An MBA or Masters in Business Administration is the most popular post graduate course in India . An MBA also finds a place on the Indian-middle-class-checklist items (Engg -> Software Job -> MBA -> Marriage -> Kid etc). Hence, most people believe that they must do an MBA without understanding what benefits an MBA gives them. This article summarizes the various reasons and scenarios under which it makes sense to do an MBA.
An MBA is an item on the Indian-middle-class-checklist (Engg -> Job -> MBA -> Marriage -> Kid etc) Click To Tweet
Reason 1: Career Change: You think you are not in the correct field
Many people realize after a few years into their job that they are not in the right field . This applies to people in technical jobs like engineers, pharmacists, people with bachelor of science degrees etc. A lot of IT engineers fall into this category. Though this is a good reason to go in for an MBA, there are key pitfalls to consider. Firstly, you should ensure that you do not end up in the “grass greener on the other side trap”. You are probably in this position because as a young 17 year old, you didn’t make a conscious career decision and simply followed the crowd and did what was popular.
Ensure that this time you don’t make the same mistake and know which job you want to get into post and MBA. Most importantly, you should also confirm whether an MBA will actually help you get that job. Remember, getting an MBA should not be a goal, it should simply be a way to get to your goal. The downside of doing an MBA for a career change is the loss of experience. If you were a senior engineer in an Indian IT company, and want to move into a sales role in FMCG, you will join at the bottom. Most companies make it very clear at IIM placements that a. people with ‘relevant experience’ will be preferred, and b. ‘people with zero relevant experience’ will be treated as freshers.
Reason 2: Career Acceleration: You want faster growth in your existing field
You are in your existing job, and wish to get a managerial position in the same domain, but don’t wan’t to wait the usual course and want to get it faster. This is by far the best reason to get an MBA and will give you maximum return on investment as your past experience will be almost fully considered for your post MBA job. In this case, though there is some flexibility in moving to a different function, you will still be in the same domain. e.g. If you are a senior engineer, then post your MBA you can move to a project management or sales or marketing role, but within the information technology domain and in IT companies itself.
Before, concluding that you want to do an MBA to change your career path however, please ensure that you are aware of the opportunity costs associated with doing the MBA. For some professionals this may be as high as Rs 50 lakhs. You should take an informed decision whether you want to forego this amount for an accelerated career path.
Reason 3: Higher Salary: Your Existing Degree doesn’t make you Employable
A lot of people realize that their current job is paying them very less or many times fresh graduates realize that their degree doesn’t get them any job or a job which has good growth or good pay or both. This is a good reason to do an MBA and at times is more of a necessity than a choice. In such cases, you should ensure that you get an MBA degree from as high ranked a college as possible (See India MBA Rankings). Also, at this point, you should know of the options post an MBA in terms of the job opportunities once you graduate.
Doing an MBA just for a higher salary has its pitfalls. Ensure the decision is well thought out. Click To Tweet