Is An MBA Worth It ?
In today’s job market, individual’s calibre and potential to carry out a given task is directly related to the type degrees they hold. Students, depending on which field they want to pursue, aim for certain degrees that could help them enter the said job market and rise along the career ladder.
For a few decades now, the one degree which has held the top position in the minds of students as the one which leads to great job opportunities is a Master’s in Business Administration. There are many reasons to this all attributed to the curriculum of the course which revolves around business studies.
However, even though the course has helped in creating sound professionals, in recent years new courses have been developed that have a more focused curriculum, which helps in creating sound professionals. In the following article, we will be looking into an MBA, reasons to not go for it and some other alternates that can be considered.
What is an MBA?
Master in Business Administration is a post-graduate course available to students for the duration of two years. Most well-known business schools have built their reputation by developing a rewarding MBA course and still remain in the top rankings because of it. The course is one of the oldest managerial degrees to exists and is known for developing professional leaders.
The goal of the course is to teach students how to lead, organize and manage a company. The course is considered to be very well-rounded as it helps students develop theoretical as well as communication skills, important to function well in a business environment. Though students can go for a plain and simple Master in Business Administration, there are options where specific subjects can be pursued, like MBA in Finance and an MBA in Accounting.
Following are some of the schools known for their MBA programs
Advantages of an MBA
- A person in a managerial role also gets to have a deeper insight into the functioning of other departments as well. This serves to be of utmost importance if one wants to start their business from the ground-up later in their career.
- In general, MBA programs aim towards instilling leadership and people management skills and supplementing one’s business acumen. All of which are incredibly crucial for augmenting the business’s growth.
- An MBA when secured from a prestigious college paves the aspirant’s way to numerous campus placements offering impressive packages. Prominent Multinational Conglomerates
- High Paying roles in Digital Marketing, Fintech Services, Banks & Credit Unions, HR, and E-Commerce Marketing open up. Moreover, the career progression as well as salary hikes are always at an ever-rising upward trend.
- Besides the pay scale, a Masters in Business Administration allows one to switch their careers at any point of their professional career. Even prominent companies like Amazon and Google are very welcoming of this change and generously hire MBA graduates from a different prior academic/professional background. Although, the candidate will need to be prepared in the job as well as school selection interviews to provide a strong reason that backs this sudden career shift.
- In sectors like Consulting, Marketing, and Finance – in which a vast majority of MBA graduates are selected for recruitments, the graduates will get a chance to interact with customers and develop a through understanding of their needs and demands as well as their purchase pattern. All-in-all, which also helps one to polish their interpersonal skills.
- An MBA program comprises of numerous case-studies and group projects which requires the students to work in a group setting. Such activities bring out crucial leadership and teamwork skills within the studies while teaching them how to maintain an efficacious communication throughout (with the team members).
- Besides aiding one’s short-term goals of working with a renowned company, an MBA program always instills the entrepreneurial spirit and know-how through it’s vast curriculum comprising of numerous majors and electives providing the same.
Disadvantages of an MBA
There is no doubt in anyone’s mind that MBA is a very prestigious program and along the years it has helped many gain success in their careers, however, it is not exactly as perfect as everyone makes it out to be. There are a few reasons one may reconsider taking MBA as their choice of higher education. Following is a list of reasons how taking an MBA may not yield preferable results
- One of the reasons why professionals go for higher master’s degrees is because it is assumed that companies tend to pay more qualified people higher salaries. Master in Business Administration is one course which has always been thought to be one of the highest earning degrees. This is a false fact. MBA does not lead to higher pay, or at least not as much as professionals believe. Master in finance holders is known to make more than MBA professionals.
- Education qualification should speak for itself. The degrees curriculum and the calibre of the professional should be the core points based on which an individual is hired. However, with a degree like a Master in Business Administration, the University awarding the degree must have a strong reputation in the education and business sectors. For example, one may have scored high and gained a degree from a school like IIM Kolkata, but they will be passed over for above-average students with an MBA from Harvard Graduate Business school.
- Master’s in Business Administration is a demanding course which requires complete focus form the students. As challenging it is for the students, it’s even more challenging to teach. The only school with experienced faculty and resources can do justice to the course. Attending these schools can leave a very large hole in your wallet and may lead you to take many loans.
- Most masters courses that are opted for by students are short and have a course load which lasts about 12-18 months. Master in Business Administration is a course which is very vast and may take up a lot of time. On average, an MBA course lasts about 2 years but maybe longer. The reasons for this can be attributed to the course load or the 6-8-month internship which is compulsory to complete the course.
- Master’s in Business Administration was created because there was a needed for professionals who would have the necessary skill set to run a business. The course helps create individuals with the know-how of organizational skills and creative problem-solving. But some companies require professionals with more targeted skills, focused on one particular task. Therefore, an MBA will not be considered enough qualification.
The eligibility criteria for an MBA is very similar to any other master course there is. However, one thing makes it different than all the rest. In order to be considered for admission into an MBA program, students must have had work experience of more than one year. This really narrows down the admissions list and excludes recently graduate students.
When is it worth to pursue an MBA?
An MBA being a manager’s degree should only be pursued if the aspirants are determined on moving on to a leadership position. Although, to ensure a smooth functioning in a leadership role, one must have a prior work experience of atleast 3 to 5 years years, which will allow one to be familiar with every department’s role in supplementing the business’ growth. A prior extensive work-experience instills trust in the jury that the candidate will be able to understand and thus practically interpret the curriculum provided.
Other Degrees one can pursue
Master’s in Management
Businesses require professionals with a strong understanding of the business environment and the keen knowledge of running a company. Master’s in Management is a more theoretical approach to business studies and deals more with the technical part of the field. It may seem similar to an MBA, but it is a different approach as an MBA is more practically driven.
Master’s in Management is a comparatively shorter course and is completed within 12 to 18 months. the core subjects of the course are, but not limited to, intercultural management, statistical methods, analytical skills etc. one can pursue a specialization in subjects like accounting, finance and economics.
Master’s in Finance
Finance is the study of money investment. It is a very important field of study, not only for businesses but also for individuals. The field helps in to understand the flow of assets and understanding the way the stock market fluctuates and its effects on business assets. As many companies rely on investments and in turn make investments, it is important to have a professional with technical knowledge of the field.
Masters in Finance is a very rewarding field of study. The course lasts 12 months, after which students can apply for jobs like financial consultants and financial managers. Ms in Finance holders are known to be paid large salaries as the field has very little professionals.
Master’s in Engineering Management
Engineering is a technical field which helps develop individuals with the knowledge to create machinery and infrastructure. Businesses which deal with engineers have trouble communicating with them due to a lack of knowledge of the field. There is a need for managerial professionals who can bridge the gap.
Master’s in Engineering Management helps in training such professionals which help in creating a communicative line between managers and engineers. The course is 12 months long and, as eligibility criteria, requires students to have a minimum of 3 years of engineering as their graduation course. You could apply for job titles like floor manager, consultants and product manager
Master’s in Data Analytics
Businesses today collect a lot of data in the form of receipts, transcripts and customer reviews. This data is a field full of important information which could help understand the job market and how well the business is doing. Master’s in Data Analytics helps to teach students the skill necessary to organise this data and analyse them using advanced software’s. The curriculum revolves around statistics, probability, machine learning etc.
Master’s in Marketing
Sales are a necessary part of any business. It is important to understand and narrow down the consumer market in order to increase the sales of the product or services provided by the company. This skill is called marketing, and Masters in Marketing is a helpful course that can train an individual in this skill. The course involves the study of basic managerial skills along with learning about advertising stratifies and consumer studies.
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