An MBA can be a hugely rewarding experience, from both a personal and professional perspective. I’ve worked with MBA graduates who have leveraged the degree to rapidly advance in their chosen career. I’ve also seen students use the MBA to pivot and change careers into a more rewarding and/or lucrative opportunity. Most importantly, I’ve witnessed students take advantage of the numerous experiential learning opportunities embedded within the MBA curriculum to enhance their leadership, managerial and interpersonal skills and build their professional networks.
To fully optimize the MBA experience, students should explore their rationale for wanting the degree as early in the admissions process as possible. Based on conversations I’ve had with more than 1,000 prospective MBA students, here are three great and three terrible reasons for wanting an MBA.
Great Reasons:
- “I want to change careers”
An MBA can provide many benefits to those looking to change careers. In addition to providing an opportunity to learn new skills (accounting, marketing, finance, operations, human resources, etc.), most MBA programs offer numerous networking opportunities with employers and alumni. In addition, full-time MBA program formats allow students to complete an internship between the first and second year of study. The successful completion of an internship can often lead to a full-time opportunity in the student’s new chosen field.
- “I want to move from an individual contributor into a management or leadership role”
Typically, the first few years of our careers are spent as individual contributors. As individual contributors employees utilize the technical skill sets learned as an undergraduate to perform tasks for others within the organization. For example, someone with a computer science background may start his career as an entry-level programmer for a large organization. His success in the organization may depend mostly on his technical skill set. However, to move into a management or leadership role a broader set of skills is required. This is where an MBA can add great value. MBA students learn about all aspects of the business, from the financing of new projects to marketing new ideas both internally and externally and the steps required to take an idea from the concept stage to a product. In addition, MBA students have the opportunity to study the theories behind good management and leadership principles.
- “I want to start my own business”
Those looking to start a new business need a diverse skill set to develop, fund, market and operate their emerging enterprises. The broad nature of the MBA degree coupled with the numerous opportunities for experiential learning allow future entrepreneurs to learn and practice the skills they need to launch their own endeavors.
Terrible Reasons:
- “I’ve heard an MBA is a ticket to a guaranteed 6-figure job”
While it’s true MBA graduates typically earn more than their non-MBA counterparts, earning an MBA does not guarantee you a job, much less a high-paying job. The MBA degree provides a set of skills and opportunities that students must leverage to set their career on their preferred trajectory. Those seeking an MBA solely for financial reasons are often disappointed. Often, organizations willing to pay big bucks for top talent are looking for passion for the company, industry and role.
- “I don’t know what I want to do with my career, but if I get into business school, career services will get me a job”
I hear this one all the time. Some students believe once they get into an MBA program, it’s up to the placement office or career services to find a job for them. While most placement offices have helpful staff dedicated to helping students maximize their career search, it is ultimately up to the students to create and execute their job search strategy. Knowing the outcomes you desire before starting an MBA program can help you customize your experience (which classes you take, which activities you participate in, which alumni you network with, etc.), thus increasing the chances of meeting or exceeding your post-graduation career expectations.
- “My parent/partner/friend/boss/colleague told me I should get an MBA because it helped them in their career”
While it’s great to get advice from trusted friends and family, it’s also important you see the degree adding value to your career and life. Earning an MBA takes time, effort and money. For those who see the benefits, it’s well worth it. But for those just going through the motions, it can be an arduous process with mixed results.
Drop me a line or leave a comment if you have any questions on the benefits of an MBA for you.
Brian Precious is the MBA Program Director at Oregon State University. He can be reached at: OSUMBA@OregonState.edu.
