Do I Really Need to Get An MBA?

These days, a bachelor’s degree is the new high school diploma. Does that mean you need an advanced degree, like an MBA, to get a competitive advantage in the business world?

Not necessarily. For some people, it makes sense to go back to school and gain some new skills to advance their careers. For others, it makes more sense to just jump in and learn as you go. Here are some questions to ask yourself when deciding if you need an MBA.

Do You Need to Improve Your Skills and Business Knowledge?

Not everyone who gets an MBA has an undergraduate degree in business. If you are making a career change or you don’t feel that your skillset is strong enough for the jobs you want, then you might want to consider going back to school for an MBA.

One of the benefits of getting an MBA is that you’ll get a global understanding of what it takes to run a successful business and have the chance to hone your skills in a safe environment. That can give you a solid foundation as you gain experience in the field and climb the corporate ladder.

Are You an Entrepreneur?

If you like the idea of being your own boss and you have a great idea for a company, does an MBA make sense? Many entrepreneurs succeed without an advanced degree…or even a degree at all.

As an entrepreneur, you’ll be wearing many different hats. An MBA can give you a solid foundation for writing a business plan and making smart business decisions, but it probably won’t make or break your success. If you have entrepreneurial aspirations, an MBA is nice to have, but it takes a back seat to skills like resilience and the ability to learn.

Do You Want to Be an Executive?

You’ll find that your degree doesn’t matter that much when you’re looking for a job. Most employers want to see that you’ve graduated with a bachelor’s degree, but they’re going to be more interested in your skills than your education.

However, you might need an MBA if your goal is to make it into the C-Suite, especially at a large organization. When companies are hiring their new CEOs or COOs, they don’t want to take any chances. There’s a lot of trust involved with these positions and the wrong leader can easily sink the ship. So, if your dream is to be an executive, then you might need to go back to school.

Do You Have Your Own Networking Opportunities?

Let’s be honest: getting a job in the world of business usually comes down to who you know. One of the most valuable things an MBA program can offer you is an internship in the field and other fantastic networking opportunities.

If you have other ways of networking and you build relationships easily, then you might be able to get your foot in the door that way. It’s important to keep in mind, however, that many companies deliberately hire recent MBA graduates, which is one of the ways that getting an advanced degree can make it much easier to get a job. In fact, one survey of corporate recruiters noted that more than 9 in 10 for-profit companies planned to hire new MBAs in 2019.

Does the Investment Make Sense?

It’s important to really think about the pros and cons of getting an MBA before you make a decision. After all, a master’s degree represents a large investment of time and money. Most people need to take out loans or apply for grants to attend graduate school. You will also have to make time for your studies, in addition to your other responsibilities.

You need to make sure that the investment makes sense for you. If you think an MBA will help you earn more and pay for itself during your career, then it makes sense to go for it. If you just want to get an MBA because it’s something you think you “should” have, then you might want to rethink your plans.

Fitting an MBA Program Into Your Life

If you’re already working in the field, then you might be able to get your employer to subsidize some of your tuition costs. There are many excellent online programs that will allow you to attend part-time, which is a great solution for people with full-time jobs or parents who need more flexibility.

There are lots of ways to fit an MBA program into your life. Don’t feel obligated to get another degree if you don’t need one, but know that there are more options than ever for getting an advanced degree on your schedule!