You probably have heard so much about doing an MBA. Trust me, I have heard and read much more! Including the risk! But is life without risks? So I culled up some myths about the MBA program and provided some perspective on them below. Feel free to challenge any of the myths below and let’s have an intelligent conversation.
Myth 1: Competent business people don’t need to do an MBA
Self development is necessary to better oneself and employers frown upon people who do not enhance their skills. There are few, if any, better ways of developing ones business skills than completing an MBA program. I haven’t met an MBA graduate (from a reputable Business School) who has not benefited from attending an MBA program. Sure, an MBA is not a prerequisite to succeed in business however having an MBA will make the chance of succeeding a whole lot better
Myth 2: Experience isn’t necessary to attend an MBA Program
The highly regarded MBA programs make use of Case Studies to work through practical examples. Without work experience the benefits and contributions of the practical Case Studies become nullified. Having relevant experience, and being able to apply that experience to MBA studies, is essential in getting the most from MBA program
Myth 3: MBA Programs are expensive
Good MBA programs are costly to attend. The Return on Investment (ROI) from the good MBA programs (which are usually the most costly) is significant and will be far higher than attending a less expensive but not as reputable MBA program. An MBA is a big investment and should be treated as an investment rather than an expense.
Myth 4: An MBA is best suited for those who want to work for a big company.
An MBA can help you to be successful in almost any organization. Many MBAs are successful executives in large corporations, but there are just as many working in nonprofits, healthcare organizations, higher education, arts management, the military, and government. Some people get MBAs so they can start their own businesses or manage a small family business. Surveyed just before graduation, 38 percent of the MBA class of 2009 say they plan to work in organizations with fewer than 1,000 employees. With an MBA, you can pursue a career in a wide range of industries and in different types of organizations, from a big business or a business of one.
Myth 5: The business school culture tends not to be supportive of women
There are big differences among schools, and some are better than others at attracting and supporting women on campus. All businesses are not the same, and neither are all business schools. Talk to school representatives, current students, and alumni to see if the school you’re interested in offers the culture and kind of experiences you want. Ultimately, differences in satisfaction with school culture don’t vary much by gender. Male members of the MBA class of 2009 were a little more likely than female members to say they were extremely satisfied by their school’s culture, 27.3 percent to 24.4 percent. But in general, 95 percent of graduating MBAs of both genders said they were somewhat to extremely satisfied with their school culture.
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