“To be or not to be, that is the question.” While it was William Shakespeare who said it during Hamlet, for a 21st-century entrepreneur, the question remains “To MBA or not to MBA?” From professionals to aspiring entrepreneurs, everyone is fixated on whether they should pursue a Masters Of Business Administration (MBA) and for all the right reasons.
An MBA degree hones you with the right skills, builds leadership capabilities, and teaches the best business principles within you. From many networks to a bigger paycheck, an MBA has everything to offer. Despite all its perks, there are a few of us who are still getting our heads around the idea of whether an MBA is worth it.
An MBA takes up much time, effort, and money, making it essential to consider whether you should go for it. While no one can do your thinking for you, we are all entitled to advice, and the right piece of advice can undoubtedly alter the course of things.
So, is an MBA worth the time and investment? Just like a purchase requires you to consider certain essential factors, determining whether an MBA is worth too depends on certain factors. We have compiled a list of reasons that scream yes to an MBA, followed by reasons that give it a blunt “NAH.”
Before you get to shortlisting schools and colleges, you must understand what an MBA is. An MBA, as the name suggests, is a degree that centres around the world of finance, management, business, and entrepreneurship.
It covers various business-related topics such as accounting, statistical research and analysis, corporate governance, communication, project planning and management, entrepreneurship, etc. After reading this, a few of you might feel that an MBA is suitable for those already in finance.
However, an MBA program is designed carefully to train, equip and prepare an individual to work in finance and execute any management position.
Throughout your academic career, an MBA is where the onus shifts towards achieving professional real-world outcomes. In other words, an MBA analyses and strengthens your decision-making process by making you understand what, why, and how a particular phenomenon may or may not affect your decision-making process.
Pursuing An MBA: Pros Vs Cons
To cater to a broader audience, modern-day MBA programs are designed by considering a person’s lifestyle, work experience, time constraints, and other aspects that will add substantial value to their existing career.
For now, there are different types of MBA programs available. If you are an individual who is already in a management or leadership role, then an Executive MBA (EMBA) stands as the right choice for you. An EMBA puts an onus on your professional work experience and networking abilities you bring to the table.
Meanwhile, just being an MBA holder does not guarantee a career. While being an MBA holder will help you secure several job interviews and open the door to new ventures, numerous companies generally go for out-of-the-box thinkers with a fresh perspective.
Furthermore, does having an MBA from a top school make you an ideal hire? The answer is NO. Hiring managers don’t care much for your degree, let alone an MBA. Instead, hiring managers have an impeccable vision and can map out someone who has worked their way into management and leadership roles without requiring an MBA. Also, an MBA doesn’t do much good to your candidature if you are already flawed in other ways.
Open Door For New Ventures and Job Opportunities
Doesn’t Necessarily Make You The Ideal Hire For The Job
Lifts The Income Cap, Allowing You To Earn A Higher substantial income post-graduation.
Attending Online schools or an unknown university will only slide your CV to the bottom of the list
A Top-Tier School Puts you at par or a leg up your competition
The MBA isn’t worth it if you don’t plan on working in finance, management, or business-related fields.
You gain the skills, knowledge, tactics, and strategies required to excel in your career.
Despite the different types and variations, each MBA requires you to invest a sizable amount of time, which often isn’t possible if you are a working individual.
Importance Of Course Choice For Prospective Students
Your choice of study in a field of your choosing significantly impacts the job you will be doing shortly. When you are studying in Australia, the one thing you need to understand is that prestige doesn’t necessarily mean higher pay.
Thanks to slick marketing tactics, the majority of the universities tend to tout their rankings when it comes to their degree outcomes and overall research. Therefore, it is advisable to consider different variables if you are planning a master’s degree in Australia especially if you wish to land your dream job as quickly as possible.
Speaking of variables, recruiters in the 21st century located anywhere worldwide tend to judge you based on your overall personality, soft skills, verbal and written communication skills, presentation, how to niche your skillset is or isn’t, and whether you hold a time-honoured work experience.
Therefore, the data on your resume/CV is likely to be skewed because your resume's contents make your course choice extremely crucial. The right course choice should align with your interests and the overall studies that you have undertaken so far.
In simple words, your course of choice needs to be backed by the utmost clarity while simultaneously fuelled by a passion to be deemed “right.”
Is An MBA Worth It?
Sometimes, it might take a few years before you start reaping the fruits of your MBA degree. Given the effort and money you spend on getting an MBA, it can be frustrating when you don’t start seeing the benefits immediately.
If your career path is business related, then the expense is the only offset towards getting your MBA. However, suppose someone cannot afford the cost of getting an MBA from a top-tier school; in that case, other equally valuable options exist, such as a master's in business, finance, economics, etc.
The bottom line is that countless factors can affect, affect, and influence the returns on investment for your MBA. Your career goals and circumstances should be in equilibrium to determine whether your MBA is worth it.
The market demand for MBAs has always been high, and the modern-day market is evidence enough to support that. However, consider weighing your finances, career aspirations, and current circumstances. This will help you understand how a particular school will change your current role and what future roles an MBA brings.
If you want to become a well-rounded business leader, an MBA goes a long way.