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Acquiring an MBA can help you to develop key skills you can use in your current role, while giving you opportunities for advancement within your field. Like with any new endeavor, though, you will face challenges at times. Let’s examine some of the biggest challenges of an MBA along with ways to overcome them so you can be fully prepared for what lies ahead.

What Are the Biggest Challenges of an MBA?

High Competition

Before you begin your MBA journey and start refining your skills, you need to be accepted into a program. Considering the popularity of MBAs, there are many schools that offer programs, but that brings with it a fair amount of competitiveness. Here are some relevant facts and statistics:

• There are approximately 560 MBA programs throughout the United States, and these programs feature diverse acceptance rates
• Major programs’ acceptance rates approach about 18-20%, with other programs having higher acceptance rates
• The “Great Resignation” following COVID-19 actually led to something of a decrease in competition, as employees at some businesses took advantage of newly open positions rather than furthering their educations
• International student applications to U.S. MBA programs did not experience the same downturn during this time, maintaining the same approximate levels of competitiveness

Ultimately, the competition you will face will depend on the program you choose and the application materials required. Be sure to review all guidelines thoroughly and take time in preparing your materials to give yourself the best opportunity.

Time Management and Work-Life Balance

Time management can be another major challenge of an MBA program. Some students may be continuing in their career roles alongside taking their MBA courses, while others may be focusing exclusively on the MBA program itself. Both approaches have challenges, and the needs of networking, presentation preparation, and possible campus activities only add to the difficulties.

Thankfully, there are a few methods you can employ to help yourself along the way:

• Develop a schedule that you can adhere to, factoring in your classes, any workplace responsibilities, and personal time
• Use online scheduling programs and apps for better organization, including Evernote, Doodle, Google Calendar, Calendly, and Any.do
• Map out your deadlines well in advance so nothing creeps up on you unexpectedly
• Prioritize your responsibilities by mitigating or removing some from your plate altogether

Financial Pressures

Another major challenge of an MBA is the financial stress that can come with entering a program. Depending on the approach a student takes, not only is the cost of tuition a necessary expense but aspects like room and board, travel expenses, materials, and textbooks can all take their toll as well.

To help yourself overcome these financial burdens, it would be wise to:

• Prepare in advance by beginning a savings account that can offset some of the costs of your education once you begin a program
• Apply to any available scholarships, grants, and financial assistance programs to give yourself a leg up and stretch your funds
• Consider educational loans to make up a portion of the total costs
• See if your company, or a company you are interested in working for, offers sponsorships for MBA programs, as this can be an exceptionally lucrative possibility both for your education and your long-term career
• Create a budget for the duration of your MBA program that can help you overcome any hardships

Though you may experience financial pressures while obtaining your MBA, it’s important to remember that your career prospects following graduation will be greatly improved. Currently, the average , with the full range encompassing $84,000 to $241,000.

Networking

While networking can be considered one of the biggest challenges of an MBA, it’s also arguably one of its biggest benefits since it can lead to many opportunities. Networking can be challenging due to the time commitment involved and the practicalities of finding viable outlets and connecting with others. There are some best practices to keep in mind to make things easier, however:

• Take advantage of any events you can that are held by your program or on your college’s campus, such as meet and greets and career fairs
• Search for events in your region to see what is available beyond your school
• Prioritize events based on what you expect to get out of them, those most relevant to your career and interests, an organization’s reputation, and more
• Try smaller steps like setting up study sessions or connecting with peers on social media platforms
• When attending events, dress well, come prepared, and have a supply of business cards or resumes on hand

In-Person vs. Online Program Struggles

Many MBA programs, such as the one offered by ����ɫ��ҹ’s Ambassador Crawford College of Business and Entrepreneurship, provide both in-person and online formats. While there are many advantages to both formats, they do feature some drawbacks depending on your specific needs.

In-person programs allow you to be part of a collegiate atmosphere and have more opportunities to connect with your professors and peers. Costs can be greater, however, due to room and board and travel expenses, and some students may also find it difficult to regularly visit campus and attend classes while working their current jobs.

Online programs, meanwhile, are ideally suited for students who want the same expert instruction they would receive in person, but need the flexibility and convenience the format provides. These students, however, may not feel as connected to their peers or professors.

Ultimately, the choice of an in-person or online MBA format is up to each individual student, with either option delivering expert instruction and the development of core abilities.

Ready to Challenge Yourself? Apply to the MBA Program at ����ɫ��ҹ!

Investing in yourself and your future is one of the best things you can do for your career, and the MBA program at ����ɫ��ҹ can give you the knowledge and skills you need to succeed.

We provide both in-person and online MBA formats, with key features of our program including:

• Instruction from an AACSB-accredited college
• Accelerated program options, with completion in as little as 12-16 months
• Career coaching and professional development
• Summer internship opportunities
• Merit-based scholarships and graduate assistantships
• Study-abroad opportunities
• Six concentration areas
• Dual degree opportunities

Reach out to our staff with any questions about our program, or feel free to apply today to give your career a boost. We look forward to assisting you.