The MBA Debate…What should YOU do?
By Christin Prats, 2014 ProInspire Fellow
Why Start Down this Path?
For many high-achievers in the professional world, you’re accustomed to pushing yourself to the “next level” of mastery in your field/industry. You did well in college, landed the respectable job, landed your second job (let’s face it, as millennials we job-hop), and now what is that next step? It seems only logical that the next step is to get an MBA. But is that really the right step for you?
Across the internet and blogosphere, you will see some compelling business articles, decision-making frameworks, and skewed data to argue both sides of the MBA question. Let’s take a moment to summarize the big points that are typically argued:
Typical Arguments against an MBA
1. It’s too expensive
We all have heard the horror stories around the cost of MBAs. Some pursue the part-time path so you can work to pay off your loans while you’re going to school, but no matter the situation it is a pretty big financial obligation for 1 to 3 years.
2. You learn more on-the-job
It’s not surprising that we remember/learn more through doing a job, day in and out, than by sitting in a classroom.
3. Questionable ROI (return on investment)
MBA versus non-MBA compensation may not be that different depending on the job and/or industry.
Typical Arguments in favor of an MBA
1. It helps you to “break in” to a new industry
People looking to make dramatic industry changes will need to get an MBA (such as a teacher who is looking to become an investment banker)
2. Provides you with a new business network
A new network will prove its value not only for when you’re trying to get your next job, but when you’re trying to close a future business deal. An extensive network can continue to benefit you over the course of your career.
3. It pays for itself or someone else will cover the expenses
By getting an MBA, will you get an automatic pay increase? It might be worth doing the math to see how it will impact you over the course of your career. If company sponsorship or scholarships are available to cover the cost, the MBA route is definitely worth seriously considering.
You will see these arguments repeated across the internet in a variety of forms. But how to make a decision?
My suggestion is to cut out the noise. The most important component of this decision is to think critically about your own situation. There will always be arguments in either direction, but you’re the only one who can critically evaluate what would be best for your career path. Rather than continuing to come up with more detailed pro/con lists and endlessly perusing the internet, spend some time to reflect on what you want from your career and what type of job would give you the most satisfaction. And then reach out to those who have the jobs that you want and ask them how they achieved their success. Don’t be afraid to take ownership of your future. It’s yours to construct.