Why MBA? Do I really need it? Why should I give up job I like and money I have? For what – job uncertainty and probably (based on stats) similar money post-MBA? Where is the deal for me in the whole MBA thing?
These are questions that I used to have and, to be honest, I still have. We all know that "why MBA?" part in our essays is a bit idealistic. In reality many candidates have serious doubts about an MBA concept. I used to think that if I get accepted by any of M7 schools, all my doubts will disappear. And they did... for few days. Then I thought that if I get accepted by HSW, this will be totally different story. And it was... for few weeks. Then I thought that if I get into H/S, all will become clear & easy. And it became... for a month or so.
And even though I still have my doubts, yesterday I got some more clarity. CNN showed a program on job search during global crisis. There was this former General Manager of some consumer goods business - he seemed to be quite an accomplished executive who recently had to leave his job. He said that all those years he spent on developing and building brands – the core value of a business. Only now, though, did he realize that being an employee is about branding yourself. It is about identifying your core values, your key strengths and your competitive edge.
And then I thought that an MBA (especially from a top school) will help me greatly in creating my brand value – something that will be defining me for next 30-40 years. In the world full of employees willing to succeed, only the best "brands" will win. One way to distinguish myself is through an MBA. I do realize that I will not be the one and only in the world with such an "edge", but my competition will decrease dramatically – from millions to few thousands. And when competition goes down, my chances go up.
So... why do you need an MBA?
Thoughts on MBA rankings
There are numerous MBA rankings. The most famous ones are US News, Business Week, Financial Times and Frobes. None of them, however, reflects the reality from an international perspective. Referring back to my one of my previous posts – an MBA is very American and things Americans treat as obvious are far from being obvious to Internationals.
Let's take Wharton. Americans treat Wharton as "one of the three". Internationals don't really know Wharton. Kellogg is another perfect example. Non-American students pursuing their undergraduate degrees at universities across Europe, Africa or Asia rarely recognize Kellogg as a top-notch business school and rather know it as a cereals brand. Chicago seems to follow the pattern. Go to European (or any other) universities and ask what Chicago is famous for. Most probably, you will hear Chicago Bulls or E.R. and not Chicago Booth. The bottom line: many international candidates had no clue what good b-schools are till they started preparing applications (i.e. looking into rankings). For American students it may sound astonishing, but they forget that they have been hearing Wharton, Kellogg, Chicago names since they were crawling on all fours.
I did hear about Wharton but didn't know that it has such a good MBA program. Now you might say that it's not about Joe Doe knowing about Wharton, but about recruiters at McKinsey or Goldman to know how good Wharton is. But that's only partially true.
Firstly: It's wrong to assume you'll be working only "with knowledgeable" people. At some point you might be making a deal with somebody who doesn't have a clue about MBA. Or you might be setting up your own business in your country of origin where MBA is another foreign word. If that's the case then Wharton will not be of much help.
Secondly: MBA is as much about "wow" factor as about MBA itself. Wharton will not wow majority of people. Not because it's not good but because it's not known. And so on...
Let's take Wharton. Americans treat Wharton as "one of the three". Internationals don't really know Wharton. Kellogg is another perfect example. Non-American students pursuing their undergraduate degrees at universities across Europe, Africa or Asia rarely recognize Kellogg as a top-notch business school and rather know it as a cereals brand. Chicago seems to follow the pattern. Go to European (or any other) universities and ask what Chicago is famous for. Most probably, you will hear Chicago Bulls or E.R. and not Chicago Booth. The bottom line: many international candidates had no clue what good b-schools are till they started preparing applications (i.e. looking into rankings). For American students it may sound astonishing, but they forget that they have been hearing Wharton, Kellogg, Chicago names since they were crawling on all fours.
I did hear about Wharton but didn't know that it has such a good MBA program. Now you might say that it's not about Joe Doe knowing about Wharton, but about recruiters at McKinsey or Goldman to know how good Wharton is. But that's only partially true.
Firstly: It's wrong to assume you'll be working only "with knowledgeable" people. At some point you might be making a deal with somebody who doesn't have a clue about MBA. Or you might be setting up your own business in your country of origin where MBA is another foreign word. If that's the case then Wharton will not be of much help.
Secondly: MBA is as much about "wow" factor as about MBA itself. Wharton will not wow majority of people. Not because it's not good but because it's not known. And so on...
Different perspective
An MBA in the US is almost "the best thing ever" (business-wise of course). When I tell Americans about my acceptances at number of M7 schools, they tend to be seven times as amazed as I am. They would trade their mothers, sisters and wives for a spot at any of these schools. Names such as HBS, Stanford, Wharton, Chicago, MIT, Kellogg and Columbia impress them a lot.
Well... the thing is that an MBA is only "nice to have" addition from an international perspective. In the US one needs it to accelerate career or change the job. Outside the US, it's not the case. At private equity firms, investment banks, top industry companies or strategic consultancies, people get promoted without an MBA. A degree from Wharton will help, but lack of a degree from Wharton will not make or break you. American CEO usually has an MBA; non-American CEO rarely has an MBA. And so on...
Understanding this difference helps both sides: Internationals and Americans. Internationals should understand that they should approach applications process differently than their American peers. Especially, that they should take advice from American peers with a grain of salt. Not because it's wrong, but because it's given from the different (American and not international) perspective. Americans, on the other side, should understand that there is hope for those without HBS degree (especially outside the US).
Well... the thing is that an MBA is only "nice to have" addition from an international perspective. In the US one needs it to accelerate career or change the job. Outside the US, it's not the case. At private equity firms, investment banks, top industry companies or strategic consultancies, people get promoted without an MBA. A degree from Wharton will help, but lack of a degree from Wharton will not make or break you. American CEO usually has an MBA; non-American CEO rarely has an MBA. And so on...
Understanding this difference helps both sides: Internationals and Americans. Internationals should understand that they should approach applications process differently than their American peers. Especially, that they should take advice from American peers with a grain of salt. Not because it's wrong, but because it's given from the different (American and not international) perspective. Americans, on the other side, should understand that there is hope for those without HBS degree (especially outside the US).