Five Steps to Selecting your B-School

So you've decided you want to do your MBA? Well there's good news and bad news!
First the Good news: There are many schools which can give you an excellent MBA in your focus area.
Next, the bad news: There are many schools which can give you an excellent MBA in your focus area!

Get ready to face the dilemma of selecting the right schools for you! Going through each school's website is time consuming, and will leave you confused. Most will appeal to you. These guys know how to market themselves. After all, they teach it!

Business Week, USNews, and Forbes publish rankings of B-schools to cut through the gloss and help you decide. Unfortunately just relying on the rankings won't get you too far. For example, Babson may be #1 for Entrepreneurship, but overall it is not in the top 25 (It is actually #49 as per US News). Wharton on the other hand, is ranked #4 for Entrepreneurship, but #3 overall.

B-Schools always say you should find your best 'fit'. Unfortunately this vague business sentence doesn't help the already confused candidate too much. You'll see most of the top schools have offerings in areas that interest you. If you want diversity, all the schools will proudly showcase their diverse classes - with percentages against every ethnicity and origin.

So then - how do you select the school that 'fits' you? Here are five simple steps to finding your dream B-School:

Step 1. What is it that you want out of an MBA?

This is the first, and most important step in your search.
If you are interested in a focus area like finance or marketing, then consider this area when going through the rankings. Be sure to lookout for pointers in the rankings that speak for how these schools handle these areas.
Also, look at top recruiters coming to these schools. If top companies in the focus area like the school, chances are, you will too.
Once you have some schools that look promising, go through their curriculum in detail to see if you get the depth of learning you want.

Step 2. Brand Recognition

Brand recognition is vital from your B-School. Since you will pay a large sum to get your MBA, you deserve a brand that will back you. Whether we like it or not, having a school's name attached on your resume affects how people look at you.

While most of the top ranked schools will have excellent brand recognition, you will find some in your network are held in higher esteem. These may be Ivy League schools, or those that have done consistently well in your focus area. If you plan to work abroad, check for brand recognition there.

And don't let the publisher rankings affect your decision too strongly - use them only as pointers. Ten years from now, people won't remember your school's ranking the year you applied.

Step 3. Are you qualified?

B-schools famously contend that unless you apply, you can't determine if you are qualified. That is not entirely true, and here are some metrics to help you decide.

If you have a unique profile which the school would like to add to its class, that's a big plus.
If you have a lower than average GMAT (for that school), your profile needs to compensate.
Some schools give importance to academics, and some to volunteer and charitable work. These can help overshadow a lower GMAT score.
Also remember- a higher GMAT doesn't guarantee acceptance. You still need to show you have a unique profile, which will benefit your class and is in line with your long term goals.

In case you need help in assessing your qualification, or seeing how you can showcase your unique profile, check out this book.

Step 4. Special Features and Facilities

All schools tout special features as their unique selling point. These include - recently updated curriculum, newly developed campus, hands on experience, and exchange programs.
Look through these features across the schools and decide which ones you consider important.

Step 5. Culture, Finances, Location and other considerations

Attending school seminars will help you decide which schools you really like. The discussion with the admission council and alumni will give you a taste for the culture of the school. You may want a down to earth, friendly culture - like in MIT Sloan, or a more formal approach - as in NYU Stern.

Now consider the real world aspects of studying at B-School.

If money is an issue (like it is for most): how expensive is living and tuition? How many scholarships are awarded in the year? Are there guaranteed loans available?

Location to can play a big role: Are you going to be far from home and friends? Will climate be a problem? Would a small city be too dull for you; or a big city too overwhelming?

In summary: Go through these steps several times. Finally, apply to the schools that you really love and think you are qualified for. Your chances of selection, and benefiting from your MBA will be high.

All the best for your B-School decision!