“Should I wait another year?” This is a common question among many MBA aspirants. On the one hand, you are raring to achieve the goals that have inspired you to consider business school in the first place; on the other, however, you are wondering how much another year of preparing and additional experiences might help your admissions chances. And of course, your other life priorities – such as personal and family relationships – are also major considerations.
You may find yourself feeling impatient with the desire to move forward, while battling your nerves to leave your current path and start anew. Managing your emotions to think clearly and objectively is important in making this critical decision. (Treat this also as good practice for more life-changing and career-defining decisions later on.)
So, what should you consider in deciding whether or not to wait one more year before applying to business school?
1) Reflection on Personal Goals
Many applicants, especially younger ones, are unsure of their current paths, and thus, they pursue business school as a chance to open up potential career opportunities. However, you would do well to learn more about the possibilities that will actually be available to you post-MBA before applying.
How realistic are your target goals given your background, interests, and skills? Is this really the job that you want to hold long-term? Taking the time to answer these questions by researching, networking, and reflecting on yourself could go a long way in making the most out of the time, money, and effort you will be investing in your MBA plans. Afterwards, if you still feel uncertain, it would be best not to rush into applying to business school.
2) Improving Your GMAT Score
Candidates whose GMAT scores are way below their target school’s average need to reconsider retaking the GMAT if they want to increase their odds of acceptance. Depending on your assessment of how much higher you can score, and the amount of time needed (and available) for studying, waiting one more year to try and score closer to the school’s average could be a good reason to defer your application.
3) Accelerating Personal Development
What does your next year look like if you don’t go to business school? Would there be great opportunities to take on large-scale responsibilities at work? Or unique experiences to gain? Or a potential promotion to earn?
If the answer to any of these is “Yes!” then it could be worth it to stay another year, as these possibilities can fast-track your career and development. They might also result in stronger recommendation letters from your superiors or cement your reputation as a high potential executive in your company or industry – all factors that the Admissions Committee will notice when reviewing your future application. And depending on where you work, this may even lead to your company offering sponsorship for your MBA when you decide to pursue it later.
Weigh all of these considerations carefully, as they could affect not only your chances at achieving your MBA, but also your future career prospects afterwards.
Applying to business school? Call us at 1-800-925-7737 and speak with an MBA admissions expert today, or take our free MBA Admissions Profile Evaluation for personalized advice for your unique application situation! And as always, be sure to find us on Facebook, YouTube, Google+ and Twitter.
Written by Edison Cu, a Veritas Prep Head Consultant for INSEAD.