Should You Go for an MBA?
The idea of doing an MBA has often crossed my mind. Maybe it has crossed yours' too?
In this post, I lay down the arguments in favour of and against doing an MBA. How it might help you? How it might not? and When doing an MBA is a no-brainer?
How an MBA helps you?
MBA helps you build a network — In the course of your degree, MBA helps you build a network among your peers and alumni. This network can be of huge help throughout your career.
MBA gives you brand recognition — MBA helps you differentiate yourself from others. As people recognize and trust brands, it helps you open doors that otherwise might be closed.
MBA paves way for new opportunities — MBA injects a dose of antifragility into your life. You benefit from having access to diverse views, cultures, and perspectives. This sometimes paves way for new opportunities and helps you discover new passions.
MBA gives you a shot at geographical & sectoral mobility — MBA provides you with an opportunity to change your work location or your sector of work. It also gives you a chance to land a higher-paying job.
Why you might be better off skipping MBA?
MBA is costly — Doing MBA is an expensive undertaking. The tuition alone can cost anywhere from $100,000 to $200,000. Add to it the cost of living expenses and loss of earnings (as a result of quitting your job). You are now looking at a huge hole in your bank account or a pile of debt. $200,000 buys you 10 years of freedom sitting in front of a Bali beach doing whatever you want.
MBA might not be the best way to build a network — Having a network is super important. There might be better ways than an MBA to do that. Blogging is the most scalable professional networking activity. Networking websites like Lunch Club or Hi Right Now are great too. In the end, networking boils down to you. Whether you are ready to invest time in building it or not?
MBA will not help you develop hard skills — MBA doesn't teach you hard skills specfically those around tech (eg. coding). If you want to learn these skills, go for a specialized degree instead. You might even be able to develop these skills by doing online courses, joining a boot-camp, or picking a book on that subject.
When is doing an MBA a no-brainer?
In 2 cases doing an MBA is a no-brainer. When..
Your employer sponsors you — This is great as you don't need to worry about the tuition or the job.
Your dream job requires an MBA — Although few, there are still employers, especially in consulting that have a mandatory requirement for an MBA degree. You have no choice in this case.
Don't expect MBA to be an answer to all your problems.
MBA in itself will not solve all your problems. It might solve some but you still would need to work hard to solve others. Before going for an MBA, I would encourage you to ask yourself.
Do you have a clear sense of why you are doing an MBA?
If not, I would recommend you skip doing it.
Note: A big thank you to Shashank Srivastava who reviewed a draft of this article.