It is worth quitting a good job and investing 1-2 years of your life, plus all the financial cost, on a full time MBA?
Even for those that pursue a top management position in an organization, the answer is no longer automatic as it used to be 10 or 20 years ago. However, if meeting certain conditions, I am confident that the answer is still an imperative Yes!
The decision should take into consideration several elements, some relatively recent, such as the large number and the relative commoditization of the MBA programs, the competition from Executive and Fully Employed MBAs and the high tuition costs, now at levels similar to the average annual salary of an MBA graduate.
Adding to the tuition expense the opportunity cost of a 1-2 year “no pay” period, the equivalent disbursement reaches 3 years of the graduate future compensation!
Given the risk of not getting a good and well paid job afterwards and of losing your space at your present employer, why not just attending an Executive or Fully Employed MBA (often financed by such employer), thus avoiding most of that cost?
And for a future Entrepreneur, does it make sense to get a full time MBA or is this degree more appropriate for those who want to pursue a career in a large corporation?
Obviously, if you cannot get access to financing, or are in a more advanced stage of life, career or family, putting everything on hold for a full-time MBA, specially if in another country, may not be the best decision. However, for the generation around 30 years of age, some elements can turn this project into a unique opportunity for personal and professional development!
The most critical factor is the selection of (and getting accepted by) one of the best 20-30 full time MBA programs in the world, where you will have access to, among other things, a top quality structure and intense academic program.
At such Business Schools, given the attendees’ relative work experience and maturity, they are able to learn in more depth and achieve mastery in Marketing, Finance, Accounting, Operations, Micro / Macroeconomics, Entrepreneurship and other subjects.
Frankly, how to read and study all the books, prepare the various cases required each quarter and necessary to learn well about such themes, when you have to reconcile that effort with a full time job?
The MBA program complements and enriches the education of BS or BA degree holders (on a lower scale for Business undergraduates), and the analytical background of engineers, for instance, permits an easier and deeper absorption of those subjects.
For entrepreneurs, such knowledge will bring significant benefits for the management of their company and of the different functional areas, as they will be able to “speak in the language” of CFOs, accountants, bankers and lawyers.
Financially, MBA graduates from the top Schools obtain initial compensation levels 60 to 80% higher than before the MBA, much better off than those graduating from programs placed at other layers in the ranking.
The network and friendships that can be developed during this period is a relevant factor. When you commit to a project with so much interpersonal interaction, such as a full time MBA, chances are that you will develop longer-lasting and deeper relationships. From a personal or professional perspective, the value of these friendships and network is high and that return is likely to be leveraged in the relationships developed at the top Business Schools.
And there is the life experience and international exposure, should you decide to study abroad. This is hard to quantify, even to describe. Only living! It is a period to reflect about what you want for your future, about your career, or projects for your possible start-up. To explore ideas and get advice from the faculty, peers, entrepreneurs and successful professionals. Time to make changes, or to meet your future partners.
For all those reasons, I strongly recommend the effort of applying and attending a top School full time MBA program, in a foreign country. It is an opportunity for a valuable, “once in a lifetime” experience!
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