The Masters of Business Administration (MBA) is a popular and reputable degree program all over the globe. It’s a program designed to contribute to the advancement of the economy in many ways.
The demand for MBA graduates is at an all-time high and there are several misapprehensions surrounding MBA education that may hold people back from pursuing it.
Let’s set the record straight!
Myth: MBA Is An Overrated Degree
Fact: The idea that MBA degrees are overrated grew from misconceptions that business schools don’t allow students to be creative and think independently, which is far from the truth.
Starting with a basic introduction to accounting, marketing, management, and more, an MBA course covers a large scope of foundational topics appearing under business.
Later in the program, you have the freedom to pick a concentration or specialization in an aspect of business, like human resources management, finance, business analytics, etc.
Choosing to do an MBA will equip you with leadership, entrepreneurship, problem-solving, and various technical skills. Applying these skills critically will allow you to engage your creative side too.
If you’re someone who struggles with communication and lacks organizational skills, this could be an excellent opportunity to learn these valuable skills.
Not only will you have the credentials to show your worth but also the education and knowledge to back you up.
Myth: You Must Have A Background In Business For An MBA.
Fact: The only prerequisite for MBA is a graduate degree in any field.
There’s no requirement for you to have an official education in business or business-related topics to pursue an MBA.
However, as an MBA is a Master’s degree course, it’s presumed that a student has some idea of the basics of accounting and business studies. It’s helpful to have an idea of what you’re about to get into.
If you haven’t studied these courses, don’t worry because it is not a difficult task.
These days you have the freedom and opportunity to educate yourself on the basics. A simple YouTube video would help familiarize the subject matter an MBA program covers. You can also pursue online introductory courses in accounting, finance, business strategy, etc.
Myth: The Job Market For MBA Students Is Smaller
Fact: Generally, the availability of jobs depends on the geographical location and economy of the environment you’re in along with your personal and professional qualifications.
It’s no different for any MBA graduate.
In fact, in 2022, a worldwide research survey conducted by the GMAC revealed that the employment rates for business students and graduates have risen by a strong 6% since 2021. Moreover, the demand for MBA graduates is endless.
Any thriving economy needs different kinds of business expertise. Every company or business needs a human resource department, a finance team, market research analysts, and so on.
An MBA gives you entry into any of these specialized business management fields. It can also help you survive a recession.
Myth: An MBA Program Is Tailored Only For Male Students
Fact: No education program is deliberately curated for a specific gender.
Your gender is not an eligibility criterion for admission into an MBA degree program.
While male students dominate the student body of an MBA course, since 2021, there has been an increase in the percentage of women enrolling in these programs.
Regardless of your identity and ideals, you’re entitled to sign up for an MBA program.
If you’re worried about facing discrimination in the institute you wish to study at, check the student testimonials or talk to the alumni and sort out your concerns.
Myth: The MBA Application Process Is Tedious
Fact: Although the MBA application process requires time, dedication, and attention to detail, it’s manageable with the right kind of planning and preparation.
No admission process is a smooth sail. There are always things you can do to ensure minimum errors throughout this phase.
Before you begin, familiarize yourself with the rubrics of applying to colleges and universities. International schools have different procedures than local ones.
Make sure to research as many programs as you can.
Reach out to career counselors and students pursuing an MBA in the institute of your choice.
Have your essential documents (high school and grad-school transcripts, letters of recommendation, copies of your birth certificate, etc.) handy. Every university has different requirements, so make sure to double-check every detail.
Plan your college essay. Most students struggle to write an exceptional personal statement. Hire a writer and ensure a well-worded statement of purpose for an MBA aspirant.
Finally, make sure you stick to the submission deadline.
Seems simple enough, right?
Myth: All Good MBA Programs Are Expensive
Fact: The credibility of any MBA course lies in the employment rates, student experience and teaching staff, and infrastructure, not the tuition fees.
Plenty of reputable universities offer affordable programs. It all comes down to you, the location you prefer, and if the course details satisfy what you’re looking for.
While searching for an MBA course, keep an eye out for your checklist.
It might not be possible to find everything you want in one university, but there are many reasonably priced programs to choose from.
Myth: An MBA Degree Gives You A Quick Promotion
Fact: Unfortunately, an MBA degree is not a free ride to the top of the corporate ladder.
However, completing an MBA with commendable grades is a qualification most employers look for.
An MBA program teaches you new skills to help survive in the business world and hones your natural aptitude. In the long run, an MBA will aid you in advancing your career, with work experience and your professional track record.
Having this title will make you stand out amongst your co-workers and increase the likelihood to be promoted (in due time) compared to people without an MBA.
Myth: MBA Is Only For Managers
Fact: MBAs are typically associated with managerial tasks and leadership roles, but in reality, they cover a lot more ground.
Any MBA program will offer a variety of specializations including but not limited to information and technology, logistics, operations management, finance, and human resource management. MBA education is useful in many professions.
The curriculum covers the fundamentals of management and the internal, technical workings of any enterprise and provides a well-rounded education to the students. It sharpens your logical and critical thinking skills, and valuable, practical business skills.
Precisely, you could bag a job in just about any field.
For example, if you’re interested in both couture and business, there’s a huge job market open for you in the fashion world.
Myth: Online MBA Programs Aren’t Credible
Fact: In recent years, COVID-19 restrictions forced many universities to function online. Even though it took a while to adjust to distance learning and figure out how to conduct classes and examinations, it worked well.
Many online MBA programs have been curated carefully with the same access to resources that you would in any offline university course.
To avoid scams, always conduct proper research on the online course and verify the information you see.
A well-informed individual is a secure one.
After all the reflection and revision, hopefully, you’re confident enough to explore and discover your career path in the corporate world, doubt-free!