When making the decision to go for your MBA, make sure that you are ready for it because it will require a strong commitment of both, time and money.
In the beginning, when I first signed up for the program, there were some people who thought it wasn’t worth it. One of the main reasons was because, according to their experience, they got where they wanted with their undergraduate degree. In the beginning, since they had more experience than me, I started rethinking this idea; however, after doing a deeper analysis I came to realize something different.
Some people happened to join the workforce at a different time period. While many others were able to remain employed, they should be prepared because there is an incoming flow of employees with advanced degrees. Mostly due to the great recession of 2008; when unemployment was at the highest level, most professionals opted to go back to school to remain competitive in the future when the employment rate returned to normal.
Therefore, if you happened to graduate with your undergrads right after the great recession, your undergrad may not be as valuable as there were before. Now the probability of competing for the same job with professionals that hold advanced degrees are a lot higher.
For instance, the MBA program concentrate on the overall picture from a managerial perspective, then you oversee each function. And then, whichever function you like the most, you could use it as an area of study. Furthermore, the program also concentrates on building leadership skills to help you gain long-term success. And as I found in my research, what make good leaders it’s not their technical skills but their soft skills. By soft skills, I mostly refer to your attitudes and your intuitions. Therefore, you will be introduced to more psychology than before.
At the beginning I also didn’t think that books that included psychology could help me much; however, it helps you understand things such as how and why you and others think in different ways. Therefore, you gain a better understanding of how and why you and other behave in different ways.
Finally, this understanding allows us to make better decisions when dealing ourselves and with others. As I mentioned in my previous blog, success is not a destination or a goal, it’s the mindset you use to approach different situations. Therefore, building the right attitude needed to different situations is key to your success. However, as anything that is intangible, it’s hard to measure the impact of soft skills in the short term.
Consequently, when considering this program, make sure you are ready to put the time needed. It’s up to you how much you are going to get out of it. Keep in mind that it’s an investment in your personal growth, therefore, you should try to get the most out it.
Main short and long-term benefits of the program:
- Gain Knowledge– at the MBA level, expectations are a lot higher, therefore, the challenge is also greater. You read a lot more than in your undergrad. This practice opens up whole new ways of making intelligent and informed decisions. You also concentrate on critical thinking and how to use data to analyze complex problems, and, it also helps you to project more confidence in your relations with others.
- Network – As you are aware, most jobs don’t require you to have an MBA, (they always put it as a plus) therefore those who do it, are those overachievers that, without even trying, they encourage you to keep going. You meet amazing people that are also professionals that are currently in the workforce and hold different positions. They not only bring a broader perspective and knowledge to the class, but they also open door to future work opportunities. Moreover, you also create strong connections with your professors, which most of them are well connected in the community. The best part is that you do this network in an organic way, which is the most effective one. These connections are extremely valuable because as you may know by now, in most instances, is not what you know, but who you know.
- Increase salaries– Research indicates that on average most MBA holders gain higher salaries in the long run. For instance, the research conducted by Forbes indicated that that full-time MBA graduates typically realize starting salaries 50% higher than what they were earning in the year before starting business school. Then, over the next five years, their pay nearly doubles. Also, the same research indicated that an investment in an MBA degree—including tuition and forgone salary—it typically paid back in about 3.9 years or less.
In conclusion, an MBA enriches your knowledge, broaden the connections you have with others, and permanently impact your life choices in the future. While financial incentives are important you should mainly do it for your personal growth. And remember, it’s an expensive investment, therefore, be ready to put the time and effort in order to get the most out of it. It is also the only long-term investment that doesn’t have much risk because when you invest in yourself, you can manage all the possible risk. Finally, yes, I believe that an MBA is worth the commitment in time and money.
Do you also think that an MBA is worth it? Please leave a comment.
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