The Business School MBA Admissions Guide — Chapter 1: Is An MBA For You?

The Admissions Guide from A Former MBA Recruiter

Chapter 1. Is an MBA for You?

An MBA is a costly investment. You’ll spend thousands in both time and money attending a program, and applying alone will easily cost you hundreds. The investment is huge.

As with any investment, it’s a good idea to do your research before making the decision to invest. To that extent, this first chapter is meant to aid you in that research, and potentially save you a good amount of time and expense. The goal is to help you assess if an MBA is right for you.

By the end of the chapter you should be able to answer the following:

• What is an MBA?
• Who should pursue an MBA?
• Who (perhaps) should not pursue an MBA?
• Should you pursue an MBA?

It’s critical that you have a clear idea why you are pursuing an MBA, so a self-assessment is also included at the end of the chapter.

If you’ve already done the research and are sure about pursuing an MBA, you can give this chapter a quick skim, or skip directly to the assessment at the end of the chapter. Definitely do the assessment for yourself, as you should be reading the rest of this book — and doing all of your MBA research! — with the answers to those questions in mind. So with this said, let’s jump right in.

What is an MBA?

I’ve counseled a good amount of would-be MBA candidates who actually didn’t have a clear idea of what an MBA is. So with this in mind, let’s first come to a consensus of what an MBA is.

A Master in Business Administration (MBA) is a practical business management degree designed to prepare one to run a business, or some function within a business. As an MBA is a general management degree, all of the general areas of business (accounting, economics, marketing, management, operations, etc.) will be studied. Most MBA programs will also allow you to focus or “specialize” in a specific area.

MBA vs MA/MS in Business

The difference between a Master of Art (MA) or Science (MS) in Business Administration and an MBA is the practical nature of the MBA. While an MA or MS in Business Administration will generally emphasize performing research and developing theory, an MBA emphasizes the application of established research and theory. It’s a bit like writing a driver’s manual versus using the manual to actually learn to drive. Further, the teaching methods of the programs will differ drastically and you’ll likely find yourself working independently in MA/MS programs, which won’t be the case in an MBA program.

MBA programs are competitive and intense and you can expect to spend many sleepless nights working on cases and assignments. You’ll work in teams that are high performing; tackling problems you’d normally face in the business world as a business leader. You’ll do this across different topics, functions, and industries, which mirrors the reality of the business world. As the MBA is practically focused, the goal is to get you engaged in conversation and actions related to leadership and management in the real world. This leads to an ability to successfully make higher-level decisions that have a direct impact on the business you’re working for. As an MBA holder, you’ll be expected to have the knowledge and skills to be a top manager and leader in your company and field.

Who should get an MBA?

Now that we’ve defined what an MBA is, let’s talk about whom an MBA is likely suited for. But first, let me say plainly that this advice is just that: advice. Please take this as guidance in your decision making process and not as the definitive word on whether you should or shouldn’t pursue an MBA — that decision is of course, yours! That said, let’s proceed.

Those with a Clear, Logical Career Plan

The nature of MBA programs favors those with a clear vision of their professional future. This means that you should have a career plan, and an MBA should be a logical component of that plan.

If you do not yet have a clear career plan, keep reading with the understanding that it is crucial that you have a plan prior to pursuing an MBA. In fact, you’re not likely going to get into a program without one! The self-assessment at the end of the chapter will help with this.

Future Leaders and Managers in Business

If you have it in your sights to be in management and leadership in business, then by all means, you should consider an MBA. As the goal of any MBA program is to equip you with the knowledge and skills necessary to be high performing managers and leaders in business, the logical connection is pretty clear. An important consideration, however, is the distinction of being both a manager and a leader. The skill sets are not the same, yet both are required for sustained upward momentum in a career in business.

Any good MBA program will teach you the hard skills necessary to be a good manager, but a great program will also teach you the nuances and soft skills necessary for leadership. If you’re interested in learning both the technical “hard skills” of management, and the people oriented “soft skills” of leadership, an MBA can certainly be a worthwhile investment.

Now, does this mean that you must pursue an MBA to be a successful leader and manager in business? Obviously not. CEOs like Steve Jobs (Apple), Jeff Bezos (Amazon), Mark Zuckerberg (Facebook), Larry Page (Google) and Sir Terry Leahy (Tesco), among many others, don’t actually have MBAs. That said, this does not negate the value of an MBA, as one thing you can be certain of is that in all of these organizations, you will find MBA holders in several of the key management positions — and in fact, ALL of these companies actively recruit from top MBA programs.

The point here is that success in business requires both strong leadership and management skills. If you don’t already have the solid management and leadership skills required, business school can be an excellent place to pick up those skills and get some practice putting them into practice.

Career Changers

An MBA can be a great tool to utilize for a career make-over. Why? Because you’ll learn different functional skill sets and have opportunities to apply and understand how these skill sets work across different industries. This is why such high value is placed on not only your background, but also the background of your peers, who will likely have experience in different functions and industries than your own.

You’ll have a wealth of insight and experience to take advantage of and there’ll be plenty of opportunity to learn through participation in clubs, internships, and of course, the required coursework across the various disciplines/functions of business. In addition, MBA career centers are somewhat specialized in helping candidates make a career switch.

The exposure and opportunity is certainly there and if you are looking to make a career change, business school is certainly a useful tool for this.

Here’s the caveat: Realize that a full-time, on campus, MBA program is the type of program that best achieves this goal. Any other type of program will require significantly more work to achieve this — this will be repeated time and time again, as it is crucial that you understand this. Career changers should focus on full-time, on-campus programs. Period.

Those in Industries or Positions That Require an MBA: Consultants, Investment Bankers, etc.

The road map to career advancement is clearly defined in many companies, functions, and industries. Consulting and investment banking, for example, are two fields that usually require an MBA for advancement; some companies within these industries won’t even consider you without an MBA, and usually from a top program.

This is perhaps the easiest category to fall into in terms of deciding if an MBA is something you should pursue, as the decision is all but made for you. If your career plan includes working in these types of MBA-required industries or companies, the question isn’t whether or not to pursue an MBA, but whether or not you truly want to work in these companies or industries. If the answer is a resounding “yes,” then an MBA is something you’ll definitely want to pursue.

Who (perhaps) should not pursue an MBA?

Does reading the Financial Times or Wall Street Journal sound like a form of cruel and unusual punishment? Are you thinking of an MBA as a stepping-stone to a further degree? Or are you simply looking for a fast track to a high level, six-figure job? If any of these scenarios fit, you’ll definitely want to read on, as an MBA may not be the best means to the end you’re trying to achieve.

An MBA is not a “one-size-fits-all” degree. If you fall into any of these categories, you should think twice about an MBA.

Those Without A Clear PASSION for Business

It would be a mistake to pursue an MBA if you don’t already have a passion for business.

An MBA program is not the place to find yourself or explore a potential interest in business, nor is it the place to get a general introduction to business. You need not have already studied business formally, but you must have some experience in business and you must be passionate about it.

Keep in mind that an MBA is a master’s degree in business, meaning advanced study or mastery. And the nature of an MBA program means that you’ll be teamed with those who do have a passion. You don’t want to find yourself the constant weak link or social loafer of your group. And worse, depending on the competitiveness and intensity of the program, you may find yourself outcast or dropping out of the program altogether.

Those with budding or dilettante interests in business would be best served reading business books and perhaps taking courses outside of an MBA program. There are plenty of books, courses, and information available without the commitment of pursuing an MBA, so a better strategy is to explore those resources first. If a passion does develop, THEN think about business school.

Those Without a Plan

It cannot be stated enough that you need a plan when going to business school. Again, it is so crucially important that you’re not likely to get accepted into business school without one. Why? Because business schools need to see a clear link between your ambitions and how their program fits within that. We’ll get into this more as we discuss candidate profiles in the next chapter, but for now, suffice it to say that if you do happen to make it into business school without a plan, know that you’re doing yourself a great disservice as you will not be primed to make the most out of the resources available to you.

Again, this is not a place to find yourself and discover your career interest. That said, it is okay not to have every piece of your plan figured out. Perhaps your plan is to find out exactly what you want to do in marketing, or which industry you want to work in. Guess what, that’s a plan! You can easily take action by going to different events, talking to career counselors, etc. The point is you must have a plan.

Those Not Adequately Prepared

It also serves you no purpose to come to business school unprepared. We’ll go into your profile and minimum requirements in the next section, but for now, understand that those minimums are there for a reason, and if you don’t meet those requirements, you may want to think twice about an MBA. The pace of business school is grueling and the coursework is intense. If you’re not academically prepared or don’t have enough work experience, for example, you will definitely find yourself drowning in the ordeal. Sure, you may get by and suffer through to graduation, but guess what, you’re not just after the MBA credential itself, but the skills that come with that credential. You won’t be able to fully grasp and develop those skills if you’re not prepared.

Showing up to business school unprepared is tantamount to running a full marathon having never properly trained or even ran a 5K. Don’t be surprise if you’re unable to finish the race, or find yourself carried out on a stretcher.

Those looking for a “magic bullet” to a six-figure job.

Can an MBA lead to a six-figure job? Absolutely! But don’t think for a moment that it is a guarantee — for every MBA holder with a six-figure job, I can point out at least two without.

An MBA is not a “magic bullet” for your career, and business school is not a magical factory that sprinkles fairy dust and churns out six-figure graduates with dream jobs. This can happen, of course, but realize that you are the critical component in that scenario, not magic or fairy dust.

It is a job in itself to land those jobs, and keep in mind that you have to be qualified and actually perform in those jobs once you have them.

Those who land those coveted six-figure jobs usually:

• Come in with clear goals, direction, and a plan of action.
• Either fit the “typical” MBA candidate profile (more on that in the next chapter) or understand and overcome the factors that may be working against them.
• Have professional backgrounds that logically lend themselves to six-figure advancement.
• Perform well in their MBA program.
• Do the legwork required to land the job.

Just getting into an MBA program and “showing up” is not going to be enough. And don’t expect the career services center to do the work for you. Be serious and be prepared to learn, work, and take action toward that six-figure dream job!

For every MBA with a six-figure job, I can point out at least five without.

Erudites and future PhD students

At the risk of sounding like a broken record, an MBA is a practical degree — plain and simple. If you are interested in a more theoretical approach, or perhaps becoming a business school professor or pursuing a PhD, an MBA might not be the right path.

The question to ask yourself is if you’re pursuing an MBA to work in a specific function in management or leadership in a company (your own company or someone else’s). If the answer is “no,” an MBA is likely the wrong path. Again, this has to do with the practical nature of MBA programs.

Those with their sights on a PhD should certainly consider a different type of degree, as you will certainly not be learning how to perform academic research in an MBA program. (You’ll instead be learning how to perform things like valuations and market research, which are both directly relevant to turning a profit and managing and leading in a company.)

If learning skills that will enable you to directly contribute to the profitability and success of a company is not your main reason for studying business, you’re probably more interested in the theoretical study of business, not the practical application. If this is the case, you’d likely do better pursing an MA or MS in business, or a different type of degree altogether.

Entrepreneurs

In the previous section we’ve already seen that you do not need an MBA to become a business success. The CEOs mentioned all have a common vein in that they are entrepreneurs.

The business landscape is changing dramatically in that anyone with a great idea has many more resources readily available to help them embark on bringing those ideas to life as a successful business. Make no mistake, however, as any entrepreneur still needs to know business! But you can learn through books, online, and a wide variety of other methods that are easily accessible. And again, you can always have an MBA or two on your management team or as mentors to help fill in knowledge gaps as you learn.

Of course there is still much to gain from business school, and if you have no real business skills at all, I’d be inclined to suggest an intense one-year program or at a minimum, a few courses in the basics. Business school can also help you fast track success by providing the knowledge and skills that you will need to run your business, along with providing ample opportunity to network with like minded individuals who could be instrumental in your success later. You may even be able to build a start-up team there.

If you’re an unsure entrepreneur, check out programs that specialize in entrepreneurship or have a track record of their graduates working in the sectors in which you intend to do business. Talk to the school’s admissions officers, students, and alumni to get a sense of if the program would fit your goals. This sounds like a lot of work but again, you’re potentially making a huge investment in time and money, and as an entrepreneur, your opportunity costs may be even higher if someone else beats you to market or outdoes your idea. (And beyond this, if you’re a true entrepreneur, you’d better get used to the idea of doing a lot of work!)

Some Outliers

Believe it or not, there is such a thing as being too young or old, too experienced or inexperienced, not having the right academic background, and even not being ambitious enough for a particular program. You’re considered an outlier in these cases, as you are outside of the normal demographics that make up a particular MBA class, in a particular program. As biased as this sounds, it’s the reality.

This may be a tough pill to swallow, but the good news is that this does not automatically exclude you from getting into an MBA program, nor does it mean that an MBA is outright out of the question. What this does mean is that you have to be crystal clear in terms of the reality of your profile, your goals and how an MBA fits, and above all else, you have to be absolutely realistic in terms of post-MBA expectations.

A quick way to see where you lie is to check the class profiles of the schools and programs that you’re interested in. Know that Executive program demographics will differ from Full-time program demographics, so be sure to check each specific type of program.

If you find that you are an outlier, talk to the school directly. Rather than guessing at your chances of getting in, and more importantly, guessing at if the program will be able to help you achieve your aims, ask directly. The school will be very candid about your chances of acceptance, and can even help you in applying, or direct you to a perhaps more suitable program.

Self-Assessment

By now you’ve hopefully gotten a better understanding of what an MBA is, and whom an MBA may or may not be right for. Whether you’re pretty sure that an MBA is for you, or you’re still in doubt, the following self-assessment should help you identify your underlying motivations, and ultimately help you determine if and how an MBA can help you achieve your goals.

The assessment is very simple, and it’s meant to be. Do take some time to really think about these questions, however, as you’ll see versions of these in nearly all admissions essays and during your admissions interviews.

Self-Assessment:

• What are my career aspirations?
• Why do I want to pursue an MBA?
• How does an MBA fit into my career plans?
• Am I interested in leading and managing in a company?

Again, this is intentionally simple, but critically important. If you have any trouble answering these questions, it will be your homework to be able to do so. If you’ve answered “no” to the last question, seriously think twice about pursuing an MBA.

Still interested in getting that MBA? Then check out the next chapter where we’ll go over the five main components of your candidate profile.