When Is the Best Time in Your Career to Apply to Graduate School?
Choosing the right time to apply to a program abroad can be an emotionally overwhelming decision, full of personal and financial implications. At Azul Advisors, we want to help you with this process of reflection and introspection. Although each person has his or her own criteria or situation, we believe that there is an effective method to deconstruct this complex decision. Based on our experiences, we have identified three key considerations that help facilitate this decision-making process so that you can reach a well-informed conclusion.
Consideration #1:
Are you prepared to maximize your probability of success with your target universities?
How does your professional profile look compared to the typical profile of current students at your target universities? Each program publishes its Class Profile on its website that displays information about its current students. How old are they? How many years of work experience do they have? What sectors and positions do they come from?
How do your statistics look compared to the Class Profile statistics of your target universities? Is your GMAT / GRE within the 80% range? Is your TOEFL/IELTS score at or above the recommended minimum?
Do you have enough time and energy to fully dedicate yourself to the process? Will you be ready to deliver well-executed applications in the first or second round of the application cycle?
For most applicants, applying to graduate school is an all-or-nothing process that they don´t want to repeat as a re-applicant the following year. If you want to shoot for the stars with your applications, that´s OK. However, before pursuing this application strategy, think about what your potential options would be and what you would do if you were unable to achieve a successful outcome.
Consideration #2:
Are you ready to maximize the value of the resources and opportunities that the program offers you as a person and as a professional?
Do you have a clear idea of what it is you would like to do after graduating?
Do you understand why you are choosing this program and how this program will help you achieve your personal and professional goals in the short, medium, and long term?
Are you emotionally prepared to move to another country and pursue a challenging degree without your traditional support system (family and friends)?
A graduate degree program offers you a once-in-a-lifetime opportunity to change your industry or role, improve your professional trajectory, increase your earnings potential, and develop lifelong friendships and networks. For 1 and 2-year programs, things move at a fast pace and you need to establish clear goals and priorities early on to leverage available resources and maximize the return on investment.
Consideration #3:
Do you understand the cost of the program, how you will pay for it, and your opportunity costs?
Do you have access to loans, scholarships, or other sources of financing?
What are you sacrificing in terms of salary and professional opportunities related to your current job?
What can you expect in terms of salary and professional opportunities after graduating?
Are you OK with the idea of being far from family during the duration of the program? Will your partner and children be able to join you?
Graduate degree programs abroad are expensive. Most candidates take on debt to finance their studies under the key assumption that their increased future earnings will allow them to service the debt and achieve a positive return on investment. Before applying to a program or for a loan, you should carefully consider your professional goals and geographic preferences, along with the job placement and salary data of your target schools.
Final Thoughts:
It´s important to keep in mind that the answers to these three considerations and their additional ponderations may change (positively and negatively) from one year to another. Although the stars will never perfectly align, we believe that each individual has his or her optimal time to apply.
If you would like for us to help you with this process of reflection and introspection, we invite you to request a free consultation with us. You can also reach out to us directly by emailing us at contact@azuladvisors.com.