Ever get the feeling that everyone has a Master of Business Administration (MBA) these days? Years ago, the only students that went into an MBA program were people who obtained a bachelor's degree business majors. Accounting, finance, marketing, and management majors would augment their education with another two years of graduate work at business school in order to make themselves more valuable to their organization. Since those days, organizations have begun tapping their engineering ranks for management material and the MBA has become almost a must for anyone who would like to be involved in the upper echelons of their organization. Before we go into whether an MBA is the correct direction for you, we first must investigate why an MBA is important in general.

The goal of the MBA program is to give students a better understanding of the "big picture." The big picture is the 30,000 feet above and long-term strategy view that separates the good companies from the great companies. It is the reason why companies are looking to employ employees with that vision into management positions.

The decision to pursue a Masters in Business Administration is a complex and challenging - one that should not be weighed lightly. Not only does an MBA require students to dedicate anywhere from two to fours years in a challenging academic program, but students must also understand that an MBA program is also a big financial obligation.

Purpose: An MBA can boost your lifelong earning potential and position you for a management or leadership position in an organization. Additionally, some students who may have majored in something other than business seek to obtain an MBA to get a well-rounded education. Overall, an MBA prepares you to excel in today's global economy.

Priority: Hand in hand with your reason to obtain an MBA is its priority in your life. How important is getting an MBA in your life's schedule? Because MBA programs are such a challenging endeavor, it's important that you value your education as a top priority in life.

Place: There are both on-campus and online MBA programs available to students. Research schools that may interest you, then inquire with college representatives to ask more questions about each respective mode of education.

There are four types of MBA programs. They include:

1. Full-time: A full time program is usually a two year program where you will be immersed in the educational experience. You are expected to have real world working experience and you'll be taking classes during normal business hours. Full time programs are ideal for students like Jack, who have no full time jobs that will interfere with their class schedules. These types of programs are the best if you're looking to network because the other students won't have "real work" getting in the way of their school work. You may also see Accelerated MBA programs offered and these are a subset of full time programs. Accelerated programs squeeze two years of schooling into a shorter period, sometimes one to one and a half years.
2. Part-time: A part time program is designed for regular working professionals who are taking evening and weekend classes over the course of several years. This is the ideal program for students like Chuck, who have full time jobs, and the networking opportunities will be fewer as these students will often have work and social interests competing with the educational experience.
3. Executive: Executive MBA programs are usually offered to those with longer periods of work experience and seek to focus more on the higher level management and strategy issues, designed for executives, and less on the nuts and bolts topics.
4. Online or Distance Education - Distance Education MBA programs are those where the class doesn't necessarily meet every week in a classroom. A classroom component may be involved but primarily the learning is done at the student's discretion. This type of program is ideal for students with unique time constraints and aren't concerned with networking with their classmates.

As you can see, each program type is focusing on a different type of student - from a fresh business undergraduate, to an executive looking to reload with the latest in business know-how. Selecting the program type is almost as crucial.

Prestige: If you are willing to move and all university options are open to you, the prestige of the university you select will be crucial depending on your purpose. However, even someone who is looking for the letters and the paper and is unwilling to move will still have a minimum prestige level.

How to gauge MBA program prestige:

• US News and World Reports Ranking - While there's been recent discussion as to the value of these rankings, there is no dispute that the universities rated in the top ten or twenty shouldn't be there, it's merely the order that people complain about. Given that, if the purpose of your MBA is to switch positions and enter the financial sector, you will want to attend one of these universities because financial sector companies will be recruiting from these top schools and you will want to be there for it.
• Quality of the Faculty - Are we talking Nobel Prize winners and retired CEOs or a group of adjunct professors with day jobs? Neither group is better or worse than the other but a school with Nobel Prize winners and retired CEOs will be better at teaching higher level economic and strategy skills whereas adjunct professors will be better at teaching more applicable hands-on management skills. The type of faculty also is important if you're looking to use your MBA program as a big networking session because you'll be interfacing with professors on a weekly basis and have an easy excuse to pick their brain and build relationships.
• Who Hires There - Every university puts its prospective employers recruiting schedule online for easy access, so go to the career services website of the university you're interested in and see who is recruiting. Call Career Services and ask for their historical recruiting records to get an idea of how they've performed the last few years (in terms of putting their students into the jobs you're looking for) and who has been coming to their recruiting sessions.
• Who Enrolls There - If your primary reason for pursuing an MBA is for networking purposes, it is very important to see what companies tend to send their best and brightest.

Price: Each MBA program tuition varies, so speak to a college representatives to get a specific quote on an MBA program's tuition. Remember, there is financial aid available to you as a MBA student as well! 

Ultimately, where you decide to pursue a Masters of Business Administration is up to you and your own personal set of circumstances. Remember, the best school isn't necessarily the one with the highest ranking in a magazine or book, it's the MBA program that will help you most in achieving your personal goals and put you in a position to succeed in the business world.

If you feel ready to dive into an MBA program, take the first step and research MBA programs today!