Tuesday, 23 June 2009

Why do I want to do an MBA?

Don’t be surprised! This is definitely not the first time I am trying to answer this question, but this is the first time I am trying to record my thoughts. Reading this back might change my mind or change the preferences. Let’s hope I make the right decision.

Let me start with the reasons against doing an MBA

1. A year out of employment
2. Loss of income when I am at my best
3. Drop in income after graduation
4. Loosing all my savings and possibly getting into debt
5. Fear of going back to school and competing with younger students
6. Getting back into employment in the recession
7. Possible disruptions to the family
8. Pressure on my wife to get back into employment while looking after young children
9. Most importantly, time with the family

Reasons for

1. A year of being with driven and intelligent people
2. The education that can help me to become a better person
3. The brand name that can help for the rest of my career
4. The possible break through I am desperately looking for
5. Possibility of getting exposure to different industries
6. Away from the job I am now bored of doing
7. Possibly an increase in my salaries after a few years from graduation
8. The challenge involved

Reasons against doing an MBA are one more than the reasons for!!!

To summarize,
I am worried about loosing the job, income and the time with my young family. Am I learning anything at work? No. So, in effect it is only the loss of income and the time with the family that I am worried about.

The advantages are possibility of getting an enjoyable and well paid job, exposure to subject areas I haven’t got a clue, the contacts I may get and the brand name.

I can further exclude the loss of income because I hope I can get a job from my MBA that will compensate for the loss of income in less than 5 years. So, it is between family and the education.

These are two things which can’t be compared. I can’t discuss this with my three year old son or an unborn daughter, but I have discussed this with my wife couple of times in the past. You have guessed it! Yes, I have a very understanding family and I am going to go with the EDUCATION. I owe my wife and children the pay back.

I just read back whatever I have written so far and found it interesting to see sentences like ‘I hope I get a better job’, ‘I may get contacts’, ‘Possible exposure to other sectors’ etc. It’s not bringing second thoughts about doing the MBA, but making me realise that I have the an additional (tough) job of converting the hopes and possibilities to realities.

Blogging definitely helps!!!


JulyDream said...

It's an incredible experience... Make sure you do your homework on schools. There are a number of schools that I'd say are more "family friendly". We have a ton of married folks at Darden (though it's a 2 year program) and a very supportive community. I've spent about as much time with wives, husbands and children as I have with a number of classmates. INVOLVE THEM! It's worth it. :)

H A R I said...

Here is one more good reason - To network and to make valuable contacts that one cannot possibly make while working in a Company.

btw very nice post.

dhruva said...

JulyDream and HARI, Thanks for your comments. I will take them on board.

JabaTaba said...

You are not the first one to have such concerns! Look at all IB/PE guys who already have 150-200k jobs, great WE and still decide to go for MBA. For you the payoff should be even greater than for these folks.

Linda Abraham said...

Thank you for your thoughtful post. I responded at http://blog.accepted.com/acceptedcom_blog/2009/6/25/mba-admissions-responses-to-mba-applicant-blog-posts.html .

Linda Abraham