• Costs
A MBA will presumably be one of the single biggest investments of your life. Prepare to spend over an average of $25,000 for tuition and fees, in addition to more money for room, board, books, a computer, travel and some spending money for fun.

For students entering b-school after several years in the work force, the greatest shock isn't the studying, the lack of a paycheck every two weeks, unless they're lucky enough to have their employers pick up the tab.

The real school costs are much more surprising than most students ever imagine, and seeing them is a bit discouraging. Remember, your education is an investment. As a result while looking over your top choice's tuition prices, try not to get too discouraged-there is always financial aid.

• Beware of Rankings
Many applicants depend on the magazine rankings to decide where to apply, but this is usually a mistake. Statistics rarely show the whole picture. Deciding on the validity of a study, it's wise to consider how the study was conducted and what exactly it was trying to measure. Very often, the answer is magazine sales. Depending on narrow criteria to evaluate subjective components fails to capture the true strengths and weaknesses of each school. Don't be tricked by any "bests." Simply search for the program that is the best for you.

• Judge for Yourself
Build your own rankings to decide what you're looking for. If you seek for selectivity, check out a school's acceptance rate. If the most important to you is highest job-placement rate, identify that school. Also, if it is the school with the graduates who have the highest starting salary, by all means, locate it. Looking for the best program in all those areas, don't be surprised if you can't find it. The best way to pick a program is to do your homework and find your match.

Consider your personal style and comfort zone. Assume you get into a "top-ranked" school, but the workload is destroying your life, or the mentality is predatory. No matter how prestigious the program is if you don't make it through. Whether you want an intimate and supportive environment or you are happy to blend in with the masses, different schools will meet these needs.

• Social Atmosphere
Catch the spirit feel of the student body at prospective schools. Undergraduates, business students stick together and rely on one another inside and outside the classroom. You won't spend every night in a bar or club, but rather spend evenings at the library, computer lab or someone's apartment putting together team projects and presentations. If you don’t feel comfortable with your classmates, you'll be lonely.

Use the same strategies you used when you applied to undergraduate colleges: talk to students, alumni and teachers; visit campuses; sit in on classes and meet professors. It's really more important that you make these initial contacts in business school. The advantages you get from b-school are part educational, part networking. If you can establish a relationship with a professor, it may help you in your job search down the road.