WHY GET AN MBA?
Every year, more than 150,000 students in the United States complete either traditional or online MBA programs. Without a doubt, preparing for a promising professional career becomes a significant event in their lives. Imagine that all students have clear and meaningful reasons for getting this master’s degree. In fact, how many graduates will actually be able to realize their career aspirations? And is there a one-hundred-percent guarantee that a business school is a lucky ticket to the world of entrepreneurship?
Of course, you can not question the benefits of an MBA, however, the most important question is how and where you are going to use the acquired knowledge. What are your reasons for pursuing an MBA? And is this not a delusion?
Serious reasons for getting an MBA
Here are a few examples from the lives of people whose motives for getting a master’s degree in business administration can be considered quite thorough.
After a short stint as a systems analyst, Mary wanted to move up the career ladder to a senior position. Communication skills and thoroughness in everything have already helped her make several significant career changes. However, in the future, the girl sees herself as the leader of a large team and also dreams of doing exchange operations. Now she is absolutely sure in which direction she wants to build a career in, and seeks to implement her ambitious plan with the help of an MBA.
After some thought, Mary decides to choose an online program in the field of financial operations, which will allow her to pursue the position of a Product Manager or Technical Manager in a few years, and then become a CEO in her company.
Managing operations requires special attention to detail, excellent negotiation skills, and the ability to manage staff in any situation. Mary knows exactly that this task is for her, and hopes that it will teach her how to cope with any kinds of challenges.
Alan works in the Human Resources Department, and in this area of activity, he is particularly attracted to the managerial aspects. In the future, the young man is going to expand his knowledge and gain experience in the field of human resources, so after a year of working at his company, he decides to get an MBA in this field, in order to later become a Personnel Manager at a large organization.
Jose works as an auto parts supplier in Fort Worth, Texas. His business career is already thriving, but he wants to expand it by opening new branches across the state. In order to realize his ambitions, Jose has put together a great team – the only problem is that he does not have enough promising ideas and strategies in order to move on. Jose deals with a lot of experienced people, but none of them graduated from business schools, but Jose, on the contrary, seeks to attract young and talented people to his company.
The desire to learn more about advanced technologies in the automotive sector, as well as to find an innovative way of doing business, were Jose’s reason to pursue an EMBA. Jose chose a program that combined technology and entrepreneurship and was designed specifically for those who already had significant business experience.
Mary, Alan, and Jose have solid foundations for pursuing a master’s degree in business administration. They found out what they want to get out of their professional lives, and know exactly how it would contribute to their future success.
What do you risk by getting an MBA without a clear reason?
Imagine that you started training and suddenly realized that this is not what you need and does not correspond to your interests.
Halfway through your MBA in Finance, you start to wish that you had chosen marketing, for example, because this field is more compatible with your skills.
If you feel that you don’t have a specific goal, try the following:
- Make a list of your skills and Hobbies. This will be the starting point.
- Determine how an MBA can help you achieve your goals. In addition, look for other, more cost-effective ways to achieve them.
- Study the curriculum and specializations of business schools that interest you.
- Visit discussion forums to identify the pros and cons of your solution.
Is a higher salary your only argument?
Indeed, the return of investment in your knowledge is huge, and anyone who is going to get a master’s degree in business administration, in some way thinks about increasing income, however, if this is your only reason, you should think about another program. Here are five reasons why:
- Salary may not necessarily be a direct consequence of an MBA. Factors such as long-term experience and the degree of employee’s responsibility also pose an important impact on income.
- Wages also depend on the chosen industry, with the highest income observed among MBA graduates who work in the same companies where they attended a summer internships in.
Generally, you can’t expect to get a good salary if you don’t have professional experience before starting your MBA.
Ask yourself if you will be happy at a job that is highly paid but not at all exciting. Remember, performance satisfaction creates motivation for self-improvement, which has a direct impact on productivity.
Finally, it all depends on where you will study. Today there are thousands of business schools offering a huge number of different courses, which, of course, differ from each other in quality. How well you choose an educational institution will affect not only your salary but also the rest of your life.
Do you think this is the best way to start an entrepreneurial path?
What does it take to become a successful entrepreneur; A great product or service, passion and perseverance, a great team, experience and capital, and a bit of luck. If you do not have any of the above, the MBA program will provide you with the opportunity to meet talented people, come up with various ideas, thereby making small steps towards your entrepreneurship path. The program will prepare you for future activities in a short period of time, but let’s try to weigh this fact: during the two years of MBA, you will learn quite the same amount as in five or seven years of work. However, if you have already found a suitable business activity that you love and can easily immerse yourself into, then the MBA becomes unnecessary for you.
So, when asked whether entrepreneurs really need to have an MBA, you can answer “no”, but it is also worth adding that the final decision depends on personal aspirations. To make a final decision, consider the following points:
- Will I be able to achieve my goals sooner with an MBA?
- What are the chances of success with and without an MBA?
- What do I value more: an MBA or an MBA degree?
Questions you need to ask yourself in order to find a promising program:
- Can the program I choose to develop the management skills that are so necessary for success in entrepreneurship?
- What can the graduates themselves say about this education and how did they use this training?
- Are there alternatives to hone your basic business skills?
Do you think that this is absolutely necessary to move up the career ladder?
In fact, there is not a single career for which an MBA is absolutely necessary. Many successful business people and people who hold Executive positions do well without a master of business administration degree. So, as mentioned earlier, education alone cannot dictate the outcome of a career. Still, you should analyze the value of an MBA in achieving your goals. This analysis should also include both a comprehensive understanding of the modern industry and its capabilities.
Here are a few more questions you should consider:
- Which industry sector will I choose?
- What is the reputation of your chosen program?
The MBA is an important milestone in the life of any student, a significant event that gives a start to their career. Therefore, it is necessary to take a serious approach to choose a program in order to extract all of the advantages of it.