For many purposes, an M.B.A. is the fastest road between where
you are now and where you want to go. Examine your goals—and the
suitability of an M.B.A. to attain them—with as much critical
detachment as you can.
Career Advancement or Career
Change
You may want to gain a position of greater responsibility in your
current field. Or you may want to switch from one area of
business to another—from marketing or sales to strategic planning
or finance, for example.
You could be looking to change your career path altogether.
Using an M.B.A. to switch career focus is a typical strategy.
Many people seek a management position after acquiring expertise
in a different field altogether—such as nursing, teaching,
performing arts, or engineering—because they want to shift to a
management position in their area. An M.B.A. can help you make a
major break or leap in your career path—with a concomitant leap
in income.
You may aspire to an area that "requires" an M.B.A. as an
entrée. An M.B.A. signals a prospective employer that you've got
the knowledge and skills a demanding job requires, as well as
persistence, energy, and even time-management skills to handle
it.
Specific Management
Training
Obtaining specific management training and expertise is another
common reason for pursuing an M.B.A. Although the M.B.A. is a
general management degree, most programs provide opportunities to
study one or more areas in greater depth. Investment bankers
typically concentrate on finance in their M.B.A.s, for instance.
But if you have a very singular focus on a particular field, you
may want to consider some alternatives such as a specialized
master's program, course work as a nondegree student, or
nonuniversity-based courses, seminars, and workshops.
If you need to learn something about a few specific topics,
consider an executive education program. Typically conducted as
workshops or seminars lasting from a few hours to several days,
an executive education program may provide the training you
need.
More Money
M.B.A.s generally have higher average salaries than workers with
similar work experience who hold only a bachelor's degree. But
the road to this higher salary has a cost. While you're working
on your degree, you may need to leave your job, so say goodbye to
your full-time paycheck for a couple of years! With the hefty
amount of time you'll have to devote to classes, studying, and
related activities, you won't have much time or energy left over
for personal, family, or leisure activities.
Your M.B.A. is an investment in yourself, and as with any
investment, you need to decide whether the potential return is
worth the time and money spent. The M.B.A. degree does not
guarantee a fabulous job at a fabulous salary. When you look at
placement and salary reports from schools or in the media
remember that half of the salaries fall below the average,
and that salaries are influenced by local conditions.
Salaries tend to be higher in areas with high living costs and
lower where it's cheaper to live. An M.B.A. grad's salary is also
influenced by his or her salary profile prior to entering the
program. Obviously, someone who earned $70,000 a year before
pursuing an M.B.A.—and had the kind of work experience to command
this income—is more likely to be offered $120,000 a year after
graduating than someone who was earning $25,000 a year at the
same point.
Look at the financial costs and benefits realistically. But
your decision to get an M.B.A. may not depend on the bottom line.
There are returns beyond financial ones. The degree may give you
greater job mobility, access to positions that offer greatly
enhanced job satisfaction, or other nonfinancial advantages.
