An MBA is viewed as being one of the best ways to advance one’s career. Studies show that the average annual salary of an MBA graduate in India is three lakhs. However, the decision whether to study a MBA or not should take into consideration other factors rather than just the potential for a higher salary. By reading the article below, you can find out about, what are the major pros and cons for enrolling for an MBA.
PROS OF DOING AN MBA
One of the key benefits of having an MBA is career progression. Some companies want to see their management level employees have the accreditation. People who do not have an MBA qualification occasionally find that they experience a “glass ceiling” where they find it hard to move into senior level positions. Studies have shown that MBA graduates are more likely to achieve top management positions in Fortune 500 companies, compared to other employees in those organizations. For some, getting an MBA is a one-way ticket to fast-track their career, especially if they are just starting out. The qualification can allow them go further than they would be able without it. Having those three letters after their name may also allow them to achieve some career flexibility, especially if they are switching careers. They can pursue lucrative careers in finance, business, or administration quickly and easily.
Develop Professional Relationships
One of the most overlooked advantages of an MBA program is the relationships that formed while studying the program. The people that students meet during their MBA program are invariably ambitious and career driven. Due to the team work and passionate environment of an MBA program, the associations formed there are not easy to replicate otherwise. Being able to call on these people in the future can bring numerous advantages.
Growing one’s professional network, starts in business school. Not only there is a great group of friends, but also an amazing pool of potential customers and supporters. And if students choose a program like the MBA offered at School of Management Sciences, Varanasi, then they will come together with a diverse network and a unique vantage into global business.
In a Financial Times article, that looked at the financial expenses of an MBA, the author cited MBA graduates who profited from the MBA mainly due to the fact that they networked successfully during their time during studies. This outlook was also a frequent one among Financial Times survey respondents as to why they got their MBA’s in the first place.
Money and a better job might be external profits of an MBA program but the inner benefits are just as significant. An MBA program is an incredible prospect for character development. An MBA program will drive students to go out of their comfort zone. This can facilitate them to boost their self-confidence and capability to direct other people. Finishing an MBA program also helps students to build up brilliant time management skills and uphold discipline. These traits can help them to shine in their prospective career.
Opportunity to Switch Careers
Many people who are pursuing MBA, do so because they want to jump into another industry. In particular, many MBA graduates prefer to enter either the financial or consulting industry after their graduation. Having an MBA, gives many opportunities in these industries which may not be available to students who have a different educational or career backgrounds. One of the reasons that MBA graduates’ salaries are appreciably higher than the national average is because of the opportunity to enter into more profitable industries as a result of the criterion.
Provides a Competitive Edge
People that have an MBA instantly have a viable edge over those who are short of the qualification. An MBA is an exceptional way to stand out beside other applicants when applying for a post. Due to the work that goes into earning an MBA, employers know that holders of the qualification are disciplined and motivated. For these reasons, MBA graduates hardly ever find it tricky to get hired.
Master Managerial Skills
Many people who apply for an MBA, they want to make the transition into management but thought that they do not have the skills to do so. In an MBA program, students are taught the skills to deal with real-life situations and managing other employees. There are not many other academic courses which build up management skills in the same way. They also learn how to utilize their role as a manager to move on the goals of the organization as a whole.
Skills to Start Own Business
Few working people also select MBA as they want to move up in an already existing organization. A large amount of people who study for the qualification, do so because they are aspiring to be entrepreneurs who want to learn good business skills. The skills and information taught in an MBA course can be very useful when setting up and running one’s own company. Due to the case study emphasis in MBA programs, they can learn how to recognize and crack real-life problems based on the experiences of other businesses.
Not a Natural Born Business Person
A great business idea does not routinely translate into a flourishing business. It takes effort and tactic. The main value in earning an MBA is learning how to reflect like a business person. If candidates do not naturally possess this skill, then an MBA is nearly essential to cultivate it. While they might, in theory, grow this skill by starting a business enterprise with no training, it will almost certainly take them a lot longer to build it all out. Earning an MBA condenses this procedure and provides them with a toolkit so that they can rapidly move towards success on the learning curve.
CONS OF DOING AN MBA
Obtaining an MBA can involve a considerable financial commitment. Tuition fees for an MBA program can cost anywhere from seven to twenty lakhs. This doesn’t include other costs such as staying and textbooks that students also need to take into consideration if they are studying full time; not to mention loss of earnings whilst taking the time out to study. The high costs of studying for an MBA means that this decision should be taken carefully and after great consideration. Students want to be sure that they will get full value from their qualification and that they are committed to seeing the process through.
In addition to the financial cost, the student also needs to consider their time. Earning their MBA could take anywhere from one to three years, depending on their program, and whether they study full time or part time. Studying for an MBA takes a maximum of two years full time and a minimum of one year, depending on the program and in which country the student is studying. If the student is undertaking a part time MBA, then qualification can take even longer to earn. This is a considerable commitment of time. They need to consider the impact of this on both their life and their finances. If they are working while studying then they need to be sure that they will have enough time available. Studying for an MBA often necessitates a great deal of dedication and discipline. They need to be sure that they have a supportive family or partner who understands that why they may not always be available.
Not all MBAs are created equally. The quality of your school and program matters. With over 150,000 new MBA graduates yearly, having an MBA degree doesn’t by itself stand out while having an MBA from a phenomenal program at well-respected university does. The bottom line remains that the student must make sure their MBA program is accredited.
Do the pros outweigh the cons?
Having an MBA is not a guarantee for a successful career. As many past MBA students will attest, the qualification will get students their first good job, but it is up to them to get their second one. That said, for people who have the aspiration for growth in their career and who want to attain key work goals, it is tricky to repeat the benefits an MBA can provide. The network that they develop and the skills that they will learn are invaluable for their future work life. In conclusion, an MBA is still considered the gold standard for high achieving people.
Whatever their decision, they must make sure that they make the decision that works for them best. If it is worth their time, money, and commitment to gain the skills and network that they need to make their dreams come true, then they should definitely go for it. If they cannot find an answer for those questions about time, money, and commitment, then they may have to dig a little deeper and figure out the best path forward.Anyway,that what an MBA is all about.