Why MBA? for the money that’s why. What astupid question right? But if we dig a little deeper and try to understand whythis question is important it may not sound as stupid. In fact having a clearanswer to the why MBA question will help you get more out of your MBA experience.That’s exactly what we’ll do in this video. As a bonus, we’ll also coveranother related question so watch till the end. Whether you’re tackling the why MBA question in MBA essays and MBA interviews or simply introspecting atsome point in your career it’s a question that can drive you nuts.
Here’sthe big problem if money is your only answer. Even in the best case if you geta high paying job immediately after graduating it’ll be a while before youcan get back the money you’ve invested. In the top MBA program, pay the educationloan and then start saving. The payback period for some popular MBA programs canrange from five to ten years or even longer and what if you don’t get yourdream job after graduation? For those reasons you’re better off if you have afew more equally important reasons for pursuing an MBA.Here are some common answers to the why MBA question. Imagine what you think whensomeone says I went to Harvard Business School.
Your respect for them goes up instantly and you don’t even know if they’ve gonethere to study or to deliver a pizza. That’s the power of branding. Top rankingB schools have strong brand names which can help you build your personal brand.These B schools have been around for a long time. They have an impressive listof alumni in the top positions across industries. The alumni’s qualificationoften figure prominently in the new stories that feature them.
Some MBA gradslaunch startups that become billion-dollar unicorns over time. Somemake multi-million dollar donations to their alma mater and bring the brandback in the headlines. When you attend a program like that you benefit from thehalo and the positive karma. It helps you build your personal brand onlybecause of the association with a top school. An MBA can be a useful degree to break a few glass ceilings and move up thecorporate ladder.
This is one of the reasons why a large number of hospitalschoose an MBA degree over the other postgraduate courses. The variety oftopics covered in an MBA syllabus can help you build a wide range of skillsthat are useful in a multiple range of industries. Someone who’s been in atechnical role for several years and now wishes to take up a management positionin the same field can do so through an MBA. An MBA graduate from a gooduniversity can have an upper hand with recruiters giving them reference forexcellent job openings throughout their career and yes a higher salary is one ofthe positive outcomes as you climb the corporate hierarchy.
A generation back itwas pretty common for graduates to start and end their careers in one company. Youwon’t see too many people doing that today. Interest and patience levels havechanged and so have the dynamics of the business world. Layoffs have become morecommon which is why many start looking at a career change when they foreseetheir career graph stagnating. This is another area where an internationallyrecognized degree from a globally renowned Business School can help. If yousee the placement statistics of the good business schools you’ll see a largeproportion of career changers including students who have changed their industry,roll, geography or all three.
Apart from the theory that gets covered in lectures,there’s a lot more going on in the MBA classes and outside that helps studentslearn the skills that are more nuanced. Skills such as teamwork, leadership,communication, conflict management and negotiation. This happens through thevarious projects events assignments you will be juggling. There are plenty ofopportunities outside the academic zone that can help you discover yourentrepreneurial spirit.
Check out the various student-led clubs on campus. Youwill find consulting clubs, finance clubs, dancing clubs, sports clubs, culturalorganizations and much more. You will be spoilt for choice and that’s anexcellent way to polish your prioritization, decision-making and timemanagement skills. an international MBA program has a lotof diversity with students coming from various cultural backgrounds andnationalities. The percentage of international students can vary from 30%in American MBA programs to over 90% in European programs.
This huge and diversemix of students can help you with valuable contacts in multiple countrieswithout actually traveling to each of them. During social events on campus youget opportunities to develop contacts with alumni and students pursuing othercourses. You’ll get to attend guest lectures by successful entrepreneurs,CEOs and hear them share their success stories. You may also get a chance tointeract one-on-one with industry leaders. The kind of reach that an MBAoffers in terms of networking scope is unmatched by any other academic degree.These five reasons are definitely not the only ones. It’s just to get youstarted. There are many more that you can think of.
Before you do a cart-wheelassuming your job is done there’s one more important question to answer.Why MBA now? Here are the two big reasons that work for many. The first oneis career need. There are several variations to this. Your roll may havebecome more demanding and the skills you picked up in your undergrad degree haverun its course which means you need to reskill to avoid falling back in therace or it could be linked to your career change plans.
The second reason isrelated to age and experience. B schools cannot discriminate based on ageand experience so they don’t have a hard cutoff for either but if you see thestatistics most students fall in a narrow age and experience bracket. Thatgives rise to two situations. The first one is when you are applying for an MBAwhen you are close to the median age and experience for the program. In this caseyou don’t need to explicitly cite the reason admission officers can see it onyour resume, but when you don’t fall in the typical age and experience range youwill need to explain why you are applying too early or too late in yourcareer.
Create your why MBA and now answer based onthese two aspects. Here’s the catch. Just knowing about the general reasons willnot make it the best answer to the why MBA question because every applicantwill talk about some or all of these points so how can you make your answerbetter and more impactful than others. The answer is by not just rattling off alaundry list but by personalizing it based on your profile and career plans.Admission officers are not trying to get the right answer.
They are trying to understand your motivations, your ability to think andpresent the answer like a mature professional so make it interesting.Bring in your life story, bring in your personal aspirations and then connectall the dots. Only then you’ll have an answer which is truly yours. If you arestruggling with this last part and need some expert help drop us an email.Our consultants at MBA crystal ball have helped thousands of applicants answerthe why MBA question and align it with the rest of their MBA application anddon’t forget to read beyond the MBA hype to understand what you can expect inyour MBA journey. If you have questions for us paste them below and we’ll sharesome perspectives. Happy introspection!