The Master of Business Administration or MBA is an academic discipline that trains students and professionals for the duration of a one- or two-year career in management or business administration. An MBA is a great asset to have if you want to pursue a career in the corporate world. But to say that it is absolutely necessary to become successful in life, I would disagree. The very basic question comes from this is how each one of us measures success. The word ‘success’ itself has a different meaning for different people. So yes, when people perceive success as something which can only be achieved by doing an MBA, they might think it is absolutely necessary to succeed. Your answer will surely depend upon the definition of success you are using. Ultimately, it depends on what your goals are.
The truth is no degree is going to guarantee you a successful career. A degree in a specialized subject does help and so does an MBA. However, your chosen field should be in line with your interests, capabilities and personality traits. If you are a numbers person who loves interacting with other people then an MBA is good. If you are a creative person and want to pursue a career in journalism, a degree in literature or creative writing is a better idea. If you are a person of action, an MBA might not be the right degree for you. However, if you are good at managing people and making strategic decisions and have a knack for numbers, then it is a very good option.
Given the number of prestigious business schools out there, it is not surprising that a lot of recent graduates are asking themselves whether an MBA is necessary to succeed in life.
There are plenty of successful people who have started businesses, became a CEO, and made millions. Most are self-taught. Many people have achieved success without the degree and some even became successful because they didn't attend an MBA program. This is because there are so many other ways to become successful nowadays. With the rise of entrepreneurship, for example, many people have found their own paths to success by starting their own businesses.
Here are some examples of successful people who didn’t attend an MBA program
- Jeff Bezos: Founder and CEO of Amazon
- Bill Gates: Co-founder of Microsoft
- Steve Jobs: Co-founder and Former CEO of Apple
- Mark Zuckerberg: Founder and CEO of Facebook
However, it gives you an additional advantage over others in terms of knowledge of dealing with business situations, dealing with customers and dealing with real situations that will help you achieve your goals and bring you success. An MBA can be beneficial to your career if you want to ascend and succeed on the corporate ladder, and an MBA degree can help you climb to the top. An MBA is worth the effort, time and effort for those who graduate and plan to work in a business-related area such as management, entrepreneurs, etc.
The MBA degree is the one most people associate with a high-level managerial position. But there are many other jobs that require an MBA too. It also provides a more holistic education that is beyond the realms of business administration, which helps in developing new skills and taking up leadership positions at work. Management programs provide a diverse range of experiences, both in terms of coursework and networking opportunities. It’s an excellent way to explore all the different facets of business through a variety of lenses before committing to one specialization or another. About a third of prospective MBA students use their management training to look for opportunities in new industries and jobs where they would not have previously worked.
An MBA opens many doors, especially in the corporate sector. It puts you in sync with your peers, and being a fresh graduate, that’s important. When you’re starting out, your peers are your only support network, and when you have an MBA, you’re in a pool of peers that puts you on par with everyone else in your field or industry. An MBA gives you a lot of options, whether it’s working for a big company, starting your own business, or freelancing. You learn how to think about problems, how to learn from things, how to solve problems, how to deal with people, how to influence people, all of these things are very important, especially to a student who is just stepping into the wider world.
If you want to earn an MBA in order to start your own business, it provides a track to achieve your personal and professional goals. But an MBA is not a guarantee of success for your start-up but gives you the tools, skills and knowledge required to turn a great idea into a successful business. You don't need an MBA to start your business, but a small investment of time and money will pay off for your future success. An MBA provides the skills and knowledge needed to start a new business and many employers require an MBA for certain management and leadership positions. An MBA is the key to getting the experience you need to have a competitive advantage in the labor market, which is not a bad reason to pursue one.
While MBA training focuses on business standards such as accounting, finance, operations and marketing, it also focuses on key skills such as critical thinking and analytical skills. A good MBA program not only imparts content to students, but also helps them develop traits such as teamwork, leadership, work under pressure, motivation, and much more. Leadership students may be interested in an MBA program to learn how to create a comprehensive business plan and how to implement it. An MBA can help professionals improve their career opportunities and receive higher remuneration and promotions.
On the other hand, an MBA at a top business school can cost up to $100,000 - a significant expense for young graduates and a considerable amount of time spent out of work for career starters.
Not everyone who wants to study at a business school or college of management can afford the time or the money for it. The degree can be expensive, and the exams even more so. Today, online business schools are growing by leaps and bounds in number as well as in quality. There are some really good online business schools in the world, including online MBAs which offer the same outstanding quality as the best MBA programs offered through brick-and-mortar universities.
MBA or better said post graduation in Business management is not the only way to succeed. There are many successful people who have never been to college or any formal degree. The degree itself is just a paper with no extra benefit. It is how you use the knowledge that matters most in life. So if a person is a good learner and has more passion in his/her area of interest, he/she will be easily able to succeed in life. On the other hand, if somebody is less passionate and has less of a learning capacity, he/she will go nowhere without proper guidance and support.
It is not necessary to get an MBA to be successful. However, it does offer you a lot of opportunities in life for your future- from better networking opportunities, from being exposed to different business models and getting access to the best resources that can help you grow. The truth is that the education and experience you have can make a big difference in your advancement.
MBA programs have grown in popularity over the years and besides the academic lessons, they also provide many opportunities and contacts with successful professionals. That’s why MBA graduates have more job opportunities than someone who has completed an undergraduate degree only.
If you want to learn about negotiation, finance, marketing, leadership, organizational behavior, entrepreneurship and a whole lot more, a MBA is highly recommended. But does it guarantee success? I think it depends on how you perceive success and what actions an individual takes and what choices are made along the career path.
PGupta0919 (author) on August 27, 2021:
Thank you Chitrangada for your comment. Having a higher education definitely opens up various avenues for growth for individuals.
Chitrangada Sharan from New Delhi, India on August 27, 2021:
Nice and insightful article!
While you have some valid points, I believe, that higher education always helps. Having said that, I agree that, how one utilizes their educational qualifications, also matters a lot.
Thank you for sharing this engaging article!
PGupta0919 (author) on August 27, 2021:
Thanks for the comment. You are very right, it provides a great learning experience and with the right use one can find great success in life.
MG Singh emge from Singapore on August 26, 2021:
Nice article, but remember one swallow doesn't make the summer. Exceptions will always be there but an MBA has its own value and is a stepping stone to success.
PGupta0919 (author) on August 26, 2021:
Thank you Umesh.
Umesh Chandra Bhatt from Kharghar, Navi Mumbai, India on August 26, 2021:
Well presented. Thanks.