Top 7 Reasons to Do an MBA!
Last updated on July 29th, 2020
“Why should I do an MBA? What are the reasons to do an MBA?” — Are you trying to find answers to these questions? If you have just started thinking about pursuing an MBA, we are sure that you might not have answers to these questions yet. But it is important to know the reasons to do an MBA, not only because you need to answer your family members or friends but also because this is a question that the admissions committee at any B-school will ask you!
If you are reading this article, we know that you must be trying to figure out whether doing an MBA makes sense for you. And you might have made up your mind to make the decision based on your educational background, experience and of course, based on the reasons to do an MBA that we share with you in this article.
And so, we promise you that we will not be giving you just an overview of the reasons to do an MBA but that we will delve deeper into each of them.
So, here are the top seven reasons for you to do an MBA:
Let us dive right in!
1. You want to be the next Steve Jobs
You know what, the career ladder is a thing. And you need to go up the ladder if you are looking to be something in your life, work-wise. And who doesn’t want to be a Steve Jobs someday, right?
If you get the recognition you deserve for being smart, hardworking, and results-oriented now, you will easily make it to a middle management position.
This is when things start to get tricky. Promotions seem harder to come by. If you have taken the GMAT earlier or if you have given mock tests, you will definitely know what we are about to tell you. Let us say that you got a 510 on the GMAT in your first attempt. You practice more and attempt it again and you get a score of 690. You are trying to cross 700 and get a 750 on the GMAT. This is the most difficult part, right? It just takes a lot from you before you get to that.
Similarly, once you get to the mid-management position, you have to add another 100% to your existing output, even when you are at your optimum, to prove that you are not just another brick in the wall.
This is precisely where an MBA from a top B-school can help you in your career this might probably be one of the main reasons why many of you will want to pursue an MBA
An MBA is a shiny tag that signals prospective employers that you have done what it takes. It tells them that you have that ‘much required’ cross-functional knowledge or that you bring a diverse perspective that you developed from engaging with your MBA peers. In some industries like Consulting, you need an MBA to climb higher up the corporate ladder.
And don’t forget, an MBA is a degree that will help you become something more than you actually are right now. An MBA, to a lot of you, will be the key to success in your career. And that is why this is one of the most important reasons to do an MBA.
Also read: A Definitive Guide to Post MBA Career Paths
2. You want to make a career shift
Consider this situation: you have been in the IT industry 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 in Marketing!
How do we know that 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.
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 records to look at, which makes the hiring process simple and straightforward.
If you do your MBA through the GMAT, you will need some work experience before you can start your MBA program. There are MBA programs that you can get through GMAT without work experience as well! But, we would suggest that you gain some hands-on experience before you join an MBA course. In this case, when it comes to hiring, employers will look at not only your academic record but also your work experience.
Your work experience will definitely talk for you when it comes to salary negotiations and job roles. So, getting some work experience before doing an MBA is a good call.
3. You want to acquire better knowledge and skills
You know what happens at a buffet right? Yes, we mean the buffet you get in restaurants. Getting an MBA through GMAT at a top B-school is like having a buffet. You take a little bit of everything in the beginning. But, you only take second helpings of the stuff you like, right?
Similarly, when you start your MBA program, you will study a bit of everything you need to know to have a career in management. But gradually, you will be allowed to choose and study just what you want, like the second helpings that you take at a buffet. 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 members encourage debates and discussions so that students can learn from each other’s experiences and perspectives. You will be exposed to the overall knowledge of the 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.
These teaching aids are set in place to ensure that the education you receive is not just theoretical but also involves experiential learning. So, your knowledge of general management, business, and your chosen specializations, which could be Marketing, Finance, Consulting, etc., will get better and more detailed through an MBA.
4. You want to grow and this is one of the most important reasons to do an MBA
What is it that an MBA gives you that no other course can match?
An MBA gives you the confidence to be somebody who matters in your professional life. And how do you get this confidence?
A reputed B-school program gives you the opportunity and makes you think in the direction you want to. You may have had many goals before joining an MBA. But you may realize your true calling only once you join the course. And this is personal growth.
The entire classroom experience, interaction with faculty members 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 are a student, you have no responsibilities. But you lacked the right perspective. Once you start working, gradually, you learn 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. It helps you open doors within yourself and probably discover a whole new world. And so, this becomes one of the most important reasons to do an MBA.
5. You want to build a network that determines your net worth
Let us make this clear – It is not WHAT you know but WHO you know.
We will give you a simple example to understand the aforementioned point.
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.
And this will come handy when you are looking for placements, if you have got a job offer from a company, but want to know more about the people or culture and even when you are looking for a job change or even when you are looking to start a business! You never know who will be willing to join you just because they know “where you are coming from.”
Remember that most of the top jobs are not found on monster.com or naukri.com. But you will find them through the network that you build over the years!
As you know, your network can help you launch, grow, and expand your business ventures. In this digital era, you not only network in your B-school. You need to ensure that you add them as a friend or a connection in your social media accounts. This is really important to stay in touch with them. You never know where you all will head after graduation.
So, while an MBA can connect you with other brilliant minds, it is up to you to decide how to take your connection forward.
If you are looking to build a great network, this could be the reason to pursue an MBA, for you.
6. You believe in the “top B-school alumni” tag
Let’s say that you are given an option to choose between an Allen Solly shirt/any other branded shirt and a non-branded shirt. Wouldn’t you automatically choose the branded shirt (No offense meant to non-branded shirts)? Why is that?
It is because you know that the value of a branded shirt is much higher, you know that other people think highly of the brand and wearing a branded shirt makes you feel more confident and comfortable.
Similarly, when you do an MBA, wouldn’t it be a better option to do it at one of the top B-schools?
Someone from Harvard really doesn’t have the need to “prove” himself as hard as someone from a lesser-known institute. What would otherwise take possibly weeks or even months of hard work, when it comes to getting a job or building a connection, for the latter is immediately granted to the former purely on basis of the pedigree of the institute.
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.
You must keep in mind that this brand equity can only open doors for you — after that point, you have to prove yourself. And this needs to be done throughout your career. And everyone does it.
But an MBA will prepare you for that kind of life and you will be ready for it when the time comes.
7. You want to move out and build a career
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 in other countries 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.
Moreover, during your MBA, you will be given time to gain experience through your internships. And this is an opportunity for you to get a first-hand experience of the kind of work you are looking to do in the future in the country. This opportunity will also help you build contacts that will be of use later in your career.
Here we have come to the end of the top seven reasons to do an MBA. But, why is an MBA important in 2020, right?
With the Coronavirus pandemic leading to a lockdown situation across the world, many of the companies have suffered huge losses. As a result, a lot of employees have been laid off. And the job scenario is “not quite up to the mark” if we may say so.
Now, let us say that you are either a graduate who is looking for a job or someone who is looking to get into a better job role in the near future. How do you plan to stand apart from the other applicants? How will you acquire the skills necessary for the market? How will you get the salary that you dreamt of?
An MBA is probably the best answer to the three questions posed above. It will help you stand apart from the rest of the applicants because of the specialization you have chosen and the skill sets that you would have acquired. And you will have proof of industry experience to showcase to the interviewer, which a lot of applicants might not have.
Just like what happened during the last recession period (2008-2010), the companies will find ways to get back on their feet. And then the hiring process will begin again. But by that time, you might want to be ready to go for it.
And that’s why doing an MBA now is important.
Now that we have given you more than seven reasons to do an MBA, you will now surely know why you should get an MBA.
At the end of the day, it’s all about your passion, your career, and your long-term goals.
So, here are four things you should do before you begin your MBA process:
i. Take your time and think about how an MBA can benefit you
ii. Then take a call on whether it is worth pursuing
iii. Once you make up your mind, you will need to decide whether to get an MBA in India or abroad
iv. 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.
And if you would like to know whether your profile is good enough to do an MBA, feel free to reach out to us for a free profile evaluation. Click on the image below to gain access to the service.
Commonly Asked Questions
- What is the best way to do an MBA?
The best way to do an MBA is by taking the GMAT, choosing your preferred B-schools, preparing your MBA applications and then preparing for the interviews. You can do an MBA in India or abroad depending on your choice of B-schools. So, if you wish to start preparing for the GMAT, you can join our Live at Home sessions and attend our classes online!
- When is the admission process for MBA going to start?
The deadline for submitting your MBA application depends on the B-school you have chosen. A lot of B-schools have their Round 1(R1) deadlined in September. If you are looking to apply for an MBA, please ensure that you have enough time to prepare your MBA application essays.
- Is it good for you if you choose to do an MBA?
As mentioned in the article, there is a reason for everyone to do an MBA. And you should choose your specialization based on what you want to do after you graduate. Your post-MBA career choice will determine your MBA specialization choice.