Is getting an MBA degree worth it?

MBA (Masters in Business Administration) nowadays is considered as a program which gives a boost in the career. It provides options for multiple careers.  Many people around the world are enrolled in it either by choice or by compulsion. It has been noticed that some organizations urge its employees to have an MBA degree because the bundle of knowledge one comes out with changes the way of perceiving things. It assists an individual to structure different thinking which is way better than a non-MBA. A task given to an MBA and another employee might produce the same result but an MBA would be more efficient, faster and productive.

Pros and Cons of Doing MBA

The choice of getting enrolled in MBA must not only be the area of interest or compulsion. Other factors must also be considered to start a professional degree because everything having benefits comes with the drawbacks. Similarly, the MBA also has some pros and cons.

Pros of Doing MBA:

Personality Development:

The very first benefit of doing an MBA is that it shapes the personality of an individual. It brings a positive change in the behaviour, attitude and character of a person. MBA is a platform where a person interacts with people of different attitude, behaviours and temperament and this interaction among the people of different calibre helps an individual to develop changes in itself. Personality development of an MBA can be a morale booster because it changes the perspective of looking at the world and to bring out the solution to every problem.

Career Advancement:

MBA not only provides multiple careers, but it also gives a leap to an individual’s career. A person having an MBA is most likely to get higher managerial positions in an organization because of the knowledge they must have gained in multiple domains throughout the program. Moreover, organizations prefer MBA holders for different roles. An individual having an MBA degree can be provided with a significant number of job opportunities.

Compatible Connections:

MBA is a platform where an individual can build strong networks that can be extremely accommodating in the career. Building connections can be very helpful as it can provide information about handling different situations with the best possible way. Moreover, the connections can guide a better road to the future on the behalf of their experiences.

Build Leadership/Managerial Skills:

Opting an MBA can present a basket full of skills. The courses of MBA are designed in such a way that it develops a leadership quality in almost every alternative student. It builds an entrepreneurial mindset among the students. It guides the students about the ways to establish their businesses. It develops the skills in an individual to deal with the real-life situations and to present oneself in the role of a manager to advance and to achieve the goals of an organization.

Broader Worldview:

Throughout the degree, students were given enough knowledge regarding the real-time business issues and challenges which increases their level of understanding about the business world in a better way. It also increases the understanding of the global, economic and social issues of the world and the organization specifically and how they operate as a whole.

Cons of Doing MBA:

No Competitive Advantage:

MBA is not in demand anymore. A few years back, an MBA graduate was given a competitive advantage over other employees because there were limited MBA professionals and they were given the managerial positions but nowadays, people in a bulk quantity has opted for this professional degree due to which it has been noticed that having an MBA degree cannot get you a competitive edge in the market.

Expenses:

Having a professional degree in this century is not an easy task. One has to spend a huge amount of money and time on it. Just to qualify the courses, one should have enough time and has to show complete dedication. Not only this, even after doing an MBA a student must have to go for internships programs and workshops to gain sufficient practical exposure. Moreover, the fee structure designed for the degree is extremely costly which is also not possible for every single person.

The average salary of an MBA (in the US):

According to one of the surveys in 2019, an average salary of an MBA for U.S graduates was rose around 5.8%, in respect of the preceding year i.e. 2018. The average salary in 2019 was calculated at $134,991 per year.

However, the following are some of the factors that can significantly affect the amount of salary an individual receives:

• The specific career path is chosen (i.e. major subject area);
• From which business school an individual has acquired their MBA degree;
• Pre-graduation work experience gained by an individual.

The value of an MBA in today’s market:

It’s a fact that, big employers are keen to hold the employees who possess an MBA degree from renowned business schools. This might be due to a fact that a practical exposure that an MBA gets while and after his studies, equips an individual to cater almost all the major business areas, that might include Human Resource, Supply-Chain Management, Marketing, Finance, etc. It’s hard to compare any degree with an MBA in terms of the level and amount of knowledge provided related to different business areas. Although an MBA doesn’t guarantee you a good job/salary it will equip you with the relevant business knowledge a business individual should be aware of.

Conclusion:

Having said that, everyone has different scenarios and experiences according to which they choose which degree to pursue and which not. However, I believe one should know the potential pros and cons of any education and should plan accordingly to get the most use of the education he/she pursing.

As one of the famous Greek Philosopher, Aristotle once said:

“Knowing yourself is the beginning of all wisdom”