With many industries now requiring advanced qualifications to get ahead, the popularity of Master of Business (MBA) degrees is at an all-time high. As more and more people discover the powerful career opportunities they offer, demand for places is sky-rocketing.

But with Australian programs currently ranging in price from $15K - $90K, how do you invest your money wisely? According to Sharyn Roberts, director of AGSM MBA programs at the Australian School of Business University of NSW, there are three key elements you need to consider when choosing the right MBA: reputation, quality, and community.

When it comes to reputation, credibility is all-important. Whether you’re studying for a promotion, a career change, or even personal development, make sure the school’s academic standing plays a positive role in your chances of post-degree success.

“Some programs have stronger reputations than others and employers are aware of this,” says Roberts. “As a general rule, the top business schools and MBA programs are endorsed by reputable accreditation bodies and ranked in international surveys, which strongly positions students for global management opportunities.”

Similarly, some programs aim to train general managers, while others aim to train functional specialists. So it’s important to ensure that both the content and focus of a MBA program meets your personal career goals.

In terms of quality, your choice of school should have rigorous entry and progression standards.

“Make sure that you’re learning with fellow students of a high academic calibre who also have deep, diverse work experience,” says Roberts. “This way, you’ll benefit from being part of a rich, stimulating learning experience while simultaneously acquiring the knowledge and skills you need to manage a company strategically.”

As for the faculty, if you're a stickler for excellence, then the thought leadership demonstrated by your teachers is as important as their research expertise. “The best teachers ensure that cutting-edge theories and rigorous, innovative thinking styles enter into the classroom,” Roberts says.

And if you consider building a professional community as important as building your professional credentials, consider looking for an MBA program that can offer you outstanding business, industry, peer, and alumni networks. This way you can start building your network while you share your lessons with like-minded people.

Understandably, you may be concerned about the cost of going to business school. So find out exactly what a school’s fees cover before you compare programs. Also enquire about payment methods, refund policies and scholarships.

Finally, Roberts suggests considering University programs that offer a range of flexible study options designed to fit your lifestyle, including part-time, evening, distance, online and mixed-mode learning solutions.

“The level of commitment required to achieve success in your MBA studies is not to be underestimated,” she adds.