By Shashank Sinha:
Millions of people are pursuing management every year in India, and with the ever ending buzz surrounding the B-schools, that number is expected to soar in the years to come. While an MBA degree might be a great point to have in one’s resume on a matrimonial site or to brag about at a social gathering, one would have to have a closer look at all the factors involved in order to come to any logical conclusion as to whether it is worth it.
While an MBA from a well-known and reputed institute like IIM or XLRI definitely has its perks, to think that it is the panacea for all evils is wrong. Most of the top businessmen and CEO’s of the world don’t have an MBA degree. So, while a brand name unquestionably gives you a head start in your foray in the business world, there are countless other more cardinal assets required in order to have a long and fulfilling career. Most of these don’t require an MBA degree. Traits like a shrewd instinct or an intuitive mind are something you are born with, and no B-School can teach you that.
Secondly, the exorbitant fees associated with an MBA degree is another aspect which goes against it. A price in the range of Rs. 10 lakh is too much to pay for a two year course. Many people consider this an investment, something which will bring them easy money in the future. However that is not always true. Getting an MBA degree from a 2nd tier institute is too easy these days, and hardly does any company value them.
A large number of people decide to go for an MBA after they fail to land up with a good job. But the reality is that, though this might look the more glamorous option, it is generally the wrong one. The loss incurred as a consequence of being jobless for two years, in addition to paying the outrageous cost for the degree, with no guarantee of acquiring a job much better than the previous one, is too big to overlook. The two years lost also takes away the chance from the protagonist to show his skills at the job which he had in hand.
Another point against MBA is that it makes you too restrictive. You cannot take an entry level job or a job in a low paying industry, because you have to pay back your loans, incurred ironically as a result of your studying in a B-School in the 1st place. So an MBA degree disqualifies you for more job than it qualifies you. Also it makes you too restrictive towards experimentation. When you are taught what is right and what is not, what will work and what won’t, it starts prevailing over your gut extinct. You start doing everything statistically and lose your innovative drive.
The fact is, you don’t need an MBA degree for most of the things you want to do in life. There is nothing taught in these schools which will alter your life for the better. The reason why the A level B-schools pay off is because of the high quality of students they recruit, rather than anything taught in the MBA program. However one way in which these institutes really help, is that they introduce you to a wide network of influential corporate people, whom you can call upon in times of need.
In a nutshell, while an MBA degree might make your resume glamorous and sophisticated, its actual utility has a specious look to it. Though a degree from a top notch B-school is still a coveted prize, the proliferation of management institutes in recent years has made the value of the degree offered by them redundant .So all the pros and cons should be carefully weighed into, before applying for an MBA.