Is Business School Right for You?

The Master of Business Administration (MBA) has been the most popular graduate degree in the United States for the past decade. Over 250,000 students worldwide are currently enrolled in MBA programs. This trend, or a strong case of FOMO, might have you wondering if business school is the right path for you.

• While MBAs lead to higher salaries and career development, are they truly worth the investment?
• Can you learn the same skills on the job or through an online program?
• This article will guide you through what you learn in business school and help you determine if it's the right choice for you.

What You Learn in Business School

Business school curriculum focuses on training students to be executives. You'll learn how to analyze information, think critically, manage people, and communicate effectively.

• The program caters to managers who want to become leaders and students aspiring to climb the corporate ladder.
• Typical courses include accounting, economics, marketing, finance, project management, human resources, logistics, organizational behavior, business ethics, and information technology.
• You'll gain a broad understanding of how various business functions work and how they're interconnected.
• Beyond coursework, you'll also learn networking, corporate ladder navigation, and the importance of professional connections.

Duration of Business School

Business school usually lasts two years, but different MBA programs offer accelerated options, especially international schools outside the United States.

• Full-time students can complete their MBA in 12 months, while part-time students can pace themselves over a few years.
• On-campus and online MBA options are available, but studies show that in-person MBAs are more valuable due to networking opportunities.

Gaining Admission to Business School

Getting into business school can be challenging. While the requirements seem straightforward, some schools have stringent restrictions.

• MBA schools often look at GMAT or GRE test scores, though some waive standardized testing.
• A strong resume, academic transcripts, recommendation letters, and well-written essays are essential.
• Interviews with faculty and administration, as well as video essays, might be part of the application process.
• Most business schools prefer applicants with work experience before beginning an MBA program, but requirements vary between schools.

The Cost of Business School

Business school can be expensive, with costs varying based on the type of program:

Type of School	Average Cost
Traditional Business School (bachelor's degree)	$26,027 per year
MBA	$61,000 (excluding living and travel expenses)
Online Business School	$29,040 (on average)

• The cheapest MBAs are around $40,000, while the most expensive can exceed six figures.
• Online alternatives might be more affordable but may not be accredited or recognized by employers.

Business School Trends

The MBA market is evolving, with some trends impacting enrollment and program structures:

• Enrollment for business schools declined by 6.5% in 2022, partly due to the economic climate and employers' changing views on MBA value.
• More schools are offering "fast-track" MBA programs that can be completed in one year. However, these accelerated programs may dilute the overall value of the MBA.
• To make business schools more real-world applicable, institutions are incorporating hybrid programs that integrate with people's actual jobs.

Should You Go to Business School?

The decision of whether to pursue an MBA is complex and depends on your individual circumstances and goals.

• While MBAs were once highly valued, the landscape has changed. You can gain formal and informal education online, and businesses are increasingly prioritizing experience and know-how over diplomas.
• Research suggests that the average MBA only increases a student's lifetime earnings by 1% after accounting for tuition and opportunity cost.
• The value of an MBA can vary significantly depending on the school. If you're not attending a top-tier school like Wharton, Stanford, or Harvard, the ROI may be lower.

The Entrepreneur's Questionnaire

If you're unsure about business school, consider these questions:

• Do you prefer learning by doing rather than studying?
• Are you limited on time and cash?
• Do you dislike taking orders, working for someone else, and performing mundane tasks?
• Do you possess skills that someone would pay for?
• Can you solve problems quickly on your own?
• Have you successfully made money through a side hustle?
• Can you network effectively on your own?
• Do you have a passion for a specific industry?
• Do you have a vision for a company you'd like to build?

If you answered "yes" to at least three of these questions, you may be a strong candidate for entrepreneurship and should consider bypassing business school.

A Better Way to Learn for Entrepreneurs

For entrepreneurs who want to learn real-world skills, Foundr+ offers an alternative to traditional business school.

• Foundr+ is a subscription-based learning platform where you can learn from world-class entrepreneurs about various topics, including content marketing and startup financing.
• These instructors are not gurus but practitioners who have achieved success and will share their proven frameworks and processes.
• Instead of classroom philosophies, Foundr+ provides practical knowledge that can be applied to launch and grow your business.