For those who did it, they know that doing a MBA is a lot of work. The MBA by itself is not too bad but what really hurts is keeping your normal lifestyle at the same time. Trying to cope with a full time job, kids and keeping an active social life during a MBA is quite a challenge. So you should ask yourself if you should really do a MBA and why you do it. Is it going to give you a promotion? Are you going to make more money? Are you trying to keep your present job? Are you looking to switch career? Those are all questions a MBA can answer. However, maybe doing a MBA won’t do any good in your field. This is why you need to know who should do a MBA first.
MBA for a career in management
The most obvious reason why one should do a MBA is to advance one’s career in management. In several companies, a middle level director position requires a MBA. If you aspire to manage more than a team of employee, chances are that you will need to do a MBA sooner or later. The MBA will give you a macro perspective of an enterprise which you don’t really have time to acquire in your day-to-day job as a team leader for example.
MBA for a career switch
One of the first reasons why I did a MBA was to expand my professional network. If you are looking to work in a specific field, you are better off opting for a specialized MBA. You will have the chance to evolve through other professional in the same field and you will be in a better position to seize any career opportunities. Most people doing a MBA have a manager’s position. Therefore, you will be playing in a bucket full of potential employers. If you are looking for a career switch, doing a MBA is for you.
MBA to start your own business
You have a small business idea but you don’t know where to start? Doing a MBA will give you the management skills you need to build you start-up. You will also learn some basic knowledge in all administrative fields (human resources, project management, finance, marketing, strategy, etc.). If you don’t have a bachelor degree in commerce, you will learn even more from a MBA. In this case, I suggest you go with a general MBA.
MBA for a promotion, income raise and employability…
Myth or reality, I’m not sure that doing a MBA will guarantee you an income raise or a promotion. The only thing I am sure of is that, as an employee, you will earn more value if you have a MBA. It will become easier for you to move inside or outside the company you are working for. Depending on your career path, this increase in employability will come with a promotion or income raise. In my personal experience, I didn’t get a promotion (because I have turned it down) but I did get an income raise after receiving my MBA diploma.
I was lucky enough to get financing for my MBA from my employer so my MBA investment resumes in time and energy but not in money. Therefore, if I do the net present value of my project, doing a MBA was definitely worth it for me ;-).
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David
In my case, it was partially a factor of the items you discussed. Another factor is my professional designation that I wanted, the CPA, required 150 hours of schooling or 30 hours above a bachelors. Rather than go take random classes at a community school or some 30 hour masters, I felt with the factors you discussed coupled with only an additional 24 hours to the 30 I needed, it made way more sense to get a MBA. You meet some great people, it broadens your skillset, and it opens doors to many jobs.