Why to do an MBA?
It is a general question asked by many. Even from the candidates preparing for MBA, a large majority is just doing it because they have heard it from some friends, relatives, or employees of the company they are working in. So, here is the answer to the question, Is MBA worth doing? The answer is not simply yes or no.
Some candidates have done their graduation but didn’t get any job. So, what next now?
They will be doing some higher studies probably if they don’t have their father’s business anyway. So, those candidates who have their graduation related to business in any way do MBA from local colleges, which may lend them an average 3-4 lakh job as placement. Some may get good colleges also.
Second, the candidates who have done courses like subject courses, political courses, and home science, i.e. not directly related to business, but they have to earn money now. So, they would do MBA as they find a good amount of money in this course than their field for higher studies.
The third is the candidates generally called engineers. This may include others from the above two categories in a small number. Intelligence with good abilities but dreams of earning big. They may get a fresher job after engineering efficiently or with some hard work, but still, they try for free in the pursuit of getting top IIMs. Many candidates have a good-paying job till 6-7 lakhs, but still, they try for MBA. They don’t try for the only MBA; they tris from a good institute with a decent package.
The fourth category is the candidates who have many years of work experience and do a 1-year Executive MBA to expand their horizon to business perspective. This is a good thing, and many times, at higher positions, employees need good business knowledge and maybe an MBA degree to prove business skills.
So, now let us answer – Is MBA worth it? As the fees of this course is relatively high, so should one do an MBA? The answer is it depends. Doing MBA from tier 3 college is totally a waste of time. Better try for any business-related job maybe for less money initially and side by side prepare for better colleges. You may do MBA from tier 2 institutes having average packages up to 12 lakhs(inflated). You should only join these colleges if you didn’t find any growth in your job. Giving two years of your life and lakhs of money is not very clearly worth it. It may be an equal–equal situation, or if you are in some profiles like software development where salaries get incremented limitlessly, it is not worth it.
Now comes the Tier 1 colleges, IIMs, IITs, NITIE, FMS and some other famous and high package providing colleges. You can join these in your initial phase of the career even if you earn up to a seven lakh package. If you are in high paying positions(more than 7 lakh), you should only target BLACI(top IIMs), FMS, and other top 10 colleges.
Another perspective (out of money)
The above perspective is based on money. As the fee is relatively high, almost the average package is the same as the fee in most colleges. So, doing MBA blindly by seeing others is not worth it.
Candidates do MBA for getting good positions after MBA in companies. It is possible only if you do from top colleges having an average package of 12 lakh or higher. In this way, you can get a decent position to be responsible for others to work under you. You would not be working as labour as lower-level employees do. That’s why most candidates do an MBA. From the top 10 colleges, even candidates get to the top management position in companies like director and company head. This is the advantage of doing an MBA but only from good colleges. Generally, in IIMs, the degree is PGDM (Post Graduation Diploma in Management), which is considered equivalent to MBA at least in India.
One more category of candidates is stuck in a field (area of working) but cannot find any interest. So, they do MBA to get into another field of interest, and they hope that this course may be helpful in that case.
Also, if you are in pure business work, then for getting into higher positions, even if you do not wish directly, you would require an MBA degree.
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