I’m asked all the time if I thought my MBA (Master’s in Business Administration) was worth my time and expense. I always answer with an unequivocal “yes”. But my benefits for having completed graduate school may differ from what you hope to benefit in an MBA program. Most people attending a program see it as a competitive edge that will help them beat out future competitors in the job market. This is one benefit. I was promoted twice at FedEx after my degree. But is that what really got me the job? I’m sure it helped, but I doubt it was the deciding factor. Completing your MBA is no small task and will require a great deal of sacrifice from you and your family. Below are some questions you should consider to help you determine if the ROI is worth it.
Why do you want an MBA?: Surprisingly, some people seek an MBA for their ego or its prestige. If this is your reason, save your money and your time. It could be better utilized. Some people really don’t think through why they want an MBA. Answering these questions is a start to determine if you’re ready for this path. I also do not recommend starting your MBA immediately finishing your undergraduate degree. One of the benefits of these programs is being able to listen to the lectures and reading the case studies and seeing how they apply to your current or past business experiences. Plus, you have nothing to offer the class in terms of real world experience. Learning from your peers is a part of the experience, and you will want to offer something.
What was your undergraduate degree?: My undergraduate degree was in English Literature. I did have some business acumen from my minor in Economics and the time I had spent at FedEx, up to that point. My MBA in International Business helped me sharpen my operational skills and financial skills. I especially gained more insight in my courses International Finance and Contract Law. I applied what I learned as a Corporate Sales Manager, and to date, I still benefit from what I learn in many of these classes.
Does your company or field really require an MBA to promote?: I find that only a few companies or fields really require an MBA. For most, it is a “nice to have”. Research your company’s hiring policies and any field you hope to enter. It may not be entirely necessary. Other work experience or skills (for example living in a foreign country or speaking another language) may be more beneficial than the MBA.
Will getting your degree at an Ivy League school make a bigger difference to your career?: I love this question! In my opinion-NO! Regardless of where you graduate, it is up to the individual and their creative ideas to get them a head. I think we all know college drop outs (Bill Gates) who are extremely successful, and know some people who graduated from wonderful schools who are not using the skills taught to them. For example, I know a woman who got her MBA from the prestigious U. C. Berkeley. What is she doing now: she’s an hourly customer service agent at FedEx. There’s nothing wrong with this job, but I beg the question WHAT WAS THE POINT??!! Do you know why the Ivy League has such high tuitions? Because you are paying for who you will meet. Future Kings, Presidents, and World Leaders attend these schools, and you can put a high price on networking. Yes, what you will learn is very valuable, and the experiences the professors share is great. I am currently taking courses at Wharton, and the life experiences the professors have shared have been very valuable. But it’s my class room where I am gaining the most education. I am meeting people from all over the world and in a variety of fields. Most of the information from the books, will eventually be obsolete in a few years.
Are you ready for the sacrifice required in getting this degree?: Most programs proactively invite spouses and family members to orientations. They want to make it clear on the front end there will be long hours, numerous group meetings, lost weekends, etc...so all parties need to be aware and be supportive. Is now the right time in your life to make such a sacrifice?
In the end, having an MBA can’t hurt. No one can take away your degree, and the life experience you had obtaining it. However, life is more than degrees, money and titles. Weigh all of your options, and discuss it with those in your life you will sacrifice with you. It is a great adventure and for me, I’d do it again in a heartbeat.
