Business schools have benefits and disadvantages too just like everything you can think of. But does the advantages outweigh the disadvantages? When is MBA worth it?
MBA is quite really expensive and competitive especially if one is aiming for high ranking schools. Of what use is the MBA if one would have to pay millions to attend three times a week kind of class for a period of between 6-18months? learning theories and business strategies which can as well be learnt if one disciplines himself on books and business videos on YouTube.
This same amount given to a young youth settled after an apprenticeship in trade fair Lagos Nigeria (let’s not even talk about innovative startups), he starts his own product line and in less than 2years, he’s controlling huge profits and setting up his kindred in business as well.
One can argue that whatever knowledge you can get in an MBA can be gotten in an informal setting too like reading, finding a mentor willing to guide you and even apprenticeship, if this is true, is MBA worth it then? and if yes, when is MBA worth it? Besides, which business school did Bill Gates, Steve Jobs and some other world notable business guru attend? But they are called to teach and deliver speeches in business schools.
However, the majority of the number of Students like Hind Hassan who have MBA certificate agree to the fact that it has really been helpful in one way or the other. If what you’re looking for is to raise your credibility and worth among employers in other to earn a better salary, MBA might be a good choice. But another factor to consider is how much of your increase in salary would measure up to the millions of naira paid as school fee. How many years of salary would be enough to cover up for that fee?
Of course, it sounds good to say you graduated from a famous business school. You’re distinguished when your resume is submitted anywhere and it reads that you graduated from a notable business school. The reputation of the school(not yours) qualifies you to an extent for that position. That’s an advantage.
Imagine if you’re a business consultant and you introduce yourself to a client as a graduate of Havard. Some doubts will be cleared and of course, your high charges will be justified instantly. However, earning an MBA isn’t enough, you must deliver the result of an MBA graduate because to whom much is given, much is expected.
When is business school worth it
1. When it’s from a famous business school
Nobody considers an MBA result if it’s not from those famous high ranking schools. That’s the truth. The higher the reputation of the school the higher the worth placed on the certificate by employers and people. If you’re targeting those high ranking business schools, then it’s worth it added to other factors.
2 If it’s a scholarship
MBA might seem like a waste of money if one takes a huge amount of money that can boost his business and then pays for MBA studies only to come out to start looking for investors or work he can engage a bit to earn money to go back to his business. However, if you can comfortably afford it please go for it.
3 Looking for a faster means to boost credibility
MBA is a shortcut to building and boosting your career reputation and credibility but only if you graduate from a famous business school. Graduating from a famous school automatically gives you an edge in the labour market especially if you’re interested in positions like Chief Executive officer, business analyst, business developer and business consulting career. This is only in the short run, then in the long run, the results you produce in real-time practice becomes your reputation. This means that time equalizes both MBA and non-MBA graduates.
When an MBA isn’t worth it.
1 If you will borrow to attend
MBA is very expensive. At least like a hundred thousand dollars ($100,000) if you are considering high ranking schools. This debt will take you a long time to offset. This means you will have to work the first few years of your career paying off debt.
2 If you’re intending to starting a business
If you’re still intending to start a business please an MBA isn’t for you. People who benefit more from an MBA program are people who are already in business or with some level of work experience.
As a matter of fact, if you have no business you’re running or no work experience, no top MBA will accept your application. You will need to be able to have some experience so you can relate to the teachings. The truth is this, real business lessons aren’t gotten in a classroom, they are gotten in the field. If you haven’t gotten worthwhile business experience, an MBA will be like a theory and a waste of time to you.
3 If It can be gotten through other means
MBA education focuses on standard business skills, like accounting, finance, operations, and marketing, but it also focuses on key skills like critical thinking and analytical skills. All these can be gotten by taking up some personal reading and courses on udemy, coursera and YouTube for almost free with certification on Coursera platforms. So why borrow or spend so much to get an MBA you can get at the comfort of your home? Except if you’re looking at the network of students and alumni you will get to meet and hook up with coupled with the exposure one will get in the country when schooling.
So right now, let me ask you, MBA, is it really worth it for you?