The MBA is worth it for the right people, but what business school isn’t for you? We’ve talked to thousands of MBA candidates over the years, and there are three types of people who really shouldn’t do an MBA. Not because they aren’t intelligent or won’t be successful in their careers, just that the MBA isn’t a good fit for them or they’re not quite ready yet. It’s a huge investment! So you have to be sure that it’s worth it. This week, Angela Guido lays out the kinds of people who should think twice before doing an MBA. Are you one of them?
An MBA (Master of Business Administration) can be a great way to advance your career and increase your earning potential However, it’s also a huge investment of time and money So how do you know if pursuing an MBA is the right choice for you?
In this comprehensive article, we’ll look at all the key factors to consider when deciding if an MBA is the best next step on your career journey.
The Potential Benefits of Earning an MBA
First let’s examine some of the main reasons why people choose to earn an MBA
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Higher earning potential – On average, MBAs earn over $3 million more over the course of their career compared to those with only a bachelor’s degree. The median starting salary for new MBAs is $115,000.
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Career advancement – An MBA provides advanced training in leadership, strategy, and other skills that can help fast track you into management roles.
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Change careers – An MBA gives you the knowledge and credentials to make a pivot into a new field like finance, consulting, or marketing.
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Learn new skills – In an MBA program you’ll develop soft skills like communication, critical thinking, and emotional intelligence. These are valued in any industry.
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Expand your network – Your classmates and alumni network provide valuable connections that can help advance your career.
Factors to Consider Before Pursuing an MBA
While an MBA can provide great benefits, it’s not the right choice for everyone. Here are some important factors to consider:
Your Career Goals
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Do you have clear career goals that require an MBA to achieve? It’s not a good idea to pursue an MBA just because you don’t know what else to do. Make sure it aligns with your long-term career vision.
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Is an MBA commonly required for advancement in your chosen field? For example, MBAs are in high demand in consulting and investment banking, but not always needed in tech or engineering roles.
Costs and ROI
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Top MBA programs can cost over $160,000 for a 2-year degree. Make sure the investment will pay off in increased lifetime earnings.
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Scholarships and fellowships can offset costs. But you need a high GPA and test scores to qualify.
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Consider lower cost options like part-time or online MBA programs.
Time Commitment
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Full-time MBA programs take 2 years. Are you willing to step away from work for that long?
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Part-time MBAs allow you to keep working but take longer (3-4 years typically) to complete.
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Executive MBA programs designed for working professionals only meet on nights/weekends but also take several years.
Work Experience
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Most top MBA programs require 3-5 years of professional work experience before applying. Make sure you meet this requirement.
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Work experience allows you to get more value out of MBA coursework and contributes to classroom discussions.
Undergraduate Performance
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To qualify for a top business school you need a high GPA (3.5+), GMAT score (700+), and other impressive application credentials.
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Make sure your academic background meets the strict requirements of competitive programs.
Alternatives to Earning an MBA
Pursuing an MBA is not the only path forward in your career. Here are a few other options to consider:
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Specialized master’s degrees – Degrees like a Master’s of Finance or MS in Marketing take less time and money than an MBA.
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Executive education – Take individual business courses through executive education programs without committing to a full degree.
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Online courses – Take free online courses in business topics through platforms like Coursera, edX, and LinkedIn Learning.
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Professional certificates – Earning a certificate like the CFA (Certified Financial Analyst) or CPA (Certified Public Accountant) may better fit your career needs.
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Progress at work – If you’re already on a good career track in your company, you may be able to keep advancing without an MBA.
Key Questions to Ask Yourself
As you consider whether to pursue an MBA, here are some self-reflection questions to ask:
- Why do I want to earn an MBA? Is it for the right reasons?
- What are my short-term and long-term career goals? How will an MBA help me achieve them?
- Am I willing to make the time and financial commitment required for an MBA?
- Do I meet the requirements (work experience, GPA, test scores) to get into a top program?
- What do I hope to gain from the MBA experience personally and professionally?
- Are there alternatives besides an MBA that can better meet my needs?
Assessing If You’re a Strong MBA Candidate
Before applying to business school, take an honest assessment of your competitiveness as an MBA applicant:
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Academics – Review your undergraduate transcripts. Do you have at least a 3.5 GPA from an accredited university? Top schools may require higher.
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Test scores – Take a GMAT or GRE practice test. Do you score above 700? Retaking multiple times may be needed to hit this benchmark.
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Work experience – Have you worked at least 3 years at a reputable company and achieved promotions and leadership experience? Highlight your impact.
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Letters of recommendation – Can 3-5 managers and colleagues write you glowing recommendations? Their endorsements carry weight.
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Goals and aspirations – Can you clearly articulate your short and long-term career goals both in written essays and interviews? Admissions committees look for maturity and purpose.
If your candidacy is lacking in certain areas, address those weaknesses before applying or consider other career paths aligned with your strengths and experience.
Weighing the Pros and Cons
Let’s summarize the key pros and cons to factor into your decision on whether to pursue an MBA:
Potential Pros
- Substantially increase earning potential
- Fast track into management and leadership roles
- Change or advance your career
- Gain soft skills in communication, analysis, leadership
- Expand your professional network
Potential Cons
- Very expensive degree costing $100k+
- Significant time commitment of 2 or more years
- Delay earning income and work experience during school
- Not strictly required for career progression in all fields
- Dependent on being accepted to top program for maximum ROI
Is an MBA Right for Me?
Deciding if an MBA is worth it requires research and honest self-reflection. Make sure you pursue it for the right reasons – clear career goals, not just money or status. An MBA can provide tremendous long-term value but also requires a major short-term investment.
Thoroughly assess your own motivations, career ambitions, finances, and competitiveness as an applicant before committing. An MBA is a big decision so do your due diligence. While not right for everyone, for many professionals an MBA can be a strategic step to advancing their career and reaching their full leadership potential.
You Want The MBA To Do It To You
The second category of person who shouldnt get an MBA is really closely related to the first, and Im going to call this the people who want the MBA to do it to you. Its like you want to change, you want to be a better leader, you want to make more money and have more influence, and youre hoping that the MBA is going to be a magic wand that will transform you into a great leader. As Elon Musk put it, it will allow you to parachute in and run a business post MBA. Of course, the MBA doesnt really work that way. In fact, the MBA doesnt solve many problems. In fact, it creates more. You got a lot more debt, and youre still going to have to work your way up. Youre still going to have to build a network. Youre still going to have to earn the right to lead. So if youre hoping that the MBA is going to magically transform you into a better business person or a better leader, its not really going to do that. Ultimately, the hard work is still going to rest on your shoulders, but youre going to be saddled with a lot more debt while youre doing it. So if youre hoping that the MBA is going to magically change your career, Im going to go back to the advice I gave to category one, which is do that work now. Figure out exactly how do you need to grow to achieve what you want to achieve in your career? This speaks to having a direction, having a sense of where you want to head. You dont have to know the job title or the company or even the function in the industry that you want to go into. But you do need to identify, what do I want to be doing? What are the pieces that I need in my day-to-day work life and in the long term to actually be happy at work? And then go after those right now. If the MBA is going to help you get there, that will become apparent and you can apply for business school at that time. But if youre not already taking action to actualize and to become the person that you want to be post MBA, the MBA probably isnt going to help. So do that work first.
Prefer to read? Here’s the transcript:
Last week we talked about the three types of people who should get an MBA. Well, guess what? Now Im going to tell you if youre one of the shouldnt. Im Angela Guido, the founder of Career Protocol, and youve landed on MBA Monday. Every week on this channel right here I am talking about how to apply to business school and how to do it in a logical, painless, and slightly more intelligent way than some of the other advice you might find on the Internet. Today were talking about are you someone who maybe shouldnt pursue an MBA? Here we are. Were talking about should you not apply to business school. The decision to apply to business school is ultimately a really personal decision, and its up to you to look inside yourself and make the choice thats right for you, because there is no one-size-fits-all approach. There is no binary answer to any question in the world ever about should or shouldnt. It just really depends on you. So today Im going to talk about the three kinds of people, the three categories of candidates, where when they come into my free MBA strategy calls, I try to talk them out of applying to business school, or if I dont try to talk them out of it, I give them a ton of advice of things they need to do before ultimately making the decision about whether or not theyre going to go ahead and apply.
The first category of MBA “shouldnts” are the clueless. Thats not the kindest way to refer to it. Were all doing our best, right? So wherever you started your career, maybe you made a good choice. Maybe looking back, you would do it differently. But in the first four, five, or six years of our career, were all doing the very best that we can do, and weve only had the experiences that weve had. So theres a whole universe of opportunities that you know nothing about because youve only got one life and youre doing the things that youre doing. But if youre like a lot of people who are looking at the MBA as their next step, youre in the category of people who, you dont really know what you want, you just know what you dont want. And what you dont want is what youre doing right now. The MBA is actually really good for that. In my last video, I talked about how it can help you make a very radical pivot from something you dont like to something that you do like. But its really important to know what you want out of business school. If you enter the MBA application process sort of drifting, hoping that the MBA is going to give you a sense of purpose, that its going to give you time to contemplate what you want to do post MBA and find your passion, or that its going to magically shuttle you into a job that you love more than the job that you love now, without you doing the work to figure out what you genuinely love, you are in for a very rude awakening post MBA. Youre going to spend all that money and youre going to end up in a post-MBA job that you dont love any more than the job you have now. Youre just deeper in debt. So if youre looking at the MBA as an escape route from a career that youre not satisfied with, Im not saying dont apply, Im saying dont apply yet. Think about what you really want. Hire a career coach, do some work to figure out where you want to go in your career, and answer that question independent of the MBA. Really look at what are your skills? What are your strengths? What are your values? Whats the impact that you want to have? And then see if you can formulate a career game plan. And then ask yourself, does the MBA help me fulfill this career game plan faster or in a way that I couldnt without an MBA? If the answer is yes, then go for the MBA. But for many people, the answer is not really. Not really. You dont need an MBA to do most jobs, not even most jobs in business. So do that hard work of looking at what you want before you embark on your application journey. Trust me, you will be glad you did. Not only because youll save yourself time, money, and effort, but because your application will be that much stronger.
What is an MBA | Should You Get One? (with former CEO)
FAQ
What are the disadvantages of MBA?
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Pros of MBA
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Cons of MBA
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Master core business functions
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High tuition costs lead to student loan debt.
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Hone leadership & communication through projects.
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Intensive program requires significant time commitment.
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Sharpen data analysis & problem-solving skills.
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Lost income due to taking time off work.
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Is an MBA right for You?
It’s clear that earning an MBA can be a worthwhile endeavor, but it can still be hard to know what’s best for you. Work through the four steps below to determine whether an MBA is right for your goals and needs. One way to approach a big decision is by breaking it down into manageable questions.
Should I get an MBA If I want to start a business?
You can consider getting an MBA if you plan on starting your own company. Business school can provide you with valuable entrepreneurship knowledge. Additionally, the degree focuses on business principles and management procedures, which could assist in any future career opportunities.
Is getting an MBA worth it?
Summary. Getting an MBA (Master of Business Administration) takes a lot of time, money, and effort. So it’s important to really think about whether or not it is worth your while to pursue one. Here are some things to consider.
Should I pursue an MBA?
The decision to pursue an MBA is a personal one you need to make after evaluating your passions and aspirations. Whatever your goals, an MBA program can help you build management and leadership skills you can carry with you for the rest of your career.
