Choosing MBA Program: My Decision on Babson Entrepreneurship Program
It took me long and hard thinking to make the decision, as it is of personal, financial and social importance. The decision was to choose either take 1 year MBA accelerated Graduate program or not at Babson MBA – I had received “Offer of Admission” from Babson College. It took me nearly 8 weeks of thinking, re-evaluating, financial calculating and meditating on “whether to attend Babson”. With long term thinking, listening to news, research online documents, forums and self-reflections, I made the difficult decision to drop “Babson MBA Program”. Getting into the MBA program is hard, but also getting the right financial aid to attend the school is equally important. (P.S If you are deciding to attend MBA programs in your future, then please reflect on this post as it can tell you many aspects to consider when choosing the MBA program.)
Why I Dropped Babson’s World #1 Top Entrepreneurship Program
When evaluating the option of attending MBA program, you have to evaluate extremely well and understand how much of your valuable years will be. This decision had to be made with precision, quality and multi-spectrum – as it can change the course of a person’s life. This decision, of course, could be wrong but also be right. You don’t know whether the decision is right or wrong, but one must decide which suits the best for the future needs.
Several criteria, including financial expense, cultural/living environment, were checked and they were detailed below:
- Financial Expense
First and the foremost important aspect about choosing any school program is “financial expense”. Just as college costs is rising, the master programs’ costs are also on the rise. According to the Babson 1 year program, the total cost is estimated at $110,422 (excluding living cost and transportation fees, along with extracurricular activities fees).
- Social & Business Reputation
It is without doubt that many reputable sources have named Babson as the US #1 Entrepreneurship powerhouse. Yet, with this reputation, you must evaluate how much is based on hype and reality. If the reputation is true, then it must be factored in with how much of the startup companies from Babson succeed. Yet out of the +100 startups that started in Babson every year, many of the startups end up dying and most of the entrepreneurs end up working in a larger company. It must be noted that startup and entrepreneurship are extremely difficult route that requires very realistic commitment in social, economic and personal life – one that asks “How much sacrifice are you willing to do for your company- whether it be socialization time with friends, family time, partying, getting high paid +$90K salary and decision making of unknown consequences?” This is an extremely grave question that no one wants to answer, and not even a future successful CEO knows this.
- Alumni Network
Despite the +34,000 alumni for the decades of MBA, Babson program shows limited success than many MBA schools. Babson distinctively builds on connecting with their previous startups CEOs and others. You can search through LinkedIn and identify how the Babson MBAs have achieved – https://www.linkedin.com/groups/Babson-College-MBA-Alumni-FW-106956/about. I could be wrong, but based on the achievements made by the alumni, it shows the future potential of the MBA Program. It is important to have strong network, along with people who’ve achieved through both academic and social achievements. In this case, Babson wasn’t the expected level as I would wanted.
- Alumni Accomplishments
Success of any MBA program lies in reviewing the MBA alumni within the next 10 years, and from this standard point, the Babson MBA has been limited in its strength of achievements. Many MBA students questions’ asked within Babson shows lack of experience, and requires long-term business model development. Success of an alumni determines how Babson MBA is to the world.
- Living Environment
Without a doubt, Babson College’s studying environment is amazing with beautiful scenery along with the ability to easily travel to Boston and New York City. It helps to stay connected with the society and keep in touch with how the latest trends move. Many startups and venture companies are located in New York and Boston area. So it is definitely great area, but your living expense can eat up your finance quickly if not careful.
- Quality of Education
With the MIT professors teaching in its courses and offering highly competitive education, Babson MBA is very well-rounded and focused. Quality of education, without a doubt, is excellent according to Babson MBA professionals and from the industry standard. More importantly, many Babson MBA students have the opportunity to engage with MIT & Harvard University students in Boston area within the startup competition arena. So it is definitely a positive, but at the price tage of $100K within a year, I thought there are other great universities with bigger departments. There is also the possibility to network with other top business majors in analytics, finance, consulting when attending a larger MBA university program.
- Quality of Students
Startup Minded students are great at bringing more innovation and ideas. Yet, if the innovation is done on basis by speaking rather than performing of action, the innovation is generally considered “hype”. More importantly, the quality of students that gather within the Babson MBA are street-smart MBA, who generally run family business or startup their business without prior success or working for someone in long-term. I’ve noticed this within various forums, blogs, and discussion within the internet. 85% of the Babson MBA originate from international community. GMAT Club has specific details on the Babson MBA students and their qualifications.
- Long Term Progression of School Development & History
Longevity of a startup community in Babson matters a lot in evaluation of Babson Entrepreneurship success measure. Babson MBA alumni has strong niche within consumer and IT startups, along with consulting business. Nearly 25% of Babson MBA graduates work at marketing or sales, which are more focused on “art” rather than science. Marketing, in many cases, are easily replaceable field that most college students can pick up and join-in within few months. Building and coming up with social media marketing strategy has previously done by high school students, which proves that marketing is an easy-start that is heavily competed. There are several top professionals who have became CEO or senior leaders in successful companies from Babson MBA program. But in proportion and percentage wise, they still require further growth.
Note: Please note this is a personal opinion of Babson College. If you have already made decision to attend Babson, then you must have thought carefully and thoroughly. I respect those who have made the decision to attend Babson College and hope your future success will follow.
About Babson Olin Business School:
Babson is ranked as #1 ranked world for Entrepreneurship in U.S News. With high diverse population and mixed background, Babson MBA applicants are highly qualified individuals and often are seeking entrepreneur support. They’ve previously have managed or started a startup. Babson MBA program is bit different from other MBA program because Babson has specifically built courses that are geared toward aspiring entrepreneurs, including Entrepreneurial Thought and Action, and innovative class case-studies. They also have non-marketed courses that are only shown and shared to admission accepted MBA students. Babson offers you the best chance in the entrepreneurship and you certainly could build the best-in-class company while getting the right funding, right people and right advisers while finishing Babson MBA program. If the finance is not the problem, then I certainly urge you to take few MBA courses at Babson and fully get involved with its smart entrepreneurs. Babson also have an excellent analytic MBA program. Learn more about Babson. (https://en.wikipedia.org/wiki/Babson_College)
Babson has Top Ranking:
In 2013–2014 salary report, Payscale.com ranked Babson College at #5 of all US colleges and universities, ahead of schools such as Stanford, Harvard, Dartmouth, Columbia and Yale. This ranking represents an average mid-career salary of $123,000 and average starting salary of $59,700. In 2012, Bloomberg Businessweek ranked Babson at #11 among US schools based on return on investment. Babson was rated #1 among all colleges and universities in the nation by Money Magazine in 2014. Babson’s MBA program has been ranked #1 in entrepreneurship for 21 consecutive years by U.S. News & World Report.