So, you want an MBA: 6 steps to making your MBA work for you!

It’s September, and many of us are thinking about how to change our lives in ways, big and small. One very popular method, is to get your MBA. If you’re contemplating getting your MBA, or if you’re currently enrolled in business school, and want to ensure that your financial sacrifice has the desired positive impact upon your life and career,  my friend, Marie Segares, who not only is an MBA grad, but also teaches MBA candidates, was gracious enough to share her best advice. 

Are you one of the many people returning to school this fall to get a Master’s in Business Administration? I’m a proud MBA grad myself, and I teach and advise MBA students. Unfortunately, not all MBA programs have advisors (and not all MBA advisors will be straightforward), so I’m going to share a little secret.

 Your MBA will start depreciating the moment you graduate.

This is probably not what you want to hear as you are about to put a substantial investment of time and money into a degree program, but it’s the truth. The way to get the most value out of your MBA is to make a career transition within three to six months of completing your degree.

Employers (and investors) evaluate MBA graduates from a business perspective. (It is a business degree, after all.) They assume that you look at the MBA as a business investment, too, and that you’ve entered the program because you plan to get a promotion, transition into a different industry or career, launch your own business, or land a new job. When you don’t do any of those things right before or after graduation, they begin to wonder…why not?

In reality, I know many students enter MBA programs with no clue about their future plans. Maybe you have vague notions that the MBA will help “in the future.” Or, that it might (somehow? magically?) lead you to “make more money.” You may soon find the MBA coursework (and the large number of group projects) overwhelming and struggle to stay afloat, especially if you’re also working full time.

It becomes pretty easy to put off thinking about your career until after the program ends. After graduation, you may take a few months off to get your personal life back in order. When you look up a year later, your finely honed MBA muscles are a bit rusty. Pretty soon, you wonder how you became just another American with massive student loan debt, a stale degree, and no hope of getting any financial return on your educational investment.

Scary stuff.

Luckily, with a little planning, you can actually position yourself to get the most out of your MBA while you’re still in school. Here are six steps you can take, starting your first semester, to set the stage for a successful career transition after graduation.

Start by meeting with your advisor or career services officer. If you already have a clear vision about your next career move, focus on developing a concrete action plan for your next steps. If you are still exploring, ask for input until you know how to get started.

Spruce up your LinkedIn profile. At the very least, have a clear head shot, a headline that promotes you rather than your employer, and a summary. Don’t forget to mention that you are currently getting your MBA! Add fellow classmates and connections from current and past employers and schools.

 Go on informational interviews. Reach out to people in your extended network who are doing the type of work you aspire to do. Use LinkedIn’s advanced search to find people with the titles or in the industries and companies you are interested in. Ask to meet with them and then make a positive impression. Dress the part, do your research beforehand, and ask specific questions. Respect the person’s time. You’ll learn what skills and preparation are important and what they like and dislike about their work. You’ll also develop your network, finely hone your communication and interviewing skills, and learn valuable information about the professions, companies, and industries you are considering. (And, don’t forget to send thank-you notes!)

 Do research on your industry, company, or position of choice. Informational interviews are a great start, but don’t forget about your campus library and career office. Capitalize on these resources.  You’re already paying for them.

 Volunteer to get necessary experience. If you don’t already have the work experience you’ll need for that next step and if you can’t get it from your current job, volunteer. Build your leadership and other skills by serving on a nonprofit board, working on a church fundraising committee, and so on.

Follow up with your contacts and continue to refine your resume and LinkedIn profile as you develop a clearer focus. As you move through the program, don’t forget to keep those contacts updated on your progress. Keep your resume and LinkedIn profile current. Revise both to use the language that is most pertinent to your intended employer, client, or investor. Ask for input from your advisor, career office, trusted classmates, and professors. This will fine tune your phrasing while keeping your quest at the forefront of everyone’s mind.

Good luck with your program! These steps will be well worth the investment in yourself.

Marie Segares is a college professor, freelance writer, crochet and knitting designer, podcaster, and small business consultant. In 2013, she left the working world and became a full-time solopreneur, straddling two disparate industries: education and yarn. The combination keeps things interesting! Marie also co-hosts a monthly live G+ Hangout on Air, No Frills Small Business, with her high school buddy, Carlota Zimmerman, the Creativity Yenta®. In between laughs, they share resources and advice for women solopreneurs. Marie is a graduate of Barnard College. She earned her Master’s in Public Health from Columbia University and her Master’s in Business Administration from New York University. You may email Marie with questions at marie.segares@gmail.com, or leave them in the comments!