An MBA or Masters in Business Administration is a postgraduate degree that focuses on developing managerial and leadership skills. It is one of the most popular masters courses in the world. An MBA can be very useful, whether it is to enhance your career, change your industry of work and create your own start-up. However, people often get confused while trying to understand what is the right time to pursue an MBA. It may come as a surprise to many, but the best time to do an MBA is NOT right after graduation.
There are multiple reasons for the same as well. MBA teaches core managerial and leadership skills that are needed at higher levels of management. However, learning to manage and grow a business comes with experience. Hence, it is always better to work for a few years, learn about your job and industry and then do an MBA in the field that you desire to pursue. It is also a great way to transition into a different career path. Hence, one must pursue an MBA only when they are relatively certain about their field of work or career aspirations. We also discussed about some common reasons for pursuing an MBA, check them here.
Along with understanding the right time to do an MBA, it is also necessary to know some other important aspects about the MBA that people often misunderstand. Here are a few common myths that one must be aware about, while planning to pursue an MBA :-
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A high paying stable job awaits
People think that they will receive a top job offer as soon as they complete their MBA. They think their profile is sought after and they will start earning a lot immediately. However, that may not always be true. No school or career’s department guarantees a job post graduation, and in most scenarios, it is dependent on the candidate to research well and apply for the right fit job. There have been instances even at the top b-schools where students were not able to find a job because of their lack of effort and ‘taken for granted’ attitude. Being an MBA and having a top level managerial position comes with a lot of responsibilities. One must be up for the challenge to sell themselves for the ideal role.
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MBA limits you to finance, HR and international business
People think that doing an MBA narrows your career opportunities limiting you to just Finance, HR and international business. However, this is just the opposite. There are multiple specializations that are available while doing an Masters in Business Administration. One can customise their MBA coursework and electives based on the type of industry or field you want to work in. These include deep diving into aspects such as Marketing & Digital, Operations & Supply Chain, Technology & Product Management, Consulting, Entrepreneurship & Venture Capital, Impact focused careers etc. An MBA only enhances your career opportunities in almost all kinds of professions and industries.
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MBA is not suitable for a non-business background
People pursue an MBA in order to get better at business and management skills. However, this has nothing to do with your professions or undergraduate subjects. Anyone with a graduate degree can do an MBA irrespective of their professional background. This is why MBA is considered as a great way to change or enhance careers. One can do an MBA and then work in their desired field. This is irrespective whether they had prior experience in the same or not.
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The market for MBA is saturating
The current times may have put many people out of jobs. However, one thing is certain, in every field and industry, good and efficient Managers are required. Hence, the demand for an MBA will never drop theoretically. However, one must keep learning on the job and acquire new skills to get better in their career and profession. There has been a rise in the number of MBA students all over the world. In 2020, 67% of B-Schools have shown an increase in the number of MBA applications according to the the new Application Trends Survey published by the Graduate Management Admission Council (GMAC), which tracks demand for MBA and master’s programs.
A few of the extremely well known B-schools including Wharton (UPenn) have seen an increase in the number of MBA applications. The applications at Columbia University also rose by 18% in the last year. The rise isn’t simply a U.S. story. Numerous European business colleges are announcing huge knocks in their application volume too. At the University of Oxford’s Saïd Business School, applications have bounced 35% this year compared to last year levels. In addition to this, Warwick Business School has announced a 56% ascent.
These are some of the common myths about a Masters in Business Administration. One should always be aware of these myths and their reality when applying for an MBA course. In addition to this they should also know the right time to pursue an MBA. But it should also be mentioned that it is never too late to an MBA. Executive and part time MBAs have made it easy for people to work as well as pursue an MBA on the go. No matter where you are, you can learn and become an MBA without quitting your job.
Still have a few doubts about this most sought after degree. Do get in-touch with our top experts at info@lilacbuds.com. Through individualised support and unbiased feedback, they can guide you to take the best foot forward towards your higher education aspirations.
