Doing an MBA in Today's Job Market: Is it worth it?
Updated on 29th May 2023, 4:33 pm
Doing an MBA in Today's Job Market: Is it worth it?
In recent years, the value of pursuing a Master of Business Administration (MBA) degree in India has come under scrutiny. While an MBA was once viewed as a valuable asset for professionals looking to advance their careers and increase their earning potential, the increasing competition in the job market and the high cost of pursuing an MBA have raised questions about its worth. So, the question remains – is an MBA still worth it?
Pros of Pursuing an MBA in India:
> Increased Earning Potential
According to a report by the All India Council for Technical Education (AICTE), the average salary for MBA graduates in India is around INR 7-8 lakhs per annum, which is significantly higher than the average salary for professionals without an MBA. It is quite possible to earn 20 LPA or more if one works hard enough to get into one of the best B-schools.
> Enhanced Career Opportunities
Employers in India view an MBA as evidence of a candidate's dedication, leadership abilities, and strategic thinking skills. Moreover, an MBA can help you transition to a new industry or function, providing you with the skills and knowledge you need to succeed.
> Networking Opportunities
It provides the opportunity to network with other professionals and build relationships that can benefit you throughout your career. MBA programs in India often have robust alumni networks that can provide valuable connections and job leads.
> Acquire Leadership Skills
Develop a range of skills to improve your effectiveness as a leader, such as critical thinking, problem-solving, communication, teamwork, and decision-making. These skills are highly valued in the business world.
> International Exposure
MBA programs open paths to studying internationally, allowing you to gain a world perspective and develop cross-cultural skills. This exposure to diverse, global business practices is a valuable asset in terms of experience.
Myths of Pursuing an MBA in India:
> High Cost
While the MBA degree is a big investment, it also provides a holistic experience and various skills essential for the present job market. Thus, it becomes a direct gateway to management roles and better salaries while also enhancing your skills in leadership, critical thinking and communication.
> Increasing Competition
It is believed that the number of MBA programs and graduates in India has increased, leading to increased job competition. However for the past 1.5 decade, 2-2.5 lakh aspirants apply for CAT every year consistently and the number has not observed a major change.
> Career on a hold
People oftentimes believe that pursuing MBA implies leaving your job and placing your career on the sidelines. However, this is not the case as there are several courses for working professionals who wish to get a degree without changing or impacting their current job.
Conclusion
An MBA can be a valuable asset for some, but the onus of maximizing its value lies on the MBA aspirant. It still remains one of the high-paying career options. However, a lot depends on which college/ brand the student goes to and for this you have to work hard. It's essential to do your research and carefully evaluate the benefits and drawbacks before committing to an MBA program.
