Do you aspire to an MBA? Have you considered it a few times as a possible study option? Then you are not alone.
Every year, lakhs of students appear for a variety of management exams that decide their eligibility for various MBA courses nationwide. And it is just not BBA students or those with a non-technical background who are vying for a spot. Everyone- from engineers to psychologists to fashion designers to musicians- is scrambling to fill entrance exam forms, crack the exams, and be a part of a prestigious MBA school.
But, how do you decide if an MBA is for you? There are various reasons why people do MBA; what are yours? Have you thought about them?
If no, then fret not. Below you’ll find pointers which will help you answer the confusing but crucial question ‘is MBA right for me?’ if you resonate with multiple pointers, then MBA is indeed right for you.
- You have a natural interest/ flair for business
While some people can sit and work through heavy engineering coursework books, there are others who prefer to sit around a round table and discuss business reports, come up with sales tactics, or just make and sell things.
If you are one of these- someone who has a natural interest in business and management, then MBA is definitely right for you.
Other interest indicators include: actively working with people, enjoying being the organizer in the group
- You want to develop additional skills
Whatever your degree in undergrad, you feel it is not enough. You now want to pair it up with another degree that would actually increase your value in the job market. Did you know an MBA is one of the best degrees to pursue for this?
Not only does an MBA teach you business, but it also helps you to gain knowledge about the industry landscape of the businesses you want to work with. For example: finance, operations, logistics, etc. in the context of these industries, you develop skills like leadership, analysis, strategy, etc.
- You are aiming for managerial and leadership roles in the future
It is recommended that you research around a bit for this one.
How does the ladder to a managerial or leadership role work in your dream organization or industry?
Do they need an MBA to be able to promote someone?
Do the majority of successful professionals in your dream job or industry have an MBA degree?
With an MBA right after undergraduate, you’ll be able to enter an organization at the mid-management level rather than starting from the ground up as an assistant.
- You want a higher pay
This one’s a no-brainer. If you are aiming for higher pay, then an MBA can help you get that. You can easily find high paying management jobs if you develop the right skills.
This is because management students are trained to be thinkers and doers on their own without needing to be extensively managed. They have domain knowledge as well and can bring their strategic and creative thinking to the organization as well. All in all, a very valuable candidate.
Discretion needs to be practiced here, though. Research and if you find that an MBA is just not leveling up your earning potential the way you thought it would, then drop the idea.
However, if your research reaps positive results and a higher package is paramount to your career, then an MBA can help you bag that.
But, there’s a shadow side as well that you need to consider. You need to see if…
- You can shoulder the costs
MBAs, while famous for their value and status, are also notorious for being expensive.
B-schools charge lakhs for the 2-year duration. This means many MBA students end up taking loans to finance their education. The repayment starts after one finishes college but it does add mental pressure during the first few years of the job.
So, if you feel you are ready for the loans, ready to cut expenses sometimes for them, and ready to ‘hustle,’ then an MBA might be suitable for you. If you can’t be able to leave your full-time job to pursue MBA, consider doing MBA courses which are designed for working professionals.
- You are able to handle the pressure with little to no sleep
An integral part of the business management life- and not just in the office but during MBA as well- is the pressure.
Students study long hours with assignments sometimes popping up at a midnight with a 10 AM deadline. The same happens with professionals. They work long excruciating hours with impossible deadlines sometimes.
But because they’ve had practice staying up nights for assignments and exams during MBA, they can do the same while working.
There you have it- 6 pointers to help you answer the ‘is MBA for me?’ question.
However, did you know that you do not have to go the traditional classroom-MBA route to get the degree? That you can learn online and reap the same rewards and perks? Interested? Explore upGrad & NMIMS’s Executive MBA course.