Applying to Business-Schools is a great decision especially for aspirants who are in the age range of 26-30 years. Along with age, there are two other factors you should consider while applying for an MBA degree:
- Need for an MBA degree
- Your level of preparedness for an MBA degree
The candidature of an applicant from the age range of 26-30, is also evaluated by the admissions committee based upon the parameters like how many years of professional experience does he/she possess, their academic achievements, their extracurricular achievements and decision-making skills. Therefore, if you think that you have gained all of these aforementioned qualities you must go ahead and pursue your MBA degree. Additionally if you would like to improve your career further, would like to learn key managerial skills then it is recommended that you opt for an MBA degree.
Statistical representation of age effect in MBA:
In the year of 2014, Bloomberg surveyed more than 10,000 people who expected to join the graduate business school considering its ranking for full-time MBA programs. The ages and starting salary avenues for people who had jobs lined up when they graduated, plotted in the chart below, show that in one’s mid-20s, paychecks bump up for every year of age, which makes some intuitive sense—a 28-year-old might have more experience and education than a 24-year-old. Surprisingly, though, age stops giving graduates a pay advantage fairly quickly. Pay levels hover in the mid-$120,000s range between ages 28 and 34, peaking at age 30, and then begin to drop off steadily, falling to $110,000 at ages 36 and 37.
Image Source: Bloomberg
3 factors affect MBA decision in later ages:
According to various adcom members, when they are selecting candidates from the age range of the early thirties or late twenties, they consider them as the proficient aspirants who can pursue an MBA. However, the aspirants need to keep in mind the following factors.
- Career progression
The people who decide to pursue an MBA during their early thirties or late twenties are called as deep career switchers. At this stage of their career, they have gained the maximum benefits from their career and their remuneration becomes constant. However, they can enjoy a higher position in the management hierarchy if they are equipped with the coveted MBA degree. They may feel they have become stagnated in their career and require something which is bound to help boost them on the career ladder. One certain way for this to happen is to pursue an MBA degree from a reputed college. The MBA tag is sure to impress the future employers and also improve your credibility as well. You will gain immense knowledge about various managerial traits which will assist you once you take up similar positions at work.
2. Personal situation
As you get older you might end up with an interest to study, or it will be difficult for you to retain the points in your memory for a long time. Taking an education loan will be difficult if you have incurred other debts earlier. More significantly, you might have families and you will be burdened with a lot of responsibilities on that front. Although this may affect your preparation efforts to an extent if you have made up your mind to pursue an MBA degree then you shouldn’t let it bother you. It may have been years since you last attempted an exam but the GMAT only aims at evaluating a candidate’s competencies in the following major sections – Quantitative Aptitude, Verbal Reasoning, Analytical Writing and Integrated Reasoning. If you are armed with the right set of books, adequate time to study and a satisfactory study plan then you will be able to reach the desired score in the GMAT. The syllabus of the exam comprises of basic and fundamental topics in the above segments which you are likely to have learnt in your high school or middle school. Therefore you need not worry about learning complicated content to clear the exam.
For getting into an MBA, you have to crack an entrance test, it can be a bit difficult for you to study religiously. Since you’re balancing a busy career and there are certain responsibilities which you might need to meet for your company. Simultaneously you have a series of duties at home as well, so you might not be able to prepare for the exam in a dedicated manner. However it is definitely not impossible since if you have a proper study plan in place you should be able to balance all of your responsibilities including preparing for the exam in an efficient manner.
Our recommendation is to start early to pursue an MBA degree to accomplish all your desires for a successful career. Since most of the admissions committee prefer to admit candidates who have at least 4-5 years of work experience it is advised that you gain the necessary experience before you begin your pursuit of an MBA degree.
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