To apply or not apply. That is the question many of you are asking yourselves as admissions deadlines approach. Is it time to go for the MBA? The JD? MD? PhD?

Here’s the answer: it depends.

I know that’s a cop out, but it’s true. It really depends on you, your circumstances, and your goals. I’ve seen too many people—clients, friends, and others—target degrees that ultimately don’t make sense for them. And with today’s unprecedented (in our lifetimes) economic challenges, making the right decision about how to spend the next one to eight (PhD’s can take that long) years of your life is even more crucial.

As someone on his fourth career—counting at-home dad—I should know. My full bio’s elsewhere on this site, but I went straight from undergrad to a PhD program in clinical psychology. It took six years to complete the degree and less than six months for me to leave the field, afterward. Do I regret doing my PhD? Not really: it helped me secure a management consulting position and writing work in academia; and those three letters do look nice on business cards. Do I wish I’d thought more about my strengths and interests and gotten more professional experience before taking that six-year plunge? Absolutely.

In that spirit, let me offer some thoughts on each major graduate degree, and what to think about as you consider applying.

PhD: Having earned one, I think the best reason to pursue a PhD is to secure a career in academia. For professorships at big-name research institutes, it’s the only way in. Sure, people go into industry after becoming this “other kind” of doctor, but I would argue that they don’t need the degree to get there, and even that their time would be better spent gaining real-world experience. Beyond that goal issue, this is the right degree for you if you live and breathe research—using data of all kinds to build on existing theories, generate new ones, and explain phenomena. You should love all things research, including debating theory and methodology with others, to be a serious PhD candidate. As you can imagine, earning a PhD also takes tremendous discipline—for that matter, so does being a professor. It’s not for those who need a lot of structure and guidance.

MBA: The vast majority of my clients are MBA applicants. I help most write very specific goals into their essays. My guess is that post-MBA very few end up doing exactly what they say they will. That tells you several things, one of which is that this is a strong all-purpose degree, and not just for the business world. What other degree turns out so many bankers, consultants, non-profit heads, marketers, operations consultants, policymakers, and so on? None. So there are many good reasons to get the degree, which takes the least time of any advanced degree (one to two years) and generates a lot of job opportunities. Even today. Beyond recruiting, MBA programs endow students with fantastic networks—some debate this point, but I’ve seen how much my friends, colleagues, and even my wife (Kellogg MBA) have benefited from b-school contacts. Any reasons not to go? If business or related fields aren’t really your thing—as I discovered as a strategy consultant—don’t go. If you hate structure and data-based problem-solving and team projects, don’t go.

MD: My brother, both brothers-in-law, and many, many friends are doctors—not med students, not residents, not fellows, but practicing doctors. Most hate how long it took for them to get to this point: they watched friends make “real money” for years while they worked impossibly long hours for little monetary reward. Now, most love what they do, and are thrilled to be in such a stable field that allows them to truly help people while making a reasonable living. But is it for you? I think it comes down to enjoying solving the problems that doctors solve. That sounds self-evident, but I think people forget, especially after all the TV shows that highlight the profession’s highest and lowest moments, that in the end it’s often you in a room with patients and/or other doctors, trying figure out how to diagnose and treat a given set of symptoms. Are you good at that kind of pattern-matching-based problem-solving? Are you okay with the idea of dissecting a cadaver (you have to, in med school)? Do you mind dealing with people often at their worst (other than pathology, radiology, and maybe some other specialties, you’ll have to)? Ask yourself these questions to understand if you’d be happy as a physician.

JD: I know the least about this grad degree. But I do know that a very large number of trained lawyers do not work as attorneys—many are in the business world and elsewhere. That tells me at least a couple things: one, that getting a job as an attorney may be difficult, given supply and demand (it’s definitely a bad job market for lawyers right now); two, that many people rush into law school without really knowing if they want to be lawyers. So think hard about it. Maybe it makes sense to work in the field before committing to grad school. Research what attorneys do, day to day. Again, TV has glamorized litigation (i.e., trial work), but many lawyers rarely set foot in the courtroom. If you find a path that seems to match your skills and interests well, it’s a good sign.

The bottom line: think hard about your grad-school decision. Don’t get a degree because you feel you “should” or you don’t have a lot of other options. If and when you decide a graduate degree is the way to go, my fellow editors and I would be happy to help you make it happen.

By Dr. Sachin Waikar, formerly a McKinsey consultant and now an author and advisor to business and grad school applicants.

Whether you applied round 1, are planning to apply round 2, or fit into both categories, there is a lot going on at Accepted to help you with your applications.

• November Special: Save $100 on orders over $2000 with code MBA100.
• MBA Letters of Recommendation that Rock is our featured ebook this month and 20% off. Check it out. Learn how to help your recommenders to help you.
• MBA Interview Feedback Database: Prepare for your critical MBA interview and then share your experience after you interview. Plus, providing an interview report will automatically enroll you in Accepted's It's a 10! contest. 
• FREE MBA Interview Prep Mini Course. Enroll as soon as you get the interview invitation.
• November Telethon: Save November 23, 2009. We will host our last telethon of 2009. Details to follow.
• London Business School Masters in Management Chat. Wednesday, November 11, 2009 at 10:00 AM PT/1:00 PM ET/6:00 PM GMT. Please join Jamie Wright, Masters in Management Client Services Manager, and two students in the program who will be available to answer your questions. Are you a recent college graduate with less than one year of work experience and ready to embark on a management-oriented career? If so, join us on Wednesday to find out more about London Business School's Masters in Management program.
• Review the Kellogg Chat Transcript. We just posted the transcript from last week's chat with Kellogg's Assistant Dean and Admissions Director, Beth Flye, and two current Kellogg MBA students.. A few excerpts:

GoMBA (Nov 5, 2009 12:02:48 PM)
Jenny: I would like to know about prospects for entrepreneurs at Kellogg. I am an entrepreneur and want to do an MBA.

JennyRowlandKELLOGG (Nov 5, 2009 12:03:25 PM)
GoMBA-Kellogg has a great entrepreneurship & innovation program that continues to get more and more robust every year (from my understanding!). The "core" entrepreneurship class allows students to create real business plans and go to market strategies -- many of these business ideas have gone on to win case competitions and to be tried out in the real world. The entrepreneurship program is also currently offering a two day boot camp/crash course for students interested in the basics in business plan writing, funding, pitching, and tec.

Patty (Nov 5, 2009 12:04:20 PM)
Beth: I know that Kellogg has announced that it will start to release decisions as they get made. Does that apply to all 3 outcomes (admit/waitlist/deny)?

BethFlyeKELLOGG (Nov 5, 2009 12:05:30 PM)
Hi Patty, and thanks for your question. We will release a batch of admit decisions first and then we will continue with all 3 decisions through out the deadline period.

GoMBA (Nov 5, 2009 12:17:11 PM)
Beth - So does it happen that a great application is denied because the interview doesn't go exceptionally well?

BethFlyeKELLOGG (Nov 5, 2009 12:17:36 PM)
Hi GoMBA. That is good question. It is possible that could be the outcome if there were major concerns as a result of the interview. Again, it really depends on all of the criteria together.

GoMBA (Nov 5, 2009 12:27:38 PM)
Beth - Could you please elaborate on 'major concerns' during the interview.

BethFlyeKELLOGG (Nov 5, 2009 12:34:23 PM)
GoMBA, for me, an example of a major concern from an interview would be the impression that the candidate does not have a clear case for why he/she wants an MBA.

BusinessWeek has published its biannual rankings of EMBA programs. The top five EMBA programs are:

1. Kellogg
2. Chicago Booth
3. Wharton
4. Columbia
5. USC Marshall

BusinessWeek also published its part-time MBA program rankings and its rankings of executive education programs. Its methodology in all three cases focuses on "end-user satisfaction."

The articles and videos accompanying the rankings are recommended if you are considering an EMBA or part-time MBA program. Like everything and everyone else, these programs were hit hard by the Great Recession.

A few highlights from the lead article:

• EMBA student satisfaction has plummeted as students increasingly foot the bill and expect career placement services commensurate with those offered their full-time MBA colleagues.
• Of the 83 EMBA programs suveyed, only the University of Texas at Austin's McCombs School of Business boosted student satisfaction since the last survey.
• "Nearly half of all EMBA programs and part-time programs" reported a decline in application volume in 2009.
• 80% of participating part-time programs experienced a decline in student satisfaction.

Do you have questions about Kellogg? Then join us in an admissions chat with Northwestern Kellogg’s Director of Admissions, Beth Flye, and other Kellogg representatives on Thursday, November 5, 2009 at 10:00 AM PT/1:00 PM ET/6:00 PM GMT. The Kellogg team can answer all your questions about their admissions practices and its famed general management program. Learn about the program that provides a global perspective on values, leadership, and social responsibility in an environment emphasizing experiential learning and teamwork.

The chat will take place in the Accepted chat room.

During our most recent MBA admissions chat, we hosted a busy event with the Consortium. Here are a few excerpts from the transcript.

Linda Abraham (Oct 20, 2009 7:05:14 PM)
To all the school reps, does the applicant ranking influence the evaluation of the application?

WendyHuberUVA (Oct 20, 2009 7:06:22 PM)
Linda, applicants should apply as if the schools do not see the ranking. Rankings are only looked at when we are deciding fellowships, they are not used in the admission decision.

JacquelynnDayROCHESTER (Oct 20, 2009 7:09:08 PM)
Linda: While we do consider an individual's rankings, we look at the application as a whole, therefore we encourage students to focus on submitting an overall competitive application

RTorres (Oct 20, 2009 7:05:50 PM)
What happens with applicants that apply to the Consortium and to the specific MBA programs at schools when they are not accepted into the fellowship? How are their MBA applications handled? Are they still considered by the schools?

ErinNicklesburgWISCONSIN (Oct 20, 2009 7:07:59 PM)
RTorres: Each applicant is evaluated independently by each school in terms of both admission and Fellowship decision. An offer of admission does not indicate a guaranteed Fellowship offer, as they are separate. The admission offer will stand regardless of the Fellowship offer. If a Fellowship offer is not given, the applicant will go into the general merit-based aid pool.

AmyPR (Oct 20, 2009 7:12:34 PM)
What is the difference between the November application date and the January application date? Do chances of acceptance increase one date vs. the other?

LaurieShunneyCORNELL (Oct 20, 2009 7:15:21 PM)
AmyPR- Competitiveness for admission and scholarship may increase in later rounds. In general, we recommend submitting the strongest application possible. If you are prepared to apply during the November round, it may help.

Several weeks ago I posted about a hypothetical client –let’s call him Wonderman-- with sterling stats, extra-curriculars and long-term goal. He wants to transition into Strategy Consulting as preparation for a VC or PE career. As an applicant from a developing economy experiencing a boom in infrastructure and manufacturing activity, Wonderman dreams of identifying local manufacturers and growing them to regional/international prominence. I lamented the fact that as brilliant as he is Wonderman’s profile was not unique, and asked myself “How can I help my very worthy client stand out in a very crowded MBA applicant pool?”    

My advice for Wonderman is to look into Kellogg School of Management’s MMM program, a dual degree program that integrates management, operations and design, from concept to execution. The program combines the rigors of Kellogg’s outstanding management program with cutting-edge work in operations and design at McCormick Engineering School, a top engineering school.

 “What?” I can already hear Wonderman gasp, “But I’ve spent years trying to shake my engineering label and operations background! And what does design have to do with my future Finance role!”

Well, Wonderman, think a few years down the road. Imagine the head of a VC or PE firm considering dozens of young hopefuls like you who are eager to find companies that their firm can turn into niche players. Undoubtedly, all the candidates understand sophisticated financials and strategy. But what if one in particular can also roll up his sleeves, poke into a company’s every nook and cranny and efficiently manage it, at every level? What if this candidate also understands the role of good design in companies’ products? My crystal ball says that your candidacy might get special attention…

The MMM is fully integrated into Kellogg’s MBA program. It is a shared student experience, and participants have equal access to all resources, extracurricular and leadership opportunities. MMM students earn two degrees, with one set of requirements; the MBA from Kellogg and the Master of Engineering Management from McCormick.

Students major in either Operations or Design, a track co-founded in 2007 by industrial design guru Don Norman. The flexible curriculum allows students to take courses in those areas most suited to their goals, including marketing, operations, finance and entrepreneurship, while also gaining access to world-class experts and facilities in nanotechnology, biotechnology, transportation and other technical disciplines.

According to Yhana Chavis, Associate Director of Admissions at Kellogg, “Currently, consulting is the most popular post-MBA position for MMM students, followed by energy (think ExxonMobil and General Electric) and high tech. We’re also seeing a spike of interest in Private Equity and Venture Capital, due to the operations component.” MMM graduates also go into retail, transportation and finance." Yet others have started their own firms.

In an era of breaking down knowledge into individual parts, the MMM offers a refreshing alternative by arming its graduates with a holistic approach to management. Given today’s business environment in which funds and know-how cross the globe at breakneck pace, this breadth and depth of knowledge can be a formidable tool for a professional investor.

If you are interested in the design aspect of this program, you can also take a look at INSEAD and Rotman, two other top MBA programs that champion good product design via their collaborations with design schools. Stanford also has its own design center.

Tailoring your b-school experience and turning your target schools into potential partners will be the subject of accepted.com editor Tanis Kmetyk’s ongoing series of posts, and a new book, that will help you become not only a better applicant but, ultimately, a better professional.