Why MBA - How to Answer this Essay Question

Why MBA?

Top Reasons for getting an MBA

• Career Change
  Changing careers or functions, such as going from IT into consulting or finance into marketing, is probably the most common reason for getting an MBA. Workers switch careers several times during their life time (2-3 times is the latest statistics) and MBA is a good and frequent path. For one, switching a career is not easy – why would anyone take a finance person to do a marketing job? Business school offers a buffer to that (taking marketing classes, getting a marketing internship, and networking with students and alumni in the field). Second, business school often allows one to “sample” careers in the safe environment of a class or a small group. Often thrown into groups with students from all walks of life, one gets the inside perspective on what many industries and jobs are like – consulting, banking, etc. Finally, a career change could also mean starting your own business or vice versa and business school could allow one to gain the missing skills or build key relationships for their future business. Many schools want to attract successful or promising entrepreneurs and sponsor business plan competitions such as the Kaplan New Venture Challenge at University of Chicago Booth School of Business.[/highlight]
  
  
  Recommendation:
  The keys to cracking this question are:
  • Outline your short-term, intermediate, and long-term career goals. Short-term goals are immediately post-MBA until about two years later; intermediate goals are about two to five years post MBA; and long-term goals are those goals from five years in the future onwards. Essays usually ask for short- and long-term goals, but awareness of your intermediate goals will help you bridge the gap between the two.
  • To be as specific as possible in your response, such as “I would like to become an IT outsourcing consultant in the United States, working for Accenture”.
  • To clearly outline your current role and how MBA will help you bridge into the new one.
  • To demonstrate understanding of the role you are planning to pursue.
  
  
• Career Advancement
  Often people get stuck in lower/middle management in large organizations and it may take years for the next promotion. MBA is a good way to break this pattern and signal that you are ready for a stronger position in middle/senior management. For others, a promotion may be there but they are lacking management/business skills to step into it. This is the best situation to be in and a very common reason to enroll into Executive or Part-Time programs. This is a financially advantageous move if sponsored by the employer – the applicant keeps their income, gets free tuition, and is guaranteed a job after graduation in exchange for longer-term commitment. However, the common opinion is that the non-financial value of part-time programs falls short of a Full Time 2-year MBA program which allows one to focus on their career goals and dedicate themselves to self-improvement without major distractions (no, they never have pool parties in business school).
  
  Recommendation:
  • A common path is to paint a strong image of current/past successes, outline that you are at the limit of your career/skill-set, and the next logical step is an MBA that will open a number of doors.
  • Be realistic and avoid coming off naïve about the value of MBA and what it will give you. MBA is not a magical transformation and as the July-August issue of Harvard Business Review suggests – management is not a profession and business education is not one-size-fits-all (See “No, Management is Not a Profession” by Richard Barker, HBR 2010).
• Networking
  An MBA offers the opportunity to cultivate a robust professional network. MBA programs are magnets for individuals from diverse industries, backgrounds, and cultures, fostering cross-cultural understanding and exposing students to a spectrum of perspectives. This network proves invaluable throughout one's career journey, providing continuous insights, collaboration opportunities, and crucial support. Additionally, MBA programs open doors to influential speakers, industry events, and alumni networks, enabling connections with accomplished business leaders and entrepreneurs. These connections can potentially lead to mentorship, partnerships, and job opportunities, significantly elevating one's visibility in the business community. The extensive alumni networks associated with many MBA programs further enhance their appeal, serving as enduring resources for career advancement, industry insights, and professional guidance. In essence, the pursuit of an MBA strategically positions individuals to build lasting connections and access a wealth of opportunities for continuous career growth and development.
  
  
• Entrepreneurship
  The reason to pursue an MBA extends beyond traditional career advancement, with entrepreneurial development emerging as a compelling motivation. In MBA programs, entrepreneurial initiatives are nurtured through a holistic approach that equips aspiring business leaders with indispensable tools for success. The integration of specialized courses and experiential learning opportunities in business planning, financial management, and market analysis forms a robust foundation, ensuring graduates are well-prepared to launch and manage their own ventures.
  
  MBA programs, functioning as gateways to a myriad of resources, play a pivotal role in transforming entrepreneurial aspirations into tangible business realities. Access to incubators, accelerators, and funding networks is a vital component of this support system, fostering innovation and facilitating the development of viable business ventures. The additional guidance provided by seasoned faculty and successful alumni further enriches this ecosystem, offering valuable insights and mentorship to those navigating the entrepreneurial landscape.
  
  Moreover, the decision to embark on entrepreneurship involves inherent risks, and an MBA strategically addresses this challenge by serving as a platform for risk mitigation. The program not only imparts comprehensive business knowledge but also empowers entrepreneurs to make informed decisions, navigate challenges, and enhance the probability of their venture's success. The strategic integration of risk management principles within the MBA curriculum thus becomes a valuable asset for individuals embarking on entrepreneurial endeavors, aligning the pursuit of an MBA with the specific goal of thriving in the dynamic and challenging world of entrepreneurship.
  
  
• Leadership Development
  MBA programs strategically encompass practical training, emotional intelligence, exposure to diverse leadership styles, and a global perspective. Practical leadership training is a focal point, evidenced by coursework tailored to refine essential skills for effective leadership, incorporating case studies, simulations, and experiential learning to simulate real-world challenges. The recognition of emotional intelligence and interpersonal skills as pivotal in leadership is a priority within MBA programs, emphasizing the development of these softer skills alongside technical knowledge. This dual emphasis enables future leaders not only to possess technical expertise but also to foster cohesive and motivated teams through strong interpersonal connections. Additionally, MBA programs expose students to various leadership styles through interactions with diverse faculty and industry leaders, encouraging the evaluation and integration of elements aligned with their own leadership philosophy. The acknowledgment of the globalized nature of business is a fundamental aspect, emphasizing a global perspective by instilling cultural understanding, fostering adaptability, and equipping students to navigate international business challenges. This comprehensive exposure contributes to the development of leaders capable of thriving in a complex and interconnected global economy, aligning with the program's commitment to producing well-rounded and adaptable business leaders.

Top 3 Wrong Reasons for getting an MBA:

• Replacement for work experience: Though there are MBA programs that will enroll students straight from college, most emphasize the need for work experience and require applicants to demonstrate a degree of leadership before admission. There is a reason work experience is required – it will help you better apply class knowledge, enable you to contribute to the class more, fit in with other students, and finally get a job after graduation.
  
  
• Specific Training – getting an MBA in order to reap financial or marketing training that can be achieved faster and more effectively using other programs.
  
  
• Figure out one’s life – yes, MBA is a break for 20 months but it is a terrible reason if all you want to do is figure out your personal life and goals. Everyone will be doing some soul-searching during the program but nobody likes a confused person without goals or purpose.