Career Tips

If there is one thing you will learn through an MBA, it is this -- an MBA is a lot of work. Studying for the GMAT is mentally taxing. Applying to business schools is equally difficult. Choosing the right career path for you and actually landing the job can be downright overwhelming. To help get you started, I have compiled a small list of some useful tips.

The majority of MBAs go into Investment Banking or Consulting
Most of you may already know this, but it is important to note nonetheless. Most MBAs become investment bankers or consultants because of the money. It is not uncommon for an investment banking associate to make $200,000 in his first year. But the money comes at a price. Bankers and consultants have terrible schedules. Bankers regularly work 100 hours or more per week and rarely get weekends off. Consultants don't usually work as many hours as bankers, but they are travelling almost every week Monday through Friday. If you don't mind working long hours, I would suggesting looking at a career in either of the two fields mentioned.

Be realistic about your post MBA career
If you want a job as a CFO, but you've been working as a programmer for the past 4 years, your chances of success are very low. In fact, business schools regularly weed out applicants by determining if applicants are qualified to reach their post MBA goals. As a prospective MBA, you have to find out what jobs you are qualified for. Some jobs require you to have experience in the field. Others require nothing more than internship experience. Remember that an MBA isn't magic. It can get you in the door at a number of places, but it doesn't always make you qualified for the job you want.

Do your research, do your research, and then do some more
This is where people get lazy. Too often I talk to people who have chosen a career without doing the proper research. You should know as much as possible about your chosen career before you even apply to business schools. There are so many things to think about. For example, what are the pros and cons of your chosen industry? What will your salary be now, 3 years from now, 10 years from now? Where are most of the jobs in that field located? How difficult is it to land that specific job? The best way to find these answers is to read the books I mentioned in my last post or check out business sites like Vault.com or businessweek.com. Other ways you can find answers are by talking to people in the industry, searching through job postings, emailing current MBA students, etc.

Go the extra mile
When it comes to the business world, it pays to go the extra mile. Often times you have to distinguish yourself from hundreds of applicants whether it's for business school or for a job. One way to distinguish yourself is to show your dedication. If you already know you are going to change careers after business school, it may be a good idea for you to try and land an internship (possibly unpaid) in the field you want to go into. This will look great on both your resume and b-school application. Another thing you could do is try to work towards a professional certification (CFA, CPA, etc.). Remember, any little thing you do can help!