Benefits of MBA degree

Question

Hi,

This is my first post in GMAT Club and I would like to start off by thanking everyone responsible and contributing to this wonderful website. Sorry if I am posting to the wrong forum, but I searched for similar posts and did not find what I am looking for.

I am in the midst of thinking about what I want to do with my life and career. I am looking at getting a MBA degree and have several questions:

- What is the benefit of a MBA degree? 
 - Do you need a MBA to rise up the corporate ladder? 
 - Do you need a MBA to become a better manager? 
 - If MBA really helps in moving up the ladder, at what age and level of experience/career growth should you get a MBA degree? Do you need a MBA for rising to a manager level or wait for a few years till you get closer to a director level, executive level or higher? 
 - Do you need a MBA to start your own business or manage one? 
 - Do you need a MBA to change careers if you wanted to? 
 - What should I expect out of a MBA? From your experience, did the course meet your expectation and help you achieve your goals or put you in the right path.

To help answer these questions, let me give a small introduction about myself. I am 29 years old with a Masters degree in Telecommunications Engineering (so I have given the GRE 9 years ago and got a pretty decent score of 2210/2400). I have 5+ years of work experience and currently in a Senior Engineer position. I have worked at 3 big organizations and had the opportunity to lead several projects (got good reviews on my management skills too). I can probably become a manager in 2 years, but I want to think big and look at a bigger picture 10 years ahead.

If I want to move up the corporate ladder, I am sure a MBA would help but is it really needed? I have observed several managers, directors, executives and even CEOs who do not have a MBA degree. Talking to several experienced people, they have told me the most important thing to get up there is networking and contacts (of course you have to be smart and good at what you do).

The other thing that I am considering is that my father has a 15-year old business. It is a decent sized business and definitely has a lot of potential to grow. When I was in my early 20's, I did not have any interest in the business because I wanted to go into the Telecommunications industry. But after my higher education, experience, meeting different people and getting to know how the real world works, I feel it is good to utilize all your hard work for yourself than for someone else. I am considering getting in the business and have several ideas on how to improve and expand it. I have also seen courses on entrepreneurship being offered in MBA, but would that really help me if I plan to get into my dad's business.

I am currently thinking of giving the GMAT since I have some time now and it is valid for 5 years. That way I will at least have the option of MBA open. After reading through the forums, I have decided to buy the following books (Suggestions are most welcome):
 - The Official Guide for GMAT Review, 12th Edition 
 - The Official Guide for GMAT Quantitative Review, 2nd Edition 
 - The Official Guide for GMAT Verbal Review, 2nd Edition 
 - Manhattan GMAT Set of 8 Strategy Guides, 4th Edition 
 - Kaplan GMAT 2010 Premier Live Online (Kaplan GMAT Premier Live)

I know it is a long post but I would be very thankful for your comments/suggestions in answering my questions and guiding me through this stage of life.

Regards,
Yogesh

theYogi · Answer

There have been about 90 views but no replies

I would really appreciate it if someone can take a little time and provide comments/suggestions on my post and give their experience. Hope to see some help from fellow GC members...Thanks in advance

MBACrystalBall · Answer

Hi Yogesh,

You are not getting a response for your queries for two reasons

- generally speaking, most candidates who post here (in the admission consultants section) have carried out their independent research and are looking for specific and focused inputs on their profiles

- your questions are very basic/generic and the answers would be easily available on many websites. Very few readers (including the 90 who viewed this thread earlier) would have the patience to type all the answers here.

Probably start off by typing 'Why MBA?' in Google. You'll get a huge repository of information that'll address most of your questions.

Once you have a better idea about what the degree can and cannot do for you, you'd be able to come up with more focused queries about your profile.
And there's a higher possibility that you'll get more useful responses from the consultants here.

See you back here soon.

theYogi · Answer

Thanks a lot Sameer. I have searched on 'Why MBA' and read some sites, but I was hoping people who have had the experience of going through a MBA would share their views.

MBACrystalBall · Answer

I'm taking a deep breath and diving in.

- What is the benefit of a MBA degree? 
Better career prospects, more opportunities, strong network, better understanding of business in general

- Do you need a MBA to rise up the corporate ladder? 
No. But it can accelerate your journey.

- Do you need a MBA to become a better manager? 
No. But it can help you understand nuances that would be otherwise be difficult to pick up in a trial-and-error approach

- If MBA really helps in moving up the ladder, at what age and level of experience/career growth should you get a MBA degree?  
On an average, MBA candidates at the top schools have around 5 years of work-ex.

- Do you need a MBA for rising to a manager level or wait for a few years till you get closer to a director level, executive level or higher? 
That's a personal call. You might look at an Executive MBA program or a part-time program depending where you are in your career and what you are expecting from the degree. There are pros and cons of each.

- Do you need a MBA to start your own business or manage one? 
No. Many entrepreneurs do not have a formal degree in business. Fire-in-the-belly is a good enough qualification to get you there. If you have the aptitude, you will pick up the relevant skills along the way.

- Do you need a MBA to change careers if you wanted to? 
No. From personal experience, I've managed two career changes. One without an MBA and the second one after completing my MBA.

- What should I expect out of a MBA?  
A huge debt for sure. And if you choose your path well, you can also expect to gain knowledge, better opportunities, prestige and a whole lot of money (you were waiting for me to add that last one, right?)

- From your experience, did the course meet your expectation and help you achieve your goals or put you in the right path. 
It sure did. But I'll admit, I'm not a genius (I hate such revelations on a public forum). Luck played a big role in the entire process as well. You'll also come across a whole lot of people who haven't had fairy tale endings.

Hope that helps.

theYogi · Answer

Again thanks a lot for your time Sameer...I just got the OG 12td Edition today and your response is very helpful...

Kudos to you for sharing your thoughts!!!

MBACrystalBall · Answer

You are welcome, sir.

Btw, when's the GMAT test scheduled?

Benefits of MBA degree

Prep Toolkit

Top 5 GMAT Debrief Videos

615 to 715 in 15 Days (Ria's Strategies)

More than Quant/Verbal Abilities: Speed vs. Accuracy

745 with Only Self-Prep and GMAT Club

From 555 to 765: 210-point Improvement

Perfect 805 Score Debrief by Julia

My Rewards