The Need for an MBA

MBA is a must need in today’s corporate world. The number of B-schools mushrooming around the country offering MBA courses and hoards of companies descending upon campus every year prove the point. Thus, it’s not surprising to find lakhs of MBA aspirants taking MBA entrance tests every year. This is because MBA no longer remains a tool for a fast track career, but the all important key to enter India Inc.

So what can one expect from an MBA? Does one need to quit his/her job to study MBA? Is experience required prior to MBA? Is there an alternative to an MBA?

The MBA course at most colleges in India is a two year full-time program. There are some exceptions like ISB, Hyderabad which runs a one year program or PGX at IIM Ahmedabad, which is meant for professionals with over 5 years of experience. The course in most cases is a residential one. In most cases, the first year is a common course and in the second year one can choose to specialize in an area like marketing or finance. Here again, there are exceptions like S P Jain which offer a specialization right from the start.

The entrance procedure ensures that the course participants have good reading and comprehension skills, numerical and data analysis prowess, time management techniques, group participation skills, general knowledge and high confidence levels.

These attributes and skills are a must-have to weather the arduous journey of an MBA. The two years are filled with deadlines for projects, presentations, reports and not to forget surprise quizzes! In addition to attending nine to ten hours of classes and doing regular assignments. All it leaves one with is at max a couple of hours for sleep.

So, the takeaways? Definitely the knowledge. MBA introduces one to a whole host of concepts. Thus, if not in depth at least there is sufficient surface knowledge to talk on most issues and topics. Skills - presentation skills, team working and building skills, analysis and quantitative modeling to name a few. Network, your batch mates or dorm-mates are an important take-way for sure. The peer group comprises of people with diverse backgrounds and perspectives. Working with them has a definite impact on ones personality. However, the most important take-away according to me, is KTS - Knowing Thy Self! Given the kind of extreme situations, pressure, diverse subjects and peer group - it all ensure that in two years one knows himself much better than what he knew himself earlier. The course, changes you, but also shows you the mirror. This is a great boon. Because, in life, all we need t know is what we are, and what we are best at doing.

Most people, who have gone to work straight from their graduation always think of the opportunity cost of doing an MBA. I think the amount of learning, fun and experience it provides is definitely worth any monetary cost. However, one needs to select an apt B-school. For people who are decently placed with over two-years of experience in an organization should not look beyond top 10-12 B-Schools. Aspirants with work experience greater than 5 years should only consider ISB or IIM A PGX. The next option would be to give GMAT and go abroad. Although, there are quite a few students with high work experience in B-schools, I feel they need a course which is more fast track and does away with a lot of aspects which they are already well versed with.

Should one do an MBA or get some experience before doing one? Well, given the competitive scene for getting admission to a top notch B-school I would advice pragmatism. Try and work hard from last year of college for the MBA entrance exams. If one secures admission in the first shot, well and good, otherwise, take a job and try again next year. Most institutes give some weightage to work experience and it is true that doing an MBA after having some work experience is more meaningful. But, at the same time studying for entrance exams gets tougher in a working mode. Thus in all practicality nail the entrance exam as soon as possible! Only if you cant make it take a job but try again!

Does an alternative to a MBA exist?? Well, honestly NO. MBA has been for past decade or so the most sought after degree. More and more corporate would like to see the three magical letters on the CV. Ofcourse, there are other courses which have national/international recognition (for e.g. in finance we have CA, CFA or FRM) however, nothing beats an MBA for sure!

To sum up, it’s a must-have course for your CV. However, it’s not a sure shot formula for success in business. If you look at some of the top businessmen they are no MBAs. They all had a vision, worked hard and achieved what they wanted. All an MBA can do is probably, put one on the right track and move him faster - however at times, that’s all it takes to make a difference!