Hello Readers! Recently, many people have been asking me the same questions:
Should I get my MBA now? Is it true what they say about my lack of work experience impacting what I get out of the program? What are the things I need to think about?
Friends, I remember struggling a great deal with this exact same question. That is why I would like to devote this post to a discussion of some of the things you might think about in making this difficult decision. If you've found this page, the issue probably is weighing heavily on you. Trust me, you're not the only one. No one will deny it's a major decision.
A Tough Choice...
For me, the most difficult question was not whether or not I should get an MBA. I knew that sooner or later, it was in my future. The question I wrestled with was when that would be. The challenge you'll encounter is that few people can really give you an unbiased answer. I mean, has there ever been a person who went through an MBA program immediately after graduating, then went out and got work experience, then returned and went through an MBA program again? I venture a guess the number is somewhere between tiny to zero.
Why I think I can comment on it...
Being about halfway finished with my MBA studies at the Simon School of Business (University of Rochester), I've seen arguements both for getting it done now and for waiting a few years. Simon is the perfect MBA program to observe in answering this question, as about 25% of the student population is comprised of "Early Leaders"- those of us academic high-achievers the school accepted into the program direct out of our undergrad programs.
What's in an MBA?
Every program will be different, but the key characteristic of an MBA is that it's a very well-rounded degree. Over the course of your studies, you'll learn basic survival skills in the major areas of business: Finance, Marketing, Operations Management, Management Information Systems, Accounting, Organizational Design and Theory, Economics, and likely International Business. I like to say that MBA's are meant to be the marines of the business world. Much the same way a marine can be pulled from a desk job and placed on the battlefield, ready to fight immediately, an MBA-holder is trained to be able to hold his or her own when placed in a wide variety of business situations, becoming fully functional in a short period of time. It truly is a dynamic degree, one originally intended for individuals with little business background who wanted to learn how to manage others and interact commerically within their respective fields.
Tell me the answer, already! Should I get my MBA Now?
Sorry to disappoint you, but my answer for now must remain "maybe." You've probably heard the critique that individuals who enter an MBA program immediately after completing their undergrad studies won't get the same quality of education out of it. Critics claim that students who do so 1) Won't be able to apply experiences to cases, discussions , or projects in class, and 2) won't be able to relate to class discussions as well as their classmates who have work experience.
The Arguement FOR...
From my expreriences thus far, this is simply untrue. Granted I studied business in my undergrad years and many of the students at Simon were from foreign contries (thus at first the English was a factor), but I was one of the most frequent contributors to class discussions. In fact, coming directly out of undergrad and already being in an academic mindset, I was often able to relate to the discussions BETTER than those who had been out of school for years. In addition, the act of doing homework assignments and readings will be easier for someone right out of undergrad than for someone who has had time to him or herself after leaving work.
Your life is likely much simpler than that of someone coming back from years of work. At this point, you're not as likely to have obligations to a spouse or children and can focus on your studies. Not to mention a job! Barring student loans piling up, you may not yet have to split yourself between a job to pay the bills and your studies to get the degree. The general nature of the MBA gives you time to gain exposure to many new career areas. If you're not yet sure what you want to do with your life, exposure to these new things may help you decide. Lastly, if you aren't yet working a full-time job, you're not giving up a large paycheck to come back and study. You'll be able to pay off the investment in the MBA much more quickly with the opportunity cost of lost working time so low. Think how difficult it would be to be making bucks at a full-time job, enjoying a degree of financial freedom, and then getting to tighten your belt finacially just as you're buckling down with the books. Bottom line: It can be very difficult to come back later.
Arguements AGAINST:
While I will say I'm able to persevere in my program, and that I do successfully learn a tremendous amount, I've interpreted the critics' words in a different way. In a certain regard, I'm not getting the same amount out of my MBA as those with work experience because, unlike them, I'm much less likely to know what I want to get out of it. While an MBA is a general degree at it's base, you'll have the opportunity to focus your studies in multiple areas of specialization. People generally do so because they would like a career in a specific area. To have an idea for what that area is, it helps to have experienced the real world for a while.
Some people are really surprised when I tell them that Business School, including one ranked as highly as Simon, is not really about getting good grades. Sure you see some Ph.D. candidates who are fanatical about straight A's, but by and large, grades simply don't have the same importance they do in undergrad. Granted they will be more important for getting into some fields than others, but by and large, if you do a decent job, you get the degree you're paying for. Generally, your professors (eccentric though they may seem at times) are not out to get you.
No, Business School is not simply about getting good grades toward a degree. It's about your entry into a network of individuals who have a common bond in attendance at that school, and for that reason, those individuals in positions of influence in the corporate world will show preference for you when hiring season comes. Yes, my friends, Business School is largely about networking. Without knowing what you want to get out of your MBA, it can be extremely difficult to pick relevant elective classes, target employers for your job search, and reach out to alumni working for those employers. It's a big cloud hanging over your head, and many of us Early Leaders straight out of undergrad struggle with it. For this reason, you might benefit by giving yourself a year or two working within the field you studied in your undergraduate years. It will give you valuable time to think and evaluate the path of advancement you might hope to acheive through your MBA. Bottom Line: Before you start the program, have at least some idea what you would like to get out of it.
Like so many things in life, your decision on whether now is the right time to pursue an MBA will depend on the plusses and minuses unique to you. Should I get my MBA? As it turns out, there's no better person to ask than yourself. Give yourself time to see where you're going, but don't wait too long such that it's too hard to go back for it. Questions and comments are welcomed and appreciated!
Chris
MBA Overview on Wikipedia:
http://en.wikipedia.org/wiki/Master_of_Business_Administration
MBA.com: The home of GMAC, the people who administer the GMAT Exam:
http://www.mba.com/mba
A really Nifty Return on Investment Calculator on the MBA, provided by Forbes:
http://www.forbes.com/2005/08/16/cz_05mba_business_schools_gain_calulator.html
Another Person's Experience with his MBA:
http://www.brendonwilson.com/blog/2005/03/21/should-you-do-an-mba/
Should I get my MBA now? Is it true what they say about my lack of work experience impacting what I get out of the program? What are the things I need to think about?
Friends, I remember struggling a great deal with this exact same question. That is why I would like to devote this post to a discussion of some of the things you might think about in making this difficult decision. If you've found this page, the issue probably is weighing heavily on you. Trust me, you're not the only one. No one will deny it's a major decision.
A Tough Choice...
For me, the most difficult question was not whether or not I should get an MBA. I knew that sooner or later, it was in my future. The question I wrestled with was when that would be. The challenge you'll encounter is that few people can really give you an unbiased answer. I mean, has there ever been a person who went through an MBA program immediately after graduating, then went out and got work experience, then returned and went through an MBA program again? I venture a guess the number is somewhere between tiny to zero.
Why I think I can comment on it...
Being about halfway finished with my MBA studies at the Simon School of Business (University of Rochester), I've seen arguements both for getting it done now and for waiting a few years. Simon is the perfect MBA program to observe in answering this question, as about 25% of the student population is comprised of "Early Leaders"- those of us academic high-achievers the school accepted into the program direct out of our undergrad programs.
What's in an MBA?
Every program will be different, but the key characteristic of an MBA is that it's a very well-rounded degree. Over the course of your studies, you'll learn basic survival skills in the major areas of business: Finance, Marketing, Operations Management, Management Information Systems, Accounting, Organizational Design and Theory, Economics, and likely International Business. I like to say that MBA's are meant to be the marines of the business world. Much the same way a marine can be pulled from a desk job and placed on the battlefield, ready to fight immediately, an MBA-holder is trained to be able to hold his or her own when placed in a wide variety of business situations, becoming fully functional in a short period of time. It truly is a dynamic degree, one originally intended for individuals with little business background who wanted to learn how to manage others and interact commerically within their respective fields.
Tell me the answer, already! Should I get my MBA Now?
Sorry to disappoint you, but my answer for now must remain "maybe." You've probably heard the critique that individuals who enter an MBA program immediately after completing their undergrad studies won't get the same quality of education out of it. Critics claim that students who do so 1) Won't be able to apply experiences to cases, discussions , or projects in class, and 2) won't be able to relate to class discussions as well as their classmates who have work experience.
The Arguement FOR...
From my expreriences thus far, this is simply untrue. Granted I studied business in my undergrad years and many of the students at Simon were from foreign contries (thus at first the English was a factor), but I was one of the most frequent contributors to class discussions. In fact, coming directly out of undergrad and already being in an academic mindset, I was often able to relate to the discussions BETTER than those who had been out of school for years. In addition, the act of doing homework assignments and readings will be easier for someone right out of undergrad than for someone who has had time to him or herself after leaving work.
Your life is likely much simpler than that of someone coming back from years of work. At this point, you're not as likely to have obligations to a spouse or children and can focus on your studies. Not to mention a job! Barring student loans piling up, you may not yet have to split yourself between a job to pay the bills and your studies to get the degree. The general nature of the MBA gives you time to gain exposure to many new career areas. If you're not yet sure what you want to do with your life, exposure to these new things may help you decide. Lastly, if you aren't yet working a full-time job, you're not giving up a large paycheck to come back and study. You'll be able to pay off the investment in the MBA much more quickly with the opportunity cost of lost working time so low. Think how difficult it would be to be making bucks at a full-time job, enjoying a degree of financial freedom, and then getting to tighten your belt finacially just as you're buckling down with the books. Bottom line: It can be very difficult to come back later.
Arguements AGAINST:
While I will say I'm able to persevere in my program, and that I do successfully learn a tremendous amount, I've interpreted the critics' words in a different way. In a certain regard, I'm not getting the same amount out of my MBA as those with work experience because, unlike them, I'm much less likely to know what I want to get out of it. While an MBA is a general degree at it's base, you'll have the opportunity to focus your studies in multiple areas of specialization. People generally do so because they would like a career in a specific area. To have an idea for what that area is, it helps to have experienced the real world for a while.
Some people are really surprised when I tell them that Business School, including one ranked as highly as Simon, is not really about getting good grades. Sure you see some Ph.D. candidates who are fanatical about straight A's, but by and large, grades simply don't have the same importance they do in undergrad. Granted they will be more important for getting into some fields than others, but by and large, if you do a decent job, you get the degree you're paying for. Generally, your professors (eccentric though they may seem at times) are not out to get you.
No, Business School is not simply about getting good grades toward a degree. It's about your entry into a network of individuals who have a common bond in attendance at that school, and for that reason, those individuals in positions of influence in the corporate world will show preference for you when hiring season comes. Yes, my friends, Business School is largely about networking. Without knowing what you want to get out of your MBA, it can be extremely difficult to pick relevant elective classes, target employers for your job search, and reach out to alumni working for those employers. It's a big cloud hanging over your head, and many of us Early Leaders straight out of undergrad struggle with it. For this reason, you might benefit by giving yourself a year or two working within the field you studied in your undergraduate years. It will give you valuable time to think and evaluate the path of advancement you might hope to acheive through your MBA. Bottom Line: Before you start the program, have at least some idea what you would like to get out of it.
Like so many things in life, your decision on whether now is the right time to pursue an MBA will depend on the plusses and minuses unique to you. Should I get my MBA? As it turns out, there's no better person to ask than yourself. Give yourself time to see where you're going, but don't wait too long such that it's too hard to go back for it. Questions and comments are welcomed and appreciated!
Chris
MBA Overview on Wikipedia:
http://en.wikipedia.org/wiki/Master_of_Business_Administration
MBA.com: The home of GMAC, the people who administer the GMAT Exam:
http://www.mba.com/mba
A really Nifty Return on Investment Calculator on the MBA, provided by Forbes:
http://www.forbes.com/2005/08/16/cz_05mba_business_schools_gain_calulator.html
Another Person's Experience with his MBA:
http://www.brendonwilson.com/blog/2005/03/21/should-you-do-an-mba/
1 comments:
Readers, I recently had someone ask me some additional questions after she read this post. With her permission, I am posting her questions with my responses here:
Question 1: Am I on the right track to pursue an MBA degree? My background is in science and Industrial Engineering. I hope to work in the industry for 2-3 years after my graduation next year, and then come back for an MBA degree. My career goal is to eventually become a management consultant. What kind of working experience will be the best pre-MBA experience? I may think about going to some Manufacturing Engineer or Operations engineer position, and then move to management. Is this the good way to do this? Or I should try to get into some consulting firm now as an analyst, without industrial experiences? I know that some big companies have the management trainee program which has 4 or 5 rotations in 2 years. Will this be a good choice too? Is it very hard to get into?
Answer 1: I would say that if you want to continue your education immediately, one option available to you is to get the MBA and try for an internship with a consulting firm. Consultants are probably among the most specialized of MBA's, focusing on one specific area of core competence. I would say that you should try to find a position that most closely matches what you think you want to do in the future. The greatest value may just turn out to be not finding out what you like, but finding out what you don't like and then not pursuing unnecessary education toward it (but only if you decide you don't like it). Competition for the rotation programs at big companies is intense, at least from what I've seen, as slews of MBA's apply for positions like that. For management rotation programs, having at least a semester (or two quarters) of MBA education I would think is very important.
Question 2:I do like some research on some problems, but I don't think I like teaching as a professor. If I hope to be very professional, will an MBA degree be sufficient or a PhD degree is more convincing?
Answer 2:The Phd would be good if you want to be really specific in a field, but from what I've seen of the PhD's who have taught some of my labs, they can't relate to people as well as the MBA's who have been more polished to present and interact on a team (and companies will really respect those two abilities).
Question 3: It seems that more and more people are going to MBA programs. Maybe it is because it is shorter and easier than other advanced degree like phd (maybe you don't agree), will MBA's be less valuable when more people have them?
Answer 3: MBA's are a dime a dozen. The real thing that will make you stand apart is your background, but the MBA will help you speak the langauge of business and understand what is motivating the directions coming from the top floor. I swear, having the MBA alone won't make you dangerous. Having your speciality rounded out with the business education would make you more dangerous than your peers with purely the scientific/engineering background. Having the degree can only help, however.
Question 4: How do you pay for your MBA education? Do many companies offer assistance?
Answer 4: Not as many companies pay for the MBA as some people seem to think. Some will, of course, and those will tend to be the larger companies. Just don't plan to rely on that. Working and studying at the same time can be a beast and sometimes, the fact that you're not giving up as big a salary by doing it now (Because right now you wouldn't be getting paid as much with less work experience) makes up for the fact that you'd be paying for it on your own. There are a variety of financing options available to you. You'll have more that I know of if you're an American Citizen. Here are the layers of things you can do:
a) Get tuition assistance, either from scholarships or awards
b) Subsidized Student Loans from the government (Up to $8000 per year with no interest accruing during your study), supplied by the Gov't for US citizens. Interest rate on graduation is 6.8% per year
c) Unsubsized Student Loans from the government (Up to $10,000 per year with interest accruing even while your'e studying). Though the interest accrues while you're in school, you don't have to pay any of it until 6 months after you graduate.
d) Private MBA Loans from Nellie Mae, a division of Sallie Mae. These carry a higher interest rate that can be lower if your parent or someone else co-signs on the debt.
e) Wealthy relative dies and remembers you in his or her will :-P
Question 5: What do you think of your post-MBA plan? Will you have very high expectations when you're looking for a job now, for example, the positions are at least an associate?
Answer 5: I need to figure that out, though I would probably shoot for something at least $50K, ideally above $60K (bearing in mind I have little work experience. That salary would increase quickly with more).
Question 6: How will you balance life and career? The reason I hope to pursue an MBA is not because I am really that ambitious, but I hope to learn more and meet more intelligent people. I know MBAs have to travel a lot. I would love to do this when I'm in my 20's, however when I'm getting older, it would be hard. How to balance this? Can an MBA say "no" to his/her boss when travel is required?
Answer 6: MBA's have access to a wide range of fields with their skills. There are a whole range of different careers you might pursue, some with less balance and more travel than others. Investment Bankers, for example, work ridiculously long 90+ hour weeks, so they really must enjoy what they do. Consultants, I'm sorry to report, have it less balanced than many MBA-related careers because they need to travel to their clients' locations on a regular basis. Someone in a corporate finance or perhaps market research job would maybe be able to stay put more often.
Debrief:
If you have any questions about the MBA degree that you would like answered, or if you have any comments about the posts written here, feel free to add your thoughts!
Chris
Post a Comment