Can you get a second MBA?Why do you need a second MBA? Is it possible for you to do a double MBA? How should you enhance your applications for a second MBA?You have an MBA degree, you are working in a reputed firm, you have suitable work experience but still, something is missing- maybe your MBA degree is not from your dream B-school, maybe your reputed firm is not satisfying your personal needs or not contributing to your personal development, or maybe your work experience is simply not in the industry you’re passionate about.
This article will help you in clarifying your thoughts on getting a second MBA, the MBA colleges that accept students for second mba abroad, and ways to enhance your chances of getting into your dream B-school despite a second MBA.WHY DO YOU WANT TO DO A SECOND MBA OR DOUBLE MBA?1. NO PRIOR WORK-EXPERIENCE BEFORE YOUR FIRST MBA:
Sometimes because of the fear of not having a gap in academics or “uncertainty” about the job market, people rush and go for an MBA program right after their graduation, and because of this rush, they lack gaining any work experience which, in some way, undermines all of their MBA experience. If you’re someone who might have rushed for pursuing an MBA without work-experience, more often than not, you will find yourself clueless about your career and goals post-MBA!
This is very common in India where students directly move up the academic ladder from graduation to their post-graduation(MBA), since there are many top-notch universities which allow the admission of students with low or NO work experience. This works well as a bait for students to get high-salaried jobs in less time and with less effort.
Therefore, after your first MBA when you gain considerable work experience and explore fields, and finally get more insights into your interests, career goals and life purpose, you seek a second MBA from a B-school that can exactly give you the experience you wish to gain. Hence, there is no harm in doing a double MBA if it makes sense for your career and ambitions.
2. FIRST MBA FROM A LESS REPUTED SCHOOL AND YOU WANT TO GAIN A SECOND MBA FROM ABROAD:
Competitions in business schools are cut-throat and you might not be able to grab that one seat in your dream business school for one or many reasons. And sometimes, as demanded by the situation at hand, you might have compromised in getting into a not so reputed B-schools or simply not your dream school.
In this industry, ranking matters a lot. Your future placements highly depend on which school you are from, which companies hire MBA graduates from the school and what place it holds in the market. If the school you have gained your first MBA from could not provide you the experience and opportunities you needed to reach your short-term goals, you very much need the second MBA!
Therefore if you feel a second MBA from abroad or a particular school can help you move ahead in your career now or change the direction of your career, you should consider a second MBA and it’s plausible to do a double MBA!
3. UNSATISFIED WITH YOUR CURRENT JOB AND NEED A SECOND MBA TO GET YOUR DREAM JOB:
Even After putting in so much effort, people sometimes are not able to make it up to their dream jobs. You may feel unsatisfied in terms of monetary need, social need, personal need, and development.
So, a second MBA may help you get a job that fulfills all your needs and can provide you with better career prospects.
4. NOT SATISFIED WITH MBA SUBJECTS OR REACHED A STAGNANT POINT IN YOUR CAREER:
Sometimes people are not satisfied with the subjects they chose in their first MBA because of the lack of knowledge about which subject will best suit them. Or they may not have explored the opportunities they should have to reach their goals. Or simply, the first MBA was a decision taken in rush and you were clueless about what you wanted through it.
Therefore, the first MBA may have turned out more expensive than it was supposed to be in terms of return on your investment and your career (a cost not affordable!). You may have stuck in an industry you don’t like or you may feel stagnant in your career now.
Adcoms understand too that having a double MBA is all okay if you have plausible reasons to pursue a second MBA from their business schools.
WHICH SECOND MBA SHOULD I GO FOR- ONE-YEAR OR TWO-YEAR?After deciding to go for a second MBA, the next step is to shortlist the right MBA programs. For people pursuing a second MBA, one of the major factors to be factored in is the time and opportunity cost of the program. You may wonder whether to go for a one-year MBA program or a two-year MBA program for the double MBA degree you’re going to pursue?
With experience from our consultants, we have tried to determine some factors that can help you select the right choice for your second MBA:
FINANCIAL DEPENDENCY:
One year MBA program is directly related to the low costs incurred because of the short duration. It obviously involves less time lost out of the job market and an affordable opportunity cost relative to a two-year MBA. So if money, cost and ROI are some of the important factors for you to consider, a 1-year MBA program will rather go in your favour for pursuing a second MBA.
GAIN LEARNING/EXPOSURE OF A FULL-TIME MBA :
If you think you need a full-time experience of an MBA, strong network opportunities and a good break from the job market then you should definitely go for a 2-year MBA program for your second MBA. It will provide you with an immense learning experience with more internship opportunities and can work well for candidates who need theoretical business knowledge, more opportunities to explore or a strong network to move ahead after your second MBA in the chosen career.
CAREER GOALS:
Selecting the right duration of the MBA program highly depends on an individual’s career goals. Before shortlisting any MBA programs, you first need to dig in deeper to find what career you want to set your direction to after the second MBA, what experience you wish to gain (for your long-term goals and personality development) and what companies you may wish to get in.
DURATION:
If someone is at the stage of their life where they immediately need to get settled and urgency to get a reputed job in their destination fields, then 1-year MBA is always the right choice for a second MBA.
CAREER SWITCH:
As is the case with many second MBA aspirants, you might have gone wrong initially in your career but now you know where you want to head and it requires you to switch your career or you may want to explore the business world better during your second MBA. In both cases, a two-year MBA can be suitable for your overall profile.
Read further,
colleges offering second MBA and how to enhance your application for second MBA.
To everybody out there hesitating in applying to their dream business schools because of their gaps, we would like to say, everyone has one or the other gaps in their profile! What matters is your clarity of going into a business school and how you present this clarity of purpose to adcoms. Yes, your story and its logic do play a very important role in compensating for any of your gaps. So, do not sell short, go and apply to your dream schools! We are with you!
Cheers!
MBA and Beyond