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/
