To MBA or not to MBA: Part 1

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Believe it or not, many reputable financial institutions debate the necessity of MBA’s for business success.

This causes many aspiring entrepreneurs to question whether or not they want to put in the time, effort and finances it takes to obtain one. The point of these posts will be to look at the pros and cons of the MBA, helping those interested, figure out whether or not it is necessary for them and their goals.

An MBA is a Master’s Degree in Business Administration. A graduate level program and degree, it is a highly coveted, highly respected degree designation that is used worldwide.

For many, it is the starting point for a thorough education in business. Money Crashers (featured in both CNN and Forbes) states that there are many advantages to holding an MBA. These advantages include:

 

  • Diverse Education. An MBA program is great for developing a comprehensive understanding of all the different aspects that make up business, especially for those who may not be sure what area of business suits them best. Even if you go into an MBA program thinking you want to pursue a career in investing, you will come out of the program well-versed in a variety of other areas as well. Thus, should you then choose to go into marketing, you will be adequately prepared. On the other hand, if you are confident about the career you want to pursue, you can still focus your studies on a specific aspect of business.
  • Skills Will Always Be in Demand. Many college graduates study majors that may pay a lot up front, but their skillsets could be obsolete in a few years. Business students have universal skill sets that will be applicable forever.
  • Career Advancement. A lot of organizations place heavy emphasis on having an MBA. It may be a great way to move forward with your career, and some promotions may actually require it. Some fields, like investment banking, will often require an MBA in order to obtain promotions.
  • Networking. Many people say that this is the only benefit of an MBA program. Some actually feel that nothing learned in an MBA program has any value in the real world and that networking is the only reason to get an MBA. Personally, I don’t agree with this at all. However, I will admit that networking is definitely a quintessential part of getting an MBA. You may get a great job lead, or make a connection with a future business partner through your MBA classes. Smart MBA students do everything they can to take advantage of these opportunities.
  • Customize Your Schedule. MBA programs are very flexible. This can be a great benefit for someone who is already working hard at their job and can’t afford to come into class in the middle of the day. My MBA program had night classes specifically for working professionals.

Sourced from Moneycrashers.com

What do you think? Should these advantages be motivation enough for aspiring entrepreneurs? In the next installment of this series, we will discuss the disadvantages of the MBA.