| At one time or another nearly every student, | | | | The reason why an MBA might not be necessary if |
| executive or business-minded person contemplates | | | | the student is deciding to stay in the same field is |
| whether to pursue the MBA or Masters in Business | | | | before is quite simple. The time, typically two years, |
| Administration Degree. We all hear the stories of | | | | and great expense of pursuing the MBA is an |
| young MBA graduate landing prestigious Wall Street | | | | opportunity cost for the student. If the student would |
| jobs or thirty-somethings going back to school to | | | | be further ahead simply working themselves up in the |
| change careers, but do you really need an MBA or | | | | current path they are in than they would be after they |
| can you succeed in business just fine without one? | | | | get out of the MBA program, then the MBA might be |
| What Do You Gain By Having An MBA? | | | | a waste if looked upon in a pure dollar/time cost |
| The stated and obvious objective of a pursuing an | | | | comparison. Of course this is ignoring the other |
| MBA is to educate and teach the student a core set | | | | 'experiential' benefits already stated which of course |
| of business competencies as preparation for a | | | | have value. |
| successful career in business. These skills encompass | | | | Another popular reason to pursue an MBA are those |
| such subjects as finance, marketing, strategy, | | | | looking to pursue an entrepreneurial route and want |
| economics, and management among several others. | | | | the academic, networking and personal experience |
| Along with the academic, an MBA also cultivates | | | | that an MBA provides. While for some this can |
| students in other ways through 'soft' and 'experiential' | | | | certainly be a valuable path to take, an argument can |
| skills such as the experience of working on group | | | | be made that a truly focused and dedicated |
| projects, leadership training, and being immersed in the | | | | entrepreneur can succeed without an MBA. Such |
| intellectually stimulating environment that working along | | | | acclaimed entrepreneurs and CEOs without MBA's |
| with other motivated, bright students and faculty from | | | | such as Steve Jobs (Apple), Bill Gates (Microsoft) and |
| a wide range of backgrounds provides. Finally, good | | | | Michael Eisner (Disney) are proof of that. With that |
| MBA programs provide in-depth networking and | | | | said, there is an equally long and prestigious list of |
| contact building opportunities as well as career | | | | those that did obtain an MBA and where it created a |
| guidance and in some cases even job placement. | | | | valuable base for their later success such as Donald |
| What Kind Of MBA Candidate Are You? | | | | Trump (Trump Organization), Laurence Fink (Blackrock) |
| MBA candidates typically fall into one of three groups. | | | | and Phillip Knight (Nike). |
| Depending on which type you are also dictates how | | | | When You Might Absolutely Need An MBA. |
| obtaining the MBA is of value to you and whether you | | | | The one situation where an MBA might be absolutely |
| really need one.. The first group typically consists of | | | | necessary is if your current employer requires one in |
| those students who are in their mid twenties to early | | | | order to achieve a certain level of management. In |
| thirties with a few years of work experience behind | | | | these cases, it is not unusual for the company to offer |
| them. They have decided to obtain their MBA as a | | | | to pay for your MBA with an understanding that you |
| way to polish their educational pedigree and use the | | | | will continue to work at the company after you've |
| MBA as a launching point into financial jobs on Wall | | | | achieved the degree and with an implied promise that |
| Street or to various positions in Corporate America. | | | | you will eventually reach higher levels in the |
| These are the 'typical' MBA students and make up the | | | | organization. This is a win/win situation where you get |
| bulk of the programs. | | | | a free ride financially and benefit both by becoming |
| For most of this category, an MBA while desirable, | | | | more knowledgeable and experienced through formal |
| might not be absolutely necessary unless the student | | | | business school training and more valuable to your |
| is truly trying to change fields into a very specific and | | | | company as a higher educated and more capable |
| contrasting field from what they've done before. In that | | | | employee. |
| case, the MBA can be the 'great equalizer' and after | | | | As can be seen, the question one should ask when |
| graduation the student can then pursue a job in for | | | | wondering if you need an MBA is...if you don't get one, |
| instance investment banking when before they were in | | | | is there an alternative path to your goal and what is |
| media. Without the MBA experience it might have | | | | the opportunity cost of pursuing the MBA? Depending |
| been difficult if not impossible to make the career | | | | on what these answers are will tell you whether you |
| transition between two such disparate fields. | | | | need an MBA. |