WHAT IS AN MBA? Is an MBA worth it anymore in 2024?
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17 Jun 2024, 07:00
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First of all, let’s define what an MBA is not. Despite the sound of it, an MBA
is not a master’s degree. As impressive as the title is, Master’s in Business
Administration is also a bit deceptive in that it is actually a level above a
master’s degree; although a master’s is usually not required to apply for an
MBA. An MBA is usually considered a terminal degree in business. While
PhDs in business do exist, they’re not usually the most sought after degrees by
those looking to work in the corporate world, nor by burgeoning
entrepreneurs. A PhD in business would be quite suitable, however, for those
looking to go into research or academia, as well as in some specific markets.
In case you missed the introduction, when we refer to an MBA in this book,
we’re speaking about the traditional full-time MBA (sometimes called a Global
MBA or an International MBA). Additionally, most of the information
compiled in this book is geared towards targeting MBA programs from top-
ranked international schools, and is designed for those seeking a full-time
MBA program to have that transformative boost in their global business
careers.
The main defining element of an MBA from a master’s (and other programs),
is the amount of prior work experience. Most American schools are strict about having at least two years of full time professioanl experience, while European schools require a minimum of three years’ full-time work experience. While there may be exceptions, which we’ll address later, this is often a hard reality.
So if you’re not there yet, and you want to begin a degree ASAP, you’d
probably be best suited for a master’s program that doesn’t require that experience. On the other hand, there is such a thing as too much experience, which will vary from school to school. On average, beyond ten years of
professional experience, you may be better suited for an Executive MBA
program.
Employability
At the end of the day, what business schools and MBA programs are looking
for is people who are already strong achievers, to teach them a few things,
plug them into their network, and put their stamp on them to be able to say,
“Look what we made!” Of course this is hugely over-simplified and said in a
humorous way, but one of the driving realities in the long term is that the
reputation of any MBA program is only as good as its alumni. Therefore, a
major focus in your assessment will be how likely you are to succeed in being
hired into a well-paying job in the field of your target. This plays directly into
the rankings and overall image of a business school.
Why is there a target experience range?
From an admissions perspective, there is a very clear difference in the level of
professional maturity or readiness, when we examine someone who has not
worked enough in a full-time role, versus someone who has more substantial
experience. Someone with at least a few years under their belt has a deeper
understanding of office culture, as well as office politics. They have usually
witnessed firsthand examples of strong and weak leadership. They have
invested the time to learn a role deeply, get good at it, then often get bored
with it, and yearn for something more. They have felt the pains that go along
with having a career through a few annual cycles. They have had opportunities
for promotions, raises, and potentially to manage other people. They generally
The target experience range for full-time MBA programs in Spain
is around 3-10 years of post-university, full-time, paid, non-
internship professional experience.
have been given opportunities and responsibilities. And above all, they have
figured out what they want for themselves professionally, and in some ways
more importantly, they have figured out what they don’t want. All of these
elements are key ingredients for a candidate to be considered “MBA-ready.”
Conversely, the concept of too much experience is largely driven by the
corporate world and that key element of employability. True or not, a
common perception by HR departments in the corporate world is that
someone with too much experience may be untrainable. While this is certainly
not always true, some folks in charge of hiring may believe that more
seasoned professionals can have a tougher time adapting to a new work
culture than their less experienced, more malleable peers. Another perception
is that someone with more experience is too expensive, or won’t be happy in
the role(s) they have in mind. With the number of applications most
companies receive in a competitive market, they’ll simply remove the job
applications beyond their target range of experience level (and consequently,
age, which is usually directly correlated with experience). For that reason,
MBA students on the high end of experience level may need to go a bit
beyond the traditional career services available on campus to ultimately land
that job post-MBA.
In the name of staying relevant to the corporate world (which also impacts
their ranking, reputation, and relationships with potential recruiters), business
schools adapt their intake range of experience and age to the needs of the
business world. At the end of the day, business schools can be viewed as
gatekeepers for the professional world. Companies look towards business
schools to not only do the necessary training, but also the necessary filtering
of professionals who merit rising to the highest levels. The indices and metrics
that are used are expressed through accreditation, which is discussed in a later
chapter.
So where is the sweet spot?
In European countries, the age range of late twenties to
early thirties is what most corporations are looking for in hiring MBA grads. It's a bit younger in the States and Canada. There are obviously many exceptions, and if you do your MBA well, set
realistic expectations, and prove yourself in the employment recruitment
process, you’ll likely get the job you’re hoping for at the end of the day.
Excellent MBA programs work closely with their campus career services (and
corporate recruiting partners, as well as faculty, etc.) in defining their student
criteria, so it doesn’t help much to try to persuade them otherwise. The right
timing is key.
Let's take a look at soem exicitng options in Spain, for example:
On the contrary, it bears mentioning that with the growing number of
entrepreneurship visa holders within the tech startup ecosystem in Spain and
many countries around the world, you may find that some schools are open to
admitting applicants who fall above or below their target profiles. Particularly
since Brexit, Barcelona has increasingly become one of the main startup hubs
in Europe, making Spain ever more a place that attracts entrepreneurial
profiles, even for those who fall outside of the sweet spot, explained above. If
you can properly demonstrate your “entrepreneurial muscles” to the
admissions committee, you may just find yourself invited to join the program.
In that same vein, with remote work and the gig economy both still on the
rise, it’s not uncommon for applicants to have somewhat non-linear work
experiences. If you are someone who has taken on multiple roles at once,
having several diverse functions within the same time frame with multiple
jobs, you may find yourself eligible even with less than the standard three
years of experience. As always, when in doubt, you should absolutely get in
touch with a recruiter to discuss your eligibility if you have any of these or any
kind of non-traditional profile. Furthermore, such individuals are among the
many MBA applicants who benefit most from the support of a trusted
admissions consultant. Once they have helped you identify the best fit schools
for you and your goals, these professionals are here to guide you through the
nuances of defining your personal brand, to simultaneously help you “stand
out, yet fit in,” distinguishing you among the masses, and finally to ensure that
the AdComs will see you in the best possible light.
For more insights from the country-specific, "Getting into an MBA" playbook series, check out the guides about the USA, France, the UK, Canada, and Spain..all on amazon!