Before You Start the MBA: Six Degrees of Preparation
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There is a lot you can do to prepare yourself for the MBA before it starts. Here are six things you should make sure to do before you enter the MBA program.
When I traveled to Barcelona to start my MBA, I brought with me a small pile of ‘todo’ items – things that I hadn’t gotten done before leaving. As I unpacked my things in the new flat, I put the todo items in a folder and told myself I’d get it done during the next few weeks.
The next time I opened that folder was two years later, as I packed up my flat after graduation. The fact is, once the MBA starts, you just don’t have time to get other things done. Here are six important things you should do before you enter the MBA.
1. Clarify your goals: What do you want out of your MBA?
Make a prioritized list of the things you want to achieve during your MBA (see some examples here). It is very important to clarify your goals before the programme starts. Once it starts, you will inevitably lose the mental perspective for a while. Also, it is difficult to reflect objectively on your priorities once you enter the Fishbowl.
2. Apply for scholarships
Scholarships and grants can be a great way of financing part of your MBA. But one thing is important: you should start applying for funds as soon as you have made the decision to APPLY to the MBA. Many funds and scholarships only accept applications once every year, and do not allow retroactive applications, meaning that you might miss out on some cash. So don’t wait until you have been accepted. Start sending applications now.
3. Improve your communication skills
From both an academic and a job hunting perspective, there is one thing that will help you do better in the MBA: your communication skills. Being able to communicate clearly and concisely in written and spoken English is, simply put, a major competitive advantage. Do what you can to master this before you start. Take language classes if needed, and join a Public Speaking club, so you can become comfortable speaking in front of classmates and professors.
4. Read a Finance 101 book
Financial accounting – the ability to read and understand a P&L and a Balance Sheet – is the cornerstone of many of the classes you will take. If you don’t quite know what debit and credit is and how these concepts are used in practice, you should pick up a primer on Financial Accounting, study it, and do some exercises until you feel comfortable with the basic concepts.
Importantly, you DON’T need to study the advanced stuff. The MBA curriculum is not overly complex in this regard. What you are really aiming for is a basic fluency in the beginner-level concepts.
5. Get your VISA and travel documents in order
Every year, a few students are forced to postpone their MBA for a year because they haven’t gotten their VISA and similar travel documents in time. Don’t be one of those guys – start this as soon as you can.
6. Prepare your friends for radio silence
Prepare your friends and family for the fact that you will drop off the grid for a while. The first part of the MBA in particular is very intense, and it can be hard to stay in touch with people back home. And if you are in a relationship, read this posting on how to make it survive the MBA.
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