An MBA is widely regarded as an essential qualification for anyone hoping to make it in the corporate world. As a result, many people aspire to earn their MBA from a top institution such as Harvard or Ohio University. The question here is whether you actually need an MBA.
Is an MBA worth it? There are a lot of career paths for MBA graduates, but not everyone who achieves success has an MBA. Many astoundingly successful people quit college and found a new path to career success. People like Mark Zuckerberg and Bill Gates don’t have an MBA they sweated blood to earn, so you might be asking yourself whether the MBA path is right for you.
Most people elect to study for an MBA once they have achieved a certain level of success in their career. MBA programs don’t take inexperienced students. They look for graduates with real-life experience of running a business or working in a corporate environment. The skills an MBA teaches you enhance what you already know, rather than starting from the ground up.
Studying for an MBA is a Big Investment
Earning an MBA from a top school is a huge investment, often running to tens of thousands of dollars. Unless you are certain you can recoup this investment with a better paying job, it may not be worth it. An online MBA is a lot cheaper, but if you have your heart set on an MBA from Harvard, online study isn’t going to work for you.
Working towards an MBA will take up a lot of your time, time you might be better off spending on your business. However, studying for an online MBA is better from a time perspective, so if you want to learn new skills, but you don’t have time to waste, consider signing up for an online MBA instead, as you will be able to study at home instead of attending classroom-based lectures.
Entrepreneurs are generally go-getting kind of people. They think outside the box and are not afraid of taking risks to get to where they need to be. Many don’t have formal educational backgrounds. Instead, they had a great idea and decided to put it into action. An MBA is not a requisite if you want to be a successful entrepreneur. However, it can help teach you the finer points of business administration, finance and other useful topics. Since many entrepreneurial types are light on essential business skills, an MBA can help fill in the gaps in their learning.
Working in the Corporate Sector
It’s fair to say that whilst an MBA on your resume is not a guarantee of greater earning potential, it will almost certainly open a few doors. The people you meet on your MBA may become useful contacts in the future, so if you do decide to study for an MBA, be sure to network like crazy.
Only you can decide if an MBA is worth your time and effort, so consider the pros and cons carefully before you make a final decision.