When should one do an MBA? Post their undergrad? After working for two years... five years... ten years?
You are right! We are on the same page too. There is no one size fits all solution to this question. It entirely depends on if and when one’s professional trajectory demands an MBA. It could be for either of the two reasons: when one is looking for a complete shift in their career profile or when one wants to solidify their understanding of management ideas.
To fit the diverse and varying career needs, schools all over offer programs to suit the candidate’s requirements. In this article, we will discuss an elite program designed for high achieving, mid-career professionals - The Sloan Fellows Program.
The Basics of MIT Sloan Fellows MBA Program
The Sloan fellows MBA, structured by MIT, was started when Alfred P Sloan, then chairman of general motors granted the funds to launch a dynamic management program for gifted professionals. It later expanded to the London School of Business and Stanford Business School. Let us take a peek into the mothership program- the MIT Sloan Fellows MBA.
The MIT Sloan Fellows program is the largest of the three and more advanced than a typical MBA; the present cohort comprises 103 candidates representing 37 countries. Sloan fellows come from a recherché group of experienced professionals, with a minimum work experience of 10 years. The 12-month intense and immersive program offers three-degree options: an MBA, a Master of Science in Management, or a Master of Science in Management of Technology.
The program caters to the requirements of the class and offers a dynamic and flexible curriculum, which focuses on developing enterprising and empathetic leadership skills. It offers a myriad of electives ranging from strategic leadership communication to blockchain & money. The program aims to develop critical skills crucial for future leaders, foster a deep spirit of community, hone management skills, by instilling in its fellows the three pillars of the program: leadership, innovation, and global perspective.
The fellows typically go on to become CXO’s or entrepreneurs. The vibrant and rigorous residential nature of the program is transformative for the candidates and their families, paving a way to form lifetime bonds. Since the cohort is small and consists of ~100 talented international candidates, peer learning, and collaboration is highly valued.
Admission
Given the unique nature of the Sloans MBA program, the application process is quite different from other business school applications. Like the program, the application is also intense and flexible that requires the following:
Cover Letter- Instead of the traditional essays, the program requires the candidate to submit a cover letter stating their interest and reason to pursue the MIT Sloans MBA along with short-term and long-term objectives.
Resume- A two-page resume that includes education, work experience, and additional information.
Video Statement- Candidates are required to upload a 60-sec video that covers introduction, experience, and briefly touch upon why MIT Sloan is the best place to pursue the program.
Letter of recommendation- A professional connection who has an in-depth understanding of the program and the candidate is required to either write a letter or provide short answers to all the questions, not exceeding the two-page limit. The LOR must be submitted online.
Organizational chart- The candidate is required to submit an outline of the internal structure of the company limited to two pages.
Test scores- Providing any of the GMAT/GRE/EA/TOEFL/IELTS scores is an important component of the application process. However, owing to the pandemic, the school has given an option to apply without the score. If admitted, the candidate will not be required to take the test.
Application fee- 250$
Career Support
Given the highly experienced and committed pool of candidates in the program, hiring is different than usual. To navigate the obstacles smoothly and make the right decisions, the program offers career coaches for individual and customized support. During the tenure of the MBA, the fellows can access the career development programs offered at MIT. A few of the top programs are:
Architecting your career path
Getting AIR (Advice, Information & Referrals) for your career transition
Leveraging LinkedIn
Technology jobs landscape alumni panel
Resume reviews
To summarize, the Sloan Fellow's program offers an enriching experience not only for candidates but also for their families. Many fellows believe that the program provides one with a once-in-a-lifetime bonding opportunity with their partners, children, and peers. If you are looking for ways to upskill and build a great company, the MIT Sloans MBA should be on top of your list.
Just like any major life decision, this program comes with a certain level of risk involved. Hence, it is wise to consider the downsides to make a holistic and informed decision. The program is a full-time commitment, requiring the candidates to take a break from work for 12 months. It is not just a financial investment but also an emotional investment, given the juncture the candidates are at in their personal and professional lives. Therefore, having a clear vision is crucial to make the most out of the program.