Should I get an MBA?

Ethan Evans

and

Jason P. Yoong

Jun 29, 2023

I'm asked this all the time.

There is no simple answer to this question.

Many executives do have an MBA.

I managed to be quite successful without one. In my case, I applied for and was admitted to an MBA program, but chose to focus on my job instead.

This source indicates that the full cost of an MBA is between $70,000 and $200,000, before considering lost income if you go full-time.

That is a huge investment, but it can teach you Finance, Marketing, analysis, and help you build a powerful network.

But, consider that executive coaching runs between $5,000 and $20,000, a fraction of the investment.

Coaching teaches a complementary set of skills.

MBAs give you case studies, knowledge, and academic skills.

A coach works with you one on one to hone your leadership.

Thus my overall answer is to pursue an MBA if you want what it offers, but do not feel that you absolutely must do so.

No matter what you choose, invest 10% of that money in a coach who can work on practical blockers and skills you can use right now.

Get results in weeks, not years.

Audience Insights

I have consolidated additional ideas worth considering from my LinkedIn audience, including:

The Straight Truth is a 3-Letter degree is a “lazy screen” (signal of trust shortcut) for companies. Think of how many roles write “MBA strongly preferred” in the job description, whether or not those “skills” are actually needed. With that said, frame an MBA in terms of ROI and be clear on what you want, where you are today, and how an MBA will aid you. Things to consider:
Business Skills — do you have specific knowledge gaps that an MBA will fill? Are you looking to make a jump into a different field/industry with different skill sets?
Credential Signaling — if you have a degree from a lesser known university and/or you are missing a “big name logo" on your resume, and you can get into a top MBA program (e.g. Ivy League level), it will likely boost your signaling.
Network Expansion — “The MBA Network” is often cited as one of the main benefits of doing an MBA full-time. Three pieces to be candid about with yourself: (1) do you need to expand your network? (2) do you know what areas / industries you want an expanded network? (3) will you bring the value and effort to make something of this potential network?
For international candidates who want to break into the US market, a post-graduate education is often a helpful path. However, it does not need to be an MBA specifically. Many engineers come in with an MS.
To breakthrough to executive, you must be armed with business, strategic, and financial acumen. An MBA can help, but it is not the only path. Another path is entrepreneurship (be a startup founder or join an early stage startup) and growing that company into a sustainable business. Using a venture-backed startup as the example, if you join at the Seed stage as an early employee and help the company find product/market fit and scale to Series A, B, C (100+ employees), the rocket ship ride will be an experience force multiplier, and verify your ability to execute and deliver results. Note: I know it is much easier said than done to find and scale with a rocket ship company (otherwise everyone would do it).

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