When newly minted college graduates think about what step comes next in moving toward a professional career, they must answer the question, "experience first, or more school?"
Customarily, students enter the workforce for several years to garner experience before getting a Master's of Business Administration (M.B.A.) degree. But many are bucking tradition and entering business school directly after graduating.
According to a recent article published in the Chronicle of Higher Education, some business schools have begun programs aimed at attracting recently graduated students in an effort to diversify their student bodies. Hoping to draw more women, minorities and ambitious young students, business schools such as Harvard, Stanford and the University of Texas at Austin have taken such initiatives.
But not all students are biting. While the number of Americans taking the Graduate Management Admission Test (GMAT) during their college years has skyrocketed, students do not seem to be following the trend at Tufts, where economics is listed as one of the top five most popular majors.
According to Director of Career Services Jean Papalia, the proportion of Tufts seniors heading directly to business school as opposed to gaining experience has not shifted much. In 2001, four percent of the graduating class was planning to pursue an M.B.A. the following fall, while 33 percent of the class had planned to wait. In 2007, only 0.5 percent of the graduating class was pursuing an M.B.A immediately, while 28.1 percent was waiting, Papalia told the Daily in an e-mail.
Students often turn to Economics Professor George Norman, who teaches many business-oriented courses at Tufts, for advice about whether or not to pursue an M.B.A. In dealing with such students, Norman said he has not seen an increase in the number of economics majors applying directly to business school
"At the moment, none of the students I've advised are going straight to business school," Norman said. "Most feel they want some experience first."
Norman said that because business schools encourage increased participation in class and focus on the case-study method, having experience can help a student to understand the course material. When students come to ask Norman about business school, the professor advises them to gain experience first.
"I typically advise them to wait," Norman said. "I still think that is the preferable way. It's very, very different from college. The professors are referees, not teachers. There's a lot of case work and group work. Bringing your experience to the table can be a big attribute."
For those without a clear career direction, Norman believes that working can help people figure out what to study in business school.
"You have a better idea where your career is going, so you can figure out what course of study and business school is best for you," Norman said.
However, Norman cautioned that young adults should not wait too long before they enter business school.
"One of the problems is that your academic skills begin to deteriorate the further away you are from college, so you don't want to wait too long," Norman said.
Tufts graduate and former Economics Society Co-President Stephanie Christofides (LA '06) was offered deferred admission to Harvard Business School's Class of 2010 during her senior year at Tufts. Until she begins classes this fall, Harvard requires Christofides to keep a full-time job. Christofides has been working for the sales audit department of Christian Dior and said she believes that the experience will help her when she begins graduate studies this fall.
"My experience has been like a business school course in and of itself. My job has helped me grow and learn so much, and I will be able to apply this real-world knowledge to my studies," Christofides told the Daily in an e-mail. "At the same time, I have not been removed from the academic environment for too long, and so the transition back to school should be an easy one."
Junior Jonathan Mazumdar is a quantitative economics major and member of the Tufts Economics Society executive board, and worked as a summer analyst for Lehman Brothers last summer. Currently preparing to study abroad in Argentina, Mazumdar said he has noticed an altogether different trend in the business world. Rather than obtain an M.B.A. directly after college, Mazumdar thinks many young professionals are choosing to completely forgo attending business school.
"A trend that I have personally seen is that many young professionals, particularly in finance, are eschewing the M.B.A. path and instead choosing to stay in the workforce," he told the Daily in an e-mail. "They think the cost of tuition and the lost salary is not worth the benefit, and, in many cases, the extra two years of experience in the workforce provides greater financial benefit and career mobility in the long run."
For now, Norman said that students considering an M.B.A. should concentrate on their time at Tufts.
"Focus very much on your major. A liberal arts education is actually excellent for business," he said. "Get internship experience, do some entrepreneurial bend. Think about what you want to get from an M.B.A."
Norman said that when thinking about graduate studies, it is imperative that students determine where their careers are heading and how graduate studies can help them achieve their goals.
"In the end, with all of this, just be clear about what it is that you want. What kinds of skill sets are you trying to develop? If you don't know, think about it some more until you get an answer," Norman said.
