Goro Gupta explains why an MBA is nothing more than an over-rated $150,000 job interview.Approximately 8 years ago, a study done by the Stanford Business School based on 40 years of data about people who had completed MBA’s, came up with the following surprising yet common sense conclusion:
“There is scant evidence that the MBA credential, particularly from non-elite schools, or the grades earned in business courses are related to either salary or the attainment of higher level positions in organizations.”
An MBA these days can cost anywhere from $100,000 to about $400,000 depending on where you get your degree from. Yes you can get a ridiculous HECS loan that cripples you for the next 10-30 years to support this, but let’s face reality for just a moment and look at the facts:
a) Most high paying employers rarely look at your degree, rather they are more focused on the results you have produced in the past.
b) Even if employers do require a degree, they hardly ever check the validity of what’s on your resume.
c) Most resume’s end up on a pile, with a minor chance of your’s being read.
In today’s job market, you must be dynamic, and prove yourself as a professional. Your LinkedIn account in just as valuable as an MBA. Imagine spending those 3-5 years of your life learning how businesses really work, by adding value and learning the art of true entrepreneurship.
A company is more likely to hire you based upon the contacts you have within the industry rather than a piece of oversized paper that’s verified by an institution.
This article is not about giving yourself permission to be lazy, instead its about finding other ways to add value. It is a proven fact that when companies look to hire someone (outside of a regular recruitment agent), its usually based on their past experience and contacts with management that really matter.
While an MBA might just help you get the foot in the door, its not going to help you be successful in the interview.
Applied knowledge is true power in today’s world. Imagine you’re a high paying employer- put yourself in their shoes just for a moment and play along.
Behind door A, you have an MBA graduate student that has graduated from one of the top schools in Australia. Behind door B, you have a person who you have met a few times before or have seen their work on business forums and perhaps even used their products or services - which one would you pick?
Making an impact in 4 years will get you much further than a ‘paper-based’ education.
Yes, you do need to know most of the terminology and look at successful case studies; however, these can be obtained for a fraction of the cost.
Some resources to look at could be as cheap as picking up the book - ‘the personal MBA’ or attending various entrepreneur-designed courses such as the Business Education Summit or the unconvention (and its relevant MBE course) held every year in major cities around Australia.
Educate yourself the new way - by learning and applying at every step. You will find it much more rewarding, both mentally and financially.
Goro Gupta is a leading lifestyle design coach, 21st Centurys Platinum success coach and a qualified life coach and mortgage broker.
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