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.
Columbia Business School
One of the most globally renowned business schools, Columbia Business School, was ranked fifteenth best business school by The Economist in 2019. Situated in New York City, the USA, it’s located in one of the most international regions in the world in the truest sense of the word.
At this illustrious business school, one gets the opportunity to learn to lead in one of the most volatile aspects of human civilization, business. A well put together university curriculum equips the students with the most in vogue and relevant skills a master professional needs to truly create a space of their own.
Top-Notch and Experienced Faculty –
One of the prime aspects that Colombia Business School has invested in to build a university of immense value is the faculty. The solid team of 150+ faculty, 20+ Executives in Residence, and about 100 adjunct faculty practitioners, chosen from around the globe, from varying backgrounds, sharing one thing in common, the passion and the testimony displaying the sheer competence to teach business, adds and unmatchable edge to the profile of Columbia Business School.
The ever-changing curriculum of the Columbia Business School serves as a guiding tool in keeping the students abreast with the rapidly changing aspects of the business world. Also, it allows them to develop the capacity to absorb and assimilate such developments. Moreover, the remarkable research that goes into creating such a diverse curriculum helps the students learn in the most holistic and informed manner.
As the university campus is located in the heart of New York City, students get numerous opportunities to come across various world leaders both on-campus and off-campus that adds an incredible value to their education as well as experience. Also, the university follows a policy of inviting a ton of guest speakers to interact with the students and share their valuable experiences.
IE Business School
IE Business School is considered one of the few business schools that have consistently made a point to keep their curriculum, especially of the business and management-oriented degree such as MBA and MiM, entrepreneurship centred. IE’s initiatives have time and again been focused on developing a dynamic entrepreneurial mindset among its students. At IE, one gets an opportunity to pursue a one-year, full-time International MBA program, thereby indulging in real-world learning and developing a global perspective.
In terms of rankings, as per QS World University Ranking, IE Business School, with its full-time International MBA program, boasts of holding a solid place among the top ten business schools in the world. Also, as per the rankings recently published by Forbes magazine, the International MBA program of IE Business School is ranked 6th best in the world. Hence, one can imagine how prestigious of a degree IE Business School aims to offer.
Personalized Tailoring –
One of the fascinating aspects of the MBA program at IE Business School is the extent to which an individual can customize it to one’s own needs and requirements. One would be surprised to know that forty-five per cent of the entire curriculum can be tailored as per the streams and subjects an individual is willing to delve into.
IE provides an individual with an opportunity to choose from 120+ elective courses allowing them the leeway to personalize a significant portion of the course. Above all, the university offers the facility of engaging in an international exchange program at one of its partner schools worldwide and extending the program for another six months to explore more academic opportunities.
The Element of Applicability –
IE ensures that through its curriculum, the individual learns not only the theoretical aspect of business administration but also the practical aspect through a profound analysis of real-life case studies. The university also offers a ton of opportunities to all its students to work under seasoned entrepreneurs, industry leaders and established investors by helping them bag internships and projects with such reputed individuals.
Diversity at the Campus –
While studying at the university, one gets to study with people from about 70 nations worldwide that exposed one to diverse cultures, learning, and perspectives that supplement one’s knowledge and skillset in the most compelling ways possible. Moreover, one develops a global network and gets exclusive access to the global community of 65,000+ alumni of IE Business School.
Spain! What more can you ask for?! As the university is located in Spain, while studying there, one gets the opportunity to witness stunning climate, experience an active outdoor lifestyle, relish the chic nightlife (you have heard of Ibiza, right?), and devour on the ooh la la cuisine! Above all, Spain is considered to have the largest student body in the entire European Union, making it a highly popular country for students worldwide.
Booth School of Business, University of Chicago
Located in the third biggest metropolitan city of the USA, Chicago, quite a student-friendly city in the USA, especially in terms of housing and accommodation, Booth School of Business is one of the most reputed American business schools and is ranked among the top three business schools in the world. Moreover, the university’s MBA program is hailed as the world’s most flexible, allowing individuals to learn and explore at their own pace and as per their unique requirements.
Groups and Societies –
While pursuing a full-time MBA program, the university offers scores of opportunities to an individual: to opt among 70+ student-led programs and societies and delve deeper into one’s inclinations.
One of the most exciting aspects of studying at the Booth School of Business is where the university is situated, Chicago. One gets to live among a diverse group of individuals as the city attracts people from all over the world. Also, staying in Chicago is a genuine treat for all those foodies who’d love to experiment and explore new cuisines and at an awfully affordable price.
I am a Boothie! –
The solid alumni network of about 54,000 Boothies spread across the globe knows it too well about how it feels to be called a Boothie. The pride of belonging to such an esteemed and dynamic university has its distinct allure. Moreover, being a part of such a network allows access to numerous opportunities.
Booth School of Business understands that pursuing an extensive and taxing program such as an MBA involves an individual’s entire family. Therefore, apart from being unco welcoming, the university makes specific arrangements for the spouse or partner and other family members to offer them an essential support network and a social calendar to engage with the city as per their personal interests and comfort.
Located in Jouy-en-Josas, France, HEC Paris is regarded as one of the most prestigious business schools and selective grande école. Ranked 2nd in Europe and 3rd in the world as per the QS Global Rankings 2018, HEC Paris’ MBA program is considered one of the most prestigious degrees one can opt for if one is willing to create something awe-inspiring in the domain of Business and Management.
A sixteen-month program, the period of the first 8-months is referred to as a Fundamental Phase wherein the students can develop a profound understanding of the core management skills that play a significant role in building a successful business career. The next 8-months are referred to as the Customized Phase, wherein students get to tailor their MBA program according to their core areas of interest and inclinations. Moreover, students get to choose from among different specializations such as Entrepreneurship, Marketing, Advanced Management, Finance, and Strategy.
Global Exposure –
Studying at HEC Paris is an unco global experience owing to numerous reasons, one of the significant ones being the representation of about 60 nationalities in each class. At HEC Paris, one gets to study while enjoying the sheer diversity among fellow students that play a crucial role in helping and developing a global perspective. It also enables an individual to start building a global network and broaden one’s understanding of different cultures and traditions worldwide.
Studying abroad has several aspects to it, one of which deals with the costs that may just be extortionate for a middle-class family. The MBA program at HEC Paris is considered way more affordable than what one may come across in the American universities despite Paris being one of the most high-priced cities to live in.
The CEO Hub! –
How does it sound to study at an institution which is regarded to have groomed a ton of CEOs? Sounds incredible, right? HEC Paris is regarded as the top ranked business school in Europe that has educated several CEOs that have featured in Fortune Global 500 companies, and not once but multiple times. Today, nearly 4000+ HEC Paris alumni are working in their respective domains.
Another eminent university in Paris that one must look towards other than HEC Paris is INSEAD. It has about three-full integrated campuses spread across Europe, Asia and the Middle East. And with a 99.5% completion rate, the INSEAD MBA program offers a ten-month curriculum with innovative teaching methodologies and effective administrative support services.
Build a Global Perspective –
INSEAD Paris is one of the most diverse universities globally in terms of the range of different nationalities one happens to witness. The representation of 50 nationalities in the classroom enables the students to develop an international perspective while learning from each other’s unique perspectives.
The two-year duration of the master’s degree at times may come across as quite a lengthy program for individuals who are already working as professionals. But the MBA program at INSEAD Paris has a tenure of about a year which allows the working professionals to get their master’s in comparatively lesser period and that too while pursuing a world-class degree from a top-notch university.
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.
Finally, it is essential to understand that an MBA degree from a reputed foreign university has immense value as it opens the pathways for an illustrious career in business and management. However, MBA from an international university can be unco expensive and may entail several other essential factors. Hence, if business and management is your passion and you desire to pursue the degree from a foreign university, one must seek professional assistance from the likes of MiM Essay. (In hindsight, why likes?! MiM Essay is the one you need to check out!)
Want to know your chances for your Masters Program?
Get your Profile Evaluated now!