Not long ago, getting an MBA was considered a must if you wanted to secure yourself a high paying job. A Master of Business Administration, to give it its full title, is something that has been pushed for the last few decades. There are now millions of MBA graduates in America, and thousands still applying every single year. However, is it worth it? Is having an MBA still an asset? There are certainly arguments for and against.
Millions of MBAs[post_ads]Those who are in the ‘not worth it’ camp have a pretty strong argument as to why MBAs are now redundant. A degree is only worth something special if not many people have it. If the course is particularly tough or takes years to complete, then it’s deemed as scarce. Because, not many students can take on the task. However, there are now millions of MBA graduates in America and around the world. Most colleges offer MBA courses, which means that plenty of students have enrolled. Unless you’re planning on getting yours from one of the top universities in the country (or the world) then it isn’t going to be a very rare commodity. By the time you start applying for jobs, you could be up against dozens of other MBA graduates from schools similar to yours.
The MoneyWhat a lot of people also look at is the cost of an MBA, compared to the average salary you can expect when you graduate. There are plenty of business experts out there that will tell you it’s not worth the money. By the time you’ve paid for all of your tuition fees and living expenses, you’re going to be in a lot of debt at the end of it all. In fact, the average cost of an MBA from start to finish is in the region of $100,000. Not exactly the best way to start your working life. Then, going up against thousands of other recently graduated MBA students for the same job, you’ll find that it’s tough to demand a decent wage. It’s a simple case of supply and demand… Something you don’t need a business degree to work out.
The For CampThere are still plenty of people who are for getting an MBA. However, they do have some caveats to their argument. Jeffrey Pfeffer from Stanford is a renowned voice on the subject. His opinion? If you’re going to get one then you best be applying for the elitist schools on the planet. It all comes back to the talk of scarcity and what your degree is worth if everyone else has the same one. Chris Bones, a former dean at Henley Business School, is on the student’s side. He’s of the mindset that an MBA would be worth something, if schools bought it into the 21st century a bit. After all, much of the course is completely outdated. He believes students are being shortchanged by being offered an MBA that isn’t going to give them any valuable skills for the way 21st century businesses work. He’s right, of course.
So, is an MBA still an asset in this day and age? We think it can be, as long as you fight hard to get into one of the best schools in the country. Become the top of your class and take part in a whole host of extra-curricular opportunities to boost your resume. Apply for internships, gain real world experience, volunteer, and take on part time jobs. Only then will you stand out from the millions of other applicants who are all trying to get that one job, with the same degree as you.