Quite often you see business schools promoting their MBA programmes as something that will help a person become a leader and get one started in a fast growth corporate career with top salary.
The picture may be true but only partially; because not all business schools are capable of driving the change that they promise.
If you are a student planning to go for an MBA, you should go deeper than just reading the promises made by a business school. To be on the safer side, go for a business school that features among top 100 in the country.
You should also be reasonable in your choice. If you are a student with top grades then it is good to aim for a top 20 or top 50 B-schools. But if your scores are not very high, take a pick from among the business schools that are not top of the list but are reasonably good.
For Indian MBA aspirants who took CAT (common admission test), results are already out. Based on your score, shortlist five business schools to make sure that you do not miss getting into a good MBA programme.
Globally, the business school selection process is different from what it is in India. Global B-schools use test scores, essays and work experience to select candidates. Majority of Indian B-schools rely on test, group discussion and personal interview. Foreign MBAs are also usually more expensive than the ones in India. So if you have MBA dreams and don’t have any work experience, an Indian MBA is your best bet and if you have money to spare and also rich experience then aim for a global MBA.
Assuming that you have made the right choice for your MBA, the question remains, “Is doing an MBA a good career choice?” Short answer is yes.
Let us look into detail, how an MBA adds value to a person’s career.
Increase in perceived value
For a young person, it is a great feeling to be acknowledged as an MBA. When you are fresh out of college and your friends are still thinking about different career options like further studies or a job, getting into a good MBA programme adds to your persona.
This increase in perceived value is not only limited to family or society. Employers also think that an MBA from a reputed B-school gets a graduate or inexperienced person ready for the corporate world and are willing to pay better salaries to these MBAs.
This is why every year lakhs of students apply to join B-schools across India.
A good chance to change your career path
Major B-schools provide students with an option to specialise in different fields like marketing, finance, HR and systems during second year of MBA programme. Even if you are a sociology student, you can specialise in marketing or human resources (HR) and get a job in a totally different field than what you studied as an under-graduate student.
If you have a year’s experience in sales and do not like it much, you can do an MBA, specialise in HR and get a job in that field. During your MBA, you can also intelligently plan your internships to show focus on a new industry that you want to switch to.
Learn essential skills to start on your own
At the core, MBA (Master of Business Administration) teaches skills to manage different parts of a business and exposes a person to real world business situations using case studies and industry visits. So it is a good training ground for budding managers and entrepreneurs.
If you want to become an entrepreneur, you can get into an MBA programme and learn the basics of sales, marketing, business planning, finance and get started as an entrepreneur. An MBA is not essential to become an entrepreneur but it surely helps.
In the business world, college dropouts like Bill Gates, Steve Jobs and Mark Zuckerberg are famous. But there are a disproportionately large number of entrepreneurs, who get on that path after finishing their degree. In a recent meeting with a select group of journalists even Bill Gates said that he is barely a college dropout. This means that education certainly helps.
To get started as an entrepreneur, go get an MBA with a major in entrepreneurship. A programme like the ones at Babson and EDII will be a good bet.
Jump on the corporate ladder
If you have been working in the industry for a few years and have CEO dreams or are not happy with the salary you are getting, an MBA may just be the boost you need. MBA can help you move from junior to middle and from middle to senior management. With a good MBA degree your senior manager designation can be turned into a GM profile in less than two years which otherwise may take good five to eight years.
An MBA also helps in commanding a higher starting salary as compared to a non-MBA with same experience.
Not having an MBA can prove to be an obstacle in certain industries or organisations where the culture is to promote MBAs into important positions, rest all being equal.
A large number of opportunities and increased earning
Most of the good jobs advertised want MBA listed as an essential qualification to apply. People who hold an MBA degree find different types of employment opportunities, both domestically and internationally.
It is estimated that 70 per cent of the senior managers or board directors worldwide are MBAs. So you get higher salaries as MBA. It is relevant to know that this growth mostly comes with longer work hours.
Acquire knowledge
An MBA programme is a great way to acquire diverse set of knowledge in a short period of time. When you put the knowledge to work and share with others, your growth becomes faster. So if you want knowledge for the sake of knowledge or want to acquire it to grow faster, a B-school is the place for it.
A B-school is the place where you can learn and experiment with different hypotheses and keep the ones that work with you. If you go into an MBA with an open mind, you will come out a better person. Apply and push yourself and your MBA will prepare you for just about anything and push you to continuously improve yourself.
To sum it all, an MBA is your ticket to a fast growth career and worldly success if you are willing to work for it.
Author: Aishwarya Pawar
Image courtesy: © Thinkstock Photos/ Getty Images
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