HOW TO DECIDE IF AN MBA IS MORE VALUABLE THAN EXPERIENCE
MBA has its own unique value in terms of higher education and many other factors. However, whether to pursue an MBA versus the work experience is always considered for the business grads. A degree in MBA is also considered as a pre-requirement while offering some roles such as managers and many other posts. It is to be noted that today for the purpose of hiring managers the recruiters are giving more importance to credible experience than the advanced degrees in order to select the best candidate.
Many big companies including google, Apple and many others have removed the requirement of bachelor’s degree while hiring the young talents. Now, most of the companies are focussing on hiring the candidates who have experienced excellent candidacy and have great energy to work.
However, pursuing an MBA requires time, energy and money. So, here are some which one should consider before going for an MBA:
- FINANCIAL INVESTMENT:
Tuition is the first thing which a candidate searches for in order to get into a good college providing MBA degree. However, with level of business school in which one wants to get admitted, the rate of the tuition also become expensive. The students may already have burden of loans and financial aid taken during graduation course. Admission for an MBA degree may create an additional burden creating a mountain of debt on the student. So the candidate must search for the companies which provide generous tuition assistance or reimbursement to reduce the burden.
- OPPORTUNITY COST:
Opportunity cost refers to the cost of sacrificing the next best alternative to select the best one. An advanced degree is an investment of time, energy and focus. For an MBA degree it requires an average time of 2 years. However, the alternative courses may make the time investment shorter. Many candidates in order to dedicate more time for studies and other projects may opt-out of working full time during graduation. But the students may not get required work experience.
- VALUE OF EXPERIENCE:
As earlier mentioned, that many companies are giving more importance to work experience than the higher education especially in the area where there is requirement of high creativity. All the hard and soft skills mould the individual and make him a well-rounded individual.
- DIFFERING SKILL SETS:
Today in every company there is a requirement of a dynamic candidate. A person who is a great test taker but do not have collaboration skills may not succeed in the business world. The coursework of MBA requires group projects which have to be completed within the given deadlines. However, an MBA degree incorporates skills such as time management, problem solving etc. With all these skills the individual can get experienced in various areas like innovation, leadership and networking collaboration.
We can say to make a balance between earning an MBA and gaining suitable experience can be done by doing internship, part time jobs or volunteering. An individual has to make a proper plan for long term considering the cost, time and energy which can be done by discussing the plan with a human resource expert. Always keep in mind the career area you want to pursue and make a long-term plan that is best for you.
For more such personal career counselling, contact Master coach Vivek Gupta