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You may have heard that “Your network is your net worth.” Whether you’re seeking a job, an MBA, or your next client, a strong network is critical. Most professionals generally believe that they need a network. However, some struggle to build and maintain one. MBA networking is a fantastic way to set yourself up for success.
In this article, we’ll talk about the benefits of building a network. Networking benefits you professionally and personally. Additionally, we’ll discuss how to spot networking opportunities during your MBA and in your career.
Here are the topics we’ll cover:
- Why Is Networking Important?
- How Can I Network During My MBA?
- How Can I Maintain a Network Beyond My MBA?
- What Is the ROI of My Professional Network?
- Key Takeaways
- Frequently Asked Questions (FAQ)
- What’s Next?
Let’s begin by discussing why MBA networking is important.
Why Is Networking Important?
A strong network is vital in your development —professionally and personally. Many are familiar with networking for career success. However, it’s important to understand how networking can further your personal goals. So, let’s discuss the benefits of networking in multiple areas.
How Networking Benefits Your Career Growth
The most common way to benefit from networking is through career opportunities and advancement. For example, many job opportunities are not listed publicly. Instead, those opportunities are marketed internally. Professionals with strong networks are more likely to gain access to jobs through word-of-mouth.
Similarly, networking benefits an individual’s career advancement. For example, some professionals lean on networks for internal promotions or more senior roles at other organizations. Others may make more drastic career changes. For career switchers, networking can be essential.
Networking also enables MBA students and professionals to find support and mentorship. As you navigate your career, you might need advice and perspective. Mentors could have a few more years of experience to draw from. However, you can also gain support from peers. A strong peer network helps MBA students and professionals face challenges and share best practices.
Entrepreneurs also benefit from building strong networks. For example, MBA students building companies may need to find co-founders, attract investors, and win customers. Through a network, students can build a support system.
A strong network enables professionals to gain insights and continue learning. People who are committed to continuous career growth can learn from their networks.
KEY FACT:
From job opportunities to mentorship, your network can benefit your career in many ways.
How Networking Benefits Your Personal Development
Take note: networking doesn’t stop with your professional life! Networking can also foster your personal development. Expand your idea of what networking looks like. Some people think networking means attending professional events, However, this doesn’t have to be the case. Networking also happens informally, through friend meetups and among people with shared interests.
Building new relationships is a great way to form a personal network. As we move beyond professional circles and school, building personal relationships becomes more challenging. Therefore, maintaining a strong network among the people you do know ensures that you can meet new people.
Finally, networking can also help you build a strong personal brand. Consider what you’re good at, what you like doing, and what you’re known for. Do your friends seek you out for certain projects? If you have a special skill, your network will spread the word and enable you to help or work with others.
KEY FACT:
Building your network can help you build your personal brand.
Now that we know the benefits of networking, let’s discuss how to network during your MBA.
How Can I Network During My MBA?
Let’s discuss the importance of MBA networking. Alums report that business school networking opportunities outshine academics. Thus, it’s clear that the best MBA alumni network can pay dividends. To capitalize, here are some MBA networking tips:
1. Build relationships with your classmates
Building relationships within your cohort can be the most valuable place to start. Take advantage of the many opportunities to develop relationships with fellow students. These relationships can be built through academic activities: in class, group projects, study tours, and more. However, it’s equally valuable to go beyond the classroom. For example, MBA students partake in social opportunities, such as happy hours, extracurricular activities, and more. These are great outlets to build connections with classmates and develop lifelong friendships.
2. Network with recruiters
One of the strongest value propositions of business school is attending MBA networking events. The majority of MBA students at full-time programs are seeking new jobs. Therefore, attending networking events to meet recruiters can help you connect with your target companies. Additionally, consider attending networking events for companies that aren’t your first choice— just to meet people and learn. You never know where a new connection may lead. Great networkers build connections for any phase in their careers and lives.
3. Create connections with MBA alumni
As an MBA student, you’re well-positioned to engage alums. Whether you’re seeking input on your career or want to learn more about a company or industry, building connections with alums can be valuable. Don’t be afraid to engage alums for career advice —they once were in your shoes!
TTP PRO TIP:
Take advantage of the wide variety of opportunities to network during your MBA.
After you’ve built your network, it’s important to maintain it after you finish your MBA. Let’s discuss.
How Can I Maintain a Network Beyond My MBA?
If you’re enrolled in a full-time two-year MBA program, it may be easier to build and nurture your network. However, networking doesn’t stop with your MBA experience. You must be intentional when building your professional network after graduation. Here are some tips to do just that:
1. Build connections within your professional network
Start by connecting with people in your company or organization. This habit not only strengthens your network, but also helps you work more effectively. Then, expand beyond your company and seek industry networking opportunities. You can identify these opportunities through professional network sites like LinkedIn.
2. Take advantage of MBA networking events
If you’re an MBA graduate and live in a metro area, you’ll likely find fellow alums. Many top MBA programs have regional clubs based in major metro areas in the U.S. and some abroad. For example, Harvard Business School has 96 regional clubs and associations. Additionally, HBS alums lead clubs across 50 countries. In some markets, such as Denver, MBA programs host joint events. For example, the Denver Business Series attracts alums from more than 20 member MBA programs.
3. Identify other networking opportunities
Your network does not need to revolve around your career or your MBA program. In fact, your network becomes more valuable when you connect with people from multiple organizations and industries. Build connections with people who have similar interests. For example, find groups on social media networks (like Facebook and MeetUp) to meet like-minded people. You’ll not only indulge in your interests, but also form new relationships.
TTP PRO TIP:
After your MBA, continue to seek out opportunities to maintain and expand your network.
Next, let’s discuss the return on investment you can expect from your network.
What Is the ROI of My Professional Network?
Calculating the ROI of a professional network might be subjective. However, a lead, an introduction, or an opportunity from someone in your network can be invaluable. Consider the following when measuring the ROI of your professional network:
- Career opportunities: A well-maintained network can open doors to unadvertised job openings, promotions, or even career changes. A simple introduction from a contact could lead to your dream job.
- Knowledge and insights: Your network can be a valuable source of industry knowledge, trends, and best practices. Engaging in conversations and exchanging ideas can help you stay ahead of the curve.
- Mentorship and support: Building strong relationships within your network can provide access to mentors who offer guidance and support as you navigate your career journey.
- Collaboration and partnerships: Networking can lead to fruitful collaborations, partnerships, or even new business ventures.
A lead, an introduction, or an opportunity from someone in your network can be invaluable.
Key Takeaways
There are many benefits to building a network before, during, and after an MBA. We’ve touched on just some of these benefits, but we encourage you to explore others. You never know when and where your network will help you. Similarly, you never know when you can support people in your network. Therefore, it’s wise to invest in building and maintaining important relationships.
Frequently Asked Questions (FAQ)
What is MBA networking?
MBA networking is the practice of meeting new people and building relationships. This takes place while you’re in an MBA program, at alumni events, or online through sites like LinkedIn.
Why is networking important for MBA students?
Networking is one of the biggest benefits of attending a top MBA program. Alums of top business schools report that the MBA networks pay dividends. Networking is important for MBA students so that they can secure jobs. Additionally, networking can be immensely helpful when navigating a career pivot and joining a new industry.
How can I network effectively in business school?
Take advantage of extracurricular and recruiting opportunities. Extracurriculars will introduce you to students that you don’t yet know and might not meet. Ensure that you join a variety of activities to meet a diverse mix of classmates. Career events enable you to network with recruiters across companies. If it makes sense for you, explore various career opportunities to connect with more recruiters and alums.
What are the benefits of MBA networking?
A strong MBA network can help you land your next job. This may be critical if you are recruiting for roles off campus (when recruiters do not come to campus). Additionally, an MBA network builds a foundation for your career.
What are some common MBA networking mistakes to avoid?
Approach networking to build and foster relationships over the long term, rather than expecting an immediate return. Failing to collect someone’s contact information or add him or her on LinkedIn is a missed opportunity to stay in touch.
Additionally, think about how you can help people. Some people approach networking with a transactional mindset. This can be short-sighted and transparent, hampering your ability to build meaningful connections.
What’s Next?
To join an MBA network, you must apply for —and be accepted to —an MBA program. If you’re serious about leveling up your applications and improving your chances for admission, partner with us. Target Test Prep’s experienced MBA admissions consultants help shape your strategy and application materials. Request a free consultation with one of our expert admissions consultants today.
