8 Myths about MBAs
There are so many myths about MBAs that even the most successful business executives make them. Once you have earned your MBA, you will understand what these myths are and how to overcome them to help you earn your first million dollars as soon as possible. Let’s take a look at eight of the most common myths about MBAs.
If I get an MBA, employers will come knocking on my door. FACT: While it’s true that many employers seek out candidates with an MBA degree, don’t expect them to do all of your marketing and branding for you. Your resume will still need to stand out from those of your fellow applicants—so make sure yours is tailored to reflect your job target accurately and shows how you can contribute right away.
My experience is enough to get me in. Not so fast. While your years of work experience may indeed impress an admissions oﬃcer, they’re not going to know how you plan to apply them specifically at an MBA program until they see that you’ve reflected on that very question in your application essay and personal statement. Why do you want an MBA? What will you contribute to a class that has been filled with people just like you for 15 years? How will these colleagues benefit from your presence in their lives for another two or three years? You need to tell them through every written word of your application—including both essays, but also interviews and Optional Essay.
It’s too expensive. A full-time MBA costs an average of $80,000 to $100,000 at a top program, though you can find programs that charge less and some that charge more. But how much will an MBA boost your income? The typical return on investment for someone who earns an MBA is a gain of $500,000 over 20 years or so—and many alums are able to recoup their tuition cost in just 2 or 3 years. Make sure to factor in other benefits as well: Better employment opportunities (which means fewer worries) and greater earning potential over time.
Definitely worth it? Definitely! The increasing value placed on graduate degrees by employers makes business school all but essential for career advancement today.
It’s About Your Education: An MBA is not about getting a better education. It’s about getting an education in business, and then turning that into practical experience. The main benefit of an MBA is not to teach you theory, it’s to teach you how to apply it, says Mark Murphy, director of admissions at IMD Business School in Lausanne, Switzerland. The best schools don’t pretend to have any secrets; they just give you exposure to diﬀerent perspectives on how businesses are run. Because if you do know how businesses are run, then you can take your existing knowledge or current skills and put them in a new context—or rather adapt them for use in a diﬀerent context, he says. MBA programs oﬀer a more strategic perspective as opposed to technical training like engineering or medical school might provide.
The MBA is useful only for applying to top-tier consulting, investment banking, and law firms. Not true. Top-tier M.B.A.s can command significant salaries right out of school: According to a recent study by U.S. News & World Report, median starting salaries for Harvard Business School graduates are $125,000 at McKinsey; $115,000 at BCG; $100,000 at Bain; $90,000 at Goldman Sachs; and $70,000 at J.P. Morgan or Lazard. At Stanford Graduate School of Business (No. 2 in overall rank), average first-year compensation—including salary plus bonus—is $145,600 according to Payscale’s estimates … Lesson here?
Getting an MBA is like a 2-year vacation and all you have to do is show up. That’s totally wrong! An MBA program can be grueling, with long days and lots of homework, tests, group projects and presentations. If you were considering getting an MBA just because it was something that looked good on your resume or would look impressive when you had a newly minted degree to put on LinkedIn – think again.
MBA courses can be used to teach technical skills : MBA courses are designed to teach managerial and strategic skills. They tend to focus on broad areas of business. For example, accounting classes often aim to teach business decision-makers how to analyze information from financial statements in order to make better business decisions. These classes will not necessarily help you get a job as an accountant, unless that’s where your career ambitions lie.
You must have a great deal of practical experience to be accepted into an MBA program. True: While it’s true that most schools prefer to accept students who already have relevant work experience, it’s not necessary. In fact, many schools are trying to encourage students with little or no work experience in their field—for example, by oﬀering special scholarships for such students or including them in marketing campaigns. So if you fall into either category, don’t let yourself get discouraged.