Is an MBA Still Worth It?
As a member of ENT you may be dreaming of owning a business after college, or maybe you own one already. Maybe you’ve always pictured the letters “MBA” after your name. You may be considering whether or not to invest the time and money in earning an MBA to boost your business career.
In the past, an MBA served graduates to land jobs faster and gain better pay. But things change. While The Guardian reports that MBA program applications are up in Europe, CNBC says that applications are down at 70% of U.S. schools. Some argue that, in a fast-moving world, on-the-job learning is the only kind that matters.
So does pursuing a master’s of business administration guarantee advantages in your career? Before you make this major decision, figure out whether an MBA is the right step on the path to your individual goals.
Innovation Vs. a Time-Honored MBA
Some schools today focus on the changing realities of the business world when planning their MBA programs. Some have altered their approach, shortened the programs, or suggested a complete revamp. The London School of Economics, for example, changed its MBA to a Masters in Management. They met with pushback, particularly from the Americans on their board. With such a time honored degree on the line, emotional responses to change appear to run high. However, some American universities have made similar changes. “These decisions were made as the schools coped with shifting demands in the business education market,” writes Jonathan Moules in The Financial Times.
MBAs Still Have Value
Other schools have stayed the course with their MBA programs. Experts still agree that an MBA has the power to open doors. If nothing else, it demonstrates to potential employers your dedication to learning. The shortcoming is that it no longer answers all of the requirements for success. Business Insider suggested that an MBA serves only as the first step, and that professionals would need to continuously absorb a real-world education from the media around them. That viewpoint echoes the advice of experts on both sides of the debate.
Seeking Alternatives to MBAs
So is pursuing an MBA still worth it? Should you instead fine tune your graduate studies to aim at a more specific target than a generalized masters degree? Those are tough questions, and ones each student should consider carefully, especially when their decisions carry price tags. A factor to consider in making that choice might include the changing face of business which, in our our evolving society, has brought an unforeseen end to certain career types. Those who seek a narrower education focus should first carefully ascertain the futures of their chosen career paths.
MBAs and Continuing Education
The problem facing successful business people today is the sheer volume of information which continually arises and evolves. MBAs cannot keep pace. For business owners and business management, remaining open to new information has become vital. That means that, while MBAs may still have value, and most agree that they do, they are not the end of education for those who seek success. A life-long dedication to continued education has evolved into a reality that most experts agree on.
The world has changed enough that a master degree in business will not serve as an end-all solution. However, a program may still pay off in terms of experience, networking opportunities, and the chance to try new things. If you approach it not as a necessity but as a choice for personal growth, you may find it worth every penny.
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