Having made the decision to study for an MBA – a full time Master of Business Administration programme – deciding where to study is probably the biggest hurdle you face. There are many options and this is not a decision to be taken lightly or hastily. It will have an impact on the rest of your life.

Ultimate goal
Although easier said than done, now is the time to try and decide your ultimate career aim and where would you like to be working in 10 years’ time. For example, do you want to change your career completely or remain in your present job and enhance your career prospects within that organisation

David Wilson, president and chief executive of the Graduate Management Admission Council, says a structured decision process is necessary.

? Decide where you want to work and then go to where the recruiters go. Some only target a few schools, he points out and only a handful of schools draw global recruiters.

? Do your homework – if your heart is set on becoming a management consultant then make sure you enrol in a programme that supports that aim and attracts the relevant recruiters.

? Do you want to work close to home or do you favour spreading your wings and moving to another country or even continent? If it is your intention, for example, ultimately to work in the US, then it might be better to shoulder the increased financial burden and select a US school – the large majority of which offer two-year programmes. You will benefit from the contacts and friendships you make and this network will stand you in good stead during your career. Likewise, if you see your career developing in China, investigate schools in the region. A cultural immersion in the country of your choice can help you get ahead in the job market.

If you wish to stay close to home, then a local school could serve you well.

Choosing your school: accreditation
There are approximately 12,000 institutions worldwide delivering management education, but of these, only a small proportion are accredited. An accredited school gives a guarantee of a certain quality, brand recognition and programme standard.

The Association to Advance Collegiate Schools of Business – the AACSB – based in the US, but accredits worldwide.

The European Foundation for Management Development is a Brussels-based body that accredits a large number of schools across the world through its Equis system. The Association of MBAs, based in the UK, accredits programmes, rather than schools. Again it has a global focus. The Central and East European Management Development Association - Ceeman accredits through its IQA scheme, which began in 1998, and has a regional focus.

Rankings
Rankings such as those of the Financial Times and BusinessWeek, rate schools according to certain criteria. They give an indication of how the schools are perceived and weight issues such as salary percentage increase, value for money and career progress.

Information
Other things to bear in mind when choosing a school include factors such as value for money, teacher/pupil ratio, male/female ratio, bustling city campus or more rural setting, quality of faculty, research strength, curriculum strengths and weaknesses, range of electives and employment statistics three months after the degree. Much of this information can be gathered from the school’s website or brochures.  Some of these topics might be more important to you than others, but all are worth bearing in mind.

Visiting your shortlist of schools
Once you have whittled your selection down to two or three schools, now is the time for a visit. Although this will be time consuming, considering the amount of money you intend to invest, it will be time well spent. Nothing will give you a better indication of whether you and your chosen school are “a fit” than spending time there.

While you are there, chat to students and faculty, sit in on classes and, if possible, talk to alumni about their experiences. If time or logistics prevent you from visiting the school, try to contact the local alumni network in your region, members will often be more than happy to talk to you about the school and their experiences.

Finance
Business school is expensive, not only financially but also in opportunity costs – time spent studying, is time spent away from the workplace, not earning a salary and foregoing potential promotion.

Costs vary tremendously – some of the top degrees come in at $160,000 for a two-year programme, others are a fraction of that amount.

Generally the higher ranked the programme, the more expensive it is. Almost all US schools offer two-year MBAs, with an internship between the first and second years. In contrast, most European and Asian schools offer one-year programmes.

Self reflection
Can you get in to your chosen school? Is your GMAT score really good enough? Are there 20 potential students chasing one place?