Get Your M.B.A. Part-Time Part 1

Get Your M.B.A.Part-Time.

For the Part-Time Student with a Full-Time Life.

by Robyn Frank-Pedersen.

Preface.

When I was in college, I had no clue what I wanted to do with the rest of my life. In fact, for someone who grew up in the "big city," I was surprisingly naive. One thing was certain; I knew that attending a good university would ensure at least a few open doors. Or so I thought. After all, isn't life like the movies? You work hard, obtain your degree, and magically land the perfect job complete with fame, fortune, and satisfaction, and everyone lives happily ever after, "The End"? Okay, so I was a little green-just bear with me.

So there I was, graduating from Brandeis University, my whole life ahead of me, but unsure of where I was headed. Armed with a psychology degree, I was ready to . . . I had no clue! Back in New York City, I used my connections to land several jobs: a.s.sistant to the fas.h.i.+on editor at a woman's magazine, travel agent, gofer at my father's office. All in all, nothing particularly meaningful or permanent.

To my surprise, the degree that I thought would open so many doors essentially led me to: "How many words per minute can you type?" Using my language skills, I settled on the first administrative position that I was offered. Landing in a French commercial bank appeared arbitrary at first, but things started falling into place and I realized that I was beginning to find my niche.

Convincing people that I could type and actually doing it were two very separate things. In time I figured it out, but I seemed more adept with figures than words and was soon transferred to the accounting area. One thing led to another; one year flowed into the second and the third and the fifth. My direct supervisor at the time was pursuing her M.B.A. at night. When her husband was transferred to South America and she left the bank, I was alone, trying to fill her very large shoes. Maybe it was my family background (as the youngest of three girls, I was always trying to please and make things right) or my compet.i.tive nature (conquer the next obstacle), but I really needed, at that juncture, to prove myself. My bosses felt that I was not ready to take over the vice president position that was recently vacated. They did permit me, however, to do all the work and put in the hours that that position entailed. The lesson I learned was the following: my soft skills needed fine-tuning and I was not experienced enough to take on the management position of a vice president. Time would take care of the latter, but I needed something else to cure the former.

Many, many months of long hours and increasing responsibilities with small promotions and little salary increases led me to another decision. All the kudos and pats on my back at work were not going to get me that big promotion. What would guarantee it is that little square piece of paper called a diploma. My decision was made, and off I went to B-school. The decision of where to go was easy: I followed in the footsteps of my predecessor and attended Fordham University. Going at night would ensure that I would be next in line for the big promotion. The big joke was that in my situation, after taking two or three cla.s.ses per trimester, I was still getting home earlier than I used to from the office! My office was footing the bill and I was a hero.

However, at 30 years old, I was unmarried, working late each night, going to school after work and spending my entire weekends in the stacks at the Fordham library. These were the few concessions I made, yet I never doubted my decisions. My one wish was that I had had a better idea of everything that I was getting into-a guide. Attending school while maintaining a full workload is an extremely challenging and ultimately rewarding endeavor. Being prepared for what lies ahead is a student's best weapon, which is why I was determined to impart some "insider info" to future part-timers.

Having recently returned to Fordham University to talk with some administrators as part of the research for this book, I was so surprised-and impressed-by the variety of programs now offered. Some were available almost 10 years ago when I started my M.B.A., unbeknownst to me, and I seriously regret not having involved or immersed myself further in the program. I did not do the one thing I advise all of you to do: adequate research. I followed in my boss' footsteps and in the process did a disservice to myself. Had I investigated the various available programs, I may have benefited more from my degree and the M.B.A. experience in general. It was my mistake; don't let it be yours. (Since graduation, I have gone back to Fordham University and audited several courses for a very nominal fee-a wonderful benefit awarded to alumni.) In the next chapters, I will share with you some of my experiences as well as suggestions from your peers, colleagues, employers and educators. I hope to share with you some of my insights-things I wish someone had told me when I was going through the process.

Let's start off with my first piece advice: You can obtain only one M.B.A. Don't rush into it-do your homework carefully and select or create the program that is right for you.

A Special Note for International Students

The M.B.A. (Master of Business Administration) has become a degree of choice for businesspersons around the globe. Variations of U.S.-style M.B.A. programs exist in Asia, Europe, and the Americas. In recent years, hundreds of thousands of international students have studied business and management in the United States.

As the United States increases its partic.i.p.ation in the global economy, U.S. business schools are reaching out to attract exceptional international candidates into their graduate programs. However, compet.i.tion for admission to prestigious programs is heavy and international students need to plan carefully if they wish to enter a top U.S. graduate management program.

If you are not from the United States, but are considering attending a graduate management program at a university in the United States, here is what you'll need to get started.

* If English is not your first language, start there. You will probably need to take the Test of English as a Foreign Language (TOEFL) or show some other evidence that you are proficient in English prior to gaining admission to a graduate program in business. Some graduate business schools now require a minimum TOEFL score of 550 (213 on the computer-based TOEFL), while others will require a minimum of 600 (250 on the computer-based TOEFL). The ability to communicate in English, both verbally and in writing, is extremely important to your success in an American M.B.A. program.* You may also need to take the GMAT (Graduate Management Admissions Test). Some graduate business programs may require you to take the GRE (Graduate Record Examination) as well.* Since admission to many graduate business programs is quite compet.i.tive, you may wish to select three or four programs you would like to attend and complete applications for each program.* Select a program that meets your current or future employment needs, rather than simply a program with a big name. For example, if you hope to work in the hotel and tourism industry, make sure the program you choose specializes in that distinct area.* You need to begin the application process at least a year in advance. Be aware that many programs only offer August or September start dates. Find out application deadlines and plan accordingly.* Finally, you will need to obtain an 1-20 Certificate of Eligibility from the school you plan to attend if you intend to apply for an F-1 Student Visa to study in the United States.

Kaplan English Programs*

If you need more help with the complex process of business school admissions, a.s.sistance preparing for the TOEFL or GMAT, or help improving your English skills in general, you may be interested in Kaplan's programs for international students.

Kaplan English Programs were designed to help students and professionals from outside the United States meet their educational and career goals. At locations throughout the United States, international students take advantage of Kaplan's programs to help them improve their academic and conversational English skills, raise their scores on the TOEFL, GMAT, and other standardized exams, and gain admission to the schools of their choice. Our staff and instructors give international students the individualized instruction they need to succeed. Here is a brief description of some of Kaplan's programs for International Students: General Intensive English Kaplan's General Intensive English cla.s.ses are designed to help you improve your skills in all areas of English and to increase your fluency in spoken and written English. Cla.s.ses are available for beginning to advanced students, and the average cla.s.s size is 12 students.

General English Structured-Study For students needing a flexible schedule, this course helps improve general fluency skills. Kaplan's General English Self-Study course employs the communicative approach and focuses on vocabulary building, reading and writing. You will receive books, audio and video materials as well as three hours of instructor contact per week.

TOEFL and Academic English This course provides you with the skills you need to improve your TOEFL score and succeed in an American university or graduate program. It includes advanced reading, writing, listening, grammar, and conversational English. You will also receive training for the TOEFL using Kaplan's exclusive computer-based practice materials.

TOEFL Test Preparation Course Kaplan's TOEFL course can help you learn test taking skills and strategies to raise your TOEFL score. This course is for intermediate to advanced English learners with a TOEFL score of at least 517 (187 computer).

GMAT for International Students The Graduate Management Admissions Test (GMAT) is required for admission to many graduate programs in business in the United States. Hundreds of thousands of American students have taken this course to prepare for the GMAT. This course, designed especially for non-native English speakers, includes the skills you need to succeed on each section of the GMAT, as well as access to Kaplan's exclusive computer-based practice materials and extra verbal practice.

Other Kaplan Programs Since 1938, more than 3 million students have come to Kaplan to advance their studies, prepare for entry to American universities, and further their careers. In addition to the above programs, Kaplan offers courses to prepare for the SAT, GRE, LSAT, MCAT, DAT, USMLE, NCLEX, and other standardized exams at locations throughout the United States.

Applying to Kaplan English Programs To get more information, or to apply for admission to any of Kaplan's programs for international students and professionals, contact us at: Kaplan English Programs700 South Flower, Suite 2900Los Angeles, CA 90017, USATelephone: (213) 385-2358Fax: (213) 383-1364Website: www.kaplanenglish.comEmail: [email protected] *Kaplan is authorized under federal law to enroll nonimmigrant alien students. Kaplan is accredited by ACCET (Accrediting Council for Continuing Education and Training).

PART ONE.

Getting Down to Business

CHAPTER 1.

The ABCs of the M.B.A.

Over the past few decades, the Master of Business Administration-otherwise known as the M.B.A.-has become the most visible and popular of graduate degrees. With it comes a certain amount of clout and prestige that is unparalleled. More than 90,000 M.B.A. degrees are awarded annually in the United States alone, and the numbers of programs and graduates are proliferating all around the world. In both the business press and more popular media, the behavior and career prospects of M.B.A.'s are repeatedly described, a.n.a.lyzed, and stereotyped. The global selection process for admission to the M.B.A. programs has developed a life of its own, producing hundreds of thousands of GMAT examinations every year, numerous guides and publications, a worldwide recruiting network of admissions forums, and sophisticated ranking systems designed to provide information to prospective consumers of M.B.A. education.

Yet all this media hype has also produced negative publicity. As far back as 1980, a cover story in Time Time, "The Golden Ticket," described in unflattering terms "what M.B.A.'s have done to us." This theme continued throughout the decade of the 1980s, when soaring Wall Street salaries, greed, and M.B.A.'s became synonymous. In the '90s, M.B.A.'s-with their command of quant.i.tative financial a.n.a.lysis and the latest management theories-were often held responsible for corporate downsizing, s.h.i.+fting of manufacturing overseas, and other scary aspects of 1990s capitalism. During the dot-com craze, many B-school candidates were lured to Internet companies, with their promise of fast fortunes and generous stock options, in lieu of the traditional-and more time-intensive-education route.

So what does this all mean for you, someone who's considering whether or not an M.B.A. is worth the time, effort, and money it will require?

It's necessary to cut through the marketing and media hype to understand a few things about the multifaceted, evolving phenomenon we call M.B.A. education. The fact is that the M.B.A. remains a very good investment for most business careers. For some careers-for example, investment banking or management consulting-it is virtually a prerequisite. Business schools strive to meet the practical needs of business leaders, and it is certainly still the case that those who wish to attain the highest positions in the world of business would do well to get their M.B.A.'s.

The obvious fact about M.B.A. programs is that-like anything else worthwhile-one gets out of them what one puts into them. Usually the enthusiasm and dedication of the student will be more important to his or her eventual success than the "reputation" or "ranking" of any one program.

WHAT'S IN A NAME?

All graduate management degrees are not necessarily termed M.B.A.; some might be referred to as Master of Business Studies (M.B.S.) or Graduate Business Administration (G.B.A.), to name a couple. Just because the degree is not called "M.B.A." does not necessarily mean it's not what you are looking for. The M.B.A. is a professional degree intended for those who want to pursue a degree in business, management, and administration in order to succeed at an executive level. The M.B.A. compresses all the skills needed to succeed in business, and it permits you to do so in a short period of time. It represents the knowledge and the skills an employee may obtain over the course of many years if he or she is fortunate enough to have interdisciplinary exposure (i.e., accounting, finance, management, information systems, etc.). The degree is pervasive amongst all industries spanning the medical, governmental, academic, and financial worlds. Since its inception, there has been no standard uniformity to the degree-there are many different types of M.B.A. programs, which vary in length, curriculum, and ideology.An M.B.A. Program by Any Other Name . . . Although the M.B.A. is the common name for a graduate management degree, many inst.i.tutions offer substantially the same program with another name-Master of Management (M.M.), Master of Public and Private Management (M.P.P.M.), Master of Administrative Science (M.A.S.), and Master of Science in Business Administration (M.S.B.A.), to name a few. Although the M.B.A. is the common name for a graduate management degree, many inst.i.tutions offer substantially the same program with another name-Master of Management (M.M.), Master of Public and Private Management (M.P.P.M.), Master of Administrative Science (M.A.S.), and Master of Science in Business Administration (M.S.B.A.), to name a few.

If you are looking for a degree that will focus on one specific field, perhaps the M.B.A. is not the right program for you. Many new master's programs are being developed in specialized fields such as International Business, Business Economics, and Information Systems. These are usually one-year, full-time degrees that do necessarily have the same standing as an M.B.A. degree. More traditional master's programs, such as those in economics or finance, may be well suited for the candidate looking for access into very specialized technical or academic fields. To date, though, the M.B.A. is the most renowned and accepted degree for those looking to acquire a well-rounded management background. Later, we will discuss different M.B.A. program concentrations available that allow students to gain additional depth in their specific area of interest (such as marketing, finance, e-commerce, and international business).

Born in the USAThe M.B.A. degree still remains a predominantly American degree-and the one that sets the standard. But there are international alternatives. In the UK, postgraduate degree-level management education was jump-started in the late 1960s with the opening of both Manchester Business School and the London School of Economics.Accredited programs are now popping up all over the world at universities as well as cyber-universities, which are "located" solely on the Internet. Some of these programs are following the U.S. lead (emphasizing team projects and process management), whereas others develop their own focus. For example, the European Inst.i.tute of Business Administration-INSEAD in Paris, France-is highly a.n.a.lytical in nature.

THE HISTORY OF THE M.B.A.

The idea for a Master's of Business Administration degree was first considered in the United States in the 1950s. From its inception, the M.B.A. designation was intended to provide practical "hands-on" skills and theoretical experience for the up-and-coming management elite. The degree caught on rapidly, and history has proven the M.B.A. as an excellent long-term investment for students as well as their employers.

The degree is now so pervasive that currently hundreds of thousands of candidates apply to programs each year. As new programs are being introduced to facilitate attaining the degree, such as Internet degrees and shortened programs, this number is on the rise. Although more and more people are able to reap the benefits and status of an M.B.A., the compet.i.tion is getting steeper as more candidates apply for a limited number of spots. Consequently, there has been tremendous growth in less selective programs and Open Enrollment MBA programs, as well as programs from online universities.

The late 1980s revolutionized the M.B.A. degree with the birth of Internet-based programs. The acceptance of such a degree is now widespread-many programs have earned regional accreditation and recognition amongst employers who not only approve tuition reimburs.e.m.e.nt but also value the initiative and maturity of candidates able to demonstrate the motivation to pursue such a program. For an in-depth look at online programs, see chapter TK F.Y.I.: The "B" Stands for Business"When the Business Week Business Week list of the best B-schools came out, I was surprised when the administrators at my school were so excited about making the list. After all, who wants to be a 'B' school when you can be an 'A' school! Little did I know there was no such thing." list of the best B-schools came out, I was surprised when the administrators at my school were so excited about making the list. After all, who wants to be a 'B' school when you can be an 'A' school! Little did I know there was no such thing." - B-school student - B-school student RECENT TRENDS IN B-SCHOOLS.

In Gravy Training: Inside the Business of Business Schools Gravy Training: Inside the Business of Business Schools (Jossey-Ba.s.s Books), authors Stuart Crainer and Des Dearlove take at critical look at the past, present, and future of B-schools. The authors identify the many challenges that schools are faced with as a result of a changing environment. Some new trends and suggestions for future improvements include: (Jossey-Ba.s.s Books), authors Stuart Crainer and Des Dearlove take at critical look at the past, present, and future of B-schools. The authors identify the many challenges that schools are faced with as a result of a changing environment. Some new trends and suggestions for future improvements include: * The U.S. business school model should get international and learn from other cultures. * The U.S. business school model should get international and learn from other cultures.* Business schools should move beyond case studies and focus their attention on people management.* B-schools should recruit from a broader base, end faculty moonlighting, and involve alumni in teaching.* Business schools should increase the number of women in their programs, as they largely remain a male-dominated environment. This is not an accurate reflection of business reality, and until this changes, schools cannot claim to be "developing tomorrow's leaders."* Business schools need to make their programs more user-friendly; for example, they need to cater more to students' busy schedules, particularly those who work full time.

Business schools are attempting to meet new demands by: * Emphasizing practice rather than preaching* Internationalizing their programs (student body, faculty, content)* Expanding their concentrations to meet the needs of the new business environment* Accentuating leaders.h.i.+p, management, and communication skills* Starting to offer shorter programs* Re-evaluating the way things are done (for instance, in many inst.i.tutions, students can register for cla.s.ses or reserve library books on the phone or via the Internet)WWW 101Business schools are expanding their scope. Many of the schools that offer the M.B.A. are revising their programs as well as their course offerings on a more frequent basis. New cla.s.ses in e-commerce, entrepreneurs.h.i.+p, and global management and communications are no longer the exception on the roster of elective course offerings. Web offerings are now commonplace, and some schools even give students the option of taking all core courses in the Internet domain.

Students entering B-school at this exciting time are able to witness many of these changes taking effect. Most schools are concentrating their efforts on increasing the flexibility flexibility of their programs, and they are achieving this primarily by: of their programs, and they are achieving this primarily by: * Designing new, improved, and shorter programs * Designing new, improved, and shorter programs* Creating new concentrations, including custom-made degrees* Developing new Internet-based programs to allow students to complete the core requirements from anywhere THE VARIOUS SEGMENTS OF THE M.B.A. MARKET.

As a prospective M.B.A. student, it is important for you to realize that the M.B.A. degree is becoming stratified and differentiated as time goes on. There is no one uniform M.B.A. program. We will discuss later in this book some examples of the basic M.B.A. curriculum-but each school is different. As a result, it is very difficult to define who "an M.B.A. candidate" is. There are programs that require one year of studies, and there are those that require more. Some schools are now emphasizing language skills (apart from computer languages) while others concentrate their academics on quant.i.tative skills such as statistics and process management. Many programs, including part-time programs, now require their students to spend some time abroad to study or work.

One thing is certain: Business schools are among the most vibrant and successful components of universities all around the world. By practicing what they preach, they have continued to adjust to economic and market change, and they still provide arguably the best preparation for the challenging careers of business in the 21st century. Schools continuously attempt to individualize their programs to meet the needs of the student. In today's environment, the clients (i.e., you, the student, as well as prospective employers) are savvier than ever. You know what you want out of a program and are less likely to settle on a school or program just to have the piece of paper or the initials after your name. As a result, the pressure is on the schools to offer a unique and valuable product.

You must do your part as well. Approach this endeavor with the seriousness and dedication that any important venture in life requires. And that starts with a careful and systematic examination of what individual schools offer and a candid self-a.s.sessment of your priorities, strengths, weaknesses, and goals. You'll find help in the pages ahead. Best of luck!

CHAPTER 2.

What Are Your Options?

Woody Allen once said, "Eighty percent of success is showing up." This is no longer a requirement to complete an M.B.A. program. Today, the options for pursuing a higher diploma are as varied as the programs themselves. This chapter will discuss your alternatives, as well as the pros and cons of each option.

THE TRADITIONAL M.B.A.-ATTENDING FULL TIME The experience of attending the M.B.A. program on a full-time basis can be the most rewarding part of enrollment in graduate school. Since most of your time will be spent on location, which school you choose to attend is crucial. When selecting a graduate school, you may want to consider the following important criteria: enrollment, ratio of professors to students, facilities and programs offered (M.B.A. concentrations), reputation of the school and faculty, statistics on job placement following graduation, and the location of the university. Try to collect as much information as possible on the faculty (academicians versus pract.i.tioners) and the student body (average age and years of business experience). Keep in mind that a significant part of the M.B.A. experience will not be learned in textbooks but from your professors and fellow cla.s.smates.

Full-Time M.B.A.-Pros: * The fully integrated system may provide you with the opportunity to develop close ties with the school, other students, and the faculty.* You will be eligible for financial aid and scholars.h.i.+ps; more options, such as graduate a.s.sistants.h.i.+ps, will be available to you.* As a full-time student, you will probably find it much easier to partic.i.p.ate in clubs and networking events offered at the school.* At some schools, you may have the option of studying abroad.* A full-timer can take on various interns.h.i.+ps in different fields. This will give you a taste of the many options that are available after graduation.* The degree can be obtained in one or two years.

Full-Time M.B.A.-Cons: * You will be undertaking a large financial investment that could put your earnings on hold for a few years.* If you decide to attend the full-time program right out of undergraduate school, employers may frown upon your lack of experience.* It is more difficult to apply recently learned knowledge if you're not currently employed.* Many school admissions boards require some work experience; also, fellow full-time students may have limited exposure and, as a result, bring less to the cla.s.sroom.* The degree requires a career break of one or two years.Shared LearningMany full-time students take their elective courses at night with the part-time students in order to benefit from their current workplace experiences.

THE PART-TIME PROGRAM.

As more and more workplaces are deciding to subsidize their employees through the M.B.A. process, the part-time alternative is becoming very commonplace. Even for those not sponsored by their company, the part-time option is a viable one, since the student has a continuous income flow to help finance the degree. One of many advantages of a part-time program is certainly the on-the-job application of cla.s.sroom skills.Semester Hours Required to Complete the M.B.A. Degree [image]

*3 terms per year and 2 semesters per year There are many factors to consider when deciding which school and part-time program to attend. Convenience to your work and home are primary considerations in order to minimize on your commuting time. As you can see by the graphic on the previous page, time is a major factor in the part-time program. The part-timer needs to be extremely organized and patient, as well as being a meticulous planner.

Remember also that just because your employer is reimbursing your tuition, you must be prepared to prepay prepay all expenses. By the time your reimburs.e.m.e.nt check comes in, it may be time to pay for your next trimester of school. Another frequently overlooked expense is the cost of books. Refer to your company's human resources specialist for the complete procedure on tuition reimburs.e.m.e.nt and speak to other employees who have completed similar programs. Learn from others. This will turn out to be your most valuable resource. all expenses. By the time your reimburs.e.m.e.nt check comes in, it may be time to pay for your next trimester of school. Another frequently overlooked expense is the cost of books. Refer to your company's human resources specialist for the complete procedure on tuition reimburs.e.m.e.nt and speak to other employees who have completed similar programs. Learn from others. This will turn out to be your most valuable resource.

Those of you contemplating a part-time program (including the online, E.M.B.A., or flextime alternatives) are to be applauded. It is a daunting task that, once completed, will speak very highly of your time management skills, your discipline, and your motivation, as well as your maturity.

Part-Time M.B.A.-Pros: * As a part-time student, you will continue to earn your full salary.* Oftentimes, the student is sponsored by his or her employer. If this applies to you, your investment in time and money is felt to a lesser degree.* You will be exposed to other seasoned professionals who will share work experiences and outlooks in their particular field of expertise.* You will have the ability to apply what you learn as you learn it.* Going to school part time will permit you to simultaneously move ahead in your current employment as you advance your studies.* If, as a part-time graduate, you decide to change jobs or occupations, potential employers like to see experienced hires who have demonstrated the ability to mult.i.task.* Potential employers may place less weight on the prestige of the school you attend (for example, choosing to go to a local school for convenience's sake rather than a more reputed school in a neighboring town).* Since most part-time graduates remain with their current employers-in new jobs or with additional responsibilities-they reap the benefits of a new position without the stress and costs related to researching a new employer.* No relocation is necessary.* Many schools do not differentiate between the part-time and full-time programs. The professors are the same, and the schools fully endow both programs and empower both student bodies.P.E.-M.B.A.Boston University's innovative program for part-timers is called the Professional Evening M.B.A. (P.E.-M.B.A.). This program gives the part-timers a cohort experience similar to those of their full-time and E.M.B.A. students.

Part-Time M.B.A.-Cons: * Going to school part time requires a high demand on your personal and professional lives. It's hard to do everything well-something is bound to suffer!* There is no guarantee you will get a promotion after graduation.* It is difficult to maintain the intensity and enthusiasm about school over a longer period of time (for an estimated breakdown of the number of hours you'll need to complete your degree part time).* Not all employers finance the degree. Additionally, some company policies will cover only certain schools or programs.* You may have difficulty breaking into a new field, since on-campus recruiters are more likely to cater to full-time students.

THE EXECUTIVE M.B.A. (E.M.B.A.).

For years, the University of Chicago was the only school to offer the E.M.B.A. But that's all changed now: Many schools have jumped to offer students this unique program, and new, expanded curricula are continually being explored. The E.M.B.A. requires the greatest support from your employer. Not all schools offer such programs, which usually consist of Friday and Sat.u.r.day cla.s.ses and/or full-time study during the summers. There are more stringent admissions requirements, including a minimum number of years of professional experience. One of the program's greatest strengths is its partic.i.p.ants: You will be exposed to a wealth of real-life business experiences, and your network possibilities are envious. If your company does not offer this benefit, be prepared to negotiate-organizations that do not wish to lose good employees are now more willing to agree to time off for educational ventures.The Executive Advantage"If you are looking for training in very specific areas, perhaps much of a typical M.B.A. program's curriculum would not be of interest to you. Executive education would probably make more sense for you to pursue, particularly if you aren't concerned with getting the formal M.B.A. degree credential."- Former admissions official, Harvard Business School E.M.B.A.-Pros: * Since students are required to be fully sponsored by their employers, there is less of a personal investment than with a regular part-time program.* The Executive M.B.A. degree is generally completed in a shorter period of time.* As these programs require students to have a minimum number of years of work experience, you will be surrounded by very skilled professionals.* You will have the ability to apply what you learn as you learn it.* Going to school part-time permits you to move ahead in your current employment as you are advancing your studies.* You will be exposed to great networking opportunities.* Because the E.M.B.A. program is so lucrative for the schools (since businesses pay, no financial aid is necessary), it tends to recruit the best faculty.* You will reap many of the benefits of full-time status in a part-time program. Some programs even have study-abroad requirements.

E.M.B.A.-Cons: * There is usually a set curriculum with limited choice of courses.* The E.M.B.A. is a very intensive program: It can be very difficult to juggle work, family, and school responsibilities.* Students need to time this degree very carefully-many schools require at least ten years of work experience, and you may not want to wait that long to further your education.* Some E.M.B.A. programs require the student to partic.i.p.ate in annual study-abroad sessions. This can be difficult if you have a hectic work schedule as well as family responsibilities.

THE DISTANCE LEARNING M.B.A.

The growth of the Internet and the marriage of technology and higher education have expanded the opportunities available to the prospective M.B.A. student. Although online programs are geared towards convenience and ease, a significant part of the educational experience may be lost from not having direct contact with professors and a cla.s.sroom of other students. Interactions are limited to chat rooms, emails, and phone calls between students and professors. However, in this way, the student can benefit from the insights of other "cla.s.smates" from around the world, while gaining firsthand insight into how the web is changing the way we do things. All in all, the prospective Distance Learning or Online M.B.A. student must be organized and disciplined, and will have to excel at online presentations and Internet research.

The Name GameSince distance learning is still a relatively new phenomenon (within the last 20 years) many names have been used, essentially as synonyms. Some terms you may hear include Computer-Based Programs, Electronic Programs, Online Programs . . . and these are just a few!

Jones International University (JIU) offered the first regionally accredited online M.B.A. program. Dr. Pam Pease, president of this virtual university, says that those students who opt for this type of degree program are highly motivated and self-directed. Since GMAT (Graduate Management Admissions Test) scores are not required and interviews are not granted, admission to the program weighs heavily on a requisite writing sample. Some students do not take the writing sample seriously, and this is a big mistake: It's the university's predominant means of ensuring the quality of the student body. Typical of all online degree students, JIU M.B.A.'s are required to be very technologically savvy. (Obviously, they must be very comfortable with email, the Internet, and computers in general.) This type of program might be ideal for students who cannot be pinned down for scheduled cla.s.ses, or, say, who do a great deal of business traveling. Distance learning and Online programs a.s.sume that students can relate what they learn within their organizations-an attribute which makes it very attractive for companies who decide to sponsor their employees. IBM, for example, was reported to have sponsored as many as 700 students for the Open University's M.B.A., and has switched financial support from full-time M.B.A.'s to distance learning ones.

Distance Learning TechnologiesAs a distance learning M.B.A., you may see some of the following features offered in the program. All these technologies are continuing to become more user-friendly and are often used in combination with one another.AudioconferencingAudiographicsBroadcast or Cable TelevisionComputer CoursesSatellite CoursesVideo ConferencingVideotape Delivery- Adapted from Newsweek Newsweek/Kaplan's How to Use the Internet to Choose or Change Careers How to Use the Internet to Choose or Change Careers Distance Learning or Online M.B.A.-Pros: * The program will enhance your cyber skills (Internet, email, video conferencing, etc.).* It is a cheaper alternative to the traditional M.B.A. programs.* Location is not an issue.* Students may receive excellent support from most schools. (Also, it is ideal if your employer is financing your degree, as it is transparent to other colleagues.)* You will have the freedom to work at your own pace; you can take your time to finish the degree and attend lectures at any time of day or night.* You will gain exposure to students from all over the world.* The program is a solution whose time has come: Many prospective employers will value the motivation and innovation of the distance learning graduate.

Distance Learning or Online M.B.A.-Cons: * It's hard to stay self-motivated.* Fewer companies will sponsor this degree (but it is increasingly more common).* You will have limited or no physical physical interaction with other students and faculty. interaction with other students and faculty.

THE FLEXIBLE M.B.A.

A derivative of the distance learning M.B.A. is the flexible M.B.A. (also called Hybrid or Blended programs), which combines cla.s.sroom and online courses. For example, some formats permit students to supplement their online work with cla.s.sroom attendance during select weekends and vacations. Many business schools have such programs in place where students can complete most of their M.B.A. degree with minimal time on campus. In 1997, the Ohio University College of Business initiated a course in which students could earn an M.B.A. in only two years and were required to be on campus for just two weeks during the entire program. Another cyber-university program is offered at the University of Florida. Here, the university's Internet-based flexible M.B.A. program offers the student the opportunity to download courses and then attend a cla.s.s for one weekend at the end of each month.

Flexible M.B.A.-Pros: * It offers many of the same advantages as a distance learning M.B.A. program.* Many fully accredited programs are including some online courses.* You will have the ability to meet with colleagues and faculty.* The flexible M.B.A. has more structure than a distance program: the onus is less on the student.* Students have the ability to speed up the degree.

Flexible M.B.A.-Cons: * You will need to factor in the expense and time required to travel to school if it is not nearby.* You must take vacation time from work to attend courses on campus.

U.S. VERSUS EUROPEAN M.B.A. PROGRAMS.

Throughout Europe, many schools since the mid-20th century have offered the M.B.A. degree. The programs differ from U.S. M.B.A.'s on several distinct planes: * Duration Duration: The European full-time programs usually take one year to complete. * * Emphasis Emphasis: The European programs focus predominantly on a.n.a.lytical and quant.i.tative skills, with less weight on group projects and other "soft skills." * * Variety of degrees available Variety of degrees available Remember: Selecting the right school and program requires a great deal of research. Treat this project as a your first homework a.s.signment-it may be the most crucial a.s.signment of your graduate academic career. Part 2, "Selecting the Right School and Program," will help you take this first step to a challenging and rewarding experience. Selecting the right school and program requires a great deal of research. Treat this project as a your first homework a.s.signment-it may be the most crucial a.s.signment of your graduate academic career. Part 2, "Selecting the Right School and Program," will help you take this first step to a challenging and rewarding experience.

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THE RISKS AND REWARDS OF THE M.B.A. PROGRAM:.

IS IT WORTH THE PRICE OF ADMISSION?.

When weighing the pros and cons of each M.B.A. program, you shouldn't discount the various costs involved. If, for example, you have determined that a flexible or distance learning M.B.A. program is better suited to your lifestyle, you may find that the costs a.s.sociated with this type of degree are significantly less than attending full or part time.

With the decision to attend on the part-time basis often comes the security of some financial backing from your employer. But what if your employer does not pay? And even if they do sponsor you, that may not always entail full tuition reimburs.e.m.e.nt.

You may have a general idea of the total financial outlay necessary to complete a part-time program. The timing of payments is up to you. You can determine how many cla.s.ses you will take over a given semester-choosing to take two cla.s.ses or one will obviously affect your expenses for the term. Additionally, it is important to remember that the per-credit costs are not static; in fact, they often increase over the course of study. If you choose to attend part time over a longer span of time, you may find that your cla.s.ses down the road are significantly more expensive than your first.

So how do you weigh if this degree is worth the cost and the sacrifice that you will put into it? The simple fact that you are reading this book indicates that you have already given this question some thought and that you are seriously considering pursuing an M.B.A. degree. Be forewarned: the M.B.A. is a major personal investment of time and money. Although the degree has become widely popular in recent years, it may not be the appropriate choice for meeting your career goals. You need to consider whether you can do what you want to do in your career without the M.B.A., or whether another degree or nondegree study would serve you just as well or better, perhaps for a smaller investment of time and money.

Your education may be the second largest investment you make in your life-after, say, the purchase of a house-because it demands much of your time and, often, much of your money. Remember, to complete the M.B.A. degree on a part-time basis will take you a minimum of two years. And most people will agree that buying a home should not be done on the spur of the moment. Rather, the decision should be preceded by an examination of many financial aspects, such as the home's location, projected resale value, and quality. The same is true of your investment in an M.B.A. education. The value of your degree will be greatly enhanced if you approach this decision with as much care as you would the decision to buy a house-and perhaps even more. Many people will own more than one house in the course of a lifetime, but no one ever earns more than one M.B.A. degree.

Well Worth It"As a student, I have experienced changes in both my professional and personal growth. On a professional level, I'm able to directly apply my learnings to my daily job. School has also taught me new concepts and a vocabulary for business. I'm less intimidated with the senior folks when they start talking about things like what discount rate to use, because, while I would not profess to be a pro, school has given me a solid foundation to work from. I've noticed around the office and in many other environments that people really admire someone who is willing to make the sacrifices of going to school part time while working full time."- Kimberly, M.B.A. candidate, Boston University Boston University The steps below provide a short guideline to a.s.sist you in determining whether the M.B.A. program is worth the financial investment for you.

Step 1Figure the total cost to graduation. Be sure to include: application fee, total cost for all credits at the current price, cost of books (it is usually safe to estimate $100 for books per cla.s.s), travel, and other incidentals.Step 2Calculate the opportunity cost of your money. If you estimate the total cost to graduation to be $60,000 over three years, figure out how much this money could yield you over that same period of time.Step 3The last step can be very difficult: You need to estimate the benefits you will receive from your degree. Some employers may indicate to you what to expect once you have graduated. You can also learn quite a bit from other employees who have chosen to obtain a graduate degree. How have they succeeded?