Thursday, March 4, 2021

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How To Decide Whether You Really Need An MBA Degree?

Does an MBA Degree or other Management programs like PGDM / PGPM really boost your career? In the current competitive job scenario, choosing the right degree is vital to ensure a promising career.

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The following post talks about the importance of an MBA degree to boost your career prospects. The aim of all the students at the time of completion of the management course is to get employment in a leading organization, ideally a Fortune 500 company, the Big 4 Consulting firms or even a well-financed start-up.

Recruiting companies expect their employees to be skilled in all the different aspects of company affairs, one of the important requirements being managerial skills. Therefore, candidates with an MBA degree are preferred for various job roles in different industries.

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There are large benefits to having an MBA degree when it comes to job opportunities. However, the process of actually earning an MBA in the first place can be taxing. Here’s a list of pros and cons you should consider while trying to decide if you should get your MBA or not.

Pros

1) You might make more money

According to a study, The average salary of an MBA graduate hovers around $106,798 that is 50% more compared to their salary before getting their MBA. But that’s not where it ends. After five years, that number could be even higher.

2) Career Progression

One of the key benefits of having an MBA degree is career progression. Some companies want to see their management-level employees have a post-graduate degree in management. People who lack an MBA qualification sometimes find that they experience a “glass ceiling” where they find it difficult to move into higher-level positions.

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Studies have shown that MBA graduates from leading business schools are more likely to achieve top management positions in Fortune 500 companies, compared to other employees in those organizations.

3) You acquire many skills to help you start your own business

When you leave your business school after getting your MBA, you get a stronger understanding of both the practical and theoretical frameworks of how a business operates, such as managing a business’ finances, how to know who to hire, doing thorough data analysis and good advertising practices.

Even if you don’t want to start your own business, these are the skills that employers want and expect from an MBA graduate in the first place.

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4) Personal Development

Money and a better job might be exterior benefits of an MBA program but the internal benefits are just as important. An MBA program is a fantastic opportunity for personality development and will push you to go outside of your comfort zone.

This can help you to increase your confidence and ability to lead other people. Completing an MBA program also requires students to develop excellent time management skills and maintain discipline. These attributes can help you to excel in your future career.

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5) Networking Potential

One of the most overlooked aspects of studying for your MBA is the various networking opportunities and relationships you form during this time. Make friends with your classmates and professors, and it’s not unlikely that you will find business opportunities stemming out of these newly forged connections.

At the least, meeting similarly like-minded, business-oriented, and motivated individuals as yourself will serve as inspiration and motivation.

Cons:

1) Getting an MBA is expensive

Getting your MBA as a full-time student can cost anywhere from a few thousand dollars to more than $100,000 if you attend a top-tier business school. For Indian students, the average cost of an MBA / PGDM degree sits around at 8Lacs INR.

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That isn’t exactly pocket change. This doesn’t include other costs such as housing and textbooks that you also need to take into consideration if you are studying full time – not to mention loss of earnings whilst taking the time out to study. You need to be sure that you will get value from your qualification and that you are committed to seeing the process through.

2) Time Commitment

The MBA program is extremely detailed and time-consuming and average course duration of an MBA program is two years. The time from start to finish is determined by which program and country you’re attempting to get your MBA in. Additionally, if you’re only taking a part-time course load, this will take even longer to complete.

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3) Not every successful businessperson needs an MBA.

Not every CEO has an MBA. Nothing is stopping you from starting your own business or working your way up to an executive position without having an MBA. If you feel financial and time commitments aren’t worth it and that you can go out and succeed without an MBA, go ahead and do it.

4) Quality Control

Not all MBA program are equal in your prospective employer’s eyes. There are over 500,000 new MBA program graduates each year, and you have to stand out. This means you will have to get your MBA from a reputed and accredited program else your management degree is a waste.

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5) Income Sacrifice

A lot of people find it extremely difficult and almost impossible to hold down a steady income while they pursue their MBA. If you’re switching to a program that is completely new to you, you’ll have to concentrate on it more to keep up.

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