Not that long ago, studying and completing an MBA was a must have if you wanted to have a good chance at securing a high paying job. MBA is an abbreviation for a Master of Business Administration, and this type of degree has been focused on for many years. This has resulted in millions of graduates with MBA’s in America and still thousands of students are applying to complete an MBA year on year. With this in mind the question has to be is the MBA really worth it? Is an MBA still seen as an asset? There are certainly arguments for and against the real worth of the MBA degree.
MBA’s in their millions
Those who believe the MBA has had its day or are part of the “not worth it” group have quite a strong argument to why the MBA is outdated today, after all a degree is only really worthwhile if there are not that many people who have one. If the course to gain the MBA is particularly challenging or takes many years to complete, then it will be considered scarce, as not many students could complete such an undertaking. However, this doesn’t make any difference as currently there are millions of MBA graduates all around the world. The majority of colleges offer MBA courses meaning that there will be plenty of students who have enrolled. Therefore, unless the student is planning on sitting for their MBA in one of the highest ranking universities worldwide, their degree will not be anything special and when they are applying for jobs the chances are they will be up against a multitude of candidates with an MBA from a similar school.
Many students also look at the cost of an MBA, in comparison with the average salary that they can expect to earn. There are a multitude of business personnel that will tell you that an MBA was a waste of money. Once the student has paid for their tuition, accommodation and so on there is no doubt that they will have racked up a huge debt by the end of their degree. On average a student will spend in the region of $100,000 to achieve their MBA degree from start to finish, which is not really the best start for their working life. On top of this they then find out that they are up against thousands of graduates with the same degree for the same vacancy and this makes it tough for them to demand a decent salary. It simply boils down to supply and demand, and this is something you do not need a degree to work out.
Those Who Champion The MBA
Regardless of the above there is still a wide following who believe in the MBA. However, even these people that are in support of the MBA still have some conditions to their arguments. They all appear to follow the same criteria which is the students planning to study for an MBA are best to apply to the very best schools available. This really comes back to the point that what their degree will be worth if there are a lot of other students with the same one. Chris Bones who used to be the dean at Henley Business School believes the MBA is well worth completing but the schools need to bring themselves into the 21st century as a lot of the course is deemed outdated. Currently, Chris Bones believes that the students are being held back by giving them an MBA as it currently stands that will not equip them with the valuable business skills that are necessary in a 21st century work place.
So, Is An MBA Really An Asset Today?
It appears that an MBA can be an asset today so long as the student fights really hard to get a place at one of the best schools possible. The student then needs to strive to be the very best in their class as well as becoming really involved in extracurricular activities as these will look great on their resume and make them stand out from the competition. This coupled with applying for internships, gaining world experience, volunteering and taking part time jobs. By doing this the student will then stand out from all of the other candidates that are trying to get the one job offered with all of the same qualifications.