The Pro's and Con's of an MBA

Performing a quick internet search on the value of an MBA, brings out views from many different people of varying experiences and backgrounds. Some argue that the MBA is only for the business elite, others claim it as a core element of business acumen mastery whilst some say it is a waste of time.

This post is about my experience from starting and nearing completion of my Global MBA at Manchester Business School and how I would advise others considering embarking on the same (or similar) journey to approach it. Note that the experiences do relate to Manchester Business School but in most cases are replicated with other business schools

In this post In will look at a series of Pro’s and Con’s of the MBA from either my experience or experience of others

The Pro’s

The Core Modules: Managerial Economics, Operations Management, Managerial Accounting, International Business, Corporate Finance, Strategic Management and People Management were the core modules. These modules cover an array of skills, theories and competencies which any aspiring C-Suite executive requires. I found all of these fascinating. These modules brought everything together for me. Understanding of Game Theory, Lean Methodologies, Activity-Based Costing, Cultural Differences, IPO’s, Business Model Developments and Employee Involvement and Participation to name a few key elements. My experience of the core modules, in the most part, is the way in which the theory became grounded in reality. Many people have the view that the MBA is nothing without experience, but the few years’ experience I had was enough.

The Network: In my view, the Network is the most important element of the MBA. But by network, I don’t mean only the immediate network within the MBA cohort. Throughout my MBA I was able to leverage my MBA assignments to speak to HP Business Leaders about the problems they was facing and understand solutions to write about in my assignments. This proved invaluable as did sharing my assignments throughout. I have been able to network with people and talk confidently at their level whilst presenting potential solutions to their problems.

The Events: The events which business schools hold are often good value. These may include alumni dinners, educational sessions, career development meetings and the like. The events though, often free of charge to alumni offer an extension to the MBA and help in more practical matters than the core modules do. Unsure how you can get that promotion? There is likely an event for it!

The Travel (In Some Instances): Manchester Business School have centres deployed all around the World. Shanghai, Dubai and Miami to name a few. This gives an excellent blend of cultures at workshops and what I saw as an excellent opportunity to travel to places I would likely not go to again. My MBA took me to Shanghai and Miami for extensive periods which both added valuable experience to my studies. Working with people from different cultures is a part of what business is today and so taking the opportunities to travel are extremely worthwhile.

The New Found Entrepreneur: I must admit I had thought it would be cool to develop a solid side income prior to embarking on the MBA. But the MBA brought out something different. The whole innovation and entrepreneur ethos at Manchester Business School was fantastic. I suspect this is also the same at London Business School, Harvard Business School and Stanford. Learning the things that I did has enabled me to approach proposals with a different mind-set and I look upon the business landscape through a different set of eyes. If you aspire run your own business, the MBA is for you in my opinion.

The Experience: The experience gained is fantastic! Looking back of my last two years have been one of great difficulty and struggle through juggling full-time HP, assignments, examinations and a social-life. The latter does take a bit of a beating from the other priorities but my takeaway from my-time at Manchester has been not to necessarily say no. Compromise. When arranging a night out with friends do you really need to stay at the bar until 3am slamming tequillas? Probably not. Think of that MBA assignment you have to submit in the next week and offer to be the designated driver!

The Con’s

The Financial Expense: MBA degrees simply do not come cheap. They start from approximately £9,000 and range all the way up to £75,000 depending on the elite status of the school. If studying part-time the expense is generally not as big of a problem as your income may cover the expense. However, the biggest impact is to those embarking on a full-time journey and therefore being required to cover living expenses too. The best ways to limit the impact is either to:

• Develop a Business Case to convince your employer to share the expense (if applicable)
• Investigate scholarship options
• Apply for a Career Development Loan (UK only I believe)
• Pay in modular increments (ie. every six months) if available
• Get saving!

The Time Commitment: There is no real effective way of getting around this. If you want the MBA you have to commit time to it. On average I have found my working week to be mostly consumed by Consulting assignments with HP and my MBA studies. An important element though is to ensure you take time-off every now and then. The only reason working and studying as much I did worked was because my partner was studying full-time herself!

The Business School Choice: I have been enjoyed my time in Manchester but was presented with a plethora of options when considering an MBA. Manchester became my first choice but how do you truly know how valuable it will be? I looked at the accreditation system and eliminated any that were not triple accredited. But the reality is that you could sign-up to a Business School which is not effective. I recommend Manchester to any considering an MBA but you must ensure you do your research and consider the ‘Pros’ outlined above.

The Loss in Experience: Many argue that the time taken studying on MBA could be spent driving projects or initiatives will get you just as far in the company you work in, or even in an entrepreneurial venture. I can neither agree nor disagree with that. Time will definitely be lost which could be spent on other ventures. But you do need to consider that the MBA is knowledge for life and balance this with the potential chances of success in your proposed project or initiative

Summary

I hope the Pro’s and Con’s outlined above help in those of you looking to pursue an MBA. In summary, find the Pro's far outweigh the Con's as I value highly the network I formed, the knowledge gained and the cultures I have experienced. I see the time and capital investment as being small compared to the experience I have gained

What are your views on the MBA? Please feel free to add any further points and your own personal experiences to the comments field below