Are you planning to use an MBA to switch careers and branch out? You won’t be alone. Top business schools report that between 75% and 90% of their students do intend to leverage their MBA to move into a new industry, or a new job within their industry.

Within just one or two years you can learn the skills and gain the context you would need to launch into a new direction. In addition, unlike in the professional world, as a student in an MBA program you’ll have your school’s career management center to guide you through the career change process. Career centers can show you how to make your past experiences relevant to future employers, how to update your resume and how to network your way into new opportunities.

Even in the current economic climate, businesses are hiring MBA grads. While open positions may be fewer, any open positions are more likely to be filled by MBAs, said Rachel Edgington, GMAC’s Director of Survey Research.

What do you need to do to go out and compete for a job in your new chosen field? Julie Morton, Associate Dean of Career Services at the University of Chicago Booth School of Business said the first step is to conduct a clear and thorough self-assessment. Morton advises students to, “really think about what it is that they’re interested in, what their skills are, and what their experiences have been to make sure that their career destination is something that’s rooted in their passions, not the next band wagon people are jumping on.”

Once you’ve chosen your new career, the next step is to understand your transferable skills, said Phil Han, Associate Director of the Parker Career Management Center at UCLA’s Anderson School of Business.

“We discuss with career-changers the core skills and attributes their target industry or function might be looking for. We work with the students to translate their past experience into what their target company, target industry or target function is looking for,” Han said.

Regina Resnick, Assistant Dean of MBA Career Services at Columbia Business School, said demonstrating transferable skills also depends on whether you’re changing industry, or function, or both.

“If you’re changing industry but not function, presumably you have a lot of the skill set that you can demonstrate. If you’re changing function but not industry you may want to focus more on the attributes of the work you did with the industry that relate. And if you’re changing both that’s kind of the hardest career switch.  Your work experience should reflect everything that you’ve done and be complete and accurate. However, you may want to put more emphasis on those things that relate most closely to your new job opportunity,” Resnick said.

Tailoring your resumè to match the job description for your target position is key, Resnick said. University of Chicago’s Julie Morton added that you have to make sure your resume is written in the language of the industry you seek, not the language of the industry you came from.

For example, if you’re coming from engineering but want to go into finance, Morton said, “Make sure that the bullets on your resume don’t sound engineering, but sound analytical and problem solving-oriented so that they can be read by a consultant or a banker or a trader depending on what it is that you want to do.”

And don’t neglect your MBA coursework as a way to gain the skills and experience you need to enter your new career. Regina Resnick of Columbia School of Business said your classroom experience can demonstrate to potential employers that you know your subject, are passionate about it and have the basic skills you need to succeed in that field. Beyond the classroom, student groups can give you hands-on training for your future career.

Said Chicago Booth’s Julie Morton, “Many consulting firms and a lot of marketing firms now do cases when they interview students. Student groups will help students prepare for those case interviews as well.”

When looking for a new opportunity, MBA’s shouldn’t underestimate the power of networking.  John Worth, Director of Career Management for MBA Alumni and Executives at the Kenan-Flagler Business School of the University of North Carolina, Chapel Hill, says, “What we try to do is encourage them to really actively network, build their contacts, develop in-house ambassadors at companies that are of interest to them and uncover hidden jobs, jobs that may not be advertised. This will help them network their way into opportunities that may or may not be advertised in different kind of hosting and job search sites.”

Looking at the sheer number of people getting a MBA to switch careers, it’s probably safe to say that earning a MBA can be a good way to do just that. However, it’s also a hefty investment of time and money. Columbia’s Regina Resnick said it’s not going to be easy.

“I think that the MBA does give you some leverage but I think that it is important to recognize that you do have to make a really cogent argument for why you want to go into this new field,” Resnick said.

That argument should show your passion for your job, your knowledge of the industry and the function that you’re going into, and how your previous experiences have given you grounding and a basis for your career switch.

Once you’ve done all that, you’re well down the path toward your new line of work, along with the majority of students entering MBA programs.

To listen to the full podcast show featuring the following guests click here:

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• Phil Han, Associate Director of the Parker Career Management Center at UCLA’s Anderson School of Business
• Julie Morton, Associate Dean of Career Services at the University of Chicago Booth School of Business
• Regina Resnick, Assistant Dean of MBA Career Services at Columbia Business School
• John Worth, Director of Career Management for MBA Alumni and Executives at the Kenan-Flagler Business School of the University of North Carolina, Chapel Hill

This show is sponsored by: ManhattanGMAT. MBA Podcaster listeners will receive a $100 discount on Manhattan GMAT programs by using the code “Podcaster” when enrolling for a complete course. Visit manhattangmat.com/mbapodcaster to enroll and receive your discount.