If you’re wondering whether you should get your MBA degree, the answer is yes according to those who have done so, but it’s a qualified yes, based on your background, where you are in your career, and what you want to do. Recognizing that an MBA can be expensive, most of those who have an MBA will tell you that it’s still well worth the investment in terms of time and money.
Perhaps the most important thing to understand when deliberating about an MBA is that programs vary widely. It is most definitely not a one-size-fits-all degree. For example, there are one-year and two-year MBAs; there are part-time and full-time, there are executive and regular versions; there are industry-specific MBAs for everybody from engineers to dentists; and there are a variety of concentrations at places like Bentley University that allow students to achieve a degree of specialization within what is universally acknowledged as a generalist degree.
If you need justify to yourself and others your decision to apply and enroll in an MBA program, here are five good reasons.
It will elevate your career.
It’s difficult to generalize and there are no guarantees. But whether you return to a company where you were previously employed or decide to change companies, or even careers, you won’t regard yourself in the same way you did “pre-MBA.” Nor will anyone else. A study on Forbes.com reported that post-MBA starting pay among respondents in full-time programs was up by 50 percent. Part-timers reported salary increases of 41 percent. Of course, it’s not always about money. That’s especially true for career changers. You may be thinking of moving from the private sector to the nonprofit world. While you may not make more, you’ll be closer to achieving your dreams, which is priceless. Speaking of career changing, even if you stay in the private sector, when you switch industries, it’s almost like starting over. The MBA background will help with the transition and, even though you’ve lost relevant career experience and may suffer some short-term salary consequences, in the long run, you’ll make it up.
It will expand your network.
Networking is certainly an art and a science. Social media, most prominently LinkedIn, provide digital networking platforms that can enhance networking. When you get an MBA from a school, you obviously have a connection that you can exploit online, and off. That applies not only to LinkedIn but to other sites like the Association of MBAs and, perhaps most important, the MBA and graduate school network at the institution from which you graduated. While the digital realm is essential for network enhancement, don’t underestimate the value of networking accomplished the old fashioned way — through human connections. Your fellow classmates, your professors, and you career advising office will all be connected personally to dozens if not hundreds of accomplished people, some of whom can be of great help for you in advancing your career.
It will give you tools that you didn’t have.
Occasionally you might hear the complaint that an MBA degree, because it’s a generalist degree, doesn’t provide you with specific skills. The accusation is that MBA learning is all theoretical and you graduate without really knowing how to do anything. Do not let that happen to you. Study upon study indicates that, more than ever, employers want people — undergraduate and graduate alike — who can make an immediate contribution, people who can both think and do. Payscale.com reports that there is a range of skills often claimed by MBA alumni, everything from project management to financial analysis to Microsoft Excel. And don’t underestimate the value of mastering productivity software. It’s not unusual to hear reports about alleged finance experts who still haven’t mastered Excel! When you’re examining MBA programs and curricula, look for evidence of applied learning and hands-on experience to enhance your experiential background.
It will satisfy credentialing requirements, formal and informal.
“MBA preferred,” or “Graduate degree” preferred: It’s increasingly common to see that sort of stipulation in job descriptions. Many employers have no qualms about making such requests, given that, in the eyes of many, a graduate degree — and particularly an MBA — is the “new bachelor’s degree” in today’s economy. The big difference, of course, is that the premium value is still generally well recognized. Of equal importance, having an MBA will often put you in equal standing, educationally, with those doing similar work or managing at a similar level. Think of an MBA is “admission to the club,” sometimes formally, sometimes informally, but extremely valuable under either circumstance.
It can be customized to meet your needs.
As Anne Marie Larese noted, there are a variety of options when considering an MBA. These vary in terms of program design, target student body, area of specialization, duration, use of technology, frequency of classes, and more. That’s why it’s very important for you to have some specific goals before embarking upon an MBA program. At Bentley, for example, there are three MBA programs:
- 11-month Bentley MBA for highly accomplished, mid-career professionals
- Two-year, full-time Emerging Leaders MBA for recent college graduates with little or no career experience
- Part-time Professional MBA for working professionals who are ambitious and accomplished
Students who generally fall into one of those categories may delve further into many of the considerations described above. Multiply choices like those across a range of institutions and the process of selecting the right MBA program can be exceedingly complex. Fortunately, as noted, MBA graduates generally report a great deal of satisfaction with the decision and outcomes.