An MBA programme is a career metamorphosis, but taking a decision to pursue this course is a conundrum that needs to be thoroughly analyzed. An MBA programme is generally of two years and does not come easy on the pocket. Hence, careful deliberation is needed even before making an enquiry to a B-school.
Why do you want to do an MBA? What are the career benefits of doing an MBA? Which Leadership MBA programme and which institute should be chosen? These are some of the common concerns of aspirants.
Here’s a list of points that needs to be considered before joining an MBA programme.
One of the major perks of doing an MBA is a high paying job. But, is everyone who does an MBA entitled for a high paying job? The answer is no. The remuneration usually depends on the overall skillset and experience of an individual. Of course, after completing an MBA programme and gaining expertise and experience, the salary level will increase as per industry standards. However, going into an MBA with the expectation of a high paying job soon after graduation is a misconstrued notion. Institutes usually advertise its programmes with the average salary of the previous batch. The onus, however, lies with the aspirants to check the median and mode of the salary.
The choice of B-school has a huge impact on the professional future of an aspirant. This holds true even for the salary they can expect after completion of the course. The remuneration gap between the top-50 institutes or standalone colleges compared to lower ranked institutes is wide. The curriculum at the top institutes are curated periodically to maintain global standards. The faculties are eminent personalities from the business world who bring with them years of experience from different domains. The choice of institutes should not be restricted to top 10 or top 25 list, rather, it should be based on the pedagogy, curriculum, peer and alumni group, and faculties.
A Leadership MBA programme is not cheap. Furthermore, a full time course will put a stop to income flow. A job after completing an MBA programme will certainly take care of the debt, but the question to ponder is whether the expenses during the two- or three-year course is manageable. The smart approach, that many aspirants take, is to work for a few years and save cash surplus, which can then be invested in the programme.
A full time programme including an online programme can take up to two years for completion. And an MBA curriculum which includes projects, industrial visits and internship does take up a lot of time which can affect personal and social life. Aspirants should consider whether this time can be managed.
A general MBA curriculum includes economics, financial management, accounting, sales management, Human Resource management and Supply Chain management. These courses do offer a job in managerial level. However, certain organizations hire only those with specialized MBA degrees such as an International MBA. Before considering about an MBA degree, think about domain expertise, industry requirement and the hiring manager’s objectives. Choosing an MBA programme with an off beam specialization will do more harm than good.
Have you reached the point in career where an MBA degree is imperative? Doing an MBA just because everyone else is doing it will be a stumbling block in the future. An MBA programme, like everything else today, is constantly evolving. The curriculum of MBA programmes are constantly updated to match the changing times. The timing has to be right. What does that mean? It means that an MBA programme should be chosen only when an aspirant has enough experience and skills needed to break into managerial positions.
Often times people confuse the need for gaining skills with doing an MBA. There are several institutes, including online ones, that offer skill development courses for a fraction of the price. Critical thinking and problem solving skills are the most sought after skills in the industry. These skills can be learned and harnessed without pursuing an MBA degree to set up a foundation for the future.
An MBA degree can be a deterrent during a bad economy or when looking for jobs in startups. During a bad economy or in startups, the hiring managers would prefer candidates willing to work for less salary and who can handle different profiles. Although it is a rare situation, it should still be considered before commencing an MBA programme.
Networking is the soul of MBA. It leads to many opportunities in the business world. Peer groups, alumni and faculties bring about a plethora of opportunities for the Leadership MBA degree holder. Whether it is to start a business or to expand a business, networking comes in very handy. But, social media has made networking easier and hence, it should not be the sole reason to do an MBA.
Due diligence should be carried out regarding the availability of jobs for an MBA graduate before joining a programme. The increase in the number of B-schools has led to an increase in the number of graduates. But are there enough jobs available? This should be thoroughly researched beforehand.
There are many points to consider before enrolling for an, MBA programme but before making a decision, it should be comprehended that an MBA course truly is a career metamorphosis.