Here is a conversation between two friends, Rahul and Anuja, about applying to a business school in the US to study MBA.
Abuja: Hey Rahul, I heard that you are preparing for the GMAT and planning to apply for the Fall semester at US Universities. I’m also planning to apply for Fall semester. I’m studying for the GRE.
Rahul: Oh, that’s good, maybe we can both apply at the same universities, but I’m preparing for GMAT. One of my friends, who went to the US a few years back to study MBA, is now working for a bank in Wall Street in New York. He completed his MBA and right now is making a ton of money. He said, MBA graduates pay is very high compared to M.S degree graduates. So, I decided to apply at business schools.
Anuja: Really? If the salary is high for MBA, even I, will apply for an MBA. I will start studying for GMAT, instead of the GRE. Do you have any books that I can borrow to help me study for GMAT?
MBA vs Money
- Studying a degree because you’ll get more money is WRONG, totally wrong.
- After completing the high school, Indian parents play a major role in where and what you want to study (mostly engineering or a Medical School)
- Students sometimes don’t have much options except to listen to what parents have to say.
- Now, some friend’s friend in the US says that MBA graduates make more money and then you decide to study MBA. That’s plain wrong and dumb.
- Parents did their best to give you a good education, but after a certain stage, you have to take control of your life.
- It’s your life, only you know what you would like to do for work/ to live.
- Selecting a field of study just for money will not give real satisfaction in life.
- Selecting a field of study based on some stranger’s words is a most ridiculous thing you can ever do.
- Doing some job that you don’t love will drain your energy, despite the salary it gives.
- As young students it’s tough to know what you really want. So, go exploring to see what interests you.
- Take up internship, short-term programs to figure things out.
- The money will follow when you follow your passion.
MBA without Work Experience
If you don’t have any work experience, don’t even think about applying for an MBA program in the US or Europen program. You will be spending a lot of money, but what you will gain from MBA will be very little.
3 to 5 years or Work or Business experience is a must for the MBA degree.
A business degree like MBA is based on problems that occur in everyday business activities. It’s not something you can relate via text books and theoretical knowledge.
You need to have work experience to understand and appreciate the business courses taught in MBA. Most top business schools in the US and around the world only accept students with at least 2 years of work experience.
If you are targeting Ivy League school, then plan to apply with more than three years of work or business experience.
Harvard Business School offers its HBS 2+2 MBA program, where students currently studying a bachelor’s degree can apply for MBA, but they have to work for 2 years, before they can study the MBA program at Harvard University.
So, if you don’t have work experience, it’s better to apply for master of science or MIS programs. After gaining a couple of years of work experience, you can opt to study MBA part time or as full time.
And, please don’t choose a degree just because there’s money to be made.