Why should You get an MBA?

Why should You get an MBA?

Record redundancies, rising unemployment, and declining job opportunities: it’s clear that the pandemic has wreaked havoc on the jobs market. Those at the beginning of their career are especially vulnerable, with entry-level jobs are being slashed and placements and internships are being canceled. Students could perhaps be forgiven, then, for feeling gloomy about their prospects after graduating. In such a situation you may be asking yourself this question – To go to B school or not go to B school. Or at least, that’s probably the question you’re weighing in your head right now (or why else would you be reading this?).

Too many times students jump into the business school application process without reflecting upon why they’ve chosen to go down that path. And often it’s prompted by seeing friends and colleagues get their MBA degrees and thinking, Hey, maybe I should get an MBA, too.

Let me be clear: That is not a valid reason to go to business school. There are so many better reasons why you might want to go down this road. In this article we will try to understand if MBA is the right move for you, and will you be recruited only if you have an MBA? Also we will try to understand why an MBA still worth doing? Let’s dive in!

The Benefits of an MBA

Completing an MBA program demonstrates a commitment to learning, improving, and applying skills that can help a company succeed. Additionally, professionals with MBAs feel a greater sense of confidence in their marketability, as well as the wealth of information they can bring to various endeavors. These are just a few of the advantages of getting an MBA. There will be loads of people who have all of these advantages without an MBA as well.

1. Greater awareness of a business and global market

Earning an MBA puts you in close contact with other students who have different work experiences and perspectives on the global economy. In addition to learning from professors, MBA students end up expanding their understanding and knowledge of many important things (especially) pertinent to the industry.

 2. Improving communication skills

Effective communication is a fundamental skill required for professionals to succeed. While communication may be considered a “soft skill” compared to “hard skills” such as constructing a P&L model, it’s no less valuable. An MBA acts as a platform to help hone verbal, written communication & presentation skills. These two years can add invaluable experience in terms of creating a better overall communication of an individual. 

3. Expand your professional network

Earning an MBA makes you part of a large network of alumni, giving you access to respected and intelligent professionals you may not have otherwise had a chance to connect with. Beyond being part of a broader community, you’ll also have the opportunity to build relationships with other professionals in the classroom and beyond. Sometimes, the label of an institute goes beyond just opening doors, and adds to the sense of camaraderie between individuals and the sense of connectedness through their alma mater.

4. Increased job opportunities

In a highly competitive job market, an advanced degree can help set an applicant apart from their peers. From energy to consumer products to start-ups, an MBA can be an asset in any industry. Employers typically look to hire a candidate with an MBA because they are trained to take on lots of pressure, and get things done while keeping an eye on18 other crucial things. Especially in a scenario where engineers(or most under graduates for that matter) are dime a dozen, it  makes sense to show to the world that you are more competitive that your regular Joe.

5. Better time management

Earning an MBA requires juggling many things alongside a challenging course load — not to mention other personal and professional pursuits. Many candidates do their Course work, are part of different committees and clubs , Complete CFA Level 1 & 2 while they are in their MBA, and will also win several competitions across b-schools. Getting an MBA can help you manage your time effectively, which is not only an in-demand skill among employers but a valuable life skill, as well.

Factors you might be considering before you go down to this road

If you’re considering getting an MBA, you likely have a lot of questions about the benefits of earning an MBA, as well as the process involved. Here are some of the most common questions students have when considering an MBA. 

1. Connect the dots

Connect the dots between what you’ve done in the past and what you’d like to do in the future. As you do this, think about how an MBA fits into the picture. For instance, what’s your salary now and what do you project it to be in the future – both with an MBA and without an MBA? What’s the total cost of pursuing an MBA (consider not just tuition but such as housing and supplies, plus the fact that you’ll be out of a steady income for 2 years), and does the return on investment make sense given what you expect your salary will be post-MBA? (Yes, you’ll need to crunch some numbers!).

2. What does an MBA teach you?

Students who graduate with an MBA will learn business fundamentals such as leadership, communication, and critical thinking, and analytical skills. Also, one important thing you must keep in mind that an MBA is not something that is similar to going through an Engineering degree (ahem!). When you are at Engineering you acquire skills. But when you are at MBA, you certainly acquire skills but much more important and far more relevant is that you develop perspective. When you have context and perspective you will be in a better place to apply any skills better than before.

If I tell you that you have to make a hole in the wall. Now you could use a drill or you could also use a hammer and a nail. Now which of the two you use will depend on the quality of the wall. What MBA teaches you is to figure out what to use when so it’s not just about the tools. Of course the tools matter but the tools are just the starting point but an MBA gives you much more than that. It gives you the context. It gives you the perspective.

3. Are you willing to invest the time and energy required to get the degree?

Getting into a coveted program requires a large investment of time in order to make yourself stand out in a very competitive pool. This includes study and take the CAT exam, and crafting a strong application. There are no shortcuts, so you’ll want to be sure you’re ready to take all these tasks on with vigor! You should realise that you are competing with the best, and you are competing because you are super motivated and ambitious. If that is indeed the case, then you can’t worry about the improbables and put yourself down.

It is natural that the this question pops up in your head – Is preparing for CAT worthwhile?

This is the holy grail of all the questions! So let me tell you something very honestly, Preparing for CAT is most certainly a good use of time. If you crack CAT, end with college ranked 21, do the math, and decline to join it; that is still a meaningful experience. CAT preparation makes you comfortable with numbers, shapes the way you think, builds in you a reading habit, and generally makes you sharper. If you do it well, solid CAT preparation is of value even if you do not take CAT. As Rajesh sir always says, “Preparing for CAT is a fabulous exercise of the mind that will hold you in good stead”.

Preparing for an exam with no guaranteed outcome is a test of temperament. If you come through that unscathed, you will be richer for the experience. As the saying goes – Nothing ventured, nothing gained. Cynicism aside, you aspire to an MBA because you believe you can take on roles bigger than what your current job offers. The best way to prove it, perhaps would be by putting your head down and getting a fabulous CAT score.

If you are still confused about where you stand right now, and is this is the best thing to go ahead with, take some time, watch the video shared below. It explains in detail as to how to assess your current situation, opportunities and find the best possible career path for yourself.

Stay safe, stay positive, and best wishes for CAT. Always remember you can, you will, and you must. Ciao folks!

Abhishek works for 2IIM, and is a keen writer.