You are wondering: what if, to give my career a boost, I did an MBA? Indeed, a Master in Business Administration can appear as a solution to boost your career.
With an MBA, you will develop new skills in strategy, marketing, finance, human resources, or even management …
Should I do a MBA? To help you make your decision, I’m going to ask you 7 key questions. By the way, at the end , as a bonus, I would give you the 3 worst reasons to do an MBA. So, should you do an MBA?
First of all, there are different types of MBAs. Generalist MBAs, executive MBAs, for people who already have fifteen years of experience, specialized MBAs, part-time MBAs or even distance MBAs … the choice is therefore vast.
First question to ask yourself: Can I assume the financial cost of this MBA? FRANCE has listed MBAs, such as MBAs from HEC, MBAs from ESG or MBAs from INSEAD, the registration cost is 25,000 to 60,000 euros, in the USA, the bill can climb very quickly , with MBAs from prestigious schools like Harvard Business School, Wharton, Stanford, with tuition fees between $ 50,000 and $ 100,000. To that … we must add the cost of living.
In addition, in full-time formulas, if you finance your MBA yourself, you do not have a salary that comes in, there is a shortfall.
Is this investment profitable from a financial standpoint? Can I expect to earn more, and if so, how much? The schools put forward flattering statistics… But what is the role of the MBA in the success of its candidates? Wouldn’t these candidates have succeeded anyway? Evil tongues say: “If you can get into an MBA, you don’t need it”.
In addition, today many more people have MBAs than in the past, the degree therefore loses its relative value.
Is the MBA consistent with my professional project? The MBA is rather a diploma with international visibility. It will have less weight if we stay in France, in a French society. It’s more like a diploma to work in a big company. When recruiting, an SME boss will not necessarily see the usefulness of your MBA.
Will the MBA open up professional opportunities for me? What does a recruiter prefer? A candidate who is graduating from an MBA, or a candidate who has 5 years of field experience in the field, or even who has created a business? The MBA shows your discipline to follow a high level education. But this degree does not validate your results in “real life.” »
Can I find the time and energy to invest myself in my MBA? Taking an MBA requires great availability. During your schooling, you will sleep, eat, dream MBA. Are you ready for this?
Do I have the support of those around me? When you have children, for example, taking an MBA will require significant sacrifices. You have to have a spouse to rely on. Mr. or Mrs. can very quickly get bored … Moreover, becoming the person in the couple with the highest level of education can subtly upset the dynamics of the relationship.
Are there other ways to train me in a cheaper, more targeted and more flexible way? You can read. Reading fifty books in one field will give you an excellent foundation. We are talking about a budget of a few hundred euros, even less if you buy the books in digital format. You can also train online,online education either on free training or on paid training.
Today, the offer is abundant, and the prices affordable. You can also get coached. Let’s say that an MBA costs you 75,000 euros, all inclusive. For that price, you can afford a coach. If you hire a specialist, let’s say 200 euros an hour, for 25 hours of targeted coaching, it will cost you 5,000 euros. We are far from 75,000!
These are the 7 questions to ask yourself before starting an MBA.
Now let’s discover the 3 worst reasons for taking an MBA
Bad Reason n° 1
Hang a beautiful diploma on the wall, and put the letters MBA on your CV. In short, it’s more a question of ego, with the belief that your MBA will open all doors for you. But for many people, your MBA is Made-In-China!
Bad reason n° 2
The network argument. Now, if you’re not a network person, you’re not going to become one through the magic of the MBA. You can create your network for much less, expensive, for free for example on LinkedIn. You can also create a network by being active in a professional organization, or even by having a “restaurant invitations” budget to meet new people in your professional sphere.
Bad reason n° 3
Reboost a declining career. The MBA is like a particle accelerator … to accelerate them, the particles must already be in motion! An experienced recruiter will always ask you about your last position before your MBA. If you got into an MBA after failing, it will sometimes be hard to sell in a job interview!