Think business school is the right move? Here's what to consider, according to two MBA admissions consultants

Welcome to a special edition of Keeping the Balance, a newsletter for Gen Z. Subscribe to receive upcoming editions. As part of LinkedIn's inaugural Top MBA Programs list, this week I spoke to two MBA consultants about what you should consider if you're thinking about going to B-school.

The decision whether to go to business school is deeply personal. Should you go? If so, when and where? Is it even worth the time and money?

According to LinkedIn data, B-school grads from the class of 2008 were 73% more likely to secure a VP role within 10 years of graduation than those with a bachelor's degree alone. That figure jumps to 139% for MBA grads from the class of 2012.?

Not only does an MBA degree pay off in the long run, B-school grads begin reaping benefits — including a well-connected network and in-demand skill set — well before graduation. Of course, the experience and education you gain is unique to the business school you attend. If you're considering earning an MBA, LinkedIn's Top MBA Programs list can help you explore your options.

The inaugural, data-backed ranking is a resource to find the top 50 U.S. business schools that best set their alumni up for success based on hiring demand, network strength, leadership potential and more. Securing a spot in the top five include:

1. Harvard Business School at Harvard University
2. Stanford Graduate School of Business at Stanford University
3. Tuck School of Business at Dartmouth College
4. The Wharton School at the University of Pennsylvania
5. MIT Sloan School of Management at the Massachusetts Institute of Technology

Selecting a business school is only one step. You must first think about when to attend, which type of program is best for you, how to pay for your degree and more.?

Getting the timing right

Earning an MBA degree can happen at any career stage, but students have on average five years of prior work experience when starting a program, says Barbara Coward, career coach and founder of MBA 360 Admissions.

Kelly Wilson, an MBA and admissions consultant at Accepted, says most top MBA programs seek students who have post-undergrad work experience because it equips them with first-hand insight that can be applied to projects, assignments and more.

"When they're sitting in class and talking through a case or working on a consulting project for a client, they'll have some context of their own that they can reflect on and bring to the table," she says.

The decision when to attend B-school ultimately comes down to how much time you're willing to commit, which varies based on the type of program. "From a personal standpoint, the timing will drive the type of MBA program a candidate might attend or consider," Wilson says.

Selecting the type of program

Full-time MBA programs are traditionally two-years long and require students to step out of the workforce. A more flexible alternative is a part-time program, which is an accessible way for students to earn their degree while working or caregiving.

Wilson says part-time options have grown over the last five to ten years with the rise of online and hybrid programs at well-respected schools. These programs can not only be cost effective — especially by allowing more freedom over where to live — but they can also be an opportunity for students to immediately put what they're learning in the classroom into practice.

"It's often the case that we see candidates, from the start of the program to the end, gain new positions or promotions within their company because of the value they were adding as they were going through the program," Wilson says.

Another type of program is an executive MBA, which Coward says is best suited for those attending business school later in life. These people have on average eight to 10 years of management experience, Wilson says, and are on track to move into senior leadership — or even the C-suite.

When thinking about which program is best for you, Wilson advises to consider what resources and opportunities you want available. "For instance, in a full-time program, the opportunity to have an internship exists between year one and year two," she says. "With part-time programs, because the student is fully-employed, most often that's not an option."

Paying for your degree

No matter the type of program or the B-school you attend, an MBA is a financial investment. That means you'll have to proactively plan how you will pay for your degree. Wilson recommends attending informational sessions to understand the scholarship processes for each school, particularly for full-time programs.

You can also explore scholarships through external organizations. Forté Foundation, for instance, is a nonprofit that partners with B-schools to promote women in business. Others include Management Leadership for Tomorrow and The Consortium. "There are program benefits as a member of these organizations both in preparation for the application, as well as once they're students," Wilson says.?

For part-time programs, tuition reimbursement may be an employer-provided benefit available to you. And for executive MBA programs, Wilson says financial sponsorship is a possible option.

Preparing for B-school

As Wilson mentions, proactively planning for business school is key. And that extends beyond figuring out how to pay for your degree.

If you're a college student or recent grad thinking, "What can I do now to get ready for B-school in the future?," Wilson recommends gaining as much leadership experience as possible. And that doesn't necessarily mean you need to have a management position on your resume.

"The reality is, two years into your job, you're likely not going to be a manager," Wilson says. "What I would encourage people to think about is, 'What are the ways that I'm leading that are more informal?' Maybe it's on a project, raising your hand to take the lead."

You can also begin preparing for business school by doing important self-reflection work. Understand what you aim to achieve with an MBA degree and explore different jobs and industries you're interested in pursuing. This reflection and research can help you identify what schools and which type of program is best aligned with your goals, which will narrow your search when it comes time to apply.?

"I'm a big proponent of candidates understanding what career paths are available to them," Wilson says. "If you look at any top school's website, you can find their employment report to see the types of roles students are getting. That preparation is just so important."

?? Weigh in: Check out the full list for more insight on what B-schools best set their alumni up for success. And join the conversation using #LinkedInTopMBA.

?? Read more: Unsure if earning an MBA degree is right for you? Here's how else you can get ahead in your career.

?? Out of the Norm: Life as a Gen Z financial analyst

What's life like as a financial analyst at a Big Tech company? Just ask Stephanie Nuesi.

Nuesi's path to Google started with a summer internship. She then joined the full-time ranks after graduating from Baruch College in 2021. Nuesi has been working as an associate financial analyst ever since and is currently assigned to the corporate engineering team as part of a two-year rotational program.?

Click the link below for a sneak peek at Nuesi's out-of-the-norm job ??

?? The 411: What Gen Z is talking about

Are you team private school or team public school? Gen Z VCs founder Meagan Loyst is the latter.

With American Education Week this week, Loyst shares on LinkedIn three reasons why growing up in the public school system benefited her career. 1. Public school teachers served as role models. 2. The resources available to Loyst were filled with learning and growth opportunities. 3. Going to school in a large ecosystem helped Loyst feel equally supported and challenged.

See more on Loyst's public school experience in her post below ??

Before you go…

? Thanks to Tito Zamalloa for joining the conversation on last week's edition of my newsletter: How one Gen Zer is turning her passion project into a career. You can read it here, in case you missed it.

?? Know someone who would enjoy my newsletter? Share this link with them to subscribe. And, connect with me on LinkedIn to let me know what topic you'd like me to explore next. If you're Gen Z and want to share your story, send me a message. I'd love to hear from you.

?? See you back here next week!