The Million Dollar Question – Do You Really Need An MBA?
This question is for those who are preparing for all kinds of management entrance examinations – CAT, MAT, GMAT, or any of those similar acronyms. As you are nearing the end of your graduation, you must be probably thinking, “Now what?” For most of you, going for a master’s degree is a right option, and what is more lucrative than an MBA degree?
The idea of an MBA degree also grows wildly inside your mind when you are stuck in a job with little career progression. But do you really need an MBA degree? Are you willing to take a huge loan amount to complete your dream of getting the “prestigious” MBA degree? Here are some points that will help you decide if you really need to go for an MBA degree or not.
Why should you not go for an MBA degree?
Gone are the days when master’s degree was considered a precious asset. Nowadays, skills are considered to be more important in this highly competitive job market. Doing an MBA is not always a solution. Following are some of the reasons why doing an MBA is not justifiable:
· You need to get a master’s degree
Nearly all; I think it would not be wrong to say that all those who have gone for an MBA degree treat it as a terminal degree to further their career. This is in opposition to a normal master’s degree, which is more of a progression of academic life.
A terminal degree – read it again! Consider this scenario, you have a highly-qualified degree but you are poor in communication skills. You will be overqualified for most of the positions which require an MBA degree. Do you want to be someone who gets sniggers behind their back by their own colleagues because you could not even talk properly in a meeting?
· Earn a lot of money
Do not be fooled by the dreams of crisp suits and megabuck deals that you usually read. These are only a small (a very small) percentage of all the MBA graduates in the world. Large hikes and fat packages are a misconception unless you are not from one of the top B-schools like IIM ABC. I have seen many getting nearly the same package after completing their MBA. Also, MBA graduates with little or no experience tend to get a lesser package and sometimes it can less someone who has acquired experience during that period.
· Need a boost in your current career
So, you just need to get ahead in your career? Why do you even need an MBA for that? If you are working as a product developer and you want to get some good managerial and communication skills, just go for an online business communication course. Want to learn some extra skills? Get a certified course instead. You will find someone with just a PMP certification getting the same package as a project manager with an MBA degree, thus, saving the time that is usually wasted when doing an MBA (which is not considered as an experience period) and also spending very less.
· Everyone is doing it or parents know what’s best for you
This thing is very common in India. We all have that complex about keeping up with the superlative hypothetical “Sharmaji’s son”. You are an adult and you know what is best for you, not your parents. You can ask them for their guidance but if you made up your mind about becoming a photographer in the future, there would be no use of doing an MBA even if it is your family’s wish.
Why should you do an MBA?
· Add confidence to your experience
Education is always a positive thing and adds a lot of value to both your personal and professional life. MBA is purely a professional degree and the hectic schedules along with the pressure associated with it provide students with hands-on experience of some of the essential values in life. The biggest of them is that your confidence will get really boosted – the confidence to speak out, the confidence to openly share ideas and the confidence to even take ownership of projects.
· You have a clear goal for your career
This might look redundant here at first look; however, when you understand the huge amount of time and resources that need to be invested in an MBA course, you will be clear that without clear goal planning it is not meaningful.
· Make a move to a different industry or profile
Do you have a profile or an industry in mind but it requires you to attend an MBA program? MBA is also like a springboard to make a jumpstart to a new profile or an industry.
· Another 2 years of college life!
Ok, this is something on a lighter note but has an equally important part to play in our life. When you go for a full-time MBA course, you get the opportunity to go back to a college life. Apart from giving you the chance to create more lifetime memories, you also create a good platform for professional networking. It can open doors to future opportunities.
As you have already seen from above that there are reasons to both do and not do an MBA. Check out what you want from the points above and connect them, as wasting two years of your professional life is not a positive thing if you get the same package, and you get treated as a fresher. Make wise decisions to get ahead in your professional life. Also, I would suggest getting some work experience before doing an MBA as it will provide the necessary understanding of what you are going to do in the future.