Now that I have decided to do an MBA, there is not turning back. But still there are thoughts in my mind about the pros and cons of doing an MBA. Especially now, when global economy is under recession. And when I am married and having a good job that pays well. Let me list all of them out.
Cons
1. Huge Opportunity cost - I will lose more than 10 Lakhs PA of salary for the next 1-2 years that I spend doing an MBA. That will be a huge amount. Add to that the costs of an MBA which will be in excess of 30Lakhs (min).
2. Moving away from friends and family - out of sight is out of mind. Isn't it ? We often do not get a chance to meet, even in weekends, living in the same city. Moving away will definitely mean less social gatherings.
3. Strained relationships - though you are in touch with your spouse over the phone and email, but its just not enough sometimes. Same about your family. Its going to be difficult.
4. Stress and Burden - An MBA is not an easy affair. Its not like the 9-6 job (oh come on! face it, we do have a relaxed job , even in IT). Its going to be stressful, and loaded. Top it up with the burden of loan which one must take. And then the tension around internships, projects, placements,visa, .. .. ..
Pros
1. Once in a lifetime experience - If you join a good reputed b-school, you are bound to have an experience that will change your life for sure. The outlook changes a lot. Not experienced personally, but read a lot about it. Also this would provide you with the much needed confidence to do anything in life.
2. Add weight to CV - before an MBA you might just be an IT professional from IIT/NIT with experience in XXX,YYY,ZZZ. But after that, your CV will read "MBA from xxxxx". This definitely will be an added advantage in any future endeavor you might take up.
3. Career change and progression - Though not very simple, but it will be easier to change your career and a swifter progress after an MBA. All depends on how one fares in the b-school, but it is definitely easier than without an MBA.
4. Life long network - You will gain a network of friends, alumni, and faculty which will help you in the longer run. You will have to contribute as well, and thats how it works. Give and Take.
5. Money will come later - And if everything goes well, you will definitely earn more than now in long run. Enough money to cover the money you lost as 'opportunity cost' in a lesser time.
[Update - May 28/2010]
Read an interesting article about how to decide between an Indian MBA and a foreign MBA. A good read indeed. The most important point is about having the right expectations. True indeed !
http://www.mindinsight.com/viewblog.action?blogId=35 :
3 comments:
A bit late in my comments, but I found it interesting that you did not mention in the pros is that you will learn about business. It feels a bit like you are basing your MBA pursuit on what others will think about you having that degree. What are your goals? Does learning about business help you reach them?
You are absolutely right. I should start thinking about my own dreams now on and forget about what the world will think of me or how my CV will look like
[...] 19, 2010 A few months back I wrote a post on “Pros and Cons of doing an MBA” . Now that I have chosen to join a b-school I thought it would be better to revisit and find out [...]
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