Climbing the Ladder

Should you get an MBA? 

This could be one of the most important questions a person can ask oneself. A Masters in Business Administration opens many doors to an advanced management position and many other great career opportunities. However, studies have shown it is not always necessary to have an MBA to have a successful career. 

Some careers virtually require an MBA. Some of these include investment banking, private equity firms, hedge fund management, and high-end management consulting. An MBA opens doors that otherwise may not have been open, or at least, the door would not have been opened as quickly. Many times an MBA can also raise your career ceiling, allowing you to reach a higher position in your career than you otherwise would have. Similarly, an MBA can give you a better chance at getting hired more quickly if you are between positions or if you relocate.

Another reason to get an MBA is if you are changing careers. Examples of career fields that can easily benefit from an MBA include people currently working in IT, engineering, the military, and non-profit organizations. People with these backgrounds are sought because their experiences are highly valued in the marketplace.

Other careers do not require an MBA. These would include jobs in technical fields, the medical field, sales, marketing, law, and owning your own business. Many companies value experience over degrees. A recent survey of top companies showed that only 146 of 500 CEOs had an MBA. These top executives believed that hard work, intelligence, experience, and good instincts were more important to success than any degree.

One last thing to consider is the current economy. People at all levels are losing their jobs. In past recessions, most experts agreed the way to insure that you would continue to climb the corporate ladder and stand out from the crowd was to get an MBA. However, with the current economic downturn, these same experts are not so sure.

History has shown that when there was a rush to get a Master’s degree, some schools became more selective, while others opened their programs to more students. This left the worth of the MBA in question. Then, a few years later, when the economy was better and companies were hiring, it seemed every applicant had an MBA. This devalued it even further because these people were no longer exceptional. If this holds true again, hiring managers are going to find other ways to distinguish one candidate from another.  This means that experience and past performance will be more important than ever.

Have you considered getting an MBA? Does the current economy make it seem more appealing to you?