by Deborah Adeyanju

Are you stagnating in your career, envious of the big bucks your friends are making now that they've won the right to add those coveted three letters to their resumes, or simply looking to make a change? The decision to go to business school can be prompted by many different reasons. Not all of them are worth giving up two years of salary, putting a career on hold, and assuming substantial debt, not to mention the personal sacrifices an MBA program requires. Yet many people make the plunge before fully considering the implications and risks of their decision. So if you're contemplating getting an MBA, ask yourself some questions before you enroll.

It is critically important to have a clear idea of what you hope to accomplish in getting an MBA. Is your decision driven by a need to compete on a level playing field with your colleagues, advance to the next level in your career, expand the range of available career options and maximize your earnings potential, or do you simply hope to "change your life"? Your answers to these questions should help you to decide whether an MBA is for you and if so, what type of program makes the most sense (i.e., full time, part time, or executive). Alternatively, maybe your needs could be met with individual courses or a certificate program through the continuing education departments many universities maintain.

The answers to these questions impact not only the decision of whether or not to attend school, but also what school you ultimately select. For example, if you need to boost your quantitative skills, you'll want to focus your efforts on schools with strong and well-regarded finance and accounting programs. If you want to advance in your career with the same firm you currently work for, consider which schools your company recruits from. If your company mainly recruits employees from local MBA programs, it may be possible to pursue a part-time degree while still holding down your job. An added benefit to part-time programs is that many companies will reimburse employees for a portion of the educational costs incurred while they remain full-time employees. If you're considering a radically different career path, talk to people currently in the field to find out whether an MBA degree is really necessary. Can your goals be accomplished by an internship, or a certificate program? If you are interested in working for specific companies, find out how and where they conduct their recruiting efforts.

Another important consideration is what stage you are at in your current career. A few years ago, the typical MBA candidate had two years of work experience prior to beginning graduate school. Today, most MBA candidates at top programs have on average four years of professional experience. In general, students who can relate their professional experiences to the cases, lectures, and projects they perform at school, have more to gain from, as well as contribute to, an MBA program. Also, b...