Many young professionals are asking if applying for an MBA is the right or wrong career move. The fact is that an MBA program requires a lot of time, money and effort. It’s really important to think about it if you are a good fit or not. In a recent article in Harvard Business Review, Liza Kirkpatrick, the managing director of Career Management at Kellogg, discusses some of the things to consider in order to make an informed decision.
The right reasons to pursue your MBA, include:
To future-ready your career with your MBA degree
Many companies are taking the pandemic as an opportunity to pivot and adjust their business models. Hiring the right talent with the right skills is an important factor for that adjustment. According to Kirkpatrick, you should have the same mindset and ask yourself: “How can I expand my skillset and capabilities to be the best candidate for these roles?” Some examples of skills organizations are looking for include empathy, team management, understanding how to foresee things, setting strategic goals and influencing stakeholders from diverse backgrounds. Pursuing your MBA degree for this reason could give you the competitive edge you need in the current job market.
To explore new industries or functions
“Business school is a great time to gain exposure to peers, faculty, and a network of alumni from many professional backgrounds — as well as class projects and case studies that dive deeply into different industries and sectors” says Kirkpatrick. The great thing about an MBA program is that you can apply it to most industries. Even if you don’t know which industry is right for you yet. An MBA program gives you a platform to explore a number of specializations and concentrations.
To accelerate your career path
Many applicants are just trying to pick up the pace of their professional development within a certain industry. This could involve gaining access to senior roles and higher salaries. Top MBA program graduates are often put into positions that accelerate their path into leadership. According to Kirkpatrick, the reasoning for this is simple, “Employers expect graduates of these programs to have the academic, interpersonal, and leadership skills to solve complex business problems.”
To expand and diversify your network
Access to a well-connected alumnus of future leaders. This is one of the most attractive reasons to enroll in an MBA program. Kirkpatrick continues to say, “Most MBA programs offer access to networking events hosted by clubs and employers, as well as affinity networks and student-led conferences — all opportunities that could expand your reach, and therefore, your chances of success in the business world.”
The wrong reasons to pursue your MBA, include:
You’re looking for a magic pill
One of the biggest misconceptions of applying to an MBA program, is confusing it with a “golden ticket”. An MBA is not an easy fix that will immediately admit you to superior and higher-paying jobs. To find success in MBA programs, you need passion, proactivity and hard work to expand your knowledge and skills. Further, Kirkpatrick said that she wouldn’t recommend applying if your goal is only to gain money or power.
Your parents offer to pay for it
This might sound tempting but try to not let this be the only reason in your decision for applying to business school. Graduates who are most successful after business school are those who really seek to stretch themselves academically. As well as professionally and personally. Kirkpatrick says that you have to be "all-in".
You’re bored
At this moment in time, the pandemic has made it difficult not to become bored with your current job. The default should not, however, be going to business school to alleviate bored-ness. Instead pause and reflect. Kirkpatrick states that this should be an invitation to become introspective. Ask yourself, “Why are these opportunities going to other people and not you? What skills do you need? Will it change how others perceive you? By reflecting on these questions, you can gain insight into your current situation. If you don’t, you could end up asking yourself, why did I even go to business school?”