As an insider, I’m going to admit that MBAs are, by some, considered cash-cows for business schools. Based on this, doing an MBA sounds like a bad idea. But wait, and read on before deciding if an MBA is right for your career.
An MBA – Master in Business Administration – is a postgraduate degree. It is thought out by professionals, young people with some years of experience in a business field, and offered by virtually all business schools. Often individuals who take an MBA are at a crossroad in their career: they want to switch career fields, or they want to go up the career ladder quicker. Part-timers – those who do an MBA while working – might have found themselves in a role for which they lack expertise. The MBA helps them to fulfil their job role successfully.
MBAs are often broad, giving you a holistic insight into managerial skills. Some MBAs focus on niche business fields or target executives. In most cases, MBA degrees require quite a steep financial commitment. Hence, getting value for your money is crucial.
You gain two things from an MBA: business knowledge, specifically, managerial expertise, and a network of connections. The first will help you to do your job and execute your tasks. The second, the network, will follow you throughout your life and be a vital source of social capital. Your network will be crucial for closing deals, developing new ideas, and gaining access to talented new employees and great new career opportunities.
In short, yes, an MBA is worth the money you spend. You will gain new skills. This will be reflected in increased financial compensation. On EDUopinions, INSEAD, a well known European business school offering MBA programmes, has received good reviews. If you like to combine study and travel in your postgraduate programme, the EuroMBA might be right for you. It’s a blended MBA programme offered in partnership by six European business schools. It combines online courses with residential weeks at its partner institutions.