To MBA or not to MBA? that is the question...

Just a few weeks ago, I participated in a panel that was asked to debate the subject of “To MBA or not to MBA?” Some key questions that the panelists were charged with answering were: what exactly is an MBA programme, who is it for, and why would anyone invest large amounts of money into a degree that, after all, is just another Master degree, right? So what exactly is the value added by an MBA? And finally, the biggest question of all: will having an MBA guarantee success?

So, if you feel like the desperate Hamlet, caught in the contemplation of what is better, to suffer the career you have, or to take up arms against a sea of troubles and quit, oh but for the promise of a marvelous post-MBA life, and at the same time you fear the risk of it all blowing up, then take a deep breath and read on.

What is better, to suffer the career you have, or to take up arms against a sea of troubles?

For most people, deciding to MBA or not to MBA typically takes around two years. Yes, decisions are hard to make, especially when they involve large amounts of cash exiting your bank account at an alarming speed. However, with a bit of structured thinking, we can surely reduce this time to about half a year.

First, let’s address some of the questions. An MBA, unlike other Master programmes, is a post-experience degree designed to accelerate your career. The assumption is that you already have a career and now wish to (perhaps) change its direction and (most certainly) accelerate its progression.

An MBA is a post-experience degree designed to accelerate your career; the assumption is that you already have a career.

The decision to invest in such a degree must be based on some hard evidence that the return on investment is a more than likely probability. It does not take much time to look up the Financial Times ranking, check out the pre- and post-MBA salaries achieved, discount the cost of MBA plus opportunity cost of taking time out of work, so the pay-back time should become clear. The value added, at least in pure financial terms, is a relatively simple mathematical calculation. However, there are many other benefits of doing an MBA which are perhaps less "quantifiable", and it is really worthwhile to look at the idea of value a bit deeper.

When thinking about “value”, it is easier to think about “problems”. There are many reasons to consider an MBA, but those reasons are really based on problems you may be trying to solve.

When thinking about “value”, it is easier to think about “problems”.

For example: you are doing quite well in your career and you have been promoted roughly every two years, but you simply do not enjoy what you do anymore. Your problem is not that you need to change your career, as much as you need to know “how” to do it. Another example might be that you are pretty happy with where you are working, but you are not rising through the ranks fast enough; perhaps you have been told that you are missing some skills. Your problem then may be not that you are missing something, but that you do not know exactly how to develop these skills. This is where the value of an MBA comes in: it is designed to help you solve your career problems. How?

Good MBA programmes are designed to be less subject-based and more competencies-based curricula. Such programmes focus less on feeding people knowledge and more on teaching them what to do with it and, as a consequence, how to become more competent as business and people managers.

Good MBA programmes focus less on feeding people knowledge, and more on teaching them what to do with it.

Needless to say, making a turn-around on your competencies may not be easy. It can be hard work, so do not be fooled by promises of exclusive networks. Post-MBA jobs are not laid out for you on a silver platter – you will still need to earn that job. To do that you will need to do a lot of learning, which in most cases will start with a lot of “unlearning”.

You will need to do a lot of learning, which in most cases will start with a lot of “unlearning”.

So here is the crux of the matter: the real value of a good MBA is the learning that it will put you through. How is it different from what you might have experienced before, in your Bachelor degrees? Well, this learning is one that you cannot escape, as it forces you to re-evaluate your strengths and weaknesses and, most importantly, it is learning that happens through receiving a lot of feedback; after all, what you think of yourself is not as important here as what others think of you – that is a much harder truth to deal with!

What you think of yourself is not as important as what others think of you.

Let’s unpack this a bit more – so what exactly will you get from an MBA? Key benefits of the programme should include:

1. thorough check-up of your foundational skills, because it is no use teaching people finance if they lack the fundamentals of statistical analysis, for example;
2. complete MBA management tool-box, because to be influential you need to get out of your own specialist box and start to speak the language of general management;
3. 360-degree personal competencies review, because it is important to acknowledge the impact you have on others and what you can do to manage yourself better;
4. sharpened thinking skills, because after 5 years or so in any one industry or function, we tend to become used to the "accepted" ways of looking at problems;
5. “go-getting” MBA mindset, that will propel you forward to take on higher-level business challenges and career leaps.

How do you know it is right for you?

To conclude, is an MBA programme right for everyone? No, it is not. How do you know it is right for you? Well, perhaps a more sensible approach for the desperate Hamlet is not to contemplate the future but instead to structure the thinking around these four critical questions:

1. What is my problem, and do I actually have a career problem? (consider the scale of the problem, is it just the wrong company, or is it bigger than that?)
2. Do I really need to worry about it, or could I do something to solve it myself? (have you had some career counselling, or personal coaching? have you looked in the mirror?)
3. Should I worry about it now, is it a good time, or have I passed that time? (consider your personal situation, your financial means, are you ready to invest in yourself now?)
4. Am I really prepared to re-learn again, have my deficiencies exposed, and bear the pain of feedback? (consider how flexible and agile you really are, will you like or hate the pain?)

If your answer to all is a resounding “yes”, then don’t mull it over for two years, instead get in touch with an MBA admissions professional – start your research and take it from there. However, do remember that an MBA is NOT a guarantee of success because, after all, nothing is.

An MBA is NOT a guarantee of success because, after all, nothing is.

The MBA will equip you with life-long skills; it is an "enabler" and not a guarantee of success (however you wish to define success). At the end of the day, you are in control of your career; as long as you are prepared to learn hard, the rewards will materialise, and you will profit from them for years to come.

At the end of the day, you are in control of your career.

An MBA is a degree for life, it’s an investment in your future, and that future will be shared with others who will have taken the journey with you. Once enrolled, you will always be part of the MBA family.

#MBA #Career #FutureTalent #UniversityofStGallen #Switzerland

Note: I wish to thank Charlotte Gannon for inviting me to be one of the panelists at the lively MBA debate, hosted by the British Swiss Chamber of Commerce in Zürich, which took place on 19 September 2017.