Here, we will make an attempt to answer the question "Is MBA Worth it?". Through this video, you can learn about what to expect from a top MBA program in a high ranked b-school. This video can also help you in understanding the value of a top MBA and how to make the most of your MBA experience. If you feel that you can better understand this topic through text, we also have an article based on it, below.
What to Expect from a Top MBA Program | Is it Worth it?
Many MBA candidates begin their education without a clear idea of what they will be getting out of it, beyond the very basics. Thus, we have put together an article to help you understand what exactly to expect from a top MBA program.
Agenda
In this article, we will cover the structure of both 2-year and 1-year MBAs, the key takeaways from an MBA, how education is imparted in a top MBA program, and the opportunities that a top MBA program will provide. Finally, we will discuss how to determine if pursuing an MBA program is worth it for you.
Structure of an MBA Program
2-Year MBA
A 2-year MBA program, typically, has four semesters, collectively, lasting 16-21 months. These programs typically consist of two semesters of general management education and two semesters of elective courses, with an internship in between. The idea is that in the first two semesters, you will get a firm overview of all facets of business management, namely operations, finance, marketing, accounting, strategy, information systems, and human resources. This overview will allow you to decide which area you wish to specialize, in and seek an internship, accordingly. In the final two semesters, one delves into the elective courses of one's interest, generally concentrating in one or two disciplines. A 2-year MBA is generally suitable for candidates with 2-6 years of experience, and the average amount of work experience is 4.5 years. These programs are suitable for both career enhancements and career shifts.
1-Year MBA
1-year MBA programs typically consist of 2-10 terms, spanning 10-12 months. 30-50% of the course covers general management, and 50-70% consists of elective courses. As in the 2-year MBA programs, the elective courses cover one or two specific disciplines. Unlike the two-year programs, however, the 1-year programs do not provide time for internships. These types of programs are best for those with more work experience, typically, 4-9 years. Resultantly, the average candidate in a 1-year program carries around 6.5 years of experience. The exception to this rule is the ISB PGP, which looks a lot like an American 2-year program and whose average candidate has 4.5 years of work experience. Another way in which the 1-year MBA program differs from the 2-year program is that it is not suitable for career shifts. For example, if you have been working as a software engineer, for 10 years, and want to shift to investment banking, it will be difficult to do so with a 1-year MBA.
| | 1-Year MBA | 2-Year MBA |
| Number of Semester/Terms | 4 semester | 2-10 terms |
| Collective Length of Semester/Terms | 16-21 months | 10-12 months |
| Years of Average Candidate’s Work Experience | 4.5 | 6.5 |
| Best Suited for | Those with 2-6 years of experience | Those with 4-9 years of experience |
| Percentage of Course Spent on General Business Education | 50% | 30%-50% |
Key Takeaways from an MBA
The key takeaways from an MBA can be divided into four buckets, academic learning, career enhancement, exposure, and soft skill enhancement. In this section, we will cover all four buckets in detail.
Academic Learning
Academically speaking, an MBA will provide you with an overview of all aspects of management and teach you how to look at a business from a 360-degree perspective. An MBA will also allow you to develop a deeper concentration in 1-2 disciplines.
Career Enhancement
An MBA program provides many career transition opportunities, internship opportunities, a steeper growth curve, career services, and a platform to directly interact with potential recruiters.
Exposure
An MBA represents an excellent opportunity to gain some truly unique professional exposure. Through a top MBA program, you will be able to gain a global perspective, through vast cross-cultural experience, and develop a strong professional network. You will also have access to a vast alumni base and versatile peer learning opportunities, as you will get to study alongside individuals from all possible backgrounds and geographies.
Soft Skills Enhancement
An MBA helps you enhance your soft skills, as well. You will be able to develop better communication, presentation, and interpersonal skills. If you utilize the diverse, cross-cultural MBA ecosystem well, by the end of your program, you will be able to appreciate the sensitivities of people from different cultural, socio-economic, and geographic backgrounds, very well. Soft-skilled enhancement is often undervalued by candidates while evaluating MBA programs, even though the ability to communicate well and forge strong relationships is a great skill that can help one, not only in professional life but also in all other fields.
How Education is Imparted
There are four main dimensions to an MBA education, theory, case-studies, team projects, and simulations. Theory-wise, MBA education is much like any other college course; there are lectures, assignments, and exams that you must pass. Case studies present real business scenarios and problems that are discussed in the classes. You will have to study the case in advance and have a solution ready, before the class, wherein the professor will act as a facilitator for the discussions. Through these discussions, the academic concept is conveyed. The team projects are typically long-term affairs that last one semester or term. The candidates are grouped in teams of 6-12 and at the end of the term/semester must present a deliverable, generally a report coupled with a team presentation. Simulations are a very interesting part of MBA education. Simulations are software that presents a business-like scenario, and your decisions decide the outcome. For example, the software may present a scenario where an FMCG company is launching a new product, and you need to make decisions regarding the price of the product, the size of the marketing team and budget, etc.
Overall, any course or elective that you take will have multiple such dimensions. The theory portion is a part of every MBA course, while case studies and team projects are used by most courses but not all. Simulations are somewhat rarer, with relatively fewer MBA courses utilizing them. Your learning and performance, throughout your MBA education, will be a function of how well you do on these three-four dimensions of knowledge dissemination. Remember, modern b-schools lay serious emphasis on, and take great pride in, the cast study method, experiential learning, and peer learning. So, expect more of these teaching methods and less of the conventional chalk and blackboard one.
Opportunities in a Top MBA Program
The opportunities that you will find in a top MBA program can be divided into six, broad categories. In this section, we will describe each one and how to make use of it.
- Career Services
Remember, all good b-schools have a career services department. The members of such departments are seasoned professionals, who will help you identify career choices, create a plan, and offer placement support.
- Networking
The cohort of top MBA program will consist of highly experienced and capable professionals, meaning you will be part of a very strong peer group. The program will also give you access to a vast alumni base and conduct networking events that are often attended by a diverse array of very senior professionals. Through these opportunities, you will be able to develop a very fine professional network.
- Co-curricular Activities
The experience of student life and the opportunities that it represents are some of the key attractions of a good MBA program. Top MBA campuses are full of rich resources; there are student clubs, not only for professional pursuits but also for pursuing hobbies and recreational activities. You will find ample avenues to pursue your passions, outside of academics or business, such as sports, the performing arts, social work, etc. There are also regular competitions, among different b-schools, in a wide variety of activities.
- Finding a Mentor
Good b-schools have a very high student to faculty ration, sometimes as much as six faculty members for each student. There are also many in-person sessions and guest lectures, meaning that you will have ample opportunity to learn from highly experienced faculty members and maybe even find a lifelong mentor.
- Starting a New Business
While pursuing an MBA, you will spend time with a group of highly trained, highly skilled, and very eager professionals. If you intend to start your own business, your time in the MBA program will be a great opportunity to build a team. Additionally, you can take up entrepreneurship electives to learn how to create a business plan and even present your plan to investors. Many top b-schools even have incubation centres, meant to nurture their students' start-ups. These centres typically continue to provide much support, even after the student has graduated.
- Centres of Excellence
Centres of excellence are b-school organizations that focus on one discipline at a time, making them an excellent resource for diving deep into any concentration that you are interested in. For example, many b-schools have student-managed stock portfolios, something of great interest to students interested in pursuing a trading or investments career.
Is It Worth It?
Finally, we come to the biggest question, "Is it all worth it?" As we have covered, what you will get out of an MBA is academic learning, career enhancement, exposure, soft skill enhancement. What you must do is determine whether
you are at a point in your career, where acquiring these things is important. In our opinion, an MBA is certainly worth it, but it is, ultimately, for you to decide. Ask yourself, do you need an MBA, are you ready for it, is it too early, is it too late, what will be the opportunity cost of stepping away from your career for two years, do you have the budget for it, etc. One important point to conclude on is that while the return on investment should be considered, do not make money the deciding factor. You must think about the long-term. Going back to school and emerging as a better version of yourself, having undergone career enhancement or a career shift is a very exciting one but please remember to do your due diligence.
On this note, we bring this article to a close. We hope that it could be of some help. Thank you for reading and all the best.
