Wednesday, February 16, 2005
Thinking about getting an MBA?
While I have strong opinions on the criteria to consider when deciding whether to pursue an MBA, I don't have a single answer which says anyone should or shouldn't pursue it. So with that in mind, here are the things that one (you) should consider when making this decision.
The MBA is a general business program. You'll learn a little bit about marketing, finance, products, strategy, organizational structure, and accounting. If you have an undergraduate degree in engineering, economics, or a hard science, the MBA program will be cake. If you have an English or other liberal arts degree, you may have to work a bit. Despite what many think, except for the MIT program, the MBA program contains almost no hard math (i.e. no calculus, differential equations). If you have an undergraduate degree in business, skip the rest of this and find yourself another program -- there's no way anyone who has an undergraduate degree in business should pursue an MBA, and I will say no more on this topic.
For some reason you're currently considering an MBA. There are many reasons to get an MBA, many reasons you may think you need one, and in some cases there are even reasons people should have one. Below, I've identified some of this thinking and my belief on where these reasons fit with respect to whether an MBA is the best thing for you.
Reasons for getting an MBA
- You want to understand the basics of how companies work
- You want to become a strategic consultant (i.e. work for BCG)
- You want credibility to work in management at a large company
- Your company is willing to fund your MBA while you work there
The MBA program will ground you in marketing, finance, products, strategy, organizational structure, and accounting, but just because you've got an MBA doesn't necessarily make you good at any one of those things. How many MBAs have you met who you thought were total monkeys? How many rock stars have you met who didn't have an MBA. The MBA can ground you in business fundamentals and teach you some useful skills. Like anything else, you'll get out what you put in. If you're a rock star marketer going into the program, maybe you'll learn a thing or two about finance and leave a rock star marketing/finance leader. Maybe you'll learn about how to formulate a corporate strategy and understand the inputs to consider. Good stuff. But god help you if you're a moron with no skills. Moron in, moron out. I've seen it. The MBA won't help you a lick.
Reasons that don't on-their-own justify getting an MBA
- You want to learn how to be a better marketer
- You want to understand business
- You want to understand finance
- You want to grow in your job, advance your career, switch jobs
- "But everyone else has an MBA"
Alternatives
- If your goal is to learn about a particular topic: i.e. marketing, finance, foreign exchange, money markets, etc., consider a Masters or PhD in one of those fields. The MBA is a generalist's degree, similar to an undergraduate experience -- you get a lot of exposure to a lot of business topics, but no real opportunity to go deep in any one area. Remember, we're talking four semesters - not a lot of time to deeply cover a broad range of topics.
- If you're looking to grow in your job, consider this -- keep working! While you may want to ramp the speed at which you're learning, you may be able to learn more quickly in a different group, a different company, or pursuing a different field altogether. You'll pickup certain skills pursuing the MBA, but if you want to stay in a role similar to the one you're currently in, then getting an MBA might not be the best use of your time or money.
- "But everybody else has an MBA." Great answer. NOT. This isn't a popularity content. There are a ton of lawyers in the world too, but you're not considering getting a JD are you? There are a ton of MBAs. Why? Let me let you in on a little secret. The MBA program is EASY! And it's valued by a lot of people in the corporate world. Live your own life. Be your own person. What do you want to do? Figure it out, and then if your goals line up with something you can get out of an MBA program, then do it. But don't ever let me hear you say you're getting an MBA because everyone else has one.
Okay I get it. Now I really do want to get my MBA. So, where should I go?
Ah, so after all that you decided the MBA is right for you. Now let's talk schools. The MBA content is pretty much the same from school to school. From Harvard to Stanford to Texas to Santa Clara, you'll generally find the same material being taught (despite those that will tell you otherwise). Trust me, every school uses the same Harvard Business School cases. That said, don't assume you're going to leave Santa Clara with the same thing you're going to get from Stanford or any other school for that matter.
Each school is unique and picking the one that matches your interests and post-school ambitions is important. Harvard - lots of smart folks who want to manage people. Stanford - a strong program in developing new products. MIT - quantitative focus. As I said, the base course content is similar, but what you'll leave with differs significantly from school to school. Much of the reason for going to business school is not to get the degree, but to meet people along the way who may help you with your career well after you've graduated. How many startups emerged from a bunch of Stanford students getting together and building something great? Don't pick a school based on its US News ranking - do you think you won't get a job if you go to the #10 school instead of the #8? Hardly, especially considering next year #8 will likely be #10 and #10 will likely be ranked #5. Define what you want to get our of school and then decide where you'd like to go.
That's it. Happy decision-making!
Andrew
All contents copyright 2004 Andrew Reback. No reproduction allowed in whole or in part. Not responsible for bad decisions or failed careers resulting from decisions made based on reading this material. This document cannot substitute for judgement, good or bad. Nor can this document substitute for common sense. Do not read while driving or operating heavy machinery. Feel free to read this while drinking or even passed out. Under no circumstances should you ever smoke in bed.
The MBA is a general business program. You'll learn a little bit about marketing, finance, products, strategy, organizational structure, and accounting. If you have an undergraduate degree in engineering, economics, or a hard science, the MBA program will be cake. If you have an English or other liberal arts degree, you may have to work a bit. Despite what many think, except for the MIT program, the MBA program contains almost no hard math (i.e. no calculus, differential equations). If you have an undergraduate degree in business, skip the rest of this and find yourself another program -- there's no way anyone who has an undergraduate degree in business should pursue an MBA, and I will say no more on this topic.
For some reason you're currently considering an MBA. There are many reasons to get an MBA, many reasons you may think you need one, and in some cases there are even reasons people should have one. Below, I've identified some of this thinking and my belief on where these reasons fit with respect to whether an MBA is the best thing for you.
Reasons for getting an MBA
- You want to understand the basics of how companies work
- You want to become a strategic consultant (i.e. work for BCG)
- You want credibility to work in management at a large company
- Your company is willing to fund your MBA while you work there
The MBA program will ground you in marketing, finance, products, strategy, organizational structure, and accounting, but just because you've got an MBA doesn't necessarily make you good at any one of those things. How many MBAs have you met who you thought were total monkeys? How many rock stars have you met who didn't have an MBA. The MBA can ground you in business fundamentals and teach you some useful skills. Like anything else, you'll get out what you put in. If you're a rock star marketer going into the program, maybe you'll learn a thing or two about finance and leave a rock star marketing/finance leader. Maybe you'll learn about how to formulate a corporate strategy and understand the inputs to consider. Good stuff. But god help you if you're a moron with no skills. Moron in, moron out. I've seen it. The MBA won't help you a lick.
Reasons that don't on-their-own justify getting an MBA
- You want to learn how to be a better marketer
- You want to understand business
- You want to understand finance
- You want to grow in your job, advance your career, switch jobs
- "But everyone else has an MBA"
Alternatives
- If your goal is to learn about a particular topic: i.e. marketing, finance, foreign exchange, money markets, etc., consider a Masters or PhD in one of those fields. The MBA is a generalist's degree, similar to an undergraduate experience -- you get a lot of exposure to a lot of business topics, but no real opportunity to go deep in any one area. Remember, we're talking four semesters - not a lot of time to deeply cover a broad range of topics.
- If you're looking to grow in your job, consider this -- keep working! While you may want to ramp the speed at which you're learning, you may be able to learn more quickly in a different group, a different company, or pursuing a different field altogether. You'll pickup certain skills pursuing the MBA, but if you want to stay in a role similar to the one you're currently in, then getting an MBA might not be the best use of your time or money.
- "But everybody else has an MBA." Great answer. NOT. This isn't a popularity content. There are a ton of lawyers in the world too, but you're not considering getting a JD are you? There are a ton of MBAs. Why? Let me let you in on a little secret. The MBA program is EASY! And it's valued by a lot of people in the corporate world. Live your own life. Be your own person. What do you want to do? Figure it out, and then if your goals line up with something you can get out of an MBA program, then do it. But don't ever let me hear you say you're getting an MBA because everyone else has one.
Okay I get it. Now I really do want to get my MBA. So, where should I go?
Ah, so after all that you decided the MBA is right for you. Now let's talk schools. The MBA content is pretty much the same from school to school. From Harvard to Stanford to Texas to Santa Clara, you'll generally find the same material being taught (despite those that will tell you otherwise). Trust me, every school uses the same Harvard Business School cases. That said, don't assume you're going to leave Santa Clara with the same thing you're going to get from Stanford or any other school for that matter.
Each school is unique and picking the one that matches your interests and post-school ambitions is important. Harvard - lots of smart folks who want to manage people. Stanford - a strong program in developing new products. MIT - quantitative focus. As I said, the base course content is similar, but what you'll leave with differs significantly from school to school. Much of the reason for going to business school is not to get the degree, but to meet people along the way who may help you with your career well after you've graduated. How many startups emerged from a bunch of Stanford students getting together and building something great? Don't pick a school based on its US News ranking - do you think you won't get a job if you go to the #10 school instead of the #8? Hardly, especially considering next year #8 will likely be #10 and #10 will likely be ranked #5. Define what you want to get our of school and then decide where you'd like to go.
That's it. Happy decision-making!
Andrew
All contents copyright 2004 Andrew Reback. No reproduction allowed in whole or in part. Not responsible for bad decisions or failed careers resulting from decisions made based on reading this material. This document cannot substitute for judgement, good or bad. Nor can this document substitute for common sense. Do not read while driving or operating heavy machinery. Feel free to read this while drinking or even passed out. Under no circumstances should you ever smoke in bed.
