When a student thinks of pursuing an MBA, it is usually done with hopes of a stronger professional network, access to better job opportunities, and a bigger paycheck. However, primarily, an MBA is a graduate degree that focuses on learning the principles of business, while also building leadership skills.
Some benefits of an MBA are quite fruitful. For example, those who get accepted into highly-ranked programs gain almost immediate access to experienced staff which translates to making more connections. It is also known that the average salary for graduates from top schools is very high.
However, it is also important to consider that the full impact of an MBA can take a few years to come to fruition, and given the amount of time, money, and effort that an MBA requires, it’s important to think about where you fit into this equation before deciding whether or not it is worth your while to pursue one.
Most people think that an MBA is some sort of golden ticket, that automatically accelerates your career. However, it takes passion, proactivity, and hard work to expand your knowledge and skills. Most students who enrol have a track record of professional success and are seeking further development. It isn’t recommended to apply if your goal is only to earn money or gain power.
A lot of people also apply for MBA programs if they’re simply bored in their current jobs, or see no future with how things are going currently. This is probably not the right step, at least not until you’ve done some more reflection. Boredom can take the form of frustration; with not being recognized, not getting better projects, and watching others get promoted. This is an invitation to pause and reflect: Why are these opportunities going to other people and not you? What skills do you need? Will it change how others perceive you? By reflecting on these questions, you can gain insight into your current situation. This is most likely a better option as compared to spending a lot of money on a degree and not being happy with your decision afterwards.
So, what are the right reasons to pursue an MBA degree? One of the reasons is to develop your skill set in order to better fit today’s corporate needs in an employee. The skills many organizations are looking for range from empathy and team management to understanding how to look ahead, set strategic goals, and influence stakeholders from diverse backgrounds. Students looking to develop skills around influence often have unique opportunities to do so during the MBA experience. Essentially, an MBA could be key in acquiring the experience you need to have a competitive advantage in the job market.
An MBA is also very useful if you’re looking to switch careers. Business school is a great time to gain exposure to peers, faculty, and a network of alumni from many professional backgrounds; as well as class projects and case studies that dive deeply into different industries and sectors. One remarkable thing about an MBA is that you can apply it to most industries. For people who don’t know what industry is right for them yet, there are a series of specializations and concentrations you can explore in these programs, like strategy, corporate finance, and operations.
In the end, it is a decision that has to be analyzed with every possibility. It can’t be something that you do because everyone is doing it, or if it seems like the only choice.
