Hundreds of thousands of students the world over battle the odds (only about 1 in 10 will gain admission to the school of choice) each year to get into top MBA programmes.
Conversations with MBA alumni from top global programmes provide some insight into why. Last week, we discussed Earning Potential, Job Prospects and Networking. Other reasons include:
Career Transition – The MBA is a great opportunity for career transition. Most individuals do not have the benefit of adequate career counseling while growing up, and typically, college majors and first careers are influenced by parental desires or peer pressure, or the result of optimistic guesswork.
There is little regard for matching skills and interests with career options, or using your competencies as a basis for career choices. The MBA provides the opportunity to explore diverse areas: Finance, Marketing, Operations, Organisational Behaviour, Strategy, etc.
There is also the structured support of career counsellors and access to classmates and alumni with a diversity of professional backgrounds. If all of this isn’t enough, there is the internship for you to “test the waters” with a potential career option.
Knowledge – Knowledge is power. The MBA programme teaches you the essentials you need to run a business effectively, either for yourself or for someone else.
You get exposed to a breath of courses that provides you with an understanding of how a business works and how all the different elements (people, processes, money, systems, materials, strategy, etc) are integrated, and you do this in an environment where the objective is education. The MBA education provides you with tools and methodologies that help you in all areas of life, and changes the way you view the world, for the better.
The bottom line is that the MBA is a huge investment, but it is one worth making in yourself and your future. Whatever your reasons, the benefits are immeasurable and the experience is life-changing.
Tosin has an MBA from Yale University and is the CEO of Total Ascent, a Test Preparation (GMAT/GRE/SAT)