Some top business schools around the globe are offering flexible deferral policies these days. There is a reason for that but many admits don't ponder much on the advantages of the deferrals, and the few who do, just do it solely for family reasons.
This post is intended to highlight how deferring for an year might position you better for your MBA.
Prepare yourself to excel in MBA: Many top consulting companies or financial institutions who recruit MBA graduates mostly consider top 5 - 10 percent of the lot. And to be in that top 5% is not an easy task in a rigorous tight-packed one-year MBA program. In your deferred year, you can prepare yourself extremely well to have more chances to excel by completing basics management courses like accounting, finance, stats, economics, reading management books, reading famous biographies, improving soft skills and many more.
Clear your goals: I have interacted with a lot of MBA students and admission consultants during the last 4 years, and I have come to believe that one year in MBA just flew by before you know. Because of that it becomes utmost critical to have crystal clear goals of what you want from this MBA program. If you choose to defer, you gained one free and secure year. Use this year to increase your network, talk to as many alums as you can, talk to your senior professionals and search through your soul. Your crystal clear goals will help you far better in MBA than anything else.
Aim for your dream school: If this is not your dream school or is not in the country where you would like to settle post MBA, you can defer for an year and give your best shot for your dream school with more confidence, because now you already have a seat secured. You are not loosing anything but the gain is tremendous. Nothing can substitute your dream school.
Increase in salary: One factor that largely affect the outgoing salaries of MBA students is their incoming salaries. In that one year, in all the probabilities, you have a better salary than the current. And, higher incoming salary equals to higher outgoing salary.
Designation: Many admits might have pending promotions within an year for which they have sweated-out really hard for last couple of years. So why not wait for an year and make that sweat count. You have your position secured in MBA and getting in with a higher designation will surely pay-off.
Plan for the money: Today you have a good earning job. Better earn and save money for one more year, so even if you opt for loan, you have enough liquid cash to pay off that loan without hurting your back in the uncertain market.
NOTE: Not all advantages are applicable to all, so think clearly and deeply and make the most of it.
PS: This is a guest post by Kamal Verma. He is a freelance writer and resident blogger, dedicated to contribute to the MBA community.