Why Should You Get an MBA?
The most important question to ask yourself is: Why should I get an MBA? A lot of people do not think through this question carefully. There are many articles written about the “worth” of an MBA as well as return on investment (ROI) calculators that compare before and after salaries. While all this data is good to know, you should understand that the information is based on someone else’s opinion or facts that may not pertain to your particular situation. Try asking yourself these questions
before you seriously consider going for an MBA. Answer them in order.
1. What are your expectations of what an MBA will get you? Without doing any additional research, write down all your thoughts about what you think an MBA will get you (i.e. business knowledge, high salary, stable career, self employment, early retirement…). This question is not asking what you want but what you think an MBA can do for you.
2. Ask yourself what you really want in your career and life in the next 2 years, 5 years, 10 years? This is not what you think an MBA will get you but what you really want to do.
3. Do some research and determine if your expectations of what an MBA will do for you (question 1) matches what you really want out of your life and career (question 2). One way is tap your network of friends who are already in the positions that you are interested in and ask them whether or not getting an MBA can help you get to their position.
6. Do you have the time to take 2 years off from work? If not, do you have the time and energy to embark on a part-time study program while still working full time?
7. If you do decide to do a full time program, can you afford to leave your job and support yourself? Work out the financials and figure out if you can deal with the loss in salary and additional expenses of possibly moving away. The goal of this question is not to figure out ROI, it is to figure out if you can deal with the loss in income from a practical and emotional perspective.
By no means do the questions I’ve listed above cover the full extent of why you should get an MBA. They are only the beginning to figure out if getting an MBA is right for you. Based on just the questions above, some people already find it difficult to justify an MBA.
Imagine, if you can’t convince yourself at this point whether or not you should get an MBA, how can you convince an admissions director? The investment in time from when you begin preparing for an MBA to when you finish the program can span many years of your life. Make sure this is really right for you.
My goal is to make sure you are armed with the knowledge to present a competitive application to the top schools. Read on to see my reasons for getting an MBA.
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