The foremost decision you may have to take during your quest for a B-school would be to narrow down on the schools you will apply to. If you do not devote time and do your search during this phase then you will be in deep trouble. Imagine those critical deadlines for application submission, writing lengthy essays, attending information sessions and all this along with long hours at office. Now, amidst all if you want to change a school and start from a scratch then you are heading for a disaster. We will share some pointers which may help you consider these variables during your selection process.

Application Cost: Each application will cost between $100-250 for application submission fee. So, decide the number of schools you want to apply to and prepare a budget. Also, remember that you may need to courier the documents like transcripts or reference letters if the school does not accept them online, it may also involve some cost depending upon the distance between the school and your current residence. Some colleges/universities would ask for some fee before issuing the official transcripts, if your undergraduate school falls in that category then be prepared to shell out some more money.

Your time commitment: Each one of us will take different times for completing the applications depending upon the resources available, time at hand, work to be done etc. It usually takes from about a week to three weeks to complete one application. However, the first application takes twice or thrice as long as later applications. If your referees are available and you have many essays common in your application, you can even take lesser time.

Location of a school: These two years come as opportunity to live in a part of the world which will be new to you. Prospects of recruitment are greatly associated with the location as the schools which have a local or regional presence attract a higher percentage of recruiters from neighboring area. Cost of living also depends on the location so the living expenses at NYU may be much higher than Purdue. You may also want to look at criteria like the availability of jobs for your spouse, climate, the proximity of summer internships, and the quantity and quality of extracurricular activities.

School Culture: Different schools have different atmosphere and thus attract different type of students. Duke has aggressive sportsman spirit, Tuck is a small program in the woods and Harvard is large and entrepreneurial. Choose a program that blends with you as a person and will help you bring out the best in yourself. Also, you will have the best chances of getting accepted at a school where you fit. Try to familiarize yourself with the school and do it thoroughly. Speak with current students, alumni, attend info sessions in your city and if feasible visit the schools to get an accurate picture.

Specialization: If you have already decided about the concentration you want to do major in, you can look at the specialized schools. U.S. News is one place where you can access such rankings. Else, almost all top-25 schools are a good schools for all the major areas (finance, strategy, marketing, management, etc).

Recruiting: The job opportunities you get after an MBA would be of most interest to you and thus you may want to look at a school where you will be prepared for your desired career and companies on your wish list recruit on campus. Even if your dream company does not come to recruit on campus, be sure that the school has decent brand name and is recognized among companies. Salary and bonus statistics are very important too; collect as much information as possible about the recruitment and salary structure offered at the campus.

Alumni Connections: This would also be an important criterion. The top 30 schools in US can be divided in three categories. Top 5 or Tier 1; these are internationally well known (H/S/W/etc.). Next 15 schools or Tier 2; these are known nationally but are more regional in reputation than the top tier (UNC, NYU, etc.). Rest of the Top 25 schools and a few more or Tier 3 schools; these schools are definitely regional but they still feature favorable return on investment (Texas A&M, Indiana etc.). Beyond the top 25, and certainly beyond the top 50, it becomes doubtful that the program will give a positive Return on Investment. The more access you have to helpful and powerful alumni, the better and here larger programs have more advantage.

These set of questions will help you hit yourself hard before making a decision which will make such a huge impact on you and your family.

Career . . .
Do I plan to change my current employer after graduation? Do I already have a functional or industry expertise and need an MBA to develop a functional/industry specialty? Do I plan to switch careers?

Financial Considerations . . .
Do I really need to go for a full-time program? Will my company sponsor my education? Do I need financial aid or a scholarship or loan? If yes, how much? How will I arrange for funds? How long will I take to repay the loan? Do I need to go for a longer duration program to minimize the funds I must borrow right now?

Day to day Life and school culture . . .
Could I handle a rigorous full-time workload and full-time course load? Will I find peer groups of with my interests and experience level? Can I assume responsibilities of an MBA-level position?

Family life . . .
Can I maintain a work-life balance? How might the decision affect my family? Will my spouse relocate and look for a job? How is the job market like near the schools I am considering? What kind of help the school provides to student's spouse and children?

Location . . .
Do I want to study in my home country or abroad? What factors should I consider for selecting the location; infrastructure, safety, cost of living, climate etc?

• Want to change career? Why thinking of an MBA out of the blue?
• Research the Programs Find out about various options and choose the program that fits your needs
• Want to choose between the schools? Evaluating these factors will help you choose the right schools
• Time Yourself Know how to pace yourself against all the requisites of a typical MBA application