3 Common Myths about MBAs
When you think of the word business, what comes to your mind? If your first thought was ‘Management,’ then you are not alone. Many think getting an MBA is the only way to succeed in business. However, not everyone can afford the time and cost of an MBA program. Is it worth it? If you want to succeed in business, should you get an MBA or not? These are some of the common questions when it comes to MBAs. We will debunk some common myths about MBAs and explain why an MBA can benefit your career. So read on to know more!
1) MBAs are only for those who want to work in Management.
There is a misconception that only those who want to take management positions should get an MBA. However, the real reason for getting an MBA is to get a better job in any industry. A business graduate understands the various aspects of the business and can make informed business decisions. Even though you may not end up as a manager, having an MBA can help you choose a higher-paying job. It will also enable you to earn a higher salary than an average graduate. The median salary of MBA graduates is $100,000 a year, almost double that of non-MBA graduates. Thus, an MBA can help you earn a better salary irrespective of your career path.
These days, people heading to B-school are interested in Entrepreneurship, Healthcare, Technology, Human Resources, Real Estate, Marketing, Non-Profits, Entertainment, and much more.
Even if you work in a field that doesn’t traditionally require an MBA degree, you may still benefit from it. Seek out people who are pursuing your target career at any level. It’s a great way to understand what you need to do to accomplish your goals.
Applicants with unconventional or less traditional work or academic experience before business school often worry about how admissions committees assess their records. However, it’s more than okay to be different, and no MBA program wants to fill an entire class solely with candidates from investment banking or consulting. Non-traditional applicants often stand out in the MBA admissions process.
2) MBAs are too expensive.
The high cost is one of the biggest reasons for not pursuing an MBA. However, this is not true for all business schools, and many affordable business schools offer great MBA programs.
Good candidates fear the expenses will be too great to bear, which is one of the most pervasive MBA admissions myths. But the good news is there are options to help you pay for your MBA.
Additionally, scholarships for MBA students have increased in recent years. Scholarships range between $10,000 to full-ride offers valued at $200,000. However, many top schools will work with candidates to ensure cost is not a barrier to attending.
3) MBAs lead to more salary or job offers.
For most people, an MBA is like a magic wand. They think they will get a lucrative job offer with a high salary once they graduate. You still must work hard to get a good job and a high salary. Similarly, you can get a job offer even if you don’t have an MBA degree. The myth that an MBA degree leads to more salary or job offers is because of selection bias. That is, the people who get an MBA and a high-paying job are the ones who are interviewed and have high salaries. However, many people have MBA degrees and earn low salaries. Many factors determine your salary and job offer. These factors include your academic record, work experience, and specialization. An MBA can only increase your chances of getting a job. It cannot guarantee you a high salary or job offer.
Getting an MBA is an excellent choice if you want to succeed in business. It will help you learn business concepts, build a network, and get a higher salary. An MBA can also open up job opportunities in industries other than marketing, where you might have worked before. If you are interested in pursuing an MBA, start by researching accredited business schools. You can also consider getting an online MBA, which is cheaper and allows you to work while studying.