What is an MBA worth in today’s uncertain economy? If you
have drive and vision, this flexible degree can provide you with
the experience, knowledge and skills you need to succeed in many
different fields ““ from private equity to real estate
development, from health care management to the nonprofit
sector.
The key to maximizing the value of an MBA is choosing a program
that fits your learning style, career path and future goals.
The MBA is not an end in itself, but a means to an end, designed
to give you the ability to develop your career to its fullest
potential ““ at an accelerated pace.
An MBA neither guarantees success, nor is required for success.
I’m sure you’ve met business leaders who don’t
even have an undergraduate degree ““ but this is not to say an
MBA cannot enhance your opportunities.
It is a degree appropriate for those people interested in
management of any kind (or aspiring to the area of management).
Because management can be loosely defined as the governance of
limited resources, whether human or financial, any type of
organization (for-profit, nonprofit, family-owned, entrepreneurial
or government-related) can benefit from people with an MBA degree.
It provides skills that allow you to take your career to the next
level or switch careers entirely.
What will you get from an MBA? Aside from powerful life
experiences, the MBA degree should supply three main benefits:
skills, networks and brand.
MBA students learn firsthand about the essential “hard
skills” of economics, marketing and business management; they
also sharpen the “soft skills” of leadership, teamwork,
ethics and communication that are absolutely critical for effective
management.
Because MBA programs often attract people from very diverse
industries and cultures, a program should be able to leverage these
differences and transform them into learning opportunities.
An MBA degree program offers access to a network of other MBA
students, alumni, faculty and business leaders. This network can be
very useful when beginning a job search, developing a career path,
building business relationships in a current career or pursuing
expertise outside a current field.
Entrepreneurs need access to capital, business partners, vendors
and clients. Arts-related businesses need access to funding and
strategic management to position themselves in the marketplace.
Global businesses need access to local business cultures as they
expand their enterprises to new territories. MBA students have the
opportunity to network with these essential business players.
The MBA degree itself is a recognized brand that signifies
management education. The particular school and type of MBA program
you attend also have brand associations that can open doors based
on the school’s reputation. There is a strong, historic
correlation between the renown of an MBA degree program’s
brand and the opportunities afforded its graduates. Few recruiters
would contend their willingness to hire blindly a graduate of a
top-tier business school.
An MBA is a long-term investment ““ not a quick career fix.
Most MBA students find the advantages of their degree far outweigh
the financial and short-term costs.
While taking two years off to complete an MBA may be considered
a risk, the experience will transform your career in ways that
extend far beyond simple financial return on investment,
positioning you to compete and succeed in the workplace both now
and in the future.
Harker is the dean of the Wharton School of Business at the
University of Pennsylvania. E-mail comments or questions to
[email protected].