If you work in business or management, you might reach a point in your career where you feel like you could do much more, and that going back to school to pursue an MBA would be the key to open the door to new opportunities. If you are at this point in your professional career and are toying with the idea of pursuing an MBA in particular, then read on as we shall take a look both sides of the coin to determine whether you should go for it or not. Interestingly enough, there are strong reasons both to pursue an MBA and not to pursue an MBA. So, before you dive in, it’s advised you weigh the pros and cons of both options and the effect they will have on your long-term career goals.
Why you should get an MBA:
1. You’ll learn valuable management skills
If you are gunning for a top job or are looking for a promotion, then an MBA affords an excellent stepping stone. You’ll learn about how a company operates and all the variables that go into making the business as a whole from all possible dimensions.
2. You’ll expand your business network
Like-minded professionals, experienced teaching staff and professors will be at your disposal. By flying with birds of the same feather, you’ll increase not only your technical expertise but also your business reach and network as well. It’s an especially good program if you are looking to branch out on your own and start a new business, because you’ll have the mentorship and resources to guide you in the right direction.
3. Increased chances of better pay
Compared to a regular undergraduate degree, an MBA can increase your salary by up to twice that of the former. This may not be guaranteed; however, as is discussed below
Why you shouldn’t get an MBA:
1. You won’t necessarily make more money
MBAs have become way too common in the business niche these days and HR managers view it as somewhat of a fad. Consequently, the program has seemingly lost its “X-factor” so merely have an MBA degree on your CV is not guaranteed to get you a pay raise. Look at each individual opportunity.
2. An MBA is more theory than practical
While there’s certainly no doubt that MBA programs have their usefulness, a great majority of the curriculum centers around books or case studies by professionals with almost non-existent real-world experience. If you’ve heard the old joke that goes “PhDs know lots and lots about less and less”, then it’s a similar case here. While the knowledge you gain in an MBA program will be invaluable to your understanding of business, working in business and learning from superiors is also a valuable way to expand your knowledge.
So, it all boils down to this one question: should you get an MBA? Well, it all depends on whether you really need one to advance your career or are simply looking to spruce up your resume. If the former is the case and your future career path will require an MBA somewhere along the way, then, by all means, go for it. Work with a GMAT tutor to improve your performance on the GMAT, and consequently, increase your chance of admission to a top MBA program. If an MBA is not necessary for career advancement, then you probably don’t need to invest the time or money into pursuing one. If you decide to get an MBA, tune your preference scale toward the more “ivy league” kind of MBA schools. They’ll cost you more obviously, but they’ll give back just as much.