Dropouts: They can come back

Officials at most top business schools know that a couple of students drop out per year. These aspiring MBAs usually have to take off for a semester or a quarter. Most take some time and then return to graduate, none of them take the decision lightly. Big name dropouts - including Microsoft's CEO Steve Ballmer, who left Standford Graduate School of Business to work with his mate Bill Gates, and filmmaker Georgia Lee, who left Harvard Business School to be discovered by Martin Scorsese, are the exceptions and not the rule, reports the US-magazine BusinessWeek.

One would think that during an economic crisis, more students would be leaving school to pursue job opportunities midway through the program. That has not been the case, say administrators. In fact, the last time business schools saw an increase in the number of dropouts was in the 1990s when dot-coms were flourishing and many students started their own business. Even then, the numbers were small. Candidates are more likely never to join the MBA program than to drop out, says Michael Stepanek, MBA program director at the Kenan-Flagler Business School at the University of North Carolina, where 11 students have left the program in the last five academic years, including those who became ineligible because of poor grades.

Of course, there are rules for leaving and returning to school. If someone has to leave for personal reasons Kenan-Flagler, for example, can hold open a scholarship for up to two years. Most schools, though, allow students to take leave only after completing the core syllabus. Administrators usually have lengthy conversations with students before they decide to leave and they keep up the dialogue even after the student moves on. Every school's policy, however, is slightly different.

Schools explain to students that they will have a different class and perspective if and when they return to business school. They also point out that there will be ramifications for their financial aid packages. Some students, in fact, have to make loan payments during their leave of absence. Managing your choices is a necessity. And students must be prepared to explain their leave later to recruiters and have answers to questions like: "Why was it necessary? What did you learn from your time away?"

For some students, the type of MBA program they pursue can alleviate some of the challenges. A part-time program, for instance, allows more flexibility than its full-time counterpart. Considering the range of options - from one-year to Executive MBA programs - is a smart move for anyone who thinks life might interrupt a full-time experience.

• University of North Carolina at Chapel Hill - Kenan-Flagler Business School
  Full-Time MBA
• Stanford Graduate School of Business
  Full-Time MBA