Next month I am going back to school. Not as a student, but to teach sales strategy once again for the Haas Business School MBA program at the University of California, Berkeley (and for the first time at University of Southern California’s Marshall Business School MBA program).
Should you go back and get your MBA? That can be a difficult question to answer. Since there are over 400 different universities that offer MBA programs across the US, let’s first take a look at the three basic programs you have to choose from.
Full-Time MBA Program: You drop everything you’re doing to head back to school full time and live on or near-by campus. Admission to most full-time MBA programs require several years of work experience and they’re not cheap. Plan on spending a minimum of $100,000 (plus living expenses) to complete a two year program at a top 25 school. For example, UC Berkeley’s Full-Time MBA program (ranked 6th overall in 2008 and 1st for e-business by Financial Times) costs $48,000 per year for tuition, fees, and books alone.
Part Time MBA Program: Classes for these programs are conducted on weekday evenings and weekends over a two year period. The good news about these programs is that you’ll be able to continue to work (if you don’t travel too much). The bad news is you will be swamped with assignments, readings, and studying for tests. Your schedule will be fully booked and you will have very little free time for family or yourself during the school year. The costs of these programs is about the same as a full time MBA. USC’s Marshall School of Business and UC Berkeley’s Haas Business School part time programs (ranked 5th and 6th in the nation for 2009 by US News and Report) both cost about $100,000 to complete.
Executive MBA: These two year programs are specifically designed for “senior” managers who work full time. For instance, there are 136 Executive MBA students in USC’s program (ranked #1 in 2008 by the Wall Street Journal) with an average of 13.5 years work experience. The curriculum of these programs is more real-world project/problem/case study based (as opposed to standard classroom lectures). It costs about $100,000 to complete USC’s program.
Have you been thinking about getting your MBA? Here’s my “general” rules of thought. Be forewarned, these are only my generalizations based upon career stage and I can guarantee that your personal situation is unique.
Salesperson late 20s-early 30s: This is the best time during your career to get an MBA . I strongly recommend you pursue a part-time MBA if you can honestly answer yes to the following question, “Do you have the wherewithal to preserve through two hard years of studies?” Maybe you have been in sales for a few years and don’t feel a sales career is right for you. Why not go back to school full time? Trust me on this… this is one of the few times when you will have the opportunity to re-chart your life’s direction.
Salesperson Mid 30’s-early 40’s: If your family obligations aren’t too considerable and your work schedule is manageable, I would recommend pursuing a part time MBA.
Salesperson late 40’s and up: Focus solely on your job and maximizing your income. Sock as much money away as possible and spend as much time as you can with your family.
Sales Management Recommendation: Regardless of your career stage and whether you are a new or seasoned sales manager, get an Executive MBA!!! You’re going to learn tons of new stuff from some incredible faculty and work on projects with talented (and well-connected) classmates . Equally important, it may make the difference between getting that big promotion and landing your next job.
One last thought, just because you decide to apply to grad school doesn’t mean you are going to get in. UC Berkeley had 3,779 applications to their 2010 full time program and only accepted 240. That’ only 6%!!! Be forewarned, the application process at top schools like CAL and USC is grueling. But rest assured, the long term benefits are worth it!
Other Articles That Might Interest You:
MBA is certainly a way to move up. It's a great career step for people in Sales. It's absolutely essential.
Posted by: Your career guide | July 20, 2009 at 03:43 AM