Four reasons not to do an MBA
We’ve spent plenty of time spruiking the benefits of studying a Master of Business Administration (MBA) and while there are plenty, that doesn’t mean it’s the right move for everyone. Depending on your ambition, you might be better off taking a different path, so we’ve pointed out a few reasons you could skip the MBA.
There are other ways to upskill
In the past, formal courses such as post graduate or masters degrees were virtually the only way for professionals to upgrade their skillsets in a way that would appeal to employers. The attitude has shifted in the last few decades, with work experience and freelancing highly valued and a vast array of online resources and short courses that allow employees to improve and enhance their knowledge in particular areas.
MBAs are expensive
This has always been a barrier to pursuing a MBA. Earlier this year, the average fee for a MBA degree topped $50,000 for the first time ever, jumping from $47,500 in 2017 to $51,160. This is a very significant financial investment, especially for someone who is already qualified at the bachelor level, and consideration must be made about whether it will be worth the money at the end of the course.
It’s a difficult balancing act
If you’re fiscally comfortable enough to work part-time while you study a MBA, great. However, the reality is for many people, they have to work full-time simultaneously to offset the cost of the degree and this can mean plenty of early morning and late nights when you would normally be off the clock. There’s also the strain on the family – especially for those with children – and your social life can take a hit too.
Reinvest the energy into your next career goal
Many people take up a MBA in a bid to land a specific position (normally in senior management) but don’t realise a piece of paper doesn’t automatically qualify them for the gig. If you have your mind set on a particular role, channel the time and energy (not to mention the money) you were planning on committing to your MBA and use it to excel in your current job and prepare yourself for the next step in your career journey.