Top 7 Reasons to Do an MBA!
Last updated on September 24th, 2019
We live in an era where everyone—from fresh graduates to those with some years of work experience—wants to get an MBA!
Most of the time, people make this decision without really knowing the purpose behind an MBA or how an MBA helps them. Perhaps the biggest blunder most MBA aspirants commit is to prepare for MBA applications without answering the question— Why MBA?
‘Why MBA’ may be one of the shortest questions in the professional world, but it is one of the (if not the) most important questions. You will be making several decisions and sacrifices on professional and personal fronts to get the MBA tag. You know that it will be a life-changing experience for you!
For some of you out there, this is possibly the second most important decision in your life right after your decision to get married—both in terms of major life changes and investment 🙂
How does knowing the answer to this fundamental question help you? Well, we have a few ideas.
In this article, we will discuss the following:
- To Make Progress in Your Career
- To Help You Make a Career Shift
- For Better Knowledge and Skills
- Because Your Network is Your Net Worth
- To Gain the Brand Equity of a Top B-school
- For a Change in Geography
Let’s first see why knowing why an MBA is important, shall we?
A. What is the Purpose of an MBA?
Most people think that an MBA is just a trend. Do you wonder why it might be more than that? Imagine you live in Germany but you don’t speak German. Let’s say this is similar to you wanting to succeed in business without knowing any of the business principles or skills required. Can you survive in Germany without the language? Sure, you can! Will it be full of mistakes and risks? Most definitely! The bottom line is that if you want to succeed in your business, you need to learn the business principles. Simple?
Let us give you 6 quick reasons to understand the importance of the question—Why MBA:
1. If you want to invest in self-growth, you should go for an MBA. This will boost your personality, giving you skills that are much-needed to take you to the next level. It helps you gain interpersonal skills through vigorous training, classroom debates and discussions.
2. If you want a general understanding of the business rather than specialized skills in one dimension alone, an MBA is a must-have. An MBA can help you understand the bigger picture where most others can only make sense of their own special field.
3. Most of the top organizations have MBA as a requirement at entry levels. These management trainees find it easy to climb the corporate ladder, because they come equipped with the skills necessary.
4. The MBA degree has a far reach. You want to be able to fit into a diverse culture in an organization abroad. An MBA can help you here. Look at the top heads of brands across US, UK, or Canada. You will find Indians and Asians with an MBA heading them.
5. If you think about Return on Investment, you will see that post-MBA employees earn a higher package than any other counterpart.
6. “Why MBA” is a question that you will be constantly bombarded with—be it in your application essays or during your interview. It is important to have an answer that is compelling and convincing. Figure this question out right at the beginning, and it will help you in your journey towards your MBA.
B. What are the Top Seven Reasons to Do an MBA?
1. To Make Progress in Your Career
It’s a wild, competitive world out there! Extremely performance-oriented where you need to be on top of your game—100% of the time. If you get the recognition you deserve for being smart, hardworking and results-oriented, you will easily make it to a middle management position.
This is when things get tricky. Promotions seem harder to come by. You have to bring another 100% even when you are at your optimum output to prove that you are not just another brick in the wall.
This is exactly where an MBA from a top B-school can help you in your career. An MBA is that shiny tag that tells prospective employers that you have done what it takes. It signals to them that you have that ‘much required’ cross-functional knowledge or that you bring a diverse perspective which you developed from engaging with your MBA peers. In some industries like Consulting, you need an MBA to climb higher up the corporate ladder.
2. To Help You Make a Career Shift
Consider this situation: you have been in IT for the past five years, but you realized that your true calling is marketing. You decide to enroll for weekend courses or take up internship opportunities to gain some marketing know-how.
Even after all this, you see that every job you are eligible for is only an entry-level job. Which also means that you will take a massive pay cut to switch over to marketing from IT. And no one wants to do that. What other option do you have, then?
That’s right. Just get an MBA!
How do we know an MBA will help you shift careers? If you look through the placement reports of major B-schools around the world, you will find that many students switch over to a new career right after graduating. Their pay packages are significantly high as well.
It goes to show that an MBA is a great way to switch over into a different career. Take a look at our guide to post-MBA careers for more.
A quick note of caution here, though:
In India, people usually take the CAT and go for an MBA or a Post-Graduate Diploma in Business Management or Post-Graduate Diploma in Business Administration immediately after graduation. This means that they have no work experience when they graduate with an MBA, a PGDBA, or a PGDBM. So, employers only have their academic record to look at, which makes the hiring process simple and straightforward.
If you do your MBA through the GMAT, however, you will need some work experience before you can start your MBA program. That way, when it comes to hiring, employers will look at not only your academic record but also your work experience. This can be more challenging to tackle because you will have to field a wider variety of questions.
3. For Better Knowledge and Skills
Getting an MBA through GMAT at a top B-school is like having a thali meal. When it is served at first, there’s a little bit of everything on your plate. You need only take second helpings of the stuff you like. Similarly, when you start your MBA program, you will study everything there is to know about a career in management. Eventually, you will be allowed to choose electives and specializations like second helpings that you want more of. These will allow you to explore the subjects you like in more detail after you get a basic understanding of all your options in the beginning.
Besides, MBA programs use classroom discussions as a teaching method. The faculty encourages debates and discussions so that students can learn from each other’s experiences and perspectives. You will be exposed to an overall knowledge about business from different areas like Marketing, Finance, Sales, etc. Case studies, presentations, projects, and research papers are also common teaching aids used in MBA programs.
They help ensure that your education is not just theoretical but also involves experiential learning. So, your knowledge of general management, business, and your chosen electives will get better and more detailed through an MBA.
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 potential is, 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.
5. Because Your Network is Your Net Worth
What does networking mean? Basically that you get to interact and connect with thousands of people. And in the case of a B-school, you will interact with the students and alumni as well.
For example, everyone who has ever graduated from Harvard Business School will have the ‘HBS Alumni’ tag. They 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, they will bond immediately.
In short, carrying a school’s tag can be beneficial in the most unexpected ways because of the alumni network it instantly connects you to.
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 form a network with influential people in important places.
As you know, your network can help you launch, grow, and expand your business ventures.
6. To Gain the Brand Equity of a Top B-School
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. There is a big difference in doing an MBA from a lesser-known B-School in your region and doing it from a top school such as ISB.
Recruiters are aware of how difficult it is to get into a top B-School, so an MBA from such a school holds a lot of brand value.
If you get an MBA from a top B-School, potential employers already know that you have cleared the first level of acid tests: high GPA, high GMAT score, great essays, glowing recommendations, and tough admission interviews.
Just like gold, an MBA from a reputed B-School gives you a certified hallmark that you are competent to become a successful leader in the future. Since the MBA Admissions Committee has already done your assessment, recruiters are well-assured of your potential.
You must keep in mind that this brand equity can only open doors for you — after that point, you have to prove yourself.
Also read: Top MBA programs across the Globe
7. For a Change in Geography
There must have been instances when you wanted to move to Australia or Canada or any other foreign country to work there. Often, the biggest obstacle to doing this is finding a job abroad that will make such a move possible.
In all probability, a job similar to the one you currently have will not offer a salary that is viable for you. So, you need a job that’s at a higher level. The problem is that you’re not likely to get a promotion or a job in a different field abroad that easily. If you don’t have exposure to the local markets, getting a job at a higher position is nearly impossible.
To get a job that can make a living abroad viable, you’ll need a job that pays well. An MBA, say from Stanford or INSEAD, can help you land such a job.
An International MBA from a top B-school can help you understand the market, increase your international network, and learn everything you need for an international career. This, in turn, makes it easier for you to find a suitable job, allowing you to live a successful life abroad.
We hope this article has given you some insights on the top reasons to do an MBA.
Before you apply to B-Schools, analyze why exactly you wish to pursue an MBA. Knowing why you want an MBA plays a critical part in helping you choose the right MBA program for you.
At the end of the day, it’s all about your passion, your career, and your long-term goals.
So, follow the below steps before you start preparing to get an MBA:
- Take your time and think about how an MBA can benefit you.
- Then take a call on whether it is worth pursuing.
- Once you make up your mind, you will need to decide whether to get an MBA in India or abroad.
- Then decide whether to take the GMAT or the GRE.
We hope this post has made a positive difference to your MBA plans!
If you’d like to share what works for you and what doesn’t, please leave a comment in the comment section below.
If you’re still wondering whether your profile is good enough for an MBA, use our free profile evaluation tool to find out!