Now what?
The first step in this process is to prepare for and take the GMAT (Graduate Management Admission Test). The GMAT exam is a computer-adaptive test that is administered year-round at test centers throughout the world and used in selective business school admission processes. The GMAT exam measures verbal, mathematical, and analytical writing skills developed over time. It doesn't presuppose any specific knowledge of business or other specific content area; it measures academic ability and predicts success in the core courses of a graduate management program. More than 200,000 people from all over the world take the test every year.
You can take the GMAT exam now and use your score for the next five years. If you need to delay your application, DANTES (Defense Activity for Non-Traditional Education Support) will reimburse you for the cost of taking the exam (see www.dantes.doded.mil for more information).
If it has been a while since you have taken a test of this kind, you should consider the study tools that are available to help you prepare. The Graduate Management Admission Council offers GMATPrep software at no charge to test takers. This software can be downloaded when you sign up as a user on www.mba.com, and it presents an excellent practice opportunity for the computer-adaptive GMAT exam.
You can also purchase the Official Guide to GMAT Review (11th edition), the Official Guide to GMAT Quantitative Review, and the Official Guide to GMAT Verbal Review like the GMATPrep software, these guides all offer real, retired GMAT questions to help you practice for the exam.
Once you have taken the GMAT exam, it's time to begin the application process. Included as part of your application are your GMAT scores, your prior academic record, recommendations from individuals able to provide insight into your relevant professional skills, your work experience, and a list of your extracurricular and community activities. Think of the application as your first chance to market yourself to a school.
Your application should be a powerful statement regarding why a school should choose you. It is important to articulate your career focus and to demonstrate how your experience and characteristics "fit" with the school to which you are applying. You should also make certain that you answer all questions completely and that the application contains no spelling or grammatical errors. In fact, it is a good idea to have someone you trust read the application and make suggestions for improvement.
It is equally important that you emphasize your military leadership experience on your application; schools are looking for strong leaders among their students, both for the benefits they bring to the classroom and because they are attractive to corporate recruiters. (However, be aware that the people evaluating your application may not be familiar with military jargon.)
As you are completing your application, you may have an opportunity to interview with representatives from the school. Interview policies vary from school to school, but even if an interview is not required, it is an excellent way to gain firsthand information about the school's environment, facilities, students, and faculty, as well as to distinguish yourself personally and demonstrate your interpersonal skills. Remember, schools choose students based on a range of factors, so make sure to represent yourself accurately.
At this same time, you will want to contact alumni, business associates, friends, or anyone who might provide additional information and help you market yourself to your schools of choice.
A big question undoubtedly still looms in your mind "how will you pay for this"
Expect the MBA to be one of the biggest investments you will ever make in yourself. Tuition costs for MBA programs can span a wide range and depend on the kind of program and school you choose. In general, public institutions are less expensive than private ones and institutions with regional recognition are less expensive than those with broader national or international recognition. The kind of program you choose (full-time, part-time, distance-learning) will also impact cost.
It's important to remember that higher cost doesn't always mean higher quality. The bottom line, though, is that the cost of your program should be viewed as an investment rather than an expense. As a rule, the short-run costs of acquiring an MBA should be the least important variable in deciding which school to attend.
The good news is that there are a variety of funding sources available to you, from the GI Bill to scholarships, loans, and personal savings.
The Montgomery GI Bill should be considered as a primary funding source for your MBA, assuming you have not already used those benefits. Current benefits can total as much as $37,000 for active military personnel; benefits for reservists are highly variable and based on a number of factors. Also, if you plan to remain in the military, you should talk with your superiors about the possibility of military sponsorship for your advanced education.
Schools are also strong potential funding sources. Most will provide scholarship support of up to 50% of tuition to full-time students they want to attract, and applicants with military experience are highly attractive. A list of "military-friendly" schools (most of which offer substantial tuition assistance) can be found at www.mba.com/military.
MBA LOANS, a service of the Graduate Management Admission Council with SallieMae, offers low-cost financing specifically for the graduate business degree. For more information, go to www.salliemae.com/mbaloans. You can also seek out other loan options from your local bank or credit union.
Part-time employment either from the school itself or in the surrounding community is often available to students. And, if you choose a part-time program, support may be available from your employer.
To be more specific about what your MBA will cost, let's assume that you separate from the military and enroll in a full-time, two-year program. Your living and tuition expenses will be about $60,000 per year for a total of $120,000 (recognizing that tuition varies widely, this figure is chosen as an average). If, using the sources noted above, you are able to fund a total of $80,000 of that $120,000, this leaves a total of $40,000 that you must borrow to finance your MBA degree.
You can tailor a repayment plan to require a monthly payment with which you are comfortable; as an example, paying the entire debt in two years would cost about $1,850 per month. To help you think about the cost of an MBA program and the significant benefits it will bring in the future, estimate a modest starting salary (say, $50,000 per year) and compare your projected earnings over the next several years both with and without an MBA.
Hiring salaries for MBA graduates range from $90,000 to $130,000 annually. Those with military backgrounds tend to be at the upper end of this range. So, although you would have two years without income, the salary you receive upon completion of your degree is significantly higher than what it would be without an MBA (and will remain so over time).
This is only an average example; a little searching will reveal programs that cost much more or much less. (Again, higher cost does not always mean higher quality.) There are several well-recognized state schools that offer significantly lower in-state tuition.
It is possible to repay your debt and make up two years of foregone income in less than three years. If you take into account the value of the MBA over a longer period of time, the gains attributable would be even greater. In short, assuming you perform reasonably well in school and then use your skills effectively in the marketplace, you will come out far ahead of where you would have been financially.
So, take the GMAT exam, prepare a solid application, and market yourself effectively. The credential you earn will serve you well in the business world or a military career for the rest of your life.
