Does It Matter Where You Get Your MBA?
by Shawn Hussey, PhD
When exploring an MBA, the question that often follows "Where should I get my degree?" is "Does it matter where you get your MBA?". Each aspiring MBA student faces this dilemma, since there are so many programs out there. Everyone wants to go to the best school they can, but is it worth it? Will that be the right choice for me?
Elite MBA Programs
Elite business schools like Stanford Graduate School of Business, the Booth School at the University of Chicago, and the Yale School of Management carry justified prestige. The Harvard Business School was the first institution to offer an MBA in 1907 and has an outstanding reputation. These institutions have long histories of excellent graduate education and provide exceptional programs.
You might be surprised to learn that most MBA programs offer content similar to that of elite MBA programs. The distinctive value of institutions like Harvard lies in their alumni networks, which include notable personalities and top business executives.
Despite their appeal, these elite schools are highly selective, admitting only a few hundred students annually worldwide. If you make it through the competitive admissions process, enrolling requires significant sacrifices in time, money and effort. Elite MBA programs often cost several hundred thousand dollars and require full-time study, which is challenging for those with existing careers and family commitments. Often, the opportunity cost to attend an elite MBA program just isn’t worth the tradeoff for those already advancing in their careers.
Another Option: Local Universities
For many students considering an MBA, the high costs and tough admissions standards of top business schools can be significant obstacles. This makes local universities an attractive choice. These schools often have easier admission requirements and offer various program formats, such as part-time or online options, which are ideal for people who are working or have families.
Local universities also have strong connections within the local business community. These connections can lead to internships, mentorship opportunities, and jobs after graduation, directly linking your education to nearby job opportunities. Additionally, the cost of attending a local university is generally much lower than at elite schools, making it a more affordable option that still provides a solid education.
Choosing a local university for an MBA also means you can stay where you are, saving money on moving or commuting. For many, the benefits of lower tuition, fewer travel costs, and the ability to keep working while studying make local universities a smart pick. This way, students can start seeing a return on their investment faster, as they use their new skills and qualifications to advance in the job market right away.
Factors to Consider When Choosing an MBA Program
One of the most significant factors when choosing an MBA program is cost. Tuition for MBA programs can range from $30,000 to over $200,000. Especially when choosing a more expensive program, it’s crucial to determine how long it will take to earn back this investment.
Beyond just the direct costs of tuition and fees, potential MBA students should also factor in other expenses such as books, materials, and possibly relocation or travel costs if the program requires on-campus sessions. Some programs offer scholarships, grants or assistantships that can significantly reduce the financial burden, so it’s worth researching these opportunities thoroughly.
Whether the program is part time or full time (more on this below) can also greatly affect the total cost. Part-time programs allow students to keep working while studying, which can alleviate some of the financial stress by maintaining a steady income. On the other hand, full-time programs can offer a faster route to graduation and a quicker return on investment, but they require a greater short-term financial sacrifice.
Format
Format is an interesting factor that has changed dramatically over the last 20 years. In the early days, there was sincere skepticism about online degree programs. They were viewed as not valuable or even illegitimate.
Thankfully, those days are behind us as several decades of alumni have proven that the online/in-person format doesn’t matter. In fact, there were even studies conducted that showed online learners often had superior learning outcomes to many of their brick-and-mortar counterparts.
These days, it really comes down to personal preference and what works best for you. Not everyone thrives in an online learning environment, and attending courses in person may help you to build a stronger personal network with other students in your program. However, online courses can significantly reduce commuting time, and the flexibility to take classes when convenient can make an MBA program doable for those with difficult schedules.
Accreditation
Another critical factor is accreditation. Reputable institutions in the U.S. have regional accreditation – not national accreditation – which is a basic quality marker of the institution. Business schools may further seek specialized accreditation, such as from AACSB or ACBSP.
AACSB schools focus on research, often prioritizing faculty research over teaching, while ACBSP places more emphasis on teaching and instruction, with a secondary focus on research. Prospective students have to decide what is more important to them: engagement in academic research or practical knowledge application in their current jobs.
At George Fox University, we care deeply about these choices and want to walk with you as you decide which path to pursue. We believe that our MBA program provides a unique advantage to students in the Pacific Northwest:
- Multimodal (either part time online, or full time in person in Portland)
- ACBSP-accredited
- Cost-effective program (about $30,000)
- Rich alumni network made up of graduates from over 30 years