Choosing a Business School

If you are considering pursuing a business degree, many options are open to you. You may want to attend a local community college or university, or you may want to travel to another state to attend one of the more prestigious business schools. You may choose to attend an online business school. The number of schools offering online degrees is increasing all the time.

Ultimately, your choice will depend on many factors, and you will most likely need to consider your personal circumstances. Are you about to graduate from high school and still living with your parents? Do you have a family to raise, a job you need to keep, or other responsibilities you need to attend to? Your specific situation will create a personal set of parameters for you as you make the important decision about where to obtain your degree.

It's always a good idea to create a checklist or write down pros and cons of different options in light of your own situation and goals. Here are some of the points you should consider.

What type of degree do you want to pursue? Do you have a major in mind for a career that interests you? Perhaps you want to get into sports management. Since not all business schools offer this degree, your options will be narrowed.

Does the school's coursework for the major or majors you are considering offer the broadness (or narrowness) of scope that you want? Perhaps you want the opportunity to choose a lot of electives. Find out what classes are required for the degree you want to pursue.

How much can you afford to pay to attain your degree? How much will your Pell grant cover? Tuition for business school varies dramatically. A local community college or state university may be much more affordable than a highly ranked private institution. Also, the finaid you may receive for a school in your own state may be greater than what you might get to attend a school out of state.

Does the school have a good track record for graduates in the career path you'd like to travel? How many of those graduates land successful jobs after they earn their degrees? You can check with the school's Office of Career Services to obtain data about this. Find out if the school actively helps to place students in jobs after graduation.

With consideration of your personal responsibilities, will the class schedule be flexible enough? For example, you may need a school that offers evening courses so that you can continue working at your current job. Or getting an online degree may be the option that offers the time flexibility you need.

Does the school have sufficient accommodations to meet your needs? If you need to room at or near the school, are the housing facilities adequate? Visit the school and check out the classrooms, libraries, and media centers to see what is offered.

You may want to consider the ranking of the school, as a higher-ranked school may help you obtain a more desirable job after graduation. However, even business schools that aren't as highly ranked as others can have great reputations. Research the school you are considering to find out if it is respected for its high-quality programs and graduates.

Another factor to consider is the class size. A lower student-to-teacher ratio can give you more personal training and instruction. You'll also want to find out whether the faculty members possess high levels of education and are respected in their fields.

To find the answers to these questions, check out the school's website and read the promotional materials. You can also visit the school and talk with students, faculty, and graduates. Sit in on classes and look over the curriculum. The research you do now can help you make a wise decision about where to obtain your degree.

Business School Accreditation

The word “accreditation” basically means official approval. A business school that is nationally accredited is one that has passed on the standards set up by the federal government for curriculum, faculty, and successful performance and is authorized to issue degrees in business. In addition to federal accreditation, each region of the United States also offers its own program of accreditation.

Business schools don't just earn their accreditation one time. They must continually prove their development and growth as determined by federal standards that reflect the latest research and professional practice.

If you don't choose to get your college degree from an accredited business school, there are many negative ramifications. First of all, you will not be eligible to receive federal or regional financial aid. To be eligible to receive federal funds, you must attend a school, college, or university that is accredited by an agency that is recognized by the U.S. Department of Education (DOE).

Another negative result of attending a nonaccredited institution is the possibility that your diploma won't be respected by potential employers. Employers want be assured that you have obtained an adequate knowledge base and skill set to meet their needs for a position. To have the best chance at landing a higher-paying job with greater responsibility, you must attend an accredited business school.

National accreditation is granted to business schools, colleges, and universities by several organizations. The Accreditation Council for Business Schools and Programs (ACBSP) accredits institutions, both public and private, that offer graduate and undergraduate degrees in business focused on teaching.

The Association to Advance Collegiate Schools of Business (AACSB) accredits undergraduate- and graduate-level degrees in business, specifically in the area of business administration and accounting. Accreditation by the AACSB is the most respected “stamp of approval” that a business school can achieve. In fact, only one quarter of all business schools receive accreditation from the AACSB.

If you are considering attending an online or other distance-learning business school, check to see if it has received accreditation from the Distance Education and Training Council (DETC). To be considered for accreditation by the DETC, the school must have been in existence for a minimum of two years.

Finally, the Council for Higher Education Accreditation (CHEA) is an association of colleges and universities that seeks to maintain academic excellence. It recognizes 60 accrediting organizations that offer a variety of academic programs.

In addition to these nationally accrediting bodies, each region of the United States has a regional accrediting organization.

These include:

• Northwest Commission on Colleges and Universities
• Southern Association of Colleges and Schools
• North Central Association of Colleges and Schools
• New England Association of Schools and Colleges
• Middle States Association of Colleges and Schools
• Western Association of Schools and Colleges
  

Business Schools Ranking

As you research where you might obtain your business degree you've probably seen or heard the phrase “high-ranked business school” a number of times. Who is responsible for rankings of business schools, and what difference does it make if a school is ranked?

Highly ranked business schools can be found in well-known institutions such as Harvard University, Massachusetts Institute of Technology (MIT), and Stanford University. These top business schools can cost more than a year's salary to attend just for one year. You may be wondering if it's worth it to cough up that kind of money for a degree from one of these schools.

The fact is that a degree from one of the highest-ranked business schools is considered very prestigious and can open doors to better-paying jobs and more advanced job titles right out of the gate. Beyond this, a degree with honors from one of these schools can put you on the fast track to executive leadership at the corporate level, if that is what you desire. Also, higher-ranked schools are much more likely to try to place you in a job after you graduate.

Business schools are ranked by a few major publications, such as Business Week, U.S. News and World Report, The Princeton Review, Hispanic Business, Entrepreneur magazine, and Financial Times. These publications have carefully created criteria that they consider important to student success. To find out which business schools are ranked, simply pick up the ranking issue of any of these publications or visit their websites.

Obviously, some of the criteria for ranking are based on the quality of the curriculum and faculty. But there are other important factors as well.

Part of a school's ranking is based on its record of cost versus return on investment. Ranking publications subtract your tuition costs as well as the salary you miss while in school from the salary you are likely to receive after graduation. This means that a school that offers a one-year MBA program is likely to be ranked higher than a two-year institution. It costs less to pay only one year of tuition and miss only one year of your current salary.

Since tuition at these schools is very high, many people cannot afford to attend, even with the help of financial aid. Also, competition for admission to a highly ranked school is extremely fierce. However, if you have the grades, the desire, and the wherewithal, choosing a highly ranked business school may be the best choice for you.