Here are the 7 Real Reasons to do MBA:
1. Career Progression:
Typically
a professional begins his/her career with an operational role. Being
fairly smart, hardworking and result-oriented, you get promotions and
reach a decent position in the management. So now you have a good
academic profile and good work experience. What happens next? After a
few years you start feeling stagnated. This could happen after 3 years
or it may take even 10 years for you to reach such a stage.
This is because in today’s
performance-oriented professional world, most of the people around you
also have the same qualities and credentials that you possess. So, at
this point it is crucial for you to ask – what unique traits do you have
that will differentiate you from the herd?
The answer is: an MBA degree. Actually,
not just any MBA degree but an MBA degree from a premier business
school. An MBA from a top B-school will help you make a quick transition
from a mid-level role to a senior management position, where you will
have the opportunity to take strategic decisions. If you browse through
the job descriptions of senior positions across industries, you can see
that MBA is the preferred degree, though perhaps not mandatory.
Consulting is one profession where an MBA is mandatory to grow to an
Associate or higher levels. So, the lack of an MBA degree may not be a
show-stopper but it will be a huge reason for career stagnation.
2. Career Shift:
What
are the chances that with your current education, your current role and
your current experience, you can actually switch to any other role or
industry? Very little! Consider this situation – you have been in IT for
the past 5 years, but with time, you realize that your true calling is
marketing; What steps can you take to make a switch?
- You can take up small marketing projects over the weekends
- Read about marketing on the internet and make changes to your resume
- Take an online marketing course
Even if you manage to get past the
interview for a marketing role, you would still be joining at an entry
level. Your great IT experience will not help you much to get a senior
level role in marketing.
It is here that an MBA program can help.
In fact, one of the most important reasons why professionals choose to
do an MBA is to change career tracks smoothly.
3. Knowledge:
An
MBA from a top business school may set you back by about INR50 lakhs
for a 10-month course. The figure may be even higher depending on the
location of your school and the duration of the program. This works out
to about 1.2 lakhs per week. In India, you may end up spending 20 lakhs
for a similar MBA program. Imagine spending such a huge sum of money
just to gain knowledge!
Wouldn’t it be prudent to quit your job for a year and browse the internet to get all the knowledge in the world?
However the truth is that knowledge that
will help you progress in your career will not be found only in books
or on the internet. The interaction and intellectual debates that you
will have with your professors and peers at a B-school will be extremely
enriching. Secondly, the pedagogical methods employed in top
schools are very innovative and effective – these include case studies,
presentations, projects, research papers etc. If you are joining a
typical two year MBA program, in the first year you will have the core
curriculum consisting of marketing, accounting, finance, statistics,
economics, management, organization behavior etc. These lay the
foundation of your understanding of business. To be a future CEO, you
need to have a 360 degree view of how to run a company and manage
people. The language of business is the language of money. Apart from
the core subjects, B-schools offer a plethora of electives, usually in
the second year, depending on what stream you want to specialize in. It
is at this point that you need to have a very good idea of your career
path, so that you can make full use of your MBA program.
4. Networking:
What is networking?
Knowing people? Getting contacts?
Yes, knowing people is a big part of networking, but surely it is not just that!
Even with all the social media hype, how
many people from your college are you in regular touch with? 20? 50? At
the most, 100! Even at work, how many people do you really know? Your
immediate superiors, your team, and the people you meet at the
cafeteria. And what happens once you quit your current job and meet your
ex-colleague after two years in a mall? You may even find it hard to
remember his/her name! So, according to this definition of networking,
it means you are ready to spend 1 crore just to know 100 more people!
Nothing could be more foolish.
So, what is networking all about?
Networking at business schools means that you will be carrying the same
tag as thousands of alumni. You may or may not have studied together,
but if a Harvard alumnus receives an email or a job request from another
Harvard alumnus, or is interviewing a candidate who went to the same
school, there will be an immediate bonding between them, something like
an Old Boys Association! We all want to be identified as part of a group
of high achievers. Doing an MBA from a reputed B-school gives you a
great opportunity to network with smart, talented people who will hold
top strategic positions in major companies or will be great business
leaders someday.
5. Brand Equity:
An MBA degree is certainly a feather in
your cap. But an MBA from a top B-school is a more brightly colored
feather! You can feel this difference within India itself. All things
being equal, there is a big difference if you do an MBA from a lesser
known B-school in your region and if you graduate from a top school.
As most recruiters are aware of how difficult it is to get into a top
B-school, an MBA degree from such a school holds a lot of brand value.
Employers already know that you have cleared the first level of acid
test: high GPA, high GMAT score, essays,
recommendations, the tough interview itself and of course, a very
rigorous MBA program. Just like gold, an MBA from a reputed B-school
gives you a certificated hallmark that you are competent to become a
successful leader in near future. As the job of assessing a candidate is
already done by the MBA Admissions Committee, recruiters are
well-assured of your potential.
6. Self-Growth:
What do you really learn at a B-school?
Most importantly, the confidence to be somebody who matters, in your professional life.
A reputed B-school program gives you the
opportunity to think in the direction you want to. Whatever goals you
may have had before joining an MBA program, once you join, you may
realize that your true calling lies elsewhere. The entire classroom
experience, interaction with faculty and peers, student activities, case
studies… all these may radically change your perspective, both
personally and professionally. Many MBA students discover a new person
in themselves once they graduate from business school.
The irony of life is that when you were a
student, you had no responsibilities, but you also lacked the right
perspective. Once you started working, gradually, you learned who you
are, what your potentials are, but at this stage you are so burdened
with responsibilities that you don’t get the chance to follow your
passion. An MBA gives you a second chance in life to do what you always
wanted to do. It gives you the independence of a student’s life as well
as the perspective of working for many years.
7. Change of Geography:
There
must have been instances when you wanted to move to Australia or Canada
or any other foreign country to work there. In your current role, you
may be able to move to an international market as a C++ coder but
definitely not as a project manager. An MBA, say from Stanford or INSEAD
can help you understand the foreign market well, increase your
international network, learn about the requirements for an international
career and get exposure to a totally different culture and way of life.
Do you identify with some of these
reasons why you should do an MBA? At the end of the day, it’s all about
your passion, your career and your long term goals. Before you even
think of applying anywhere, analyze why exactly you wish to pursue an
MBA and articulate it well in your essays and interviews. A systematic
approach to following your dreams will make your MBA journey meaningful
and enjoyable.
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