Until recently, one of the only ways to secure the highest paying jobs was by studying for an MBA. The Master of Business Administration is one of the qualifications that has been pushed or many years. However, there are now millions of MBA graduates in America and thousands more applying every year. With this in mind, it is reasonable to ask whether an MBA is still an asset, and there are arguments.
There is a strong case for those who feel that the MBA is now redundant, as they truly believe that a degree is only worth anything if not that many people have it. If the course content is particularly challenging or takes many years to complete it would be seen as being scarce. There are millions of MBA graduates all over the world, with the majority of colleges offering the MBA course.
Unless the candidate is planning on getting their MBA from one of the highest and more exclusive universities, it will not be considered as anything extra special. And by the time it comes for the student to apply for jobs they will find that the competition is fierce, with every person applying equal forms of education.
For obvious reasons, an MBA is only worth the time and expense if the graduate is planning to work in a business related field, in business management or planning to start their own company. Those graduates that go onto work in other industries unless this is in leadership or management roles the MBA may not be that useful.
It is worth considering that not all MBA degrees are equal, and hiring managers nowadays know that simply having the letters MBA after the applicant’s name does not make them the right person for the job. Many employers now believe that those who achieve a management leadership position would have done this with or without the MBA degree. Although some entrepreneurs hold the MBA degree, new companies rarely hire other MBA candidates as they usually opt to hire those who can offer a different perspective on their own.
Many people look at how much an MBA will cost them in comparison to what they can earn on average from having an MBA. Many business experts profess that an MBA is not worth the money. Once the student has paid out for tuition fees and living expenses, they will have amassed debt and spent within the region of $100,000. Obviously, this is not a great start to their working lives considering that there will be thousands of others in the same position, looking for the same position. It is a case of supply and demand which currently will see the student earning under what would be thought of as a decent wage.
There are numerous people who want to obtain an MBA, and they do have solid reasons. However, it still boils down to the scarcity and what your degree is going to be worth if many people have the same. The former head, at Henley Business School, Chris Bones is on the side of the student; he strongly believes that an MBA would be worth it if the schools brought the qualification and content into the 21st century as the majority of the course is now out of date. Bones believes that the students are being sold short by being offered an MBA that doesn’t provide them with the valuable skills that are needed for 21st-century business, and he is right.
One can say that an MBA is an asset today, but there are some criteria that students should seek to fulfill. Firstly, the student should have attended one of the top schools and maintain a work standard that will keep them at the top of their class. The student should also participate in as much extra curriculum opportunities that they possibly can to boost their resume. The student should be looking from the beginning of their course to gain real experience in the business world by volunteering, applying for internships or doing anything that is going to make them stand out from the vast numbers of other applicants that are trying to gain employment with the same degree.