Get an MBA

By U.S. News & World Report

Prospective business school applicants always want to know when it’s best to pursue an MBA, but there’s no one-size-fits-all answer.

In the past, business schools required applicants to have a standard four to six years of job experience prior to applying. Now, many programs welcome candidates straight out of college, and the trend is definitely moving toward the lower end of the work experience spectrum.

If you have fewer than three years of work experience under your belt after college, you may find yourself questioning whether now is the right time to pursue an MBA. Early career prospective students should ask themselves these three questions before applying to business school.

[Learn how to prove you are ready to go from college to MBA.]

1. Do I bring enough work and life experiences to the table? This is perhaps the most critical question from the admissions perspective when weighing admit decisions.

Focus on the quality of your experiences, not quantity. There’s a reason why the class of 2018 profiles of many elite business schools include students who are skydivers, fashion bloggers, synchronized swimmers, volcano climbers and pie-eating contest winners. Can you imagine the classroom and group discussions among such a diverse and intriguing cohort?

Complete an unflinching assessment of your professional and life experiences and ask yourself whether you bring enough to the table to actively contribute and enhance the learning environment that will include more experienced and accomplished peers.

[Check out three ways to show business schools you’ll make an impact.]

Can you step into the MBA classroom with a solid understanding of how businesses and organizations work? Has your professional experience been sufficient to help you crystalize your career goals and understand what you want to do with the rest of your life?

If you can answer yes to all of the above, use your MBA application essays to demonstrate those key lessons you’ve learned and show how, despite the short time frame, you’ve progressed in both knowledge and management experience.

2. Will more time on the job benefit me or my MBA candidacy? To answer this question, you’ll need to decide first whether another year or more of work experience will significantly strengthen your profile and make you a more competitive candidate.

Second, you will need to determine whether the costs associated with delaying a full-time MBA program create a larger opportunity cost, not only in foregone salary but also in lost career momentum, especially for those coming from fast-moving high-tech industries.

Maybe you’ve maxed out at your current level and are ready for a career boost that only business school can facilitate. Or perhaps you could benefit from another year in the workforce, taking on more responsibilities, earning promotions and using the time to further bolster other aspects of your candidacy.

When it comes to impressing MBA admissions committees, candidates need to show off their leadership abilities, exhibit their comfort in team-based environments and demonstrate career progression. Make sure you can compete on solid footing in each of these areas with the rest of the applicant pool.

[Discover five things MBA applicants should do before business school.]

3. Can I clearly demonstrate how an MBA will help me reach my career goals? As an early career candidate, you’ll need to convince the admissions committee on why the timing of entering the MBA program makes sense for your career and life plans.

A desire to pivot to a new career is what sets many applicants on their MBA journey. However, younger applicants often haven’t yet landed on a firm path, so those with limited professional experience must clearly articulate their short- and long-term professional goals and convince the admissions committee that an MBA is critical to helping them reach those goals.

Think about what you want to gain from an MBA program and also what you can contribute. You may be 23 years old but have highly focused career goals and ample insight to share, both of which would give you an advantage over an unfocused 28-year-old who is pursuing an MBA to pass the time.

Though younger candidates may not have the years of formal work experience under their belts, many have gained valuable skills through internships, community service, entrepreneurial ventures or extracurricular activities. Early career candidates who are motivated, talented and have a proven track record of leadership have a great chance of admission into a top MBA program.

The bottom line on timing your MBA plans is that you should only go for the degree when the timing feels right for you.

More from U.S. News

3 Signs Your MBA Application Should Wait Until Round 2

Prove You Are Ready to Go From College to MBA

3 Factors to Help Determine Target MBA Programs

Early Career Applicants: Know the Right Time to Get an MBA originally appeared on usnews.com

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

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. 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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