Stepping Up Your Financial Game: Deciding to Go to Business School

In an economy that’s still coming up for air, it comes as no surprise that more people than ever are applying for M.B.A. degrees. Faced with a limited job market, many fresh graduates are seeking asylum within the walls of business school, and plenty of current financial workers are wondering if now’s the time to join them. However, there is a season for everything under the sun, including applications to MBA programs, and it’s important to consider whether it’s the right time for you.

If you’re a recent college graduate, evaluate whether you’re really ready for an MBA program. Most programs are stringent about each student being able to contribute effectively and meaningfully to classes, and it’s possible that you will be regarded as not having enough experience. If you’re sure you’re ready to apply now, make a solid case for what would make you a valuable student and how your background qualifies you to participate effectively.

There are also reasons not to take the M.B.A. step quite yet. An M.B.A. is great for broad training and learning about intensive teamwork and leadership. However, shooting for an M.B.A. is overkill if you’re just looking to sharpen a handful of skills. A master’s is a big commitment of time and resources, and if you only want to refine a small skill set, taking training courses a la carte may be a better investment.

Early in their financial careers, most workers are taught to be experts within a narrow area. However, after a few years, doing the same things can start to get dull and workers can feel restless. Think about what you have learned so far, what your job is now, and where you would like to end up. Does your current job help you get there, or does it hold you back? If you feel overly compartmentalized, an M.B.A will take your potential to the next level and open new doors.

If you’re no longer interested in the same old career, an M.B.A. can be a great segue into a new field within finance. It can also be a good idea if you know you want some kind of change but aren’t sure yet of exactly what you want. Consider possible fields you might be interested in; if most successful people in those jobs have M.B.A.s, now is a good time to apply.